Court Dismisses Suit On Sale Of 9mobile

A Federal High Court sitting in Ikoyi, Lagos on Wednesday dismissed a suit filed by Spectrum Wireless Communications Limited against Emerging Markets Telecommunications Services (EMTS), owners of 9mobile, challenging the sale of the company.

The Court Presided over by Justice CJ Aneke in a ruling on the preliminary objections file by counsel to EMTS upheld the Defendant’s prayers in Suit No. FHC/L/CS/153/2018 that there is no direct shareholding relationship between Spectrum Wireless and EMTS, thereby vesting on Spectrum the right to sue EMTS to protect its alleged shareholding in EMTS.

The court also upheld the Defendant’s position that there isno privity of contract between EMTS and Spectrum as Spectrum is not a shareholder in EMTS and cannot be said to have been directly affected by the actions of its shareholders – Mubadala Holdings Cyprus Ltd, Myacynth and Etisalat International Nigeria Ltd.

The Court further upheld the Defendant’s position that if at all Spectrum has a right of action, its action should be against PTHNV, the company it originally invested in and not EMTS. The Court therefore upheld the submission of counsel to EMTS that not being a shareholder of EMTS, Spectrum lacks the locus standi to bring the suit against EMTS on the basis of any decision taken by the shareholders of EMTS.

The Court therefore upheld the Defendant’s prayers saying that Spectrum lacks the locus standi to sue, adding that the concept of “indirect shareholding/economic interest” claimed by Spectrum is unknown to Nigerian law, which only recognizes members of a company as those named in its Register of Members.

Justice Aneke also held that Spectrum is not a party to the credit facilities which it claims were unlawfully obtained; and it is elementary law that only parties to a contract can make judicial claims in respect thereof. The Court therefore dismissed the suit in its entirety.

It would be recalled that Spectrum Wireless Communications had sued EMTS and 16 other defendants including United Capital Trustees Limited (‘the Lenders’), the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC)  over the sale of the telco.

The company had claimed that it acquired indirect holding of 30% of the shares of EMTS after a private placement and was allotted 4,041,096 Class A shares of Premium Telecommunications Holdings NV (“PTHNV”), which owns 99% of the shares in MyaCynth Coperative UA (“MyaCynth”).

The Plaintiff also claimed that MyaCynth holds 30% of the shares of EMTS BV; and EMTS BV holds 99.9% of the shares of EMTS) and that EMTS’ syndicated loan from the 2nd to 4th Defendants was granted without the requisite statutory approval of the CBN, and can, therefore, not be enforced through the sale of EMTS’ shares and assets by the 2nd to the 14th Defendants. 

Spectrum also claimed that its investments in EMTS will be lost if the 15th to 17th Defendants are allowed to effect the sale of EMTS.

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Ecobank Takes EcobankPay zone To South East Market

Ecobank Nigeria has taken its digital product, EcobankPay Zone to the South East market with a launch at the popular Ariaria Market, Aba. 

Managing Director, Ecobank Nigeria, Patrick Akinwuntan while launching the product at the market said it will facilitate easy, secure and convenient transactions for merchants within Ariaria and other surrounding markets. The EcobankPay Zone is a digital payment hub enabling businesses within a location adopt Ecobank’s wide range of digital products for ease of payments for goods and services.

“It is our determination to create ease of payment and boost economic activities most especially in a town like Aba, renowned for indigenous production of shoes and textiles. Our digital offering will be an opportunity for both buyers and sellers to increase their sales in an enhanced and secured way and without fear. The EcobankPay digital hub makes it easy for the seller to be paid instantly and buyers pay with ease and also have rest of mind associated with doing business without carrying cash around. Our Xpress point is also around for you to transact with ease, in as much as you have your phone you can bank with Ecobank.

“The initiative of the Ecobankpay zone is to deepen financial inclusion in the communities and specifically aid business transactions between merchants and clients. EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD”. “if the person that wishes to buy goods from you is coming from a bank that has mVisa and wishes to pay, the same QRcode would accept an mVisa payment and vice versa. That creates synergy between us and the other banks and convenience for the merchants. And as you know, the QRcode is much cheaper than having a point of sale (PoS),” he said.

Mr Akinwuntan made an example of how the EcobankPay works by buying a pair of shoes from one of the Aba traders and make payment through QR scan and the seller received alert instantly.

EcobankPay is a fresh innovative payment solution that enhances transactions between merchants and their customers by eliminating risk of payment rejection and also delivers same day value and sales transparency for merchants. This is unlike the traditional ways that payments are made using cards on PoS where merchant, the small business person, the trader, the supermarket owner, the distributor that is holding a POS needs to wait for at least one day to get the value of the payment. EcobankPay enables the merchant receive credit instantly. This is very important for working capital particularly for small businesses.

Ecobankpay enables easy tracking of customers business profiling for quick access to credit, save faster, reduces the risk of security in terms of exposure to cash or exposure to pilfering of merchant’s credentials. The beauty of the Ecobankpay is in the cost of setting up as the shop owner simply print the QR code on a paper and can stick it anywhere and do not run any risks”.

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The Nigerian Youth Leadership Summit 2019

Today in Africa we are at a crossroad of defining moments largely because “the state of Africa” is as a direct consequence of the quality of leaders we have, and perhaps even more unfortunate is the fact that we are not even paying adequate attention to building the leadership capacity of the “Next” generation as is done in developed societies who have continuously repositioned their youths to ensure that the many achievements of its current leaders are not perpetually mortgaged due to the incompetence if the successor generation.

However no matter the level of animosity we have for the quality of leaders we have had at all levels, it is even more imperative that we pay attention to the next generation of leaders so as to stem the ugly tide of stagnation and underdevelopment and this can be effectively done if we pay a concentious attention to building leadership capacity in our “leaders of tomorrow” as tomorrow is closer than we think otherwise this cycle will not only continue but we will then be condemning unborn generations to jeopardy.

Therefore it was on this template that we began the Nigerian Youth Leadership Summit in 2012 to begin to build leadership capacity in young Africans and this year’s edition which is the 6th in the series has the theme: Mentoring and building leadership capacity for good governance. This is to examine the effects and importance of being mentored in other to effectively lead.

Date: Friday 5th of April 2019

Venue is:

THE ARENA
Events and lodgings
PLOT 931
JAHI DISTRICT
NEAR NAVAL OFFICERS QUARTERS
ROAD OPPOSITE NAF CONFERENCE CENTRE
JAHI.

Time: 9am

This year’s exciting faculty include:

Dr Babatunde Fowler
Chairman FIRS (keynote)

Pastor Poju Oyemade
Senior pastor covenant Christian center and convener, The platform.

Dr Jumoke Oduwole
Senior Special Assistant to the Nigerian Vice President on Trade & Investment.

Hon Bimbo Daramola
Chief of staff to the deputy speaker house of representatives. Nigeria

Barr Ismail Ahmad
Special Assistant to the President on social intervention programs

Mosun Akinwamide
CEO IPC Events and
Events and destination wedding planner

Participation in this event is free and you can register to attend by sending a direct message on our social media handles:

On Instagram: @africanyouthleadership

On Facebook:
https://m.facebook.com/theafricanyouthleadership/?ref=bookmarks

Or log on to our website:
www.africanyouthleadership.com

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EcobankPay Zone Berths In Ikorodu

As part of plans to create ease of payment and boost economic activities in major market clusters across the country, Ecobank Nigeria has taken its innovative digital payment solution, EcobankPay to the ancient town of Ikorodu, a Lagos suburb. 

 This, the bank said is in its plan to create ease of payment and boost economic activities in major market clusters across the country. The bank designated the popular Bale market, Ikorodu as an EcobankPay zone

Speaking at the launch, Executive Director, Commercial Banking, Carol Oyedeji restated the determination of the bank to ensure Nigerians get quality banking transactions and good business dealings, stressing that the digital payment zone will further boost easy and convenient transactions in the market place.

The initiative, according to her, would deepen financial inclusion in the community and specifically aid business transactions between merchants and clients. She reiterated that  the EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD.

She called on the traders and other people living around the market to embrace the innovative pay zone. She explained that customers and non-customers of the bank who patronize the market will now have quick access to the bank’s digital payment offerings, as it would remove the stress and boredom associated with delays in paying for goods in the market.

“Today, we bring good news to traders in this popular market and others that live in this vicinity. EcobankPay will make transaction simple and easy. It will create payment convenience for good and services and growing various businesses across the country. You do not need to be a customer of Ecobank. If the person that wishes to buy goods is coming from a bank that has mVisa and wishes to pay, the same QR Code would accept mVisa payment and vice versa. That creates convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).” she noted.

 In her comment, the head of the Market Women, (Iya oja, Bale market), Alhaja Kehinde Abiola appreciated the bank for keeping its promise to bring easy banking to the market.  In her words “this is part of market development we crave for; this will reduce the large quantity of cash in our market, meaning more secured way to do our business. We encourage all traders to adopt the products introduced by Ecobank for ease of business for us all and our future generation”.

In their testimonials, Ecobank Xpresspoint agents and EcobankPay merchants alluded to the benefits of the services, urging traders in the market and people living in the community to embrace the EcobankPay zone and other products of the bank. Specifically, an agent, Odufuwa Olusegun, commended Ecobank for bringing banking services closer to the people. According to him, “Life has become easy for the people in my local community since I started the Xpress point services. Customers daily troop to my shop to do small financial transactions without any stress and whenever, there is hitch, the bank gives us quick attention.”

EcobankPay is free to set up as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments. EcobankPay, a special merchant QR Code product of the Pan African Bank, enables customers make seamless payment for goods and services across the three major payment platforms without the use of plastic cards.”

For the merchants, the beauty of the EcobankPay is in the cost of setting up, as the shop owner simply prints the QR Code on a paper and can stick it anywhere and do not run any risks.

It would be recalled that the Bank had launched similar pay zones in Alaba International market and Amu market, Mushin.

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DG, NILDS Charges Institute For Parliamentary Studies Uganda On Parliamentary Capacity Development

The Institute for Parliamentary Studies, IPS Uganda has been advised to focus on recruiting personnel with requisite expertise and relevant competencies as a starting point to deliver effective capacity development programmes for its Parliamentary community and stakeholders.

The Director General, National Institute for Legislative and Democratic Studies, Prof. Ladi Hamalai gave this advice while receiving in audience Members of Parliament of Uganda who were on a 3-Day Benchmarking visit to the National institute for Legislative and Democratic Studies, NILDS on how to steer the affairs of the IPS which is billed to come on stream as a capacity development organ of the Parliament of Uganda.

While speaking to the delegation which was led by Hon. Atim-Ogwal Cecilia Barbarsa on the formative stages of NILDS, establishment Act, operations, structures, challenges and lessons learned and the journey so far, Prof. Hamalai noted that legislative work requires information, statistics and data, stressing that research skills and knowledge are core values of an effective parliamentarian. She added that a strong tie between the IPS and NILDS would not only foster African regional knowledge management hub and capacity development for Parliamentarians but also strengthen democracy in both countries.

She noted that over the years, legislators from the National Assembly, State Houses of Assembly and even the West African sub-region have continued to benefit, greatly from the supply and demand-driven training approach of NILDS programmes.

The leader of the delegation, Hon. Cecilia Barbara, who is the Parliamentary Commissioner in Uganda and a frontline member, African Caribbean Pacific Joint Parliament Union, ACPU, noted that they were here in Nigeria to learn best-practices, that would help the IPS make Ugandan and indeed, African Parliamentarians star performers on the floor of Parliaments as well as, groom up-coming Parliamentarians for national leadership. She added that this interface with NILDS would greatly enrich the IPS in the task-ahead.

Nwajei Kanayo C

Communication Adviser

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APYF Backs Party’s Decision On National Assembly Leadership, Warns Against A Repeat Of 2015

The leadership of the All Progressives Youth Forum (APYF) has given its full backing to the decision of the APC National Working Committee (NWC) to present candidates for the positions of Senate President and Speaker respectively.

The Forum in a release signed by its National Field Director, Mr. Alwan Hassan notes that the preparedness of the party to get involved in the process of producing the leadership of the National Assembly is a clear indication that the APC has learnt its lessons from the 2015 experience.

“The success of the next level campaign is an opportunity to consolidate on the progressive reforms of President Muhammadu Buhari. It is therefore important that the APC as a party does not make the mistake of allowing a repeat of 2015 where individuals who do not share in the vision of the party wriggled their ways into leadership positions in both Chambers of the National Assembly

” It is in a bid to avoid a situation where internal competition between members of our party would again provide a window for the opposition to sneak back to the leadership positions in the National Assembly that the ongoing mediation of the NWC and Mr. President is not only necessary but quite significant.

“We acknowledge the freedom of every individual to aspire for any positions provided he is qualified under the law. But this is a time to respect the wisdom of the party in deciding to increase the chances of the APC to produce the National Assembly leadership without risking the surprise that the opposition party may spring as a result of internal divisions that a free for all fight for the positions may create within the party”, a part of the statement read.

While urging all the other members of the party who are also interested in contesting the positions to subordinate their ambitions to the supremacy of party decision; the Forum calls on all patriotic Senators and Honorable members, particularly those of the APC, to eschew selfish agenda and back the persons favored by the party in both Chambers in the interest of the country.

Signed:

Alwan Hassan
For: APYF

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Ecobank Wins CBN/NIBSS Award For Data Integrity

Ecobank Nigeria over the weekend carted away the “Electronic Data Rendition Compliance and Integrity” Award at the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards. 

The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth edition, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year. 

According to the NIBSS, the annual award puts into consideration electronic payment transactions data rendered to CBN by Banks and other licensed payments service providers as well as public voting and surveys administered to industry stakeholders for transactions within the year under review.

Commenting on the award, Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that the award lends credence to the accuracy and integrity to “our electronic data and the proper rendition and compliance to the regulator’s standard. This also attests to Ecobank’s digital contributions and innovation in the Nigerian financial sector. We are using our digital strength to push financial inclusion in Nigeria. Our array of electronic products include the EcobankPay, Rapidtransfer, Omni-Lite”.

Further he reiterated that Ecobank is “excited to receive the NIBSS award for outstanding performance in Electronic Data Rendition, Compliance and Integrity. We are at the forefront of financial inclusion in Nigeria. Our digital offerings have simplified financial transaction processes and are safe, fast and reliable. There are testimonies on the efficiency of our products and we are happy that the regulators recognise our efforts”.  

Nigeria Inter-Bank Settlement System Plc (NIBSS) is owned by all licensed banks including the Central Bank of Nigeria (CBN).  It possesses modern world-class infrastructures for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.

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CBN Applauds Ecobank’s Sustainability Efforts

The Central Bank of Nigeria (CBN) has recognized and awarded Ecobank Nigeria on its laudable sustainability and Corporate Social Responsibility (CSR) initiatives.

The CBN at its 2018 annual awards for sustainability in Lagos, recognized Ecobank’s activities in four categories which include Sustainability Bank of the Year;; Sustainability Bank of the Year -oil and gas; Sustainability Bank of the Year -power sector and the Women Empowerment category  – the bank was first runners up in all four categories.

These recognitions are an acknowledgement not only of the bank’s efforts at supporting industrial sector development but also in the development of efficient sustainability programmes for the good of the citizenry.

The CBN Sustainability Awards – a part of the Nigerian Sustainable Banking Principle, NSBP, initiated in 2012, is an award that appreciates the efforts of financial service providers who have been able to successfully integrate social and environmental considerations into their operations, spanning across their processes and strategies.

In his comment, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said:  “it is a deliberate policy of Ecobank Nigeria to embark on sustainable projects that impact people and the environment.

Last year we focused on removing plastic waste and other non-biodegradable elements from our streets, and this recorded huge success.  We engaged young people to gather and bring to us at least one million plastic and glass bottles from homes, offices and drainages; these we bought from them for proper disposure by the authorities. This was done over a week period tagged the ‘Ecobank sustainability week’ during which we also organized symposia for secondary schools students to create awareness on tackling plastic wastes. On the CSR front, in 2018 we constructed boreholes for schools across the country and also embarked on many other CSR activities.”

Further he said, Ecobank is proud of its contributions to the development of the nation’s economy through its support for the oil and gas and power sectors. “I dedicate the awards to staff and customers of the bank who worked relentlessly towards maintaining high sustainable standards that has earned us the CBN awards. I assured that the bank will continue to embark on initiatives that impacts the people, environment and the economy”.

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ICCDI Africa Appoints New Country Representatives

In her bid to expand her activities of educating and building a climate-smart generation across Africa, the International Climate Change Development Initiative (ICCDI Africa), popularly known as Climate Wednesday, on Monday, March 11, 2019, announced the appointment of four country representatives to lead the organisation’s activities in their respective countries.

The new country representatives are Manla Isabella representing Cameroon, Adelaide A. Asiamah representing Ghana, Vickie Rajoro representing Kenya and Ayivi A. Samuel representing Togo.

Making the announcement, Olumide Idowu, the co-founder of ICCDI Africa, said, “We are excited that we are extending our tentacles and taking the message of climate change and sustainability across Africa. I am very confident about our new country representatives, their knowledge, their readiness to work and most importantly, their passion to educate other young people about climate change.”

Cameroon’s country representative, Manla Isabella holds a master’s degree in Fisheries and Animal Production and a first degree (Bachelors) in Agricultural Economics. She brings to ICCDI Africa her strong research, analytical and organisational skills. Highly passionate about climate change and with a strong background in community development management and strategic planning, Isabella’s appointment takes ICCDI Africa many steps closer to birthing Climate Change education, transformation and sustainability in Cameroon, as well as, across other Africa countries.

Togo’s country representative, Samuel, is an independent project manager and a technology enthusiast. Most of his works are focused on education, climate change and volunteering. He brings his many years of working with young people to coordinate the activities of ICCDI Africa in Togo.

Asiamah is a vibrant multifaceted lady with a conglomerate of ideas geared towards the betterment of humanity and my environment. Serving as ICCDI Africa’s country representative in Ghana, Asiamah brings on board her collaborative ability and capacity building dexterity to ensure more young people in Ghana understand Climate Change and other environmental issues, furthermore, embark on sustainable actions. Asiamah is currently studying Natural Resource Management with a specialisation in Silviculture and Forest Management at Kwame Nkrumah University of Science and Technology.

Kenya’s country representative, Rajoro, is one of Kenya’s most creative idea driven youth leaders that is committed to empowering young people in her society to take climate action. She is elegant, passionate about humanity and knowledgeable in environmental subjects. She is a graduate of Public Relations from the University of Nairobi. She runs some agri-businesses and invests in sustainable global energy aimed at catering to the needs of less privileged people that are affected in some of Kenya’s communities.

Congratulating ICCDI Africa’s newly appointed country representatives, the organisation’s co-founder, Esther Agbarakwe, encouraged the members of the team to prioritise climate action and wished them the best.

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Tony Elumelu Foundation To Announce Selected Entrepreneurs For 2019 Programme On March 22

The Tony Elumelu Foundation (TEF), the leading African philanthropy committed to empowering African entrepreneurs, will announce the selected applicants for the 2019 cohort of the Foundation’s flagship Entrepreneurship Programme on March 22, 2019. The event, which marks the 5th round of the Foundation’s Entrepreneurship Programme, will take place at the Transcorp Hilton Hotel, Abuja.

Every year, the Tony Elumelu Foundation opens its application portal to African entrepreneurs, with businesses of less than three years old. Through its $100million Entrepreneurship Programme, the Foundation empowers 1,000 entrepreneurs annually, who receive $5,000 in non-refundable seed capital, access to mentors, a 12-week training programme and opportunities to promote their businesses to a global audience. All applicants receive access to TEFConnect, Africa’s digital entrepreneurial hub, which provides access to networks, training, further capital sources and business opportunities.

As a means of cascading its proven entrepreneurial tool kit to the huge numbers of applicants, the Foundation launched in 2018, TEFConnect, the digital networking platform for African entrepreneurs. The platform, which has currently over 400,000 users, providing opportunities for entrepreneurs to network, receive training and forge business partnerships to scale their businesses beyond physical borders.

In the five years since the Foundation launched its Entrepreneurship Programme, it has empowered 4,000 African entrepreneurs directly and an additional 470 entrepreneurs supported by the Foundation’s partners. The Foundation recently appointed Ifeyinwa Ugochukwu as CEO effective from April 1. Mrs. Ugochukwu succeeds Parminder Vir, OBE, who will continue to lend her experience and expertise as a member of the Foundation’s Advisory Board.

The incoming CEO, Ifeyinwa Ugochukwu, emphasised the importance of partnership in reaching additional entrepreneurs beyond the Foundation’s annual commitment of 1,000 entrepreneurs.

“Each year we see a significant uplift in applicants. Our execution partner, Accenture Development Partnerships, are currently reviewing and finalising the applications. Over 215,000 African entrepreneurs applied from across 54 African countries, up from 151,000 applications last year, with an increase in female representation from 62,000 in 2018 to 90,000 in 2019. These rising figures demonstrate the burning desire of the African entrepreneur to develop our continent, and we must urgently convert this passion into viable businesses to develop our continent.

Our Programme has developed a robust mechanism for directing capital effectively and efficiently, to those who can deploy it in local communities with the greatest impact. We are looking forward to working with partners to collaborate with us, to scale the platform and process we have created. Empowering African entrepreneurs must be a shared responsibility to create economic prosperity for all”, she said.

Speaking on the Entrepreneurship Programme, Osato Noah, West Africa Lead, Accenture Development Partnerships, said:

“We have worked with the Tony Elumelu Foundation since the inception of the Entrepreneurship Programme. In 2015, the first round of the Programme saw us review 20,000 applications for the Foundation and this year we reviewed over 215,000 applications. The sheer diversity and speed at which applications have scaled in the last four years have been incredible. We commend the Tony Elumelu Foundation for their commitment to the transparency of the programme, and Accenture is proud to partner in the delivery of this Pan-African project.”

The Selection Announcement will also feature a Nigerian TEF Alumni Meet up, as well as an interactive dialogue with TEF Founder, Tony O. Elumelu, CON.

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No Court Order To Forfeit Sells Value Of Our Airtel Shares – O&O Networks Limited, Subsidiary of Ecobank Group

O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited.
 O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it.

The company previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.

A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.  
According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.

The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.

“In 2006, the plaintiff’s claim was grounded  on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned.  The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.

” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019

“In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim.  The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019. 


“O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously. 

“O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”

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Trips Thru Pages: Little Kindles Africa Set To Donate 5,000 Books To 10 Schools

Little Kindles Africa is a charity organization in Lagos, Nigeria that launched on the 1st of October, 2014, with the primary objective of giving basic support to kids in rural communities with focus on food, clothing and education.

Since inception, Little Kindles Africa through six different events/outreaches has been able to impact the lives of about 2,000 kids in Lagos and Oyo states, and plans to touch the lives of more kids nationwide in the nearest future.

Little Kindles Africa clocks 5 this year and is kicking off with a book drive campaign designed to promote the importance of the reading culture among kids in rural communities and also give them amazing experiences as they flip through pages.

The book drive campaign is tagged ‘TRIPS THRU PAGES’ and the goal is to raise and donate 5,000 books and 10 book shelves to kids in rural communities through their schools. 10 schools are set to benefit from this outreach, 5 each in Lagos and Ogun states.

Little Kindles Africa is calling on the general public to support this campaign that’s set to happen in May this year, with book donations.

Website www.littlekindlesafrica.org   

Email: littlekindlesafrica@gmail.com

IG: @littlekindlesafrica

Twitter: @littlekindles

Phone: 08164181636

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