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The Federal high court sitting in Lagos, south west Nigeria has adjourned till 28 of September,2022, when hearing will commence in a case of debt recovery of USD4,143,856.70 filed against Oriental Energy Resources Company by Borr International Operation drilling company,being an alleged outstanding approved and unpaid invoices for the drilling services rendered in accordance with Contract for the provision of Jack-Up Drilling Unit and Drilling Rig Services rendered in the Defendant’s Ebok Field in OML 67.

 

 

The drilling company in a suit filed by its lawyer, Barrister,Gabriel Uduafi is also praying the court for interest on US$ 4,143,856.70 million based on the current London Interbank Offered Rate (LIBOR), one month interest rate increased by 5 percent and calculated pro data on a daily basis from 6th October, 2021, till the date of liquidation of the judgement debt.

 

In its statement of claim, the Plaintiff stated that by the relevant provisions of the contract, the Drilling Operations, which the Plaintiff was engaged to carry out was required to be done within the Firm Term of 120 days.

 

It stated that going by the relevant provisions of the Contract, there was no fixed-or set target that the Plaintiff was obligated to achieve, as the Contract was not a turnkey but a day rate’ contract; and to this effect, Clauses and Schedule of the Contract explicitly set out the various rates to include Operating Rate, Standby Rate, Repair Rate, . Force Majeure Rate, Redrill Rate, Moving Rate and Zero Kate.

 

The plaintiff stated that the Lump Sum payments under the contract are the Mobilization cost of $450,000 and the

Demobilization cost of $250,000, a sum Which become due and payable upon the completion of the contract.

 

However,following the default in making payment as stipulated under the Contract, the plaintiff wrote to the Defendant both by mail and letters, demanding for the payment of the outstanding and approved invoices and that the Defendant wrote replies raising issues and points that are completely alien to the Contract as its reason for not making the payment.

 

The Plaintiff contended that in setting up a completely ridiculous claim, the Defendant claimed spread cost for nonproductive time (NPT) in the total sum of US$3,437,500.00 where there is no provision in the Contract to support such claim.

 

The Plaintiff added that following series of engagement , it was compelled to instruct its lawyers to issue a demand for the payment of the invoices, and by a letter dated 19th January, 2022 the Plaintiffs Solicitors delivered a formal demand for the payment of some of the outstanding invoices in the sum of US$2,533,749.12 net of taxes.

 

Rather than simply honour its payment obligation under the Contract and credit the Plaintiff with the value of the invoices, the Defendant caused its Solicitors to reply the Plaintiff’s formal demand by the letter dated 26th January, 2022 by which the Defendant now seeks to claim the sum of $10,511,754.00 as spread cost for non-productive time (NPT) and consequential loss, as against the sum of US$3,437,500.00 initially set up by the Defendant in its earlier engagement with the Plaintiff.

 

The plaintiff added that in accordance with the provisions of the Contract, the same came to completion on 10th October, 2021 when the Plaintiff’s Drilling Unit left the Defendant’s Ebok Field OML 67.

 

Plaintiff avers that by the Completion Date, the lump sum Demobilization Rate of US$250,000 became due and payable.

The reasons given by the Defendant in refusing to honour its payment obligation under the Contract are flimsy, frivolous, vexatious and ultra vires, the provisions of the Contract between the Parties, and having approved the invoices, the defendant is obligated to make the payment within the stipulated 30 days under the Contract.

Consequently,excuses given by the Defendant in failing to honour its contractual obligations to the Plaintiff are simply provocative, as same are not supported or derived from the Contract.

The Plaintiff is being denied of the payment due to it in respect of the services rendered to the Defendant

as a result of which the Defendant is indebted to the Plaintiff to the tune of US$4,143,856.70 as stipulated under Clause 11.2 of the Contract.

It will be in the interest of justice to grant all the reliefs claimed in this suit adding that except the Court intervenes and grant the reliefs sought, the Defendant will continue to default in the payment of the invoices which have been duly approved for payment by the Plaintiff.

In its defence, Oriental Energy Resources Limited stated that the company is not indebted to the Plaintiff in the manner alleged in it’s claim or in any manner whatsoever as the invoices upon which the alleged debt purportedly arose are disputed by the defendant.

 

The Defendant stated that the Plaintiff misled it into agreeing to the mobilisation of the drilling rig to commence the contract, by fraudulently misrepresenting to the Defendant that its drilling rig, Borr Natt, was suitable for the Defendant’s Drilling Programme.

 

In an affidavit deposed to by Abraham Faga, a Well Engineering Manager in the Defendant company, he stated that the Defendant is not indebted to the Plaintiff in the way and manner alleged in its claim or in any way and manner whatsoever as the Defendant is disputing the invoices upon which the purported debt arose.

 

He averred that without the Plaintiff’s fraudulent misrepresentations, the Defendant would never have commenced the contract and approved mobilisation of the drilling unit, hence the issue of Plaintiff’s invoices which were issued within the contract would never have arisen.

 

He added that the Defendant would, be claiming for a refund of all payments it has so far made to the Plaintiff as the payments were fraudulently obtained.

 

He claimed that due to the Plaintiff’s fraudulent misrepresentation, the purported execution of the contract was completely appalling with non-productive time of over 25 days attributed to rig related repairs which is unprecedented in the industry for drilling operations.

 

He stated that the Plaintiff hastily commenced this suit under undefended list to mislead the court into believing that the Defendant has no defence to its claims.

 

The deponent further stated that Justice will be better served if the Defendant is allowed to defend the suit.

 

He urged the court to transfer the suit to Ordinary Cause List for a complete and holistic determination of all issues in controversy.

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Business

Baba Adinni and Iya Adinni: Harmony Gardens Chairman and Wife Inducted into Spiritual Roles

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In a momentous occasion of spiritual significance and community recognition, the Chairman of Harmony Gardens and Estates Development LTD, Hon. Dr. Saheed Audullahi Mosadoluwa, popularly known as Mr. Ibile, and his wife, Hadjia Aishat Adebimpe, were recently installed with revered titles at an event hosted by the Al-Irshad Islamic Foundation.

 

Hon Saheed Mosadoluwa Ibile inaugurated a multi-billion naira ultra-modern Central Mosque at Ibeju-Lekki immidiately after he got recognized by the West Africa Islamic Council as the AL Mujaddid in Rabbat, Morocco.

 

According to popular Muslim tradition, the term refers to an individual who emerges at the turn of each century in the Islamic calendar to rejuvenate Islam, purging it of extraneous elements and restoring it to its original purity. In contemporary times, a mujaddid is regarded as the preeminent Muslim figure of a century.

 

The concept of Mujaddid is based on a hadith (a saying of Islamic prophet Muhammad), recorded by Abu Dawood, narrated by Abu Hurairah who mentioned that Muhammad said:

 

Allah will raise Mujaddid for this community at the end of every 100 years the one who will renovate its religion for it.

 

Recall that in a grand ceremony attended by distinguished personalities and spiritual leaders, Hon Saheed Audullahi Mosadoluwa, Chairman and CEO of Harmony Gardens and Estates Development LTD, officially commissioned and handed over a state-of-the-art central mosque in Ibeju-Lekki, Lagos State, on Friday, January 19th, 2024.

 

The auspicious event witnessed the presence of esteemed religious leaders, including Sheik Semiu .A. Opeloyeru, The Grand Chief Imam and General President of the League of Imam and Alfa in Ibeju-Lekki L.G.A. The ceremony commenced with the arrival of Sheik Semiu .A. Opeloyeru, setting the tone for a day of spiritual significance and community celebration.

 

Representing the executive governor of Lagos State, His Excellency Babajide Sanwoolu, was Hon. Ahmed Abdulai Jembe, the Special Adviser on Islamic Affairs to the governor, graced the ceremony. The Onibeju in attendance emphasizing the significance of the event in the cultural and traditional context.

 

The event saw the attendance of various traditional rulers, highlighting the communal and inclusive nature of the mosque inauguration. Notably, the newly appointed Lagos NURTW Chairman, Mustapha Sego, drew attention as his presence added an extra layer of recognition to the occasion.

 

However, the prestigious ceremony, held at Monarch Hall in Osapa London Lekki, Lagos State, saw Hon. Dr. Saheed Audullahi Mosadoluwa bestowed with the title of Baba Adinni, signifying a revered position within the religious community. His wife, Hadjia Aishat Adebimpe, was similarly honored as Iya Adinni, a title of great respect and responsibility.

 

The Al-Irshad Islamic Foundation, under the guidance of its founder Sheik Rasheed Adeleke, who is also the owner of Al-Irshad Travel and Tours, organized the event as a Pre-Ramadan lecture, award ceremony, and Turbaning ceremony. The atmosphere was filled with spiritual fervor and communal joy as community members gathered to witness the momentous occasion.

 

Notably, Abu Abel and other prominent figures, was also present at the event, adding to the significance of the gathering. The ceremony, held on Sunday, February 25th, 2024, brought together individuals from diverse backgrounds to celebrate the exemplary contributions of Hon. Dr. Saheed Audullahi Mosadoluwa and his wife to both the community and the Islamic faith.

 

The Turbaning ceremony, a traditional rite of passage within the Islamic community, symbolizes a deep connection with cultural heritage and spiritual leadership. The titles of Baba Adinni and Iya Adinni carry great responsibilities, signifying the honorees’ commitment to serving the community and upholding the values of the Islamic faith.

 

As the community celebrates this significant event, the installation of Hon. Dr. Saheed Audullahi Mosadoluwa and Hadjia Aishat Adebimpe as Baba Adinni and Iya Adinni reflects their exemplary leadership and commitment to the principles of Harmony Gardens and Estate Development LTD. The event serves as a beacon of unity, spirituality, and communal recognition within the Osapa London in Lekki community.

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Business

Squad Powers OmniPay’s Trade Business to Simplify Payments for FMCG Industry

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In a strategic move aimed at furthering its mission to empower African traders with the necessary payment solutions for thriving in the digital era, Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, has entered a partnership with OmniPay, a subsidiary of OmniRetail Inc.

 

This collaboration has currently benefited more than 65,000 stakeholders, which include retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges. Additionally, they have gained more accessible and affordable working capital to procure goods on credit for their businesses, contributing to the daily transaction volume exceeding N3 billion, and this figure continues to grow.

 

Adeyemi Atanda, the Chief Marketing Officer, Squad, shared insights on the partnership’s significance, emphasizing, “At Squad, our mission revolves around providing African businesses with the right solutions for effortless payment processes, available at their convenience. We understand the pivotal role small businesses play in our economy. Through strategic alliances like this, we aim to empower even more merchants by granting them access to rapid, user-friendly, and dependable payment solutions that optimize their business operations and, in turn, boost their revenue.”

 

Deepankar Rustagi, CEO of OmniRetail stated, “As we join forces with Squad, we are driven by our shared vision of transforming the digital payment landscape for African businesses. With OmniPay, businesses will gain improved payment methods with zero transfer fees, while retailers and distributors will have easier access to OmniPay’s BNPL (Buy Now Pay Later) solution. This partnership aims to empower businesses, streamline payment processes, and enhance record-keeping accuracy through automated reconciliation for orders. This partnership reinforces OmniRetail’s commitment to innovation and financial inclusion.”

 

About Squad

 

Squad is a complete payment solution that is reliable, secure, and affordable, making receiving in-person and online payments simple and convenient.

 

Our goal is to support SMEs, micro-merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach.

 

Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.

 

Find out more at www.squadco.com.

 

About OmniPay

 

OmniPay, a subsidiary of OmniRetail Inc., is a company with a mission to simplify payments in Nigeria and provide working capital to trade businesses. OmniPay provides an API-based wallet built to simplify trade payments.

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