In a 126 paragraphs of statement of claim accompanied by another 27 paragraphs of a witness sworn to on oath and filed before a Federal high court sitting in Lagos south west Nigeria by a Lagos lawyer Mr. John Olusegun Odubela SAN, the two companies alleged that they operated loan accounts with First City Monument Bank upon which disbursement was made for all letters of credit /loan facility granted to them by the bank for the importation of raw materials.

However since 23rd May, 2013 when the bank entered into an agreement to grant them loan, and open a loan facility account for them till date, they have not been given the particulars of the loan facility account neither has any statements of account of this loan account been made available to them.

The plaintiffs companies alleged further that by commitment letter dated 23rd May, 2013 and the term sheet for facility duly signed /executed by the two parties, FCMB committed and undertook to fund on fully-underwriten basis the debt finance of $1,500,000 and N422,500,000. Thereafter, other loans facilities were granted to the companies by the bank.

The total amount of the letters of credit opened by the bank in favour of the companies is $8,003,247.5 out of which said sum the companies contributed 10% based on the terms of the grant of the various offer for facility utilized to open letters of credit from 22nd ,March 2013 to September, 2017. The loans facilities were well secured.

The plaintiffs contended that from the available records available to them, it was reflected that they have fully repaid their indebtedness to the Bank.

However the companies were bewildered when they received the bank’s letter that their indebtedness to the bank as at 14th of March, 2019 is in the sum of N1,129 884,104.72., that the debt should be liquidated within 14 days, despite the fact that they have fully repaid the loan they took from the bank.

Consequently, they engaged the services of accounting firm to audit their account,the plaintiff by their letter and their solicitor’s letter requested for statements of accounts of the loan accounts from the bank, but the bank has deliberately refused, failed and neglected to make available the said statement of account. However from the forensic analysis of their accounts, the plaintiffs contended that they are not in any way indebted to the bank in the sum of N1,129,884,104.72.

From the forensic audit report it was discovered that there were two transactions carried out on letter of credit, wherein substantial volume of the product were damaged. The value of items purchased by the letters of credit was in the sum of $1,999,965 for the importation of cold rolled steel strips, galvanized steel strips and Zinc wire from Chemetals(HK) limited Unit 1105H/F Lippo Center 89,Queens Way Hong Kong. FCMB is solely and unilaterally liable to undertake all the risk Insurance policy Clause A for the consignment/raw material to be imported by virtue of the letter of credit.

The bank solely negotiated insurance policy obtained for the products purchased and appointed Mansard Insurance Plc to provide insurance cover Clause C for the importation of the consignment. Upon taken delivery of the consignment after payment of custom duties and port charges, it was discovered that a large volume of the said consignment were in various forms of damaged conditions.

The plaintiffs informed the bank about the damaged consignment and the need to pursue insurance claim for the damage consignment,the bank requested for documents from the officers of the plaintiffs which was sent to them to pursue the claim.

However, the agent of the bank sent a report to the plaintiffs to inform them that from the nature of damages to some of the products, the insurance policy, being a Clause C policy as undertaken by the bank is not sufficient to cover the nature of loss from the said damages to the products. The total value of the consignment damaged is in the sum of $628,386.23 and N336,136.692.66. The bank ought to have undertaken an all risk insurance policy cover with the insurance company. As a result of the damages to the consignment,they were not fit for use and could not be refined in the plaintiffs machine and remained in the plaintiffs factory as junk or waste material.

The plaintiffs averred that they have suffered financial loss as a result of the breach of contract in the sum of N884,934,268.56 which has negatively affected their business operation since 2014 till date. The plaintiffs averred that they are entitled to claim damages for breach of contract against the bank who had by its various acts of breaches of the various letters of offer for facility caused great loss to their business. Consequently the plaintiffs claim against FCMB jointly and severally are as follows:

General damages in the sum of N5billion.
A declaration that the plaintiffs are not indebted to the bank in any sum premised on the fact that they have settled all their indebtedness on the facilities granted to them by the bank. A declaration that the bank breach the terms of letter of credit and is liable for the loss of the letters of offer on importation, in the sum of $1,999,865.

For full detail please visit: http://www.dailyrecordng.com/customers-drag-fcmb-to-court-slam-n7bn-suit-over-breach-of-contract/

The Economic and Financial Crimes Commission, EFCC, Port Harcourt Zonal office on Wednesday, October 2, 2019 arraigned Gladys Udia before Justice M. L Abubakar of the Federal High Court sitting in Port Harcourt, Rivers State, on a seven-count charge bordering on conspiracy, stealing, forgery and alteration to the tune of N3,476,700.00 (Three Million Four Hundred and Seventy Six Thousand, Seven Hundred Naira only)

One of the counts read: “That you Gladys Udia and Dominic Okon a.k.a Paul (now at large) between the 24th and 31st of July, 2019, at Port Harcourt, Rivers State within the jurisdiction of this honourable court, whilst you were staff of Union Bank Plc stole the sum of (N3,434,000,00) Three Million, Four Hundred and Thirty Four Thousand Naira only, property of one Benjamin Akerele and thereby committed an offence punishable under Section 390 of the Criminal Code Act, Cap. C 38 of the Revised Edition (Laws of the Federation of Nigeria) 2007 read together with Section 1 (1) (b) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap B3 of the Revised Edition (Laws of the Federation of Nigeria) 2007”.

ALSO READ: Sapele Youths Stage Anti-corruption Protest, Pledges Supports for EFCC

Udia’s trouble started when a petitioner, Benjamin Akerele, a customer of Union Bank, Port Harcourt, sought the intervention of the EFCC over the theft of his money in the bank.

The petitioner alleged that sometimes between July 24 and August 6, 2019, a total sum of N3,476,700.00 (Three Million, Four Hundred and Seventy Six Thousand, Seven Hundred Naira only) was fraudulently withdrawn from his account domiciled in a Union Bank’s Sokoto branch.

Investigation carried out by the bank’s internal affairs unit revealed that the principal suspect, Gladys Udia, a staff of the Ikwerre Road branch in Port Harcourt was captured by the bank’s CCTV Camera taking photographs of the customer’s BVN printout page with her mobile phone and sent same to her accomplices, who subsequently carried out a limit enhancement on the customer’s account at the Bori branch, thereby granting them access to the account.

Investigations also revealed that between July 25, 28 and August 6, 2019, a total sum of N3, 476, 700.00 Three Million Four Hundred and Seventy Six Thousand, Seven Hundred Naira was fraudulently transferred by Udia from the account of Akerele to several accounts of her accomplices.

For more Visit: www.dailyrecordng.com

Lagos, Sept 9: The much anticipated first edition of The Big 5 Construct Nigeria officially opened its doors at the Landmark Centre in Lagos today. Running until September 11, the event provides a professional platform to foster construction industry best practices, business and investment opportunities in Nigeria.
The ribbon cutting ceremony was attended by a host of dignitaries and industry stakeholders including Ben Greenish, Senior Vice President of dmg events, Lookman Oshodi, the Vice Chairman of the Nigerian Institute of Town Planners, His Excellency Dr. Abdullla M. S. M. Al Mandoos, UAE Consul General in Lagos, and Arc. Edinoh Uwodi, Director of Public Building and Housing at the Federal Ministry of Works and Housing.
On its launch edition, The Big 5 Construct Nigeria is already Nigeria’s largest construction event. Hosting more than 130 local and international exhibitors, it presents innovative construction products to thousands of Nigerian industry professionals who are expected to visit the show.
Regional and global leaders like Palfinger, Cibes Lift, KELM, ABB, Philips, Crane, Eurotray, Tata, Hilti, and Magna Tyres are among the companies showcasing their latest solutions for the booming Nigerian infrastructure and building sectors this year.
Muhammed Kazi, Portfolio Director at dmg events, said: “We are extremely proud to serve Nigeria’s construction industry bringing a globally recognized and successful platform like The Big 5 to Lagos.
“Companies from over 20 countries including China, Egypt, France, Greece, Germany, Italy, Saudi Arabia, Turkey, and the United Arab Emirates have answered our call to invest in the Nigerian market. We believe this is a great success and a clear indication of the country’s growing attractiveness in the global construction arena.”
He added: “We trust this event, the first of a long series, will facilitate new partnerships and business opportunities, while promoting building innovation in the country. I would like to therefore take this opportunity to thank all the Nigerian industry associations, our esteemed speakers, exhibitors and sponsors for their tremendous support, which made the launch edition of the event a truly memorable and promising one.”
More than just an exhibition, The Big 5 Construct Nigeria also offers the most extensive, free educational program for construction professionals ever launched at an event in Nigeria. The show features in fact more than 20 complimentary and CPD-certified workshops covering project management, technology, sustainability, affordable housing, and architecture themes. Additionally, the Project Management sessions provide PDU points to attending PMI credential holders.
Some of Nigeria’s major thought leaders and renowned construction experts take part in this year’s education agenda, including Lookman Oshodi, the Project Director at Arctic Infrastructure, James O. Obakpolor, from the Social Development Department of the Ministry of Budget & National Planning in Abuja, Debo Adejana, CEO of Reality Point Ltd and Vice President of the Nigeria-British Chamber Of Commerce Construction, Dr. Erimona Edorodion Oye, Honourable Commissioner at the Ministry of Physical Planning and Urban Development of the Edo State, and Dr. Olajumoke Akiode, CEO of the Center for Ethics and Sustainable Development (CESD).
The Big 5 Construct Nigeria, organised by dmg events in cooperation with CCW Nigeria, is officially supported by the Nigerian Institute of Architects, the Nigerian Society of Engineers, the Surveyors Council of Nigeria, the African Association of Interior Designers, the OSHA (Occupational Safety and Health Association), the Nigerian Institute of Town Planners, and the African Sustainable Energy Association (AFSEA).
The China Construction Week (CCW), organized by the event’s partner MIE Group, also runs as part of The Big 5 Construct Nigeria, in support of China’s Belt and Road Initiative (BRI).
To know more about The Big 5 Construct Nigeria (9-11 September, Landmark Centre, Lagos), visit www.thebig5constructnigeria.com.

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ABOUT THE BIG 5 CONSTRUCT NIGERIA

9-11 September 2019 - Landmark Centre, Lagos
The Big 5 Construct Nigeria introduces the international construction brand “The Big 5” to Nigeria’s largest city: Lagos.
New development plans are creating huge demand for international suppliers to bring their products and technologies to Nigeria. Organised by dmg events, The Big 5 Construct Nigeria responds to such demand. Gathering exhibitors from around the globe, it displays hundreds of construction products and innovative solutions.
Alongside the international and domestic exhibitors, the event offers free-to-attend CPD workshops and seminars to update attendees on the latest industry innovations, best practices and practical ideas.
Other features include specialized zones that enable visitors to rapidly find the products they are looking for, live demonstrations and plenty of opportunities to network with industry peers.


ABOUT DMG EVENTS
dmg events is a leading organiser of face-to-face events and a publisher of trade magazines.
We aim to keep businesses informed and connect them with relevant communities to create vibrant marketplaces and to accelerate their business across multiple platforms.
dmg events organises more than 80 events across 25 countries, attracting over 425,000 attendees and delegates every year. The company’s portfolio of products includes many industry leading events such as The Big 5 construction shows, ADIPEC and Gastech energy events.
Founded in 1989, the company is headquartered in Dubai, UAE, and is a wholly-owned subsidiary of the Daily Mail and General Trust plc (DMGT, www.dmgt.com), one of the largest media companies in the United Kingdom.

For more visit: www.dailyrecordng.com