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Guaranty Trust Bank Ltd (GTBank), the banking subsidiary of Guaranty Trust Holding Company Plc (GTCO Plc or the Group), emerged winner in four major categories at the 12th annual Brand Africa 100: Africa’s Best Brands 2022 rankings of the Top 100 Most Admired Brands in Africa. The award is an initiative by Brand Africa aimed at driving Africa’s competitiveness and creating a positive image through strong brands with GeoPoll, the world’s leading mobile surveying platform, and Kantar, a well-respected consumer insights and data analytics company, as key technical partners.

 

In the presentation ceremony held at the Eko Hotels and Suites, Lagos, on Wednesday, May 25, 2022, GTBank retained the number #1 spot as Most Admired Financial Services Brand in Africa, Most Admired Financial Services Brand in West Africa, and Most Admired Financial Services Brand in Nigeria for the second year in a row. GTBank also ranked as the Most Admired Nigerian Financial Services brand in recognition of its excellent positioning, strength, and reach beyond Africa.

In an inaugural feature of the awards ceremony, Mr Segun Agbaje, the Group CEO of GTCO Plc, was conferred with the Africa Brand Leadership Excellence award for his pivotal role in inspiring brand-led excellence that drives the growth of ‘Made in Africa’ brands and businesses and his long-standing contributions to the financial services industry. Mr Agbaje led GTBank through a decade of unparalleled growth and now oversees the Holding Company. The Group recently concluded the acquisition of key businesses in fund management and pension operating as Guaranty Trust Fund Managers Ltd and Guaranty Trust Pension Managers Ltd.

 

Commenting on the awards, Mr Segun Agbaje, said: “As a leading financial services company, we are always looking for new ways to meet every customer need and to do more to help our customers and communities thrive by creating faster, cheaper, safer and products for people and businesses through every stage of life. The awards are testament to our boundless innovative capacity and the power of the Guaranty Trust brand to touch and enrich lives as a Proudly African and Truly International institution.’’

 

He further stated that, “As we grow and expand as a Group, we remain committed to our founding values which have endeared our brand to millions of people across Africa and beyond, and which continue to drive our financial success. We will leverage the synergies within our holding company to drive Africa’s growth and achieve our vision of making end-to-end financial services easily accessible to every African.”

 

GTCO Plc is a diversified financial services company with over N5.1trillion in assets, providing a wide range of banking as well as non-banking financial services in Nigeria, West Africa, East Africa, and the United Kingdom. The Group’s consistent year on year growth in customer base and delivery of superior value to all stakeholders is underpinned by its strong service culture, world-class corporate governance standards.

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BUA Group Threatens To Sue GREENVILLE LNG Gas Company – For Breach Of Multimillion Dollar Contract

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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.

 

Arbitration

 

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.

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Yemisi Imasi, CEO of Yellowpoint Group Declared Wanted by Nigeria Police For Fraud

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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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