@Gbengabig

Thursday, 29 January 2015

Illegal Shares Transfer: Bank PHB Shareholders Slams N58.6b Suit On CBN, AMCON, Others

Some aggrieved shareholders of the defunct, Bank PHB Plc, had dragged the Central Bank of Nigeria (CBN) and Asset Management Cooperation of Nigeria (AMCON) before the Federal High Court in Lagos over the alleged illegal transfer of their shares to Keystone Bank without compensation.

The shareholders apart from urging the court to set aside the transfer are also demanding the sum of N38.6 billion from the defendants, being "fair compensation" to them for the value of their investment in Bank PHB Plc.

The plaintiffs, who also want the court to set aside the alleged unlawful nationalisation, compulsory acquisition and expropriation of their investments in Bank PHB, are further demanding the sum of N20 billion as damages for the loss of value of their investments in Bank PHB.

Apart from CBN and AMCON, other joined in the suit filed by nine shareholders on behalf of others whose names were on the register of members as at October 2, 2009, are: Keystone Bank, the Attorney-General of the Federation and the Nigeria Deposit Insurance Corporation (NDIC).

The plaintiffs are also praying the court to declare that the action amounted to unlawful compulsory acquisition of their investment, and is therefore unconstitutional, arbitrary, null and void.

They also want the court to hold that the purported nationalisation of their investments without being paid compensation is unlawful and contravenes Section 44 of the 1999 Constitution.

The shareholders, in a statement of claim attached to the suit, states that NDIC had on August 5, 2011, wrote to the Managing Director of Bank PHB informing him that the bank's assets and liabilities has been transfered to Keystone Bank, and that NDIC did so without any form of adequate compensation being paid to the them.

However, the defendants had filed a preliminary objections to the suit asking the court to strike it out for lack of jurisdiction.

While arguing the objection on Thursday, CBN's counsel, Kola Awodein (SAN) submitted that the plaintiffs did not file the action properly.

According to the lawyer, though the plaintiffs claim is contentious, so they should come by writ of summons, not originating summons.

"Its not sentiment. It's about the law. If you're coming before the court, you must come properly. I urge your Lordship to strike out the matter," he said.

But Chief Anthony Idigbe (SAN), who represented the shareholders before the court, urged the court to dismiss the defendants' objections because it lacks merit.

Idigbe claimed that it was the duty of the defendants to protected the shareholders' investments which they failed to do.

He said, "NDIC just took the bank and gave to AMCON without taking the shareholders into consideration.

"We urge the court to dismiss all the preliminary objections. We're ready to move our originating summons," Idigbe said.

Justice Mohammed Yusuna has adjourned the case till March 2, for ruling.

Man Bags Life Sentence For Dealing In Heroine

Justice Rita Ofili-Ajumogobia of the Federal High Court in Lagos yesterday sentenced a 29 year-old man to life imprisonment for dealing in 30.5 grams of heroine.

The judge handed down the verdict after the convict pleaded not guilty to one count charge of unlawful dealing in narcotics brought against him by National Drugs Law Enforcement Agency (NDLEA) on April 26, 2014.

According to the NDLEA, Elemoro, was arrested with the banned substance by the intelligent team of the agency on April 24, 2014, at Palm Church street, Lagos Island, Lagos.

The one count charge reads: "that you Abiodun Elemoro, on April 24, 2014, at Palm Church Street, Lagos Island, without lawful authority, dealt in 30.5 grams of heroine, a narcotic drug, contrary to and punishable under section 11(c) of NDLEA Act, Cap N30, laws of he federation of Nigeria, 2004."

In his confessional statement to the NDLEA, the convict admitted dealing in the banned substance, and told the court that he made between N3,000 to N5,000 daily.

While reviewing the facts of the case, the prosecution urged the court to pronounced the convict guilty as charged.

The convict in his allocutus, pleaded with the court to temper justice with mercy. He said he is an orphan, and that his only child is just nine months old.

However, the judge was not impressed with his plead as she sentenced the convict to life imprisonment with hard labour.

Justice Ofili-Ajumogobia also directed the NDLEA to destroyed the substance if the convict fails to appeal against the judgment within 30 days.

Indonesia rejects clemency, ready to execute Nigerian, other foreigners

Indonesia is ready to execute seven foreign drug convicts on death row after their appeals for presidential clemency were rejected, an official said, in a move certain to set Jakarta on a collision course with international allies.

They include two Australian leaders of the “Bali Nine” drug-smuggling gang, who have been on death row for almost a decade. The pair lost their appeals in December and earlier this month.

A spokesman for the attorney-general’s office revealed late Wednesday that a further five foreigners, from countries including France, Brazil, Nigeria and Ghana, have also lost their appeals.

Four Indonesians — only one of them convicted of drugs offences — had also lost their bid for clemency.

“The attorney general’s office now has 11 convicts on death row ready to be executed,” spokesman Tony Spontana said late Wednesday.

Indonesia earlier this month executed six drug offenders, including five foreigners, prompting a furious Brazil and the Netherlands — whose citizens were among those put to death — to recall their ambassadors.

Drug offenders from Vietnam, Malawi and Nigeria were also among those killed by firing squad.

Despite his image as a reformist, Indonesia’s new president has been a vocal supporter of capital punishment for drug offenders, disappointing rights activists who had hoped that he would take a softer line on the death penalty.

He has repeatedly vowed to show no clemency to drug traffickers. In a CNN interview broadcast earlier this week, Widodo vowed: “We are not going to compromise for drug dealers. No compromise. No compromise.”

“Imagine, every day, we have 50 people die because of narcotics, because of drugs,” he said.

“Indonesia is in the position of a drug emergency. We need to have something that’s firm and a positive law in Indonesia still allows the death penalty.”

Spontana said a decision had not yet been made on when or where the convicts would be executed, only that more than one would face the firing squad in the next round.

The Frenchman is Serge Atlaoui, who has been on death row since 2007, Spontana confirmed.

– ‘Distressed and outraged’ –

Brazilian President Dilma Rousseff said she was “distressed and outraged” after Indonesia defied her last-ditch pleas to halt the last round of executions.

Dutch Foreign Minister Bert Koenders described all six of those deaths as “terribly sad”, adding: “My heart goes out to their families, for whom this is marks a dramatic end to years of uncertainty.”

The Australians set to be executed, Andrew Chan and Myuran Sukumaran, were arrested in 2005 for attempting to smuggle eight kilograms (18 pounds) of heroin out of Indonesia.

Sukumaran’s appeal for clemency was rejected in December, and Chan’s was rejected earlier this month.

That removed the final hurdle to put the pair to death, as Indonesian authorities said they must be executed together as they had committed their crime together.

Lawyers for the pair are planning a last-ditch appeal to their convictions but the attorney-general’s office has said that further legal challenges are not possible once a clemency bid has been rejected.

The Frenchman Atlaoui was arrested in 2005 in a secret laboratory producing ecstasy close to Jakarta.

7 killed, 14 injured in S’Kaduna attack

Suspected Fulani herdsmen yesterday killed seven people in Yangal village, Zangon Kataf Local Government Area of Kaduna State, with 14 others critically injured.
National Mirror gathered that the incident occurred on Tuesday night when Yangal residents gathered to mark the death of one Mama Hauwa Bello, 87.
Sole administrator of Zangon Kataf council area, Jonathan Asake, told newsmen in Zonkwa, the council’s headquarters, that he received a distress call around 11pm informing him that armed Fulani men and an unarmed accomplice attacked Yangal.
Asake said on getting to the scene he saw the victims and helped to evacuate five corpses and 12 injured persons to St. Luis Hospital, Zonkwa.
“I reached Yangal village around 12am, and met scores of angry youths wielding sticks and knives. They even wanted to descend on me for coming late. I was told an old woman had passed on and was buried. That it was the usual tradition for grandchildren to celebrate any deceased that passed on at the age of 80,” he said.
He added that the villagers sighted two Fulani men around 9pm at the celebration venue and one of them was holding a gun.
Meanwhile, Governor, Mukhtar Yero has condemned the attack on innocent people of Kamantan community in Yangal village.
In a statement by his Media Aide, Ahmed Maiyaki, the governor said the attack was an apparent attempt by miscreants to cause confusion and heighten tension among the peaceful people of the state.
The governor, however, directed the state’s Emergency Management Agency to immediately move to the affected community to provide necessary support to the victims.
He also called on people in the affected community to remain calm as security agencies were already investigating the matter with the aim of bringing the perpetrators to book, adding that adequate security personnel had also been deployed in the area.

Tiv to Taraba govt: Declare emergency rule

Tiv people of Taraba State yesterday called on the state government to declare state of emergency to enable the return of those displaced during the crisis that rocked the state a year ago.

President of Tiv Cultural and Social Association, James Nungwa, disclosed this in Jalingo while addressing a press conference to debunk the purported endorsement of governorship candidate of the Social Democratic Party, SDP, in the coming election, Chief David Sabo Kente, by some persons on behalf of the association.

The Tiv and Jukuns were forced to flee their homes in thousands following outbreak of the crisis that rocked the state over a year ago.

Nungwa, who said over 500,000 displaced Tiv people have fled the state and were taking refuge in shabby and unconducive open grounds and public primary schools in neighbouring Benue and Nasarawa states, however, called on the government to declare a state of emergency for them to return and vote in next month’s elections.

The association’s president debunked the purported endorsement of Kente by David Mtuhwem and Atem Ansho on behalf of the Tiv in Taraba, describing the action as a “mischief by people seeking political relevance.”

He said the purported endorsement of Kente was not the collective decision of the entire Tiv people of the state.

“Elder David Mtuhwem and Hon. Atem Ansho are not leaders of Tiv community as reflected in the media reports. They are not excos of the Tiv umbrella body or leaders of Tiv in the state.

“The executives of Tiv Cultural and Social Association or the congress have at no time in a meeting of the association, taken a decision to endorse a particular candidate in the forthcoming governorship election in the state. Ansho and his group are only speaking for themselves and their political interests,” he said.
According to him, Tiv in the state are very large and cannot be restricted to a particular political party.

He stated that Mtuhwem and Ansho lacked the capacity to speak on behalf of Tiv people in the state and warned those behind the endorsement of Kente to stop dragging the name of the association into politics to avoid confusion in the state.

Five legal tips for peace of mind

1. Execute a will Estate planning isn’t just for wealthy old people. If you’re an
adult, you need an estate plan. This spells out what happens to your property when you die. While the law provides default rules for people who don’t specify their intentions, you might be surprised by what those rules say. For the average person, an estate plan is simply a will (or “last will and testament”). This document spells out who gets what from your estate. Your handwritten will can be valid, but it’s safest to have a lawyer draft your will and walk you through the formal execution ceremony. If you have a spouse or children, you really need a will to ensure they are properly taken care of.

2. Designate your health care wishes How should medical decisions be made for you in the event of an accident? Without the appropriate legal papers, your next of kin will attempt to make the decisions that you would want. But does he or she know all your wishes?

You should protect your health care decisions by at least appointing a health care power of attorney. This designates the person who will make your decisions. They are bound to make the decisions that you want, not what they think is best. To go the extra mile, you can execute a living will. This document attempts to set forth your wishes for different medical scenarios. Then your health care agent will be bound to act according to this document. If you neglect both of these health care documents, your life might be in the hands of someone you don’t trust.

3. Select the correct beneficiaries Do you have a life insurance policy or retirement plan? Who are your beneficiaries?

If your estate is listed as the beneficiary, your heirs could be in for a surprise when you pass away. Life insurance and retirement plans automatically pay the designated beneficiary when the policy holder dies. To make sure your family or other heirs get this money, you should designate them by name as the beneficiaries. If your estate gets paid directly, the true beneficiaries will be in for a long wait before they can be paid anything. And your creditors might claim the money before anyone else can be paid. Those beneficiary blanks are critical.

4. Get insurance, even if you rent Property insurance isn’t just for homeowners. Even if you rent, you need insurance protection.

Home- Obama owner’s or renter’s insurance primarily covers against loss to your property due to damage or theft. But it can also be important if you’re ever sued. When guests come onto your property, you legally take on a certain amount of liability for their safety. If a guest is injured while on your property, you could be held responsible. Fortunately, the typical property insurance policy provides some protection for you. Guest medical coverage will pay for your guest’s medical bills. For the cost of a renter’s insurance policy (at most $15/ month), you can’t afford to neglect this coverage.

5. Separate your business If you run your own business, you should consider a limited liability business entity. Running a sole proprietorship is simple, but it exposes you and your family to certain risks. Creditors and people you have possibly wronged can come after you personally. Your business could be putting the family home at risk. To solve this problem, you can easily setup a basic corporation or a limited liability company (LLC). Then when you sign contracts and incur business debts, you are only putting the business on the line. It’s important to run the business properly to maintain your liability shield. But without the formal business entity, you have no hope of limiting your personal liability.

Legal issues don’t have to be stressful, says Virginia lawyer, Andrew Flusche. In fact, you can use the law to reduce your risk, eliminate uncertainty, and plan for the unthinkable. The law can help with your overall peace of mind. 1. Execute a will Estate planning isn’t just for wealthy old people. If you’re an adult, you need an estate plan. This spells out what happens to your property when you die. While the law provides default rules for people who don’t specify their intentions, you might be surprised by what those rules say. For the average person, an estate plan is simply a will (or “last will and testament”). This document spells out who gets what from your estate. Your handwritten will can be valid, but it’s safest to have a lawyer draft your will and walk you through the formal execution ceremony. If you have a spouse or children, you really need a will to ensure they are properly taken care of. 2. Designate your health care wishes How should medical decisions be made for you in the event of an accident? Without the appropriate legal papers, your next of kin will attempt to make the decisions that you would want. But does he or she know all your wishes?
You should protect your health care decisions by at least appointing a health care power of attorney. This designates the person who will make your decisions. They are bound to make the decisions that you want, not what they think is best. To go the extra mile, you can execute a living will. This document attempts to set forth your wishes for different medical scenarios. Then your health care agent will be bound to act according to this document. If you neglect both of these health care documents, your life might be in the hands of someone you don’t trust. 3. Select the correct beneficiaries Do you have a life insurance policy or retirement plan? Who are your beneficiaries?
If your estate is listed as the beneficiary, your heirs could be in for a surprise when you pass away. Life insurance and retirement plans automatically pay the designated beneficiary when the policy holder dies. To make sure your family or other heirs get this money, you should designate them by name as the beneficiaries. If your estate gets paid directly, the true beneficiaries will be in for a long wait before they can be paid anything. And your creditors might claim the money before anyone else can be paid. Those beneficiary blanks are critical. 4. Get insurance, even if you rent Property insurance isn’t just for homeowners. Even if you rent, you need insurance protection.
Home- Obama owner’s or renter’s insurance primarily covers against loss to your property due to damage or theft. But it can also be important if you’re ever sued. When guests come onto your property, you legally take on a certain amount of liability for their safety. If a guest is injured while on your property, you could be held responsible. Fortunately, the typical property insurance policy provides some protection for you. Guest medical coverage will pay for your guest’s medical bills. For the cost of a renter’s insurance policy (at most $15/ month), you can’t afford to neglect this coverage. 5. Separate your business If you run your own business, you should consider a limited liability business entity. Running a sole proprietorship is simple, but it exposes you and your family to certain risks. Creditors and people you have possibly wronged can come after you personally. Your business could be putting the family home at risk. To solve this problem, you can easily setup a basic corporation or a limited liability company (LLC). Then when you sign contracts and incur business debts, you are only putting the business on the line. It’s important to run the business properly to maintain your liability shield. But without the formal business entity, you have no hope of limiting your personal liability.
- See more at: http://www.mynewswatchtimesng.com/five-legal-tips-peace-mind/#sthash.LvCOfo4U.dpuf

Nigerians With Disabilities Seek Inclusion In Electoral Process

Some Nigerians with disabilities have asked political parties to keep their promises of inclusiveness in the political process before and after the elections.

At a forum organised by the Independent National Electoral Commission (INEC) for political parties and persons with disabilities, participants with disabilities complained that political parties had made promises in the past elections which were forgotten soon after the polls.

However, the Electoral body had promised to ensure that they were not disenfranchised during the polls, with the chairman of INEC saying the electoral body had made adequate arrangements for them to participate.

As part of activities leading to the 2015 general elections, the INEC had been organising forums to sensitise Nigerians on the polls.

This time it was a meeting between political parties and persons with disabilities to discuss their participation in political activities.

Political parties, one after the other reeled out laudable programmes, indicating how had carried persons with disabilities along.

The National Chairman of the Progressive Peoples Alliance, peter ameh and a representative of the chairman of the All Progressives Congress, Danimoh Salihu, were some of the persons that spoke to the persons with disabilities at the meeting.

For the persons with disabilities, all seem to be talk and no action. They said it was a normal tactics employed by political parties during elections and would be forgotten after the polls.

The National President of National Union of Persons with Disabilities, Nasir Argungu and the National President, Joint National Union of Persons with Disabilities, Ekaette Umoh, emphasised the need for the political parties to keep their promises after they had been elected into offices, saying they would hold the politicians and INEC to their words, with the hope that it would be matched with actions.

It is expected that the meeting would ensure that Nigerians with disabilities are not disenfranchised in next month’s polls and subsequent elections.