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Business News

Innoson withdraws suit filed against EFCC and GT Bank over his arrest

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Court orders arrest of Innoson, Innocent Chukwuma

Innocent Chukwuma Chairman/CEO of the Innoson Group has withdrawn a suit he filed against the Economic and Financial Crimes Commission (EFCC), GT Bank and 3 other respondents. Chukwuma fondly known by his company name Innoson was arrested this week at his Enugu residence by agents of the EFCC. He has since been released.

The National Assembly has also waded into the matter as the Senate Committee on Anti Corruption and Financial crimes has resolved to investigate his arrest.

Why is he withdrawing the suit ?

Counsel to the Innoson boss, Professor MacCharty Mbaduagha, Innoson’s lawyer, Mbaduagha, announced his client’s intention to withdraw the suit due to a counter motion filed by GT Bank one of the respondents. Justice Rabiu-Shagari, granted Innoson’s request.

Prior to this

Chukwuma has been in a tussle with the EFCC, which allegedly oved to arrest him based on a petition from GT Bank. The EFCC also accused him of shunning several invitations after he was granted an administrative bail, as well as harassing their officers. Chukwuma has since denied both charges, as well as owing the bank. GT has since released a statement explaining its position.

The saga so far

The dispute between the company and GTB began in 2012. Innoson Nigeria Ltd was a customer of Guaranty Trust Bank Plc.

Sometime in 2012 Innoson allegedly discovered that GTB imposed and debited its current account with over N700 million excess and unlawful charges. It claimed GTB failed and refused to refund the N700 million to Innoson. GTB denies this claim.

The company then took the bank to court and was awarded the sum of N4.7 billion with interest as a judgement debt. The bank has since appealed the judgement but lost the appeal. Reports suggest it has since taken the matter to the supreme court.

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Sigma Pensions

Aparr from a standard press release on the website of the Njgerian srock exchange, GTB is yet to comment extensively on this matter as it is still sub judice. Thus, information about this case appears to have come mostly from the perspective of Innoson Group.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Business

#DigitalSkillsTraining: FG announces conclusion of selection process

Only successful applicants that are contacted by the Ministry are to report at the training venue.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

What you should know 

Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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Business News

Cost of building materials rise by over 60% in one year

The price of building materials in the market experienced a rise of over 60% in the last one year.

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2nd Niger Bridge, Suicide on Third Mainland Bridge

The cost of Cement, Steel, Tiles and Plaster of Paris (PoP) cement, among others have risen by over 60% between March 2020 and March 2021.

For instance, the cost of steel, which was sold at N234,000 per tonne as of March 2020, had increased to N380,000 at the end of March 2021. This represents a 62% increase within the period under review.

While Dangote Cement increased from N2,600 to N3,800 (though it is sold at N3,600 in some areas in Lagos), Lafarge Cement and BUA Cement increased from N2,400 and N2,250 to N3,600 and N3,250 respectively within the same period.

The price hikes are not limited to the cost of steel and cement alone but also to other materials like Tiles, PoP cement, and roofing sheets.

The cost of super white cement increased from N2,500 (25kg) to N3,700, and the cost of high-quality white cement (40kg) also increased from N4,000 to N6,500.

The cost of gravel increased from N80,000 to N140,000; that of 8mm diameter and 25mm diameter (imported) increased from N234,000 and N245,000 to N330,000 and N380,000 respectively.

Doors are not left out in the hike. Costs of Flush door (high quality), Panel door and Turkish steel door (1,500 x 2,100) also rose from N35,000, N40,000, N165,000 to N60,000, N75,000 and N235,000 respectively.

Why the hike?

Industry experts have attributed the hike to persistent depreciation of the naira and the rising cost of other building materials.

Sigma Pensions

Tunde Oluwole, a fellow of the Nigerian Institute of Builders, explained that the development was caused by high interest rate, inflation, increasing exchange rate and scarcity of forex in the country.

He said, “The increasing prices in Nigeria is a result of the combined effects of high-interest rates, devaluation of the naira, inflation, and non-effective distribution network of the materials.”

To Kolawole Adebisi, an Estate Developer, the development in the cement industry is caused by the ban of imported cement in the country.

He told Nairametrics that he is not against the ban, as the government’s intention is to boost local production of cement but explained that “the local manufacturers were unable to produce enough cement to meet the demand and this contributed to the rising cost of the product.”

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