A Federal High Court sitting in Lagos, Nigeria has awarded a total sum of N2,973 billion against Standard Chartered Bank Nigeria Limited, for negligence.

The judge, Justice Akintayo Aluko, awarded the sum in favour of a company, Celplas Industries Nigeria Limited, a defendant/counter Claimant, while delivering judgment in a suit marked FHC/L/CS/1187/2020.

Standard Chartered Bank through its lawyers led by Oluwatosin lyayi, filed its Writ of Summons, Statement of Claim and other accompanying processes on the December 2, 2020 and claimed against the defendant the followings: “a declaration that the plaintiff is not in breach of any of its obligations to the defendant under the Facility Letter (committed) dated 1st September 2014 (2014 BFL) or any of the subsequent BFLs.

“A declaration that the utilisation clause contained in the 2014 BFL does not operate as an automatic obligation on the part of the Plaintiff to convert the Defendant’s US Dollar loan obligations to a Naira loan facility.

“A declaration that the defendant in order to be able to take a benefit of the utilization clause under the 2014 BFL, was required to make a request to the plaintiff for the draw-down of the Naira value of the sum of US$11,500,000.00 (Eleven Million, Five Hundred Thousand United States Dollars) as agreed by the parties by virtue of Facility in clear and unequivocal terms.

“A declaration that the defendant is not entitled to the payment of any sums from Plaintiff pursuant to the 2014 BFL and /or any document pursuant thereto.

“A declaration that the parties by virtue of the 2016 BFLs and subsequently the 2017 and 2018 BFLs, agreed to amend and restate the 1st September 2014 Facility Letter, therefore, the 2014 BFL is no longer binding and/or enforceable between the parties.

“A declaration that the terms contained in the 1st September 2014 Facility Letter are null, void and of no effect by virtue of the Facility Letters executed between the Plaintiff and the defendant subsequent to the 1st of September 2014 Facility Letter

“A declaration that the terms in the 1st September 2014 Facility Letter have become spent and unenforceable by virtue of the terms contained in the 2016, 2017 and 2018 BFLs.

“A declaration that the terms in the 9th August 2018 Supplemental Facility Letter (“2018 BFL”) is that which governs the relationship between the plaintiff and the Defendant. And cost of this action”.

However, the defendant/counterClaimant, Celplas Industries Nigeria Limited, through it’s lawyer, Charles Nwabulu, joined issue with the Plaintiff on February 12, 2021 by filing its statement of defence and counter-claim of 172 paragraphs.

The company thereafter claims against the bank as follows: “a declaration that the refusal of the plaintiff/defendant to counter-claim (contrary to the requirement of the Utilisation Clause of the Facility Letter dated September 1, 2014 and even after several demands to it by the defendant/counter-claimant to convert the outstanding sum of $10,888,856.862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11,500,000 Term Loan Facility whilst Naira still traded at N199/$1 is a breach of the plaintiff/defendant to counter-claim’s obligation under the utilization clause of the Facility Letter dated September 1, 2014.

“Special damages in the sum of N2, 772, 000 000 (Two Billion, Seven Hundred and Seventy Two Million Naira) and $743, 628 (Seven Hundred and Forty-Three Thousand, Six Hundred and Twenty-Eight United States Dollars) respectively against the Plaintiff/Defendant to Counter-Claim being the cumulative sum for loss of business earnings and profitability between 2019/2020 to 2023/2024 on the Ball Pen Factory sold, Consultancy fees incurred by the Defendant/CounterClaimant, interest paid on the $8,000,000 (Eight Million United States Dollars) trade toan, which expenses/ losses, the defendant/counter-claimant had to incur/suffer as a result of the plaintiff/defendant to counter-claim’s failure to comply with the Utilisation clause of the 2014 Bank Facility Letter by refusing to convert the outstanding sum of $10,888,856.862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty-Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11, 500,000 Term Loan Facility whilst Naira still traded at NGN 199/$1.

“General damages in the sum of N 700,000,000 (Seven Hundred Million Naira) against the plaintiff/defendant to counter-claim in favour of the defendant/counter-Claimant for the psychological trauma, mental torture and loss of business goodwill suffered by the defendant/counter claimant as a result of the plaintiff/defendant to counter-claim’s refusal to convert the outstanding sum of $10, 888, 856.862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty-Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11,500,000 Term Loan Facility whilst Naira still traded at NGN199/$1.

“N50, 000,000 (Fifty Million Naira) as the cost of this action.”

Delivering judgment in the suit on January 17, 2025, Justice Aluko after carefully perused all the processes filed and arguments canvassed by their lawyers, and after citing plethoras of legal authorites, acceded to the request of the defendant/counter-claimant and held that the counter-claims succeed and Judgment is entered for the Counter claimant as follows:

“A declaration that the refusal of the Plaintiff{/Defendant to Counter-Claim (contrary to the requirement of the Utilisation Clause of the Facility Letter dated September 1, 2014 and even after several demands to it by the defendant/counter-claimant to convert the outstanding sum of $10, 888,856.862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11,500,000 Term Loan Facility whilst Naira still traded at N199/$1 is a breach of the plaintiff/defendant to counter-claim’s obligation under the utilization clause of the Facility Letter dated September 1, 2014, is hereby made.

“Special damages in the sum of N2, 772, 000 000 (Two Billion, Seven Hundred and Seventy Two Million Naira) and $743, 628 (Seven Hundred and Forty-Three Thousand, Six Hundred and Twenty-Eight Million United States Dollars) respectively against the Plaintiff/Defendant to Counter-Claim being the cumulative sum for loss of business earnings and profitability between 2019/2020 to 2023/2024 on the Ball Pen Factory sold, Consultancy fees incurred by the Defendant/Counter-Claimant, interest paid on the $8,000,000 (Eight Million United States Dollars) trade loan, which expenses/ losses the defendant/counterClaimant had to incur/suffer as a result of the Plaintiff/Defendant to Counter-Claim’s failure to comply with the Utilisation clause of the 2014 Bank Facility Letter by refusing to convert the outstanding sum of $10, 888, 856. 862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty-Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11, 500, 000 Term Loan Facility whilst Naira still traded at NGN 199/$1, are hereby awarded.

“General damages in the sum of N200, 000,000 (Two Hundred Million Naira) against the plaintiff/defendant to counter-claim in favour of the defendant/counter-claimant for the psychological trauma, mental torture and loss of business goodwill suffered by the
Defendant/counter-claimant as a result of the plaintiff/defendant to counter-claim’s refusal to convert the outstanding sum of $10, 888, 856.862 (Ten Million, Eight Hundred and Eighty-Eight Thousand, Eight Hundred and Fifty-Six United States Dollars, Eight Hundred and Sixty-two Cents) from the $11,500,000 Term Loan Facility whilst Naira still traded at N199/$1, are hereby awarded.

“Cost of the action in the sum of N1,000,000 is awarded in favour of the counter-claimant against the Plaintiff.”

Members of the Omoluabi Progressives, a group loyal to Rauf Aregbesola, a former governor of Osun State, have agreed to quit the All Progressives Congress, APC, SOCIETY REPORTERS learnt.

In a statement signed by Abosede Oluwaseun, the group’s Organising and Publicity Secretary, the decision to pull out of the APC was a consensus by stakeholders after a session ratifying the earlier resolution of members from the 332 wards of Osun at its monthly meeting in Ilesa on Sunday.

Some of the reasons adduced for the resolution, the statement revealed, included ostracisation from the party, suspension and expulsion of the tendency’s leaders without fair hearing, and continuous denigration of the structure, among others.

The statement disclosed that, “They also expressed dissatisfaction with the management of Osun APC’s intra-party crisis which led to the party’s abysmal loss in the last election cycle, a situation they consented has waned its strength and popularity among the people of Osun.

“The members were put to a voice vote by the leadership of the fold where they affirmed their readiness to switch allegiance to another political camp ahead of the 2026 governorship election in the state.”

Addressing members of the tendency, immediate-past Minister of Interior, Ogbeni Rauf Aregbesola commended them for their commitment and steadfastness to the principles of character, integrity and good governance.

Aregbesola, while affirming the resolution, noted that it was time to work aggressively for the success of Omoluabi Progressives and its vision to entrench good governance in Osun.

He also assured that in no distant time, the results of ongoing efforts by the leadership of the tendency to properly position it for the task ahead would materialize.

Aregbesola said, “I am indeed happy that all of you have spoken with one voice. It is not just one voice but a united front to lead the way to our collective victory in the journey ahead.

“I wish to remind you that the journey we are embarking on now is to further raise the level of prosperity of our dear state through responsible leadership.

“The path we have toed is a smooth path, highly reassuring and full of good tides that will propel our dear state to greatness.

“Therefore, you must show more commitment and attract genuine people who are ready to walk this path of righteousness with us.

“We are open to all regardless of political, religious, or socio-cultural leanings. We have the numbers, strength, and political acumen to provide a leadership that will make Osun the toast of its peers. By the grace of God, we shall succeed.”

Earlier in his remarks, Chairman, Omoluabi Progressives, Alhaji Azeez Adesiji thanked members for their consistency.

Adesiji told the gathering that with the resolve of members to align with a novel political platform, efforts should not be spared to orientate them on the ethos of true progressivism, which is the hallmark of Omoliabi Progressives.

The former council boss, who commended their cooperation in the last 17 months of the existence of the tendency, pledged to continuously provide leadership that protects the interests of members.

“I am happy that meetings are going on across all local government areas of the state, with remarkable progress achieved.

“Reports about turnout and new membership have so far been impressive. Let us continue in this stead.

“For us, the journey to reclaim Osun is a joint task. Be assured that we are ready to always accommodate your interests.

“What we want from you is your commitment to our ideals so that we can join hands together to restore Osun to good governance in 2026,” the Chairman stated.

We recalled that The Omoluabi Progressives, a tendency within the Osun APC, was formed immediately after the dissolution of The Osun Progressives, TOP.

TOP, a tendency influenced by Rauf Aregbesola was birthed before the 2022 gubernatorial election in Osun State.

Shortly after the 2022 guber election, TOP was dissolved and it’s leaders called for peace within the Osun APC.

In 2024, the Osun APC expelled top members of the party who were loyal to Aregbesola and later suspended the former Minister from the party.

Shortly after, the Aregbesola tendency formed The Omoluabi Progressives which many political pundits have touted as the third force in the guber election slated for 2026 in the state.

Additional Report From Daily Post.

Muhuyi Magaji Rimingado, Chairman of the Kano State Public Complaints and Anti-Corruption Commission (PCACC), has alleged that his recent arrest was orchestrated by a suspect being prosecuted by his agency.

The arrest, which occurred on Friday, was carried out by the police in Kano, but Rimingado was granted bail on self-recognition. He has been instructed to report to the police headquarters in Abuja on Monday for further questioning.

In an interview with Channels Television program on Monday, Rimingado described the arrest as a retaliatory action from forces within the corruption world.

“Anti-corruption fights are fair, but corruption fights are dirty. There are lots of activities being orchestrated against my person,” he said, suggesting that his arrest was part of a broader campaign to undermine his efforts.

Rimingado pointed to the investigation conducted by his agency, which uncovered the misappropriation of N4 billion belonging to the Kano State government.

The funds were allegedly siphoned off through various entities by a public officer, prompting the PCACC to seize assets in accordance with legal provisions.

“We investigated that public officer and seized properties in accordance with laid-down procedures and the provisions of the law,” Rimingado explained.

The PCACC chairman further elaborated on how the accused individual attempted to tamper with evidence following their arraignment. “After the arraignment and detention of the accused, he came up with a series of tactics to seize the exhibits related to the crime, which is not allowed under the law,” he said.

Rimingado added that in response, his agency took measures to move the seized properties to a secure location “So, we took measures to move the property from its original location to a different secure place to ensure it would not be tampered with until the court decides the matter. I think that is what provoked them,” he stated.

The chairman believes that the frustration over the failed attempts to influence the case led to the activation of the police to arrest him.

“When they couldn’t wait for the court processes, and knowing they couldn’t succeed in that case, they activated the police to arrest me,” Rimingado claimed.