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Business / N6.7bn Suit Slammed On Union Bank Over Alleged Negligence, Breach Of Contract by samwills45: 8:49pm On May 14, 2018 |
A multinational Oil company, Petrocam Trading Nigeria Limited, has slammed N6.75 suit on Union bank of Nigeria Plc over an alleged negligence and breach of contract. In a statement of claim filed before a Lagos High Court on behalf of Petrocam company by a Lagos lawyer, Gboyega Oyewole SAN, it was alleged that the company and Union bank in the course of ordinary business, entered into joint venture agreement with marketers to jointly collaborate in opening letter of credit confirmation lines for the importation of petroleum products from foreign sellers of the product. The joint venture accounts are domicile with the bank. In executing the letter of credit confirmation lines, the bank is expected to use the Naira sum in the account in bidding and purchasing foreign exchange (FOREX ) for liquidation of mature letters of credit. Sometimes in 2014, the company was said to have approached the bank for an import finance facility line of $45 million in its favour to finance the importation of petroleum products, upon securing the finance facility, various letters of credit were raised to utilize the dollar facility. The import finance facility was later increased to $100 million. The letters of credit were to be paid back with sales proceeds and subsidy reimbursement. Bank Guarantee were provided as security for the sale proceeds. However, the bank was alleged to have failed, neglected and refused to perform its duty as an agent between the company and Central Bank of Nigeria and as a bank to secure foreign exchange for the liquidation of matured letters of credit as at when due. The bank, rather than make bids on behalf of the company within the period of 2014/2015 in the first quarter of the transaction when the letter of instructions were given by the company, was only able to purchase forex to liquidate these mature letters of credits within the period of 2016/2017,whereas 90% of the transactions were done in 2014/2015 when dollar was at the rate of N155-N160 per Dollar. However, the company failed to bid on these transactions until when foreign exchange has moved to N288-N320 per dollar. The company averred further that over N4 billion was domicile with the bank in the joint venture account as at February, 2015 and over N2.4 billion in Petrocam current account for purchase of foreign exchange to liquidate these matured letters of credit, but that the bank was only able to secure bid for $21,625,935.30 within the period of 90 days when they were expected to liquidate the full value of $76,369,569.30 which exposed the company to heavy losses as a result of the failure to bid as at when due by the bank within the transaction cycle. By reason of the several acts of gross negligence and breach of the banker-customer relationship subsisting between the company and the bank, the company joint venture account maintained with the bank for the funding of trade facility has been allegedly unlawfully debited with a total sum in excess of N6,704,918,533.71. The company also averred that the various exorbitant charges made on the company’s account by the bank was revealed by the report of the independent consultant engaged by the company. Wherefore the company claims against the defendant are as follows: *An order directing Union bank to credit or reverse the wrongful debit on the company’s current account maintained with the bank for the funding of the letter of credit totaling the sum of N6,704,918,533.71 arising from the bank’s breach of its duty to the company, interest on the said sum of N6,704,918,533.71 at the rate of 22%per annum being the prevailing interest rate from commencement of this suit to the date of judgement, and thereafter 7% interest from the date judgement is given till the final liquidation of the judgment sum. *N50 million as general damages in favour of the Petrocam company. Union bank did not file any defence to this suit, rather it has filed another suit against Petrocam Trading Company Limited and its Managing Director, Mr Patrick Ilo before a Federal High Court in Lagos claiming the sum of N10,062,643,928.72 and $5,247,693.82 plus interest at the rate of 27% per annum and N20 million as cost of instituting the said legal action against Petrocam Trading company and its Managing Director. Meanwhile, Petrocam company and its Managing Director has filed preliminary objection against the suit, drawing the attention of the court to their own pending suit against the bank at a Lagos High Court. https://www.pmnewsnigeria.com/2018/05/13/n6-7bn-suit-slammed-on-union-bank-over-alleged-negligence-breach-of-contract/ |
Travel / Re: Canadian Student Visa Thread Part 13 by samwills45: 3:42am On Nov 01, 2017 |
Phones / Re: The Xiaomi Thread. by samwills45: 6:17am On Mar 04, 2017 |
Pls can someone help me and order redmi note 4x the one with global rom that supports ota from dreami stores, I can't really get thru this alipocket funding, its really frustrating me. And I really need this phone to get to me by march ending. Your help will be appreciated |
Phones / Re: The Xiaomi Thread. by samwills45: 11:24am On Feb 28, 2017 |
Please. Between redmi note 3 pro special edition and redmi note 4x, which one you suggest I go for in terms of the one that has a better camera sensor, Good power management, Usability over here.. As in.. Google services, play store Officially OTA update Etc Pls I will really appreciate your kind suggestion |
Technology Market / Re: pre order and order Elephone,xiaomi,meizu, Lenovo and all Chinese OEM here... by samwills45: 6:40am On May 25, 2016 |
Jeffy1206:Can't I get it for less, Sir? its a bit cost |
Technology Market / Re: pre order and order Elephone,xiaomi,meizu, Lenovo and all Chinese OEM here... by samwills45: 5:36am On May 25, 2016 |
Pls How much will it cost me to get this asap http://www.aliexpress.com/item/Original-Brand-Black-TFT-1280x720-LCD-For-Coolpad-F1-8297-Display-with-Touch-Screen-Digitizer-Assembly/32622632105.html?spm=2114.10010108.1000014.6.r5xfA3&scm=1007.13338.33346.0&pvid=4c37c8a7-a13b-479e-a342-911fb1ac0600&tpp=1 the black with proctector |
NYSC / Re: A16 Akwa Ibom Corpers by samwills45: 5:59pm On Apr 24, 2016 |
MhzPearlT:me too stream 1 0703335154 |
Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 3:36pm On Feb 27, 2016 |
elijahdre:Can you pls source for this coolpad f1 8297w lcd for me because I will like to get together with the phone if possible http://www.aliexpress.com/item/1PC-LCD-Display-for-Coolpad-F1-8297-lcd-Touch-Screen-Digitizer-Assembly-Best-Test-Before-Shipping/32372611603.html?spm=2114.01010208.3.334.hRFqd4&ws_ab_test=searchweb201556_6, |
Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 9:59pm On Feb 25, 2016 |
elijahdre:how much exactly, and hw long long will it for me to get it. de accessories I need most is tpu soft case(not hard ones), tempered glass, plus any oda necessary ones no flip case, no ear piece, pls get back to me asap |
Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 2:25am On Feb 25, 2016 |
elijahdre:So how much will it cost to get the redmi note 3 pro snapdragon 3gb/32gb version, grey colour? |
Technology Market / Re: NAIRALAND MOBILE HQ[Android Authority] 3GB RAM PHONES*TABLETS*SMARTWATCH* inside by samwills45: 2:48pm On Feb 12, 2016 |
Pls can I get Redmi Note 3 Pro Snapdragon 3gb/32gb version Grey colour?? At what Price |
Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 1:52pm On Feb 12, 2016 |
elijahdre:Pls can I get Redmi Note 3 Pro Snapdragon 3gb/32gb version Grey colour from you?? |
Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 11:30pm On Feb 11, 2016 |
Pls I will need a quotation on Redmi Note 3 Pro Snapdragon 3gb/32gb version Grey colour!!! Thanks |
NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 10:50pm On Feb 11, 2016 |
. 1 Like 1 Share |
NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:49am On Feb 11, 2016 |
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NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:43am On Feb 11, 2016 |
ShammahBarnabas:You are reporting to camp, April 27, meaning Stream 2 |
NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:26am On Feb 11, 2016 |
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NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:19am On Feb 11, 2016 |
ShammahBarnabas:Barnabas Shammah Borno |
NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:13am On Feb 11, 2016 |
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NYSC / Re: NYSC 2016 Batch A Corp Members House by samwills45: 12:06am On Feb 11, 2016 |
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Phones / Re: Xiaomi Redmi Note 3 Pro 16mp + Snapdragon processor by samwills45: 7:05am On Jan 26, 2016 |
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Phones / Re: Xiaomi Redmi Note 3 Pro 16mp + Snapdragon processor by samwills45: 12:14am On Jan 26, 2016 |
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Technology Market / Re: CHEAPEST PRICES ON PHONES/TABLETS/POWERBANK:GIONEE,XIAOMI,OPO,CUBETALK,JIAYU ETC by samwills45: 3:30pm On Dec 08, 2015 |
elijahdre:Does Redmi note 3 have notification light? |
Technology Market / Re: FREE IMPORTATION OF TABLETS•SMARTPHONES•MED/EDU EQUIPMENTS FROM CHINA~NO CHARGES by samwills45: 3:21am On May 30, 2015 |
Good day Bro, Pls How much will it cost me to get this in Owerri http://www.aliexpress.com/item/Wholesale-High-Quality-OEM-LCD-Screen-Display-Digitizer-Touch-For-coolpad-F1-Great-God-8297w-Free/2047939803.html and how long will it take |
Technology Market / Re: FREE IMPORTATION OF TABLETS•SMARTPHONES•MED/EDU EQUIPMENTS FROM CHINA~NO CHARGES by samwills45: 2:09am On Nov 20, 2014 |
Good day Bros Pls I need a quote for dis, http://www.aliexpress.com/item/Original-Coolpad-F1-8297-Android-4-2-MTK6592-phone-1-7GHz-Octa-Core-2gb-ram-8gb/1798960208.html Bundle: standard with gifts, color: white. Pls reply asap, thanks in advance! |
Technology Market / Re: 2 Weeks Old Elephone G5 For Sale 18k. With All Accessories by samwills45: 9:48am On Nov 18, 2014 |
Sold out! |
Technology Market / 2 Weeks Old Elephone G5 For Sale 18k. With All Accessories by samwills45: 1:04pm On Nov 15, 2014 |
Elephone G5, Great phone, just 2 weeks old no scratch. I got another phone, that's why I'm selling it. All accessories included. Goes only for 18k. Call 08142882242 to claim it. Pls only serious buyers should contact me. Free shipping nation wide! Specifications: Basic Information Model Elephone G5 Band 2G: GSM 850/900/1800/1900MHz 3G: WCDMA 900/2100MHz Sim Card SIM+micro SIM card,dual standby Service Provide Unlocked Style Bar Color Black/white Shell Material Brushed-metal finish System OS Android 4.4.2 CPU MTK6582, Cortex A7 quad core, 1.3GHz; GPU: Mali-400 ROM 8GB RAM 1GB Screen Display Size 5.5 Inch Type IPS, capacitive screen Resolution 1280 x 720 pixels HD screen Support Format Ringtones Type Polyphonic/MP3 Audio File Format MP3/WAV/AMR/AWB Video File Format 3GP/MPEG4 Image File Format JPEG/BMP/GIF/PNG/GIF E-book Format TXT/CHM/DOC/HTML FM Radio Yes Earphone Port 3.5mm Card Extend Yes, support TF card up to 32GB Data Transfer & Connectivity Data transfer USB/Bluetooth Mobile internet WAP/WiFi General Camera/Picture Resolution Dual Cameras, 5.0MP front camera; 13.0MP back camera with flashlight and auto focus, up to 3264 x 2448 pixels, support panorama, multi angle view, face beauty, smile shot, HDR Language Multi languages Phonebook 500 Message SMS/MMS Input Handwrite/Keypad TV No GPS Yes, built in, also support A-GPS With EPO assistance to speed up postioning JAVA No WIFI Yes, 802.11 b/g/n Bluetooth Yes Gravity Sensor Yes Multi-Touch Yes, 5 point touch Dimensions 155*78.5*7.5mm Net Weight(Including battery) 157g Standby Time About 2~3 days Other Feature 3G, WIFI, GPS, FM, Bluetooth, Ebook, Email, Messaging, wallpapers, calendar, calculator, clock, camera, tethering & portable hotspot, etc
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