Contrary to the widely reported fake news by some faceless online news platform that Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court in his recent judgement allegedly accused foremost financial management in Nigeria, Zenith Bank of fraud and bribery, the astute judge who is bitter with such report have released the original certified True Copy.
In the original certified True Copy, it was confirmed that the respectable Justice never said something of such while delivering her judgement.
According to Justice Olubunmi Abike-Fadipe, all what the online media platforms said she delivered, were all fake and wondered how and where they got their own reports.
The certified True Copy (CTC) of the judgment is now in the open for anyone to see.
These online platforms had reported that the Justice accused Zenith Bank Plc of bribing both the judges and lawyers for 11 years to pervert justice, with several online media outlets alleging that Justice Olubunmi Abike-Fadipe made the claim on Tuesday, March 8, 2022 while delivering judgment in a suit marked LD/ADR/186/2014 between Real Integrated and Hospitality Limited as claimant and Zenith Bank Plc and State Universal Basic Education (SUBEB) as first and second defendants respectively.
One such publication quotes the judge as saying “My recommendation is that Zenith Bank is a fraud and people must be very careful in their dealings with the bank.”
Some of the other quotes read: “Zenith Bank bribed the lawyers in the matter.
“This they have done for 11 years. So many lawyers and judges have been bribed in this matter just perverting justice. What is more embarrassing, the current governor of Central Bank of Nigeria, Godwin Emefiele was the one who came to navigate and begged for the deposit. He has not been able to do anything to Zenith Bank because he was the managing director of the bank at the time of this transaction.”
However, nowhere in the Certified True Copy (CTC) of the judgment that was made available to credible news platforms showed that the Judge did not make such statements.
While the Judge did make a scathing criticism of the bank, Justice Fadipe did not accuse Zenith bank of bribing judges and lawyers for 11 years to fraudulently alter the course of justice, as claimed by the online mediums.
There was also no mention of the Central Bank of Nigeria, Godwin Emefiele in the CTC of the judgment.
The judge’s comments, as contained in the judgement, include: “The 1st defendant has been the beneficiary of the malevolent game of chess it plunged both claimant and the 2nd defendant into, holding the sum of N872,780,552.84 in its custody without paying interest thereon from 17th February 2011 until 2nd February 2016 when the Court ordered that the money be paid into an interest yielding account in the names of the claimant and the 2nd defendant pending determination of the suit, which order was curiously varied by the consent of all the parties on 20th September 2016 so that the money remained in the 1st defendant’s custody without interest.
“The act of the 1st defendant was unconscionable and detrimental to the goodwill of the claimant and its trade credit with its customers. It was a deliberate and malicious act against the interest of the claimant and the 1st defendant continues to enjoy the largesse in bad faith. Exhibits C4 and C5 clearly state that the funds to be transferred were to offset part of the claimant’s indebtedness for the importation of dictionaries, but the 1st defendant was impervious to this need. I therefore find and hold that the claimant is entitled to substantial damages against the 1st defendant for the injury caused to it.”
The judge made the comments while granting the claimants four reliefs.
The reliefs are that the 1st defendant (Zenith) was in breach of contract when on 7th October, 2011 it refused the claimant to draw from its account No. 1012465427 “despite the fact that the said account was in enough credit to cover the withdrawals sought to be made on the said date.”
The judge further restrained the bank “from disturbing or refusing the claimant from operating its account No. 1012465427 in the 1st defendant’s bank or from honouring the claimant’s transfer or payment obligations to third parties from the said account as long as same is in credit.”
It granted an “interest of 15% per annum on the sum of N872,780,552.84 from 7th October 2011 when the 1st defendant denied the claimant access to the funds in its account which was in credit at that date till judgment.
“Interest on the judgment sum at the rate of 10% per annum from judgment date till final liquidation thereof.
“Costs of this action in the sum of N2.5million.”
Of a truth, Zenith Bank has had a record of open and transparent operations, this earned the organization four SERAS CSR Africa Awards that include “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.
In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
Think of a billionaire businessman blessed with money, brains, confidence, oratory power and the name of Julius Rone, OFR, Group Managing Director, of UTM Offshore Limited, UTMOL will pop up.
It is definitely an incontestable fact that the serial entrepreneur is one of the few Nigerian business moguls that rub shoulders with other high networth individuals around the world. His rich and diverse entrepreneurial journey that has helped shape
For many years, he has been busy cutting deals beyond the shores of the continent of Africa while also proving that good things can also come out from this side of the world.
He has a rich and diverse entrepreneurial journey that has helped shape the business sector in Africa. His path to success includes a series of ventures that have significantly contributed to the region’s business growth.
Aside his pedigree as a topnotch business strategist, it is also a gospel truth that the man, fondly called ‘King of Gas’, is also popular among other high-flying business moguls for his eloquence and articulacy.
The Delta-born top player in the gas sector, as gathered, exhibited that he is not only wealthy but also brainy.
This he has not failed to flaunt whenever the occasions arise, and the occasions seem to arise so many times lately and Rone has never been found wanting.
In fact, a source revealed that this is the reason he is being invited to seminars, forums and business meetings around the world where he has dazzled many with his talent like the great Roman orator, Cicero.
Once, again he shone brilliantly like a diamond yesterday, Tuesday November, 14, 2023, at the LNG shipping and terminals Conference in London. The man, full of ingenuity, mesmerised his audience while he spoke about The Role of Policy Instruments and Government Support for the FLNG Project such as Investment Incentives, Regulatory Framework, where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives, he explained, can help reduce the overall project cost and encourage private sector participation.
The very brilliant businessman also talks about how governments play a crucial role in creating a favourable regulatory environment for FLNG projects, which includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.
Not only that, he also touched on other topics, such as market Drivers for Exploiting Gas in Nigeria, Predicted Gas Volumes from the Development and Quantity expected to be exported, Partnerships in Place and Progress Against Project Timeline and Planning for the challenges of developing Nigeria’s first FLNG project.
The billionaire business mogul received a standing ovation, accompanied with a deafening applause for his dazzling and awe-inspiring speech.
Some of key points he touched include:
The Role of Policy Instruments and Government Support
for the FLNG Project
The Role of Policy Instruments and Government Support For the FLNG Project
Investment Incentives
Regulatory Framework
He gave an insight where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives can help reduce the overall project cost and encourage private sector participation.
Also, he explained that governments play a crucial role in creating a favorable regulatory environment for FLNG projects. This includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.
The Role of Policy Instruments and Government Support For the FLNG Project
Market Access
Risk Mitigation
Mr. Rone said governments can facilitate market access for FLNG projects by negotiating export agreements, promoting gas trade, and ensuring a fair and transparent market. Access to domestic and international markets is essential for the success of FLNG ventures.
Where LNG projects often involve significant financial and technical risks. Governments can
help mitigate these risks by providing guarantees or insurance options to project
developers. This support can encourage private sector involvement and reduce the
overall cost of financing.
Market Drivers for Exploiting Gas in Nigeria
The Role of Policy Instruments and Government Support For the FLNG Project
Energy Demand & Access
Export Opportunities
He said Nigeria has a growing population and increasing energy demand. Gas is a cleaner and
more environmentally friendly alternative to coal and oil, making it a desirable option for
meeting this growing energy demand. Expanding access to clean and affordable energy is a key driver for gas exploitation.
Rone hinted that Nigeria is one of the world’s top gas reserves holders. Exporting natural gas, especially in the form of liquefied natural gas (LNG), provides a substantial revenue source.
International markets, particularly in Asia and Europe, offer attractive opportunities for
exporting Nigerian gas, making it an economic incentive.
The Role of Policy Instruments and Government Support For the FLNG Project
Industrialization & Economic Growth
Government Policies &
Incentives
‘’Gas is essential for various industries, including manufacturing, petrochemicals, and
power generation. As Nigeria aims to diversify its economy and promote industrialization,
gas becomes a crucial driver, as it can provide a reliable and cost-effective source of
energy for industrial processes and electricity generation.
The Nigerian government’s policies and incentives can significantly influence gas
exploitation. Incentives such as tax breaks, investment support, and favorable regulatory
frameworks can attract both domestic and foreign investors to the gas sector. Policies
aimed at improving gas infrastructure and reducing gas flaring also play a role in driving
The Group Chief Executive, Oando Group, Jubril Adewale Tinubu, was among top dignitaries who attended the first Nigeria-Saudi Arabia Forum which was part of President Bola Tinubu’s effort to boost and strengthen economic and business ties between the two countries. Other top Nigerian business magnates, ministers and many government functionaries such as the President of Dangote Group; Alhaji Aliko Dangote, Group Managing Director, Nigerian National Petroleum Corporation (NNPC); Mele Kyari, the Minister of Finance and Coordinating Minister of the Economy of Nigeria; Mr. Wale Edun, Minister of Trade and Investment, (Dr) Doris Uzoka-Anita, Minister for Humanitarian Affairs and Poverty Reduction; Dr. Betta Edu Chairman THISDAY Media Group and ARISE News Channel, Nduka Obaigbena, among others, were also at the event
Speaking during the forum President Tinubu assured potential investors that their investments are safe in Nigeria.
President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.
The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.
“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.
“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.
“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.
President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
Boardroom maven and author, Mrs. Ibukun Awosika is set to share her insights on how female entrepreneurs in Nigeria can take their businesses to the next level at the powerful convergence of female business leaders from across the country on Monday 6 November in Lagos. The former chairperson of First Bank of Nigeria will be leading other successful women as the keynote Speaker at the debut conference of Women High Achievers Trybe, WHATrybe, a global community of high value women, scheduled to hold at the Oriental Hotel, Victoria Island, Lagos. At the conference themed “Elevating The Entrepreneurs: Strategies for Success” other renowned industry experts and female achievers including Folake Kehinde, Ivie Temitayo-Ibitoye, Bukola Majekodunmi, Jennifer Awirigwe, Eno Sam, Atinuke Babatunde, Adeola Kingsley-James, Margaret Nkechi, Toun Sonaiya and Diji Shujahi, will be sharing their thoughts on topics covering branding, marketing, financial management, staff retention, mindset, the power of storytelling and leveraging on media to position the brand. Speaking about the conference with attendance free but registration compulsory, Mrs. Kiki Okewale, a Lagos-based social entrepreneur and convener of WHATrybe, said there has been a surge in the number of women starting businesses in Nigeria and regardless of this positive rising trend, so the quantum of challenges these female entrepreneurs face operating their businesses. She believes women must go back to the drawing board and restrategise thus the need to inspire other women to have a voice as they build themselves up into high achievers. “In today’s volatile economy, there are many women with businesses they want to scale above the current level it is. It’s crucial not to leave your business success to chance. As determined women entrepreneurs, how do they navigate through all the tough experiences to achieve greater success in their business? Whether you’re looking to scale your business or fulfill a grand vision, it’s time to reevaluate and strategize for growth. This conference will guide you through the challenges towards greater success,” Okewale said. Aside tapping from the deep well of knowledge of Awosika, an author of five entrepreneurial books, at the event to be compeered by Tomike Adeoye, there will also be interactive sessions and networking opportunities for attendees to connect with other women entrepreneurs and experts in various fields. Okewale, a fashion mogul behind BK3 Garment Factory, floated WHATrybe in 2020 and has ever since been on a mission to impact and connect powerful women in Africa and the rest of the world. The positive feedback she has received in the last three years by her passion for women development and empowerment has been profound and has encouraged the expansion of the community of Women High Achievers Trybe.