Connect with us

Society

A Victory for Michael Prest…

Published

on

 

In a landmark court ruling Honorable Justice Patrick Thompson Jr on Friday 10th February, handed down a ruling in favour of Michael Prest, which has sent seismic shock in the financial services industry in the Caribbean Island of Nevis. In Claim No: NEVHCV2021/0099, Justice Thompson awarded Prest an Order for certiorari quashing the decision of the Regulator of International Banking to issue the letter dated June 23rd 2021 seeking to restrict Prest and ordered that Prest was entitled to a declaration that the Regulator of International Banking had no authority to restrict the activities of Prest’s company, Petrodel. Thus Prest was successful in his claim for Judicial Review

Prest, described by Businessweek as one of “The Rich Boys” , was a protégée of the late King of Oil, Marc Rich. He has had a home in Nevis since 1996. He is the owner of Bank of Nevis International Limited(“BONI”) and one of the largest employers of the small Idyllic Caribbean Island.

In June 2021, the Island’s Regulator Heidi Lynn Sutton and it’s Regulator of International Banking, Phil Jones sought to weaponize their position by serving Prest with a Cease & Desist Order and imposed fines on BONI. Lawyers for Prest argued that neither the Regulator and or Regulator of International Banking had such powers. They were acting with impunity.

“All power tends to corrupt; absolute power corrupts absolutely” – Lord Acton

An August 14 2021 article written about Prest reported “ You can tell that his brain is always working. Every action and everything that he says; every move is well thought out and well calibrated. He does more observing and listening than speaking. The toughest negotiator the oil industry produced. You go up against him, and when you think that he has backed off, is when he comes on like a ton of bricks. He grinds his opponents into submission. He goes quiet on you, behaving as though he has a hundred years to spare, then out of the blue, he attacks,”

It seems the Regulators may have missed that article.

People feel Prest felt had no choice but to stand up to Public Officers acting with impunity. A source says Prest feels the judgement is a victory for everyone who’s ever been set upon by a baying mob or pushed around but didn’t have the means to defend themselves.

Investors

Business and investment has a choice. If Public Officers decide not to follow the Rule of Law and or Due Process, it augurs very bad for small Islands states seeking international investors and investment. Investors want to feel that they are protected, that their investment is protected and there is respect for Due Process and the sanctity of commercial contracts entered into freely by consenting parties.

Fit & Proper

It remains unclear, in light of Honourable Justice Thompson Judgment, whether Miss Sutton or Mr Jones can retain their jobs. Can we be sure they can meet the standard benchmark of being fit & proper?

“They’ve clearly lost all credibility and I can’t imagine them going to international conferences to represent Nevis financial services sector without other banking professionals and service providers, calling them out” a source said. The decision on whether they stay, will be determined by Premier Mark Brantley. Whether they can represent what’s good in St Kitts & Nevis (and there is a lot) is a matter for new Prime Minister Dr Drew.

 

Prest and BONI were represented by Tim Prudhoe and Jackie Hunkins Taylor.

Continue Reading
Advertisement

Society

PERFECT SCENT NICHE EMPORIUM OPENS IN GRAND STYLE IN LEKKI

Published

on

By

 

It was a grand event by all standards, when luxury perfumery outlet, PerfectScents Niche Emporium, opened it’s doors to the public on Saturday December 7, 2024, in Lekki Lagos.

A brainchild of style icon, Omotayo J. Awa-Ibraheem, PerfectScent Niche Emporium opened to an aplomb with society big wigs coming from far and wide to support OJ.

The shop which is located on 49 Adegoke Street in Lekki, Lagos is poised to be a one-stop shop for all perfume lovers all over Lagos and beyond.

The shop, is not just another perfume store; it represents a bold new concept. The new store will focus exclusively on niche fragrances sourced from around the world. The idea is to offer an extensive collection of labels, allowing customers to discover the scents that resonate with them personally.

The opening of OJ Awa-Ibraheem’s shop, signals her bold move into launching her own perfume brands. Almost at the concluding part of the business, her perfume brands are set to be launched in the first quarter of next year, 2025.

The upcoming perfume brands according to OJ, are luxury and high quality fragrances which will be sold side by side other niche fragrances at the Lekki shop.

According to OJ, the shop is intended to enhance the experience of perfume buffs. “To enhance this experience, we are introducing a dedicated Pure Fragrance Corner, where customers can explore pure fragrance oils, undiluted and authentic. This interactive space will let customers identify the notes that appeal to them, helping us suggest perfumes that align perfectly with their preferences,” she said.

The Political Science graduate of the Ekiti State University, Ado-Ekiti, started her Spa business-House of Jenila about eight years ago in the Ikeja area of Lagos. The Spa quickly added her long time passion and dream- the perfumery which began about eight years ago with the formal launch in 2016. That first shop was to birth another one in the same Mainland area within a few years.

The birth of her business venture she said, began after marriage, fueled by a passion for creativity and the guidance of a trusted mentor.

According to her, starting a business wasn’t easy, but she was fortunate to have the support of her late mother, who helped care for her children while she explored my potential. Through the ups and downs, she learned valuable lessons, and is grateful for where she stands today despite the many challenges businesses face, including the rising dollar exchange rate.

 

 

 

 

 

 

 

 

 

 

Continue Reading

Society

Allen Onyema Hails President Tinubu’s Policy Reforms, Says He is trying to stabilise businesses with his policies 

Published

on

By

 

The Chairman and CEO of Air Peace, Allen Onyema, has commended President Bola Ahmed Tinubu, for his efforts in implementing policies aimed at stabilising business operations across Nigeria.

 

Onyema who met with President Tinubu at the state house in Abuja on Thursday December 12th, said that the president has made great strides with the ease of doing business in the aviation industry, and with the new reforms introduced by the Minister of Aviation and Aerospace Development, Festus Keyamo, the Tinubu administration will stabilise the aviation industry.

 

Onyema added that although the economy is facing turbulent times, Tinubu’s reforms will help the entire nation in the long run and he further encouraged Nigerians to support the government and indigenous investments.

 

 

Onyema was quoted as saying :

 

“The president is a business man and he’s trying to stabilise businesses with his policies, but people don’t realise this. Some of us in business realise what the President is trying to do. What he is trying to do is the real restructuring of the country. Many Nigerians believe that restructuring is dividing the country along regional lines, but what Tinubu is doing is the real restructuring by changing the way we do things in the country for a better result in the long run”

Continue Reading

Society

Hon. Musawa, Governor Mba Declare Enugu Christmas Village Open

Published

on

By

 

The Honorable Minister of Arts, Tourism, Culture, and the Creative Economy, Hanatu Musawa assisted by Governor Peter Mba of Enugu State recently commissioned the Enugu Christmas Village.

 

The epoch-making event which is a part of the programmes lined up for the Enugu Christmas Festival, a 25-day Christmas extraveganza which kicked off on Saturday, December 7th and will run till December 31st, 2024, has been the talk of town for days.

 

Boasting of an array of attractions, including a waterpark, roller skating, archery, amusement rides, and much more, the Christmas Village’s showstopper is the stunning display of 500,000 Christmas lights, which is sure to leave visitors mesmerized.

 

Facilitated by Omu Resort, a prominent organization known for promoting tourism initiatives in Africa, the Christmas Festival promises to be an unforgettable experience.

 

Beyond a celebration of the holiday season, the Enugu Christmas Festival which offers exciting events such as the “Afrobeat Concert”, “Praise Night”, Highlife Concert”, a “Street Carnival”, a “Cultural Parade”, and a grand “Fireworks Show” is a testament to Enugu State’s rich cultural heritage and its potential as a top tourist destination, while providing a perfect opportunity to unwind with family and friends.

 

The offerings of the festival also include the highly anticipated “Santa Street Storm”‘ where over 100 Santa Claus figures on tricycles will parade through the state, bearing gifts for orphanages and the less privileged among others.

Continue Reading

Trending