Business
Company Gives GTCO 7-Days To Retract Libellous Statement Or Pay N1bn
Guarantee Trust Company (GTCO) is currently enmeshed in a N1b defamation suit over an alleged libelous publication against Corporate Forwarders Limited.
Solicitors to Corporate Forwarders, in a letter, addressed to GTCO, demanded a retraction, an apology, and compensation for the injurious libelous falsehood’ against its client.
According to the letter, GTCO had erroneously flagged Corporate Forwarders Limited as credit risk based on a report from the Credit Risk Management System (CSRM) of the Central Bank of Nigeria (CBN).
GTCO accused Corporate Forwarders of being 1952 days late in repaying an overdraft of N13, 021,000 granted to the company in 2015.
However, Corporate Forwarders Ltd, a frontline logistics services provider of over 3 decades has never applied or received any financial support from GTCO.
The letter stated that the alleged error on the part of GTCO made Corporate Forwarders lose out on securing a loan from another commercial bank, thereby resulting in financial losses for the company.
However, the bank which received the demand letter on Nov 4 has until Nov 11 (seven days) to pull down the offensive and defamatory publication from the Credit Risk Management’s System platform, publish an apology for the misinformation on a national daily and pay the sum of N1bn as compensation or face legal proceedings.
Recall that in July, Guarantee Trust Bank Plc (GTB) completed its reorganization to a Holding Company Structure and adopted the name, Guarantee Trust Holding Company Plc (GTCO).
President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.
Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.
The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.
“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.
“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”
The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.
The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.
Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.
AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships
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