Headlines
Anxiety heightens on take -over threat of GT bank by Innoson boss, Chukwuma

There are now widespread jitters among the depositors of the Guarantee Trust Bank( GTB) over the recent move by the Chairman of Nigeria’s Auto manufacturing company, Innoson Group, Innocent Chukwuma, to take over the assets of the bank.
Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.
In July, Innoson had asked a Federal High court in Lagos to set aside an order permitting GTB to restructure to a holding company.
But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).
The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.
“I was GTBANK’s best customer in the South-East when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.
“They started fighting about the tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of the tribe. I don’t know exactly what his problem is.
“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.
“He was going to my account and taking money anyhow. I discovered it, took him to court, and won. Up till now, he hasn’t paid and we have gone up to the Supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”
The Innoson boss explained that he would no longer “disturb” the bank to pay the debt.
According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.
“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.
“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.
“I will run it better than them. If they cannot pay me, I have no choice but to take over the management”, he declared.
Headlines
P&ID fraud : Court convicts, winds up Marqott Nigeria Limited.

Owolola Adebola
Justice D.U Okorowo of the Federal High Court sitting in Abuja has convicted and wound up Marqott Nigeria Limited, one of the 30 companies associated with the Process and Industrial Development Limited, P & ID, for money laundering.
The company was convicted on Thursday, June 16, 2022, after being found guilty of four-count charges bordering on money laundering preferred against it by the Economic and Financial Crimes Commission, EFCC.
Count one of the charges read: “That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to comply with the requirements of submitting to the Federal Ministry of Industry, Trade and Investment, a declaration of activities of Marqott Nigeria Limited contrary to Section 16(1) (f) read together with Section 5(1)(a)(ii) of the Money Laundering (Prohibition) Act, 2011(as amended and you thereby committed an offence punishable under section 16(2)(b) of the same Act.”
Count two read: “That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to develop programs to combat money laundering and other illegal acts, to wit: failure to designate at management level a compliance officer within any strata of Marqott Nigeria Limited, contrary to Section 16(1)(f) read together with Section 9(1)(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) and you thereby committed an offence punishable under Section 16 (2)(b) of the same Act”.
At the point of the first arraignment on February 7, 2022, the defendant pleaded “not guilty” to the charges, setting the stage for a full trial.
In the course of the trial, the EFCC presented many witnesses and tendered many documents as exhibits.
In his judgment, Justice Okorowo found Marqott Nigeria Limited guilty of all the four-count charges and convicted it accordingly. He also ordered that the company be wound up and its entire assets forfeited to the Federal Government of Nigeria.
Marqott was first arraigned on Monday, February 7, 2022, for being an accomplice in the $9.6bn Gas Supply and Processing Agreement between the Ministry of Petroleum Resources and P&ID.
Headlines
N25.7bn fraud: Appeal Court affirms conviction of ex-Bank PHB MD, Atuche, others

Owolola Adebola
A three-man panel of the Court of Appeal, Lagos Division, on Thursday, June 23, 2022, upheld the conviction of a former Managing Director of the defunct Bank PHB Plc, Francis Atuche, as well as the bank’s former Chief Financial Officer, Ugo Anyanwu.
Atuche and his co-convict, Anyanwu, had approached the appellate court to set aside their conviction by Justice Lateefa Okunnu of the Lagos State High Court sitting in Ikeja, Lagos on June 16, 2021, over a N25.7 billion fraud.
The panel, comprising Justices Sadiq Umar, Adebukola Banjoko and Kayode Bada, while resolving all the issues in the appeal in favour of the Economic and Financial Crimes Commission, (EFCC) except the sentencing, also clarified that Atuche’s jail term was 12 years concurrently, rather than 120 years, handed down by the lower court, if calculated consecutively.
Also, the panel reduced Anyanwu’s jail term from 10 years to eight years and affirmed the discharge and acquittal of Atuche’s wife, Elizabeth.
In an abridged ruling read by Justice Umar, the three-man panel upheld the EFCC’s arguments and unanimously dismissed the appeal.
It would be recalled that, in 2021, Justice Okunnu, while sentencing Atuche and Anyanwu, had upheld the arguments of the prosecution counsel, Kemi Pinheiro, SAN.
Headlines
Jamoh raises hope on removal of war risk insurance on Nigeria- bound cargo


The Honorable Minister expressed delight at the equipment and assets of NIMASA, stating that it underscores the importance the Federal Government attaches to combating maritime crimes and ensuring zero tolerance for illegal activities on the nation’s territorial waters.
While commending the synergy and collaboration amongst agencies of Government in the maritime sector, the Honorable Minister expressed delight at the fact that Nigeria has witnessed piracy-free waters since 2022.
Accordingly, she said; “for over 28 years, we have been in the press for the wrong reasons, over the piracy issues at the Gulf of Guinea (GoG).
Furthermore, Senator Saraki noted the need to sustain the momentum to ensure Nigeria remains attractive to investors, adding that the Ministry is delighted at the steps NIMASA is taking to address the issue of War Risk Insurance premium on Nigerian Bound Cargoes.

“The most important thing now is that we don’t rest on our oars. The Free Trade Agreement and how it affects Nigeria is our focus.
However, the Director-General of NIMASA, Dr Bashir Jamoh disclosed that the focus of the agency is sustaining the achievements in recent times, adding that the plans are in three categories of short medium and long term.
“Our focus now is to sustain the tempo
“Though Nigeria was removed from the red list of piracy nations on the 3rd of March this year, it is natural that the international community will desire sustainability.
-
Customs4 weeks ago
Finally, FG concessions operations of Customs to Chinese, Nigerian company for 20 years.
-
Customs4 weeks ago
Customs loses Compt. Danlami Haruna, Area Controller Bauchi/Gombe Command
-
Customs2 months ago
Exclusive! Mass retirement hits Customs as 549 officers bow out of service in 2023
-
Customs2 months ago
Customs High Command interdicts officers over assault on Gov. Okonwa’s aide
-
Customs4 weeks ago
Terrorists overrun Customs Post in Katsina
-
Customs4 weeks ago
Court orders Customs to pay ₦100m compensation over gruesome murder of peasant farmer in Kebbi state