Stanbic IBTC Holdings PLC, a member of Standard Bank Group, held its annual Youth Leadership Series (YLS) on Tuesday, 8 March 2022, at the Yaba College of Technology, Lagos.
The event, which was designed to upskill and empower young Nigerians to become future business leaders, was themed ‘Becoming’. The 2022 edition, the fifth in the series, attracted youths across Nigeria. The session was informative, exciting, and memorable.
The Chief Executive, Stanbic IBTC Holdings PLC, Dr. Demola Sogunle spoke on the rationale behind the 2022 YLS. He noted that one of the financial institution’s core mandates remained the creation of opportunities for the youths, who are the leaders of tomorrow.
“We are pleased that the 2022 edition of the YLS engaged young Nigerians, and thereby set them on the path to self-discovery. This occasion marked the fifth year of our YLS series, and we are proud to have chosen to inspire youths to be the best versions of themselves and encourage them to achieve their goals and aspirations. At Stanbic IBTC, we recognize the youths are the leaders of tomorrow, and we are conversant with their needs. We thus created this platform to sensitise youths to imbibe a solution-oriented mindset. Not only to position them to think outside the box, but also help them proffer solutions that will enhance the economy,” Dr. Sogunle said.
He said “as an organisation that leveraged new digital technologies to ensure seamless banking, we introduced our AI robot called Pepper to participants. The robot displayed at the event further reiterated our innovation and readiness to serve our customers and clients.”
The 2022 edition of the YLS had two exciting and engaging panel sessions – ‘Building Achievement Through Consistency and Perseverance’, and ‘Life Planning in an Unconventional Career’. Professional and illustrious individuals drove discussions that touched various sectors at the high-impact sessions.
The panel sessions featured experts such as Odunayo Eweniyi, Co-Founder and Chief Operations Officer, Piggy Vest; Femi Omogbenigun, CEO, 3Line Technologies; Chude Jideonwo, lawyer, media entrepreneur, and founder of Joy Incorporated.
Other panelists at the sessions were Dr. Dipo Awojide, popularly known as Ogbeni Dipo; Bunmi George, CEO, Shredder Gang; Tomie Balogun, business entrepreneur; and Ekene Nwaokoro, Investment and Portfolio Manager at Stanbic IBTC Asset Management Limited.
Wole Adeniyi, Stanbic IBTC Bank PLC’s Chief Executive, expressed excitement about the annual Youth Leadership Series. He said, “Stanbic IBTC has remained committed to encouraging entrepreneurial skills among Nigerian youths. Panelists spoke on the benefits of building achievement through consistency, resilience, and perseverance to achieve individual, corporate and national goals. We are delighted to have hosted the fifth edition of the YLS.”
Stanbic IBTC, Nigeria’s leading end-to-end financial institution, has continued to demonstrate its passion for youth empowerment.
BUA Group Threatens To Sue GREENVILLE LNG Gas Company – For Breach Of Multimillion Dollar Contract
Two years after it was slammed with a $9m claim for breaching contract by a US Court, Greenville LNG company is on the brink of another lawsuit in its supply dealings with Nigerian-based manufacturing giant, BUA Group.
Owned by Eddy Van Den Broeke , a Belgian cement magnate, *Greenville* is the pioneer Liquefied Natural Gas (LNG) production and distribution company in Nigeria with three liquefaction trains and a total capacity to produce 2250 MT of LNG per day.
The company, which was incorporated in 2013, prides itself for producing and marketing Liquefied Natural Gas to customers across Nigeria since April 2019.
It should be noted that the company is a Nigerian subsidiary of the International Engineering & Construction (IEC), a Luxembourg-based construction company.
However, in 2018, there were reports of how *Broeke* was struggling to get his LNG project off the ground in Nigeria and also facing a $9m claim from his subcontractor Baker Hughes.
How it started
In 2014, IEC through Greenville LNG entered into an agreement with Baker Hughes Energy Services LLC, formerly known as GE Oil & Gas (GEOG), for the purchase and installation of two small-scale liquified natural gas plants in Rumuji, Rivers State, Nigeria.
According to the documents obtained by POLITICS NIGERIA, GEOG agreed to supply IEC with two small-scale liquified natural gas production plants — the first by June 24, 2015, and the second by September 24, 2015— for use at the Rumuji Site.
In exchange, IEC agreed to pay GEOG $95 million. Both parties also agreed on a payment schedule, which would require IEC to pay various percentages of the $95 million at specific milestones.
It was stated that the agreement would be governed by and construed in accordance with the laws of the state of New York.
Unfortunately, GEOG failed to deliver the gas plants by their contractual delivery deadlines and this stalled installation, commissioning, and start-up of the Plants.
On July 31, 2018, IEC filed a Notice of Demand for and Commencement of Arbitration under the Contracts on behalf of itself and Greenville.
IEC initially sought approximately $75 million in damages but its demand increased to $700 million by the end of the arbitration.
The $700m claims included the liquidated damages for delayed delivery and damages associated with the delayed entry into operation of the gas plants.
But GEOG also filed counterclaims against IEC for breach of the contracts, asking for damages up to $40.1 million.
In 2020, the American Tribunal gave its verdict, ordering IEC and Greenville to pay GEOG over $9.5m for breaching contracts.
The Tribunal held that IEC had breached the Equipment Contract by failing to make two Milestone payments.
Dissatisfied with the judgement, On January 27, 2021, IEC filed a petition to vacate the Award in New York state court but the court rejected IEC’s arguments.
“In short, due to the strong deference owed to the decisions of arbitrators, the Court is compelled to reject IEC’s arguments and confirm the Award,” the court ruled.
*Poor Ethics/Underhand Business Practices*
It is believed that the posture of the company and record of breaching contract is owing to its owner’s secretive and shady business activities. Prior to setting up Greenville, Eddy Van Den Broeke ran ASCA bitumen from 1996 and grew the company into becoming a giant monopoly with over 90% of the Nigerian market by 2015.
Through this position, he was famed to hold everyone to ransom through alleged arbitrary price increases, artificial scarcity, amongst others. Eddy Broeke’s families were one of six of Belgium’s wealthiest families that featured on the Panama Papers, a cross-border investigation that revealed a list of thousands of people who channelled funds to tax havens.
“The family of *Eddy* *Van* *Den* *Broeke* , who turned the Eres company into an international player, is also mentioned. Eddy Van Den Broeke is identified as the sole beneficiary of at least five offshore companies in the BVI,” the ICIJ report read.
Eddy was named in the Panama Papers having had an extensive network of shell companies to hide his funds and avoid government oversight.
*Another multi-million dollar breach of contract suit looming*
Our investigations also revealed that recently, BUA, which is one of Greenville’s largest clients, is set to sue Greenville for 50 billion Naira for a possible breach in contract and reneging on its obligation to supply gas to its businesses in the far north.
According to sources, this dispute is as a result of Greenville LNG reneging on their contract with BUA to supply gas and also increasing prices arbitrarily despite the contractually agreed oil-indexed pricing for any changes in price.
Industry watchers1 have claimed that Greenville is trying to take advantage of its near monopoly in the domestic trucked LNG market hence their habit of entering into contracts and reneging on it after starting.
With Eddy and his companies’ history of reneging on contracts entered into with the Federal Government, partners, suppliers, communities and clients, it is unlikely that Greenville LNG or its billionaire owner *Eddy* and Managing Director , *Ritu* *Sahajwalla* would stop such behaviour anytime soon.
Experts familiar with BUA’s history of ensuring its rights are enforced, believe BUA will pursue this issue to a logical conclusion at the courts and till their rights are enforced.
Yemisi Imasi, CEO of Yellowpoint Group Declared Wanted by Nigeria Police For Fraud
The Nigeria Police Force has declared Victoria Yemisi Imasi, CEO of Yellowpoint Group wanted.
The warrant of arrest was issued by the Magistrate/High Court of Lagos, according to the special police Gazette .
The publication shows that the 46-year-old is wanted for fraud, obtaining money under false pretense, and stealing in Lagos by the assistant inspector general of the police Criminal Investigation Department, (FCID) Alagbon, Ikoyi – Lagos.
*Sketchy* *operations* : The development followed a petition by Chive GPS, a dispute resolution company that provides debt recovery solutions on issues bothering on obtaining money by false pretense and fraud against Imasi.
The debt recovery company had laid a criminal complaint, dated 16th July 2021, of a well-orchestrated theft by Imasi following an advert by her company, Yellow Point Media Enterprise, and Yellow Point FT International Ltd on social media channels.
One of the affected victims suffered a N47.73 million loss after transferring the money to different accounts operated by Imasi’s company with the intention of investing genuinely in the various investment packages in exchange for a fixed return.
Amount owed to subscribers: While the exact amount owed to all subscribers is unknown yet, reports indicate that the amount owed may sum up to billions of Naira.
On a platform, victims claim that over N10 billion was deceitfully and fraudulently collected from over 6000 Nigerians with the intention of trading forex.
The petition signed by 689 users as of press time accuses Yemisi of diverting the money to fund her lavish lifestyle and buying properties.
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