Business

Debt: Court Orders CBN To Deduct N40bn Ebonyi Allocation

Published

3 years ago

November 21, 2022

The Port Harcourt Division of the Federal High Court, has ordered the Central Bank of Nigeria to commence deduction of over N40billion from the Federation Allocation Account, for Ebonyi State Government and remittance of same to a consulting firm.

In its order absolute, the court equally ruled that the Ebonyi State Government should pay the firm, Andrew Bishopton Nig Ltd and its partners, Mauritz Walton Nig Ltd, the sum of N118,787,380.00 and other sums for failing to keep to the terms of the contract agreement, it entered with the latter.

The court also ordered the CBN to withdraw the sum of US29,854,856.9 and another N30,100,000,000.00 from the state’s accounts and remit same to the company.

The Ebonyi State Government contracted the company in 2o16 to pursue and recover monies illegally deducted on both its foreign and local loans and facilities especially the Paris club refund.

The firm, it was gathered, approached the court following the state government’s alleged reluctance to keep to the agreed contract terms, a development that led to the illegal arrest and detention of a senior staff of the consultancy organisation, Mrs Jackie Ikeotuonye, by the former.

The court, presided over by Justice Dalyop Pam, in its order absolute, ruled that one of the applicants or judgment creditors, Andrew Bishopton Nig Ltd, were treated unfairly by the government.

A copy of the ruling, dated November 2, 2022, which was obtained by our correspondent, on Monday, read, “Upon this garnishee proceedings dated and filed on the 18th of July, 2022, and coming up for Ruling today, the 2nd day of November, 2022.

“Whereas all the parties are absent.

“M.N. Mohammed, SAN with K. Nkwocha, Esq. and R. Asher, Esq. of Counsel for the Judgment Creditors.

“P.N. Zephaniah, Esq. of Counsel for the 1st Garnishee Respondent.

“And the Honourable Court having delivered its Ruling in the open court today, the 2nd day of November, 2022.

“It is hereby ordered as follows:

“An Order Absolute of this Honourable Court is hereby made DIRECTING the 2nd Garnishee (United Bank for Africa Plc) to, within 24 hours, pay the sum of One Hundred and Eighteen Million, Seven and Eighty-Seven Thousand, Three Hundred and Eighty Naira) (N118,787,380.00) Only, attached from the account maintained by the Judgment Debtor, Government of Ebonyi State known as Ebonyi State Government Treasury Single Account with Account No: 1001158077 maintained with the 2nd Garnishee Bank, United Bank for Africa Plc into the designated Account Name: Mauritz Walton Nig Limited, Bank Name: Wema Bank Plc, Account No: 0122765584, to liquidate the judgment in this suit.

“An Order Absolute of this Honourable Court is hereby made DIRECTING the 1st Garnishee Bank (the Central Bank of Nigeria) to deduct at source, the sum of US29,854,856.9 (Twenty Nine Million, Eight Hundred and Fifty Four Thousand, Eight Hundred and Fifty-Six Dollars, Nine Cents) Only and the sum of N30,100,000,000.00 (Thirty Billion, One Hundred Million Naira) Only , respectively from the monthly Federation Allocation Account of the Judgment Debtor, Ebonyi State Government and credit same into the designated Account of the 2nd Judgment Creditor, Mauritz Walton Nig Limited, Bank Name: Wema Bank, Bank Account: 0122765584, to liquidate the judgment sum in this suit.

“Issued at Port Harcourt, under the seal of the Court and the Hand of the Presiding Judge, this 2nd day of November, 2022.”

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

1 month ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.