A UK court has disqualified Nduka Obaigbena, founder of Thisday and Arise News, for 7 years as a director due to the compulsory liquidation of Arise Networks Ltd, caused by funding and financial difficulties related to the news channel’s operations.
The Judgment handed on the 8th of April, 2021 by the High court of Justice, Business and Property Courts of England and Wales revealed that as of 31 December, 2013 the company’s liabilities were “Losses of £3,854,112; trade and expense debts of £1,545,883; related company debts of £3,094,260.”
The application for a disqualification order filed under section 6 of the Company Directors Disqualification Act 1986 (‘the CDDA 1986’) disclosed that Arise came under increasing creditor pressure from late 2014 onwards in respect of increasing arrears due to creditors as a consequence of the company’s inability to pay its debts when due, as demonstrated by the evidence of creditor actions and demands for payment.
What the judgment said
- The company had £nil turnover throughout its trading existence and was wholly dependent on funds being provided by associated businesses in Nigeria
• By 31 December 2013, the company’s liabilities were: Losses of £3,854,112; trade and expense debts of £1,545,883; related company debts of £3,094,260
• In September 2014, the Nigerian Government introduced stringent exchange controls preventing the free-flow of currency from the country and seriously restricting the ability to transfer necessary funding to ARISE.
• As a consequence, by 31 December 2014, the company’s liabilities were: Losses of £12,922,174; trade and expense debts of £3,737,445; related company debts of £14,407,929
• By 31 December 2015, the company’s liabilities were: Losses of £24,913,106; trade and expense debts of £5,636,596; related company debts of £19,681,779
• By 22 April 2016, the company’s liabilities were: Losses of £25,671,167; trade and expense debts of £5,850,730; related company debts of £20,313,691.
The report added that despite some payments made, large sums were outstanding, citing that there was evidence that many creditors had been chasing sums outstanding to them for some time, which contradicted Mr Obaigbena’s assertion that agreements had been reached with creditors.
CBN includes sugar, wheat on FX restriction list
The CBN is set to include sugar and wheat in the forex restriction list.
The Central Bank of Nigeria has announced plans to place sugar and wheat on its FX restriction list.
The plan was disclosed by the apex bank via its verified Twitter handle in a statement credited to the CBN governor, Godwin Emefiele.
The tweet stated: “Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them. #Emefiele.”
Sugar and Wheat to go into our FX restriction list. We must work together to produce these items in Nigeria rather than import them . #Emefiele
— Central Bank of Nigeria (@cenbank) April 16, 2021
It would be recalled that over the years, the CBN has been reviewing its list of restricted food items to include more items, with the most recent being the addition of maize, a widely-consumed staple food in the country.
What you should know
- The CBN governor, Mr Godwin Emefiele, had earlier (on Thursday) given this hint while on an inspection visit to the proposed $500 million sugar processing facility in Nasarawa state, belonging to Dangote Sugar.
- In 2015, the CBN listed 41 items that had been placed on its FX restriction list citing that the move was necessary to conserve the nation’s foreign reserve and boost local production of the items on the restriction list.
- Some of the items which made the 2015 list are margarine, poultry and eggs, rice, and cement.
- In 2020, the apex bank included maize in its FX restriction list as it directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.
- Nairametrics had also earlier explained in its publication following the new policy shift, that the government’s premise for deciding to restrict FOREX on food is faulty, especially since Nigeria has not attained full food security and the agricultural sector is still struggling.
FG signs new Sustainable Development Goals agreement with UN
The Agreement is for new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.
The Nigerian Government has signed a deal with the United Nations to develop new cooperation towards achieving Sustainable Development Goals.
This was disclosed by the Minister of Foreign Affairs, Geoffrey Onyeama, in a statement on Thursday after the agreement was signed with the United Nations Office for Project Services, UNOPS, represented by Ifeoma Charles.
The Minister said, “On behalf of the Nigerian Government, I signed an agreement with the UNOPS represented by Ifeoma Charles Multi-Country Office Rep. The Agreement is for a new development cooperation with initiatives towards achieving Sustainable Development Goals set in the UN Agenda 2030.”
What you should know
The 17 Sustainable Development Goals are:
No Poverty; Zero Hunger, Good Health, and Well-being; Quality Education; Gender Equality; Clean Water and Sanitation; Affordable and Clean Energy; Decent Work and Economic Growth; Industry, Innovation and Infrastructure; Reducing Inequality; Sustainable Cities and Communities; Responsible Consumption and Production; Climate Action; Life Below Water; Life on Land; Peace, Justice and Strong Institutions; and Partnership for the Goals.
Nairametrics | Company Earnings
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