Connect with us
nairametrics
UBA ads

Business News

Court sets date to rule on Polaris Bank’s fraud case

The Federal High Court in Kaduna will on March 29, 2019, rule on an application filed by Rabiu Aliko Lawal.

Published

on

Polaris Bank, Economic and Financial Crimes Commission, Fraud case

The Federal High Court in Kaduna will on March 29, 2019, rule on an application filed by Rabiu Aliko Lawal. He had requested for the transfer of the fraud case instituted against him by the Economic and Financial Crimes Commission, EFCC, to the State High Court.

Four other persons were charged – The EFCC brought up charges against Lawal and four others — Bashir Abdullahi Mohammed, Oche Ogenyi, Adefila Taofile Kayode and Mmadu Mathew Onyekachi — accusing them of defrauding Polaris Bank Limited (formerly Skye Bank Plc) of N466 million.

UBA ADS

Lawal’s lawyer pushed his case – In defence of his request, Lawal’s counsel, M.K. Aondoakaa, SAN, on March 19, 2019, moved the application. He argued that the charges were similar to the one before Justice Mohammed Tukur of a Kaduna State High Court, which according to him, has the jurisdiction to adjudicate the case.

“The State High Court has the jurisdiction to hear money laundering matters, and there is another charge pending at a State High Court.”

The appeal was kicked against – But the appeal was opposed by the Prosecuting Counsel, J. Saidi, who argued that cases are tried based on the jurisdiction of the court as the law provides and not based on the convenience of the parties involved. He believes that “what the defendants seek is their convenience.”

The trial judge thereafter, adjourned the case till March 29, 2019 to rule on the application.

GTBank 728 x 90

About Polaris Bank Limited

Polaris Bank Ltd. is a bridge bank established by  section 38(1)(c) and 39(1) of the Nigerian Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September, 2018.

the bank has over 373 branches and cash centres across Nigeria offering premium financial services. It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.

Deal book 300 x 250

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

1 Comment

1 Comment

  1. Myange Adagba

    March 21, 2019 at 6:11 pm

    I was debited #10000 without payment by this bank since last year 27/12/2018, I have been on this issue for more than twelve times, I have call customer care and even tweeted several times but up till now my money has not been reversed. Am realy frustrated, even the bank manager of Polaris gwarinpa Abuja doesn’t know what to do

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

How to access CBN’s healthcare grant

The disbursement under the Scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.

Published

on

CBN

The Central Bank of Nigeria (CBN) has issued the guidelines to its Healthcare Sector Research and Development Intervention Scheme (HSRDIS).

The grant was designed to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

UBA ADS

This was disclosed by CBN via its site in Saturday and seen by Nairametrics. The guideline stated that the HSRDIS is designed to trigger intense national R&D activities to develop a Nigerian vaccine, drugs and herbal medicines against the spread of COVID-19.

It stated, “It would also curb any other communicable or non-communicable diseases through the provision of grants to biotechnological and pharmaceutical companies, institutions, researchers, and research institutes.

GTBank 728 x 90

The Scheme is intended to boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs of the drugs, herbal medicines and vaccines in Nigeria.

READ MORE: FG to reduce raw materials import by N3trillion

Source of fund

According to the apex bank, the Scheme shall be funded from the Developmental Component of the Micro, Small and Medium Enterprise Development Fund (MSMEDF).

Grant Limit
While Research activities would not access more than N50 million, development/Manufacturing activities will access more than N500.0 million.

app

CBN emphasised that the disbursement under the Scheme shall be made to beneficiaries in tranches subject to approved milestones achieved.

Patricia

READ ALSO: Fidson’s plan to dominate the pharmaceutical space in the next 10 years

Timeframe

Timeframe given to research activities was not more than two years from the date of release of fund and Development/Manufacturing activities are not more than one (1) year from the date of release of fund.

Who is eligible:

Candidate vaccines undergoing pre-clinical testing or trials shall not be
eligible for consideration under this Scheme.

app

But candidate vaccines undergoing clinical testing or trials shall be eligible for consideration under the Scheme if considered to have high potential to cross the clinical trial stage and prospects of scale by the Body of Experts (BoE).

It stated, “In applying for the grant, the applicant shall be required to have conducted pre-clinical testing of the candidate drugs, herbal medicines and vaccines, and obtained certification from relevant health authorities for further research and development.

“Special consideration shall be given to candidate drugs, herbal medicines and
vaccines with high scientific merit against emerging infections and contribute to the development of the Nigerian vaccine.”

Modalities

The applicant(s) shall submit its application, with relevant documentation of validation from relevant health authorities, trial results, patent registration details (if any) and development timetable to the Body of Experts (BoE).

“The BoE shall evaluate applications and recommend to the CBN. CBN shall review for documentation adequacy and completeness.

“Upon approval, the approved grant sum shall be released to the applicant’s
account with any PFI of his/her choice. The beneficiary shall submit periodic progress report on the project to the CBN.

“The CBN shall have proprietary right over all financed R&D outcomes or
products. Equally, licensing protocol for the mass manufacturing of developed
drugs, phytomedicines and vaccines shall be defined by the BoE in accordance with
the World Health Organisation’s current Good Manufacturing Practices (cGMP),” it added.

 

 

Continue Reading

Business News

Possibilities of a second wave of COVID-19 infections Limits U.S dollar gains

American dollar ended the week cumulatively lower as the possibilities of the second wave of COVID-19 pandemic limited its upside. 

Published

on

Possibilities of a second wave of COVID-19 infections Limits U.S dollar gains

The American dollar index closed on Friday up at 0.18% to 96.93.

However American dollar ended the week cumulatively lower, for a third straight week, as uncertainty about America’s economy limited its upside.

UBA ADS

The uncertainties about the economic outlook and the possibilities of a second wave of COVID-19 infections had capped the greenback’s gains, Chuck Tomes, portfolio manager at Manulife Asset Management said in an interview with CNBC.

What is the importance of the dollar index?  The American Dollar Index tracks the U.S dollar strength relatively against a bouquet of other major currencies around the world, such as (Japanese yen, Euro, British pounds sterling, Swedish krona, Canadian dollar, Swiss Franc).

(READ MORE: Again, U.S dollar slumps against major currencies, investors become optimistic about global demand)

GTBank 728 x 90

Nigerians hoping to meet foreign exchange debt or payment obligations, transactions via the U.S dollar to countries like France, United Kingdom, Australia, Germany Japan, would have the need to pay fewer dollars to fulfill such transactions.

“Today you’ve seen better-than-expected economic data coming out of the U.S. in terms of the jobs numbers.   

“The reaction on the back of that has been expectations of better growth coming out of the U.S. as well as a steepening yield curve, both of which have provided a lift to the dollar.” Chuck Tomes added.

Possibilities of a second wave of COVID-19 infections Limits U.S dollar gains

However, some currency analysts in a report to CNBC said the good macroeconomic gains recorded on Friday in America might not be repeated soon.

app

“While this was no doubt a great jobs report, a lot of good news was already priced in. Future estimates and expectations on the economic rebound are likely higher from here and therefore harder to meet or beat,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management. 

Patricia

 

Continue Reading

Business News

NPA to receive shiploads of petroleum products and food items in Lagos port

Among the expected items to be received are frozen fish, base oil, general cargo, bulk salt, bulk clinker, butane gas, bulk wheat and soya beans.

Published

on

Nigerian Ports Authority, NPA, Hadiza Bala-Usman, Maritime, Ports, Badagry deep seaport, NPA, LADOL collision intensifies, as they throw counter-accusation over contract 

The Nigerian Ports Authority (NPA) will receive 16 ships laden with petroleum products, food items and other goods over the next 14 days.

According to its publication, `Shipping Position,’ which was released on Saturday, the receipts of the shipment will last from June 6 through June 20.

UBA ADS

According to the publication viewed by NAN, the ships are expected to arrive at the Lagos Port Complex.

Among the expected items to be received are frozen fish, base oil, general cargo, bulk salt, bulk clinker, butane gas, bulk wheat and soya beans.

READ ALSO: NPA and BUA Group dispute to affect 1000 jobs, $500,000 monthly revenue 

GTBank 728 x 90

The NPA also noted in its publication that 23 ships had arrived the ports, waiting to berth with containers, general cargo and petrol, while 17 other ships were at the ports discharging containers, petrol, butane, bulk fertilizer, bulk wheat, general cargo and frozen fish.

What you should know

When the World Health Organisation declared COVID-19 a pandemic, and several industries started shutting down, the Nigerian government took the decision to leave Nigerian ports operation in line with stipulated guidelines.

This was done to prevent further contraction in the economy, as the economic implications of shutting down the seaports in an import-dependent economy were considered unsavory.

READ ALSO: NPA Decommissioning of Port Harcourt Terminal: We’ll vigorously defend, protect our rights – BUA Group

app

The government decided that, just like the food and healthcare sectors, the ports were to be considered essential too since there was a need to keep a steady import of foods, refined petroleum products, raw materials for the local industries, finished consumer goods and most importantly, drugs for the healthcare system.

Patricia

Managing Director of the NPA, Hadiza Bala-Usman, also suspended applicable terminal storage fees on consignments for an initial period of 21 days effective 23 March, and agreed to fast-track the clearance of over 1,500 overtime cargoes as part of its efforts to promote ease of business.

 

 

 

 

app

 

 

 

 

 

 

 

 

 

 

 

Continue Reading