Binnabook Magazine: Be Self Employed

Translate

Showing posts with label Be Self Employed. Show all posts
Showing posts with label Be Self Employed. Show all posts

GTB Vs Innoson: Supreme Court Rules In Favour Of GTB In N2.4bn Debt

 The Supreme Court has ruled in favour of Guaranty Trust Bank after it reversed its earlier decision which dismissed an appeal by GTB against a N2.4bn judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.


A senior official of GTB, who confirmed this to The PUNCH on Sunday, said, “Yes, the Supreme court ruled in favour of GTbank on Friday.”


A judgment delivered on Friday by a five-member panel, led by Justice Olukayode Ariwoola, held unanimously that the Supreme Court erred when, in a ruling on February 27, 2019, it erroneously dismissed the appeal marked: SC/694/2014 filed by GTB.


In the lead judgment, written by Justice Tijani Abubakar, but read on Friday by Justice Abdu Aboki, the court held that it was misled by its Registry, which failed to promptly bring to the notice of the panel that it sat on the case on February 27, 2019, and that GTB had already filed its appellant’s brief of argument.


The judgment was on an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.


The Supreme Court said the panel that sat on the case on February 27, 2019, being notified of the existence of the appellant’s brief of argument, would not have given the ruling which dismissed GTB’s appeal on grounds of lack of diligent prosecution.


Relying on Order 8 Rules 16 of the Supreme Court’s Rules, Justice Abubakar, in the lead judgment, held that the apex court has the power to set aside its decision in certain circumstances, like any other court.


He added that such circumstances include where there is any reason to do so, such as where any of the parties obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.


Justice Tijani held that the circumstances of the GTB case fall into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record.


“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant.


“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.


“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.


“This is a case deserving of positive consideration by this court.


“Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.


“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds,” Justice Abubakar said.


He proceeded to set aside the court’s ruling of February 27, 2019, dismissing GTB’s appeal and ordered that the appeal marked 694/2014 “be relisted to constitute an integral part of the business of the court until its hearing and determination on the merit.”


Other members of the panel – Justices Ariwoola, John Okoro, Helen Ogunwumiju, Aboki – agreed with the lead judgment.





I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)

 I Have Never Felt So Low — Obi Cubana Reacts To Allegation Linking Him To Asian Drug Barons (Video)


Nigerian socialite and businessman, Obi Iyiegbu aka Obi Cubana has reacted to the allegation linking him to Asian drug barons, IGBERETV reports.


Obi Cubana, on Thursday, January 13, 2022 visited the headquarters of the National Drug Law Enforcement Agency (NDLEA) and spent about four hours. He arrived the NDLEA premises at about 9am based on invitation for clarifications over reports of suspicious payments made into his account by three convicted drug dealers from Malaysia, Nigeria and India. He allowed to go home at about 1.30pm.


In an Instagram live session with Daddy Freeze, Obi Cubana said he was Innocent of the allegation. He said the allegation made him feel so low because he had made a covenant with his God never to be involved in illicit drug trafficking.


See video below.



Abdulsamad Rabiu Becomes Nigeria’s Second Richest Man, Now Worth $7.2 Billion

 BUA Foods Plc, one of the closely held businesses of Nigerian billionaire industrialist Abdul Samad Rabiu, completed the listing of its shares on the Nigerian Exchange on Wed., Jan. 5, after it received the requisite approvals from the regulatory authorities.



Consequently, the net worth of Rabiu, the majority owner of one of Africa’s fastest-growing cement makers, BUA Cement, rose by nearly $1.9 billion to $7.2 billion thanks to the valuation of BUA Foods.
His current net worth eclipsed the $6.6-billion wealth valuation of Nigerian telecom mogul Mike Adenuga.



The consolidated food business is an operating unit of BUA Group, a well-diversified manufacturing conglomerate founded by Rabiu in 1988. The listing of 18 billion shares at N40 ($0.0968) each gave the food-processing firm an implied valuation of N720 billion ($1.74 billion).



As of press time, Jan. 6, shares in BUA Foods were worth N44 ($0.1065), 10-percent higher than their implied price. At the current price, the market capitalization of the consolidated food business increased to N792 billion ($1.92 billion).



The value bump caused Rabiu’s fortune to increase from $5.3 billion to $7.2 billion.
His net-worth valuation includes the market value of his 92-percent stake in his cement business, which is valued at $5.3 billion.


The addition of his new business makes him Nigeria’s second-richest man ahead of Mike Adenuga, the founder of Globacom, Nigeria’s third-largest telecom company.



Upon the listing of BUA Foods’ shares, the newly formed entity became the largest consumer goods company by market capitalization after Nestle Nigeria Plc, the Nigerian subsidiary of the Switzerland-based consumer goods giant, Nestle S.A.
The successful listing of its shares comes nearly a month after BUA Group spun off its five food businesses, including BUA Sugar Refinery Limited, BUA Oil Mills Limited, IRS Flour, IRS Pasta and BUA Rice Limited.



The group confirmed that the merging of its food businesses into a newly consolidated food company known as BUA Foods will help the conglomerate maintain its leadership status in the agribusiness and food-processing sectors.
While speaking about his food business, Rabiu noted that listing the shares would help people realize the true value chain of the business and assist in dealing with Nigeria’s food crisis.
“A lot of people do not know the size of this business, that is why we decided to merge all the food businesses into one entity.


Now that we have done that, people will understand and appreciate the business,” he said.




BUA Foods Plc Receives Approval To List On The Nigerian Exchange

 BUA Foods Plc (“BUA Foods” or the “Company”) is pleased to announce that it has received approval to list on the Main Board of The Nigerian Exchange (“NGX”).


BUA Foods has satisfied the listing requirements of The Exchange and obtained relevant regulatory approvals, as a result, BUA Foods is now listed in the consumer goods sector of the Exchange, with the ticker “BUAFOODS”. A total of 18,000,000,000 (eighteen billion) shares were admitted to trading, representing the total issued share capital of the Company.


The listing by introduction means that the shares of existing BUA Foods’ shareholders has been listed without an additional public sale of shares. Henceforth, all BUA Foods shareholders will be free to trade their shares on the Exchange.


Commenting on the listing, Abdul Samad Rabiu, CON, Chairman of BUA Group said “I am delighted that yet another member of BUA Group has been listed on the NGX. This shows our commitment to national economic growth and support for the food security drive of the nation in alignment with global sustainability goals.”


We appreciate the continued support of our stakeholders – financial advisers, stock brokers, suppliers, customers, consumers and members of staff. In particular, we cherish our host communities with whom we continue to entrench very strong and mutually beneficial relationships.”


The Acting Managing Director, BUA Foods, Engr. Ayodele Abioye, also stated, “the listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that’s highly committed to nourishing lives with all our product offerings. The listing resonates with our commitment to sustainable growth as we nourish and enrich the lives of consumers by delivering high quality products at competitive prices. This listing creates an avenue for everyone to be a part of the success story of BUA Foods and benefit from the growth opportunities ahead.”


For over three decades, the company has maintained an unbroken streak of year-on-year growth, establishing ultra-modern production facility across multiple locations. BUA Foods remains a consistent leading player in the Food and FMCG industry with strong reputation for exceeding customers and consumers expectations with high-quality products.


BUA Foods also continues to invest in modern technology for efficient food production, innovating and expanding with strategic partners across the value chain. The company is also well positioned to leverage significant export potentials across West Africa and the larger African continent.




Binnaparlour Red-Carpet Night 2nd Edition Tagged Night of Glamour- 25th December 2021 Accra Ghana

 The stage is set for the 2nd Edition of Binnaparlour  Red-carpet ; Tagged Night of Glamour.


Venue Manhean Accra Ghana


Binnaparlour Red Carpet is an Annual Event that helps in promoting Africa Art, music, food and Culture. 

This is the 2nd Edition of the Red Carpet that will be featuring Top Artists, Comedian and Dancers.


It will be fun having you around on that day, Don't miss it.!!!


 Date is 25th December 2021

Binnaparlour Red carpet 2021


Publisher Obinna Pascal Amajuoyi


China Backs Russia Against Ukraine and NATO

 China has thrown its considerable political weight behind Russia in President Vladimir Putin's standoff with Ukraine, describing NATO a...

MOST READ POST


COPYRIGHT: All rights reserved. This material and any other material on this platform may not be reproduced, published, written in full or in part, without written permission from BINNABOOK PUBLISHERS.But you can share through the social Media