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In recognition of its efforts to deepen digital payments acceptance for businesses on the continent, the fintech payment product of HabariPay, Squad, has received an award for “Accelerating Digital Acceptance in Africa” at the inaugural session of the Mastercard EDGE 2022. The event was held to recognize outstanding fintech companies and business leaders that are revolutionizing payments in various ecosystems.The Mastercard EDGE – “Envision the Future of Digital, Gateways & e-Commerce Forum” – took place on Wednesday, 12 October 2022, at the Internet City, Dubai. The event hosted tech industry experts from across acquirers, PSPs, and payment technology innovators who convened to discuss the future of digital payments in EEMEA and witness the recognition of brands that are leading payment innovation in Africa and beyond.HabariPay was awarded for creating a turnkey solution, Squad, that allows merchants to easily accept cashless payments in-store and online. Under Squad’s portfolio is its flagship SquadPOS solution, which is a first-of-its-kind payment technology in Nigeria that enables merchants to accept card payments with NFC-enabled android devices. Its other solutions include Squad Virtual Account, Squad Payment Link, Squad Storefront, and Squad USSD.Speaking about the award, the Managing Director, HabariPay, Eduofon Japhet, said, “It is indeed an honor for us to be recognized for our efforts toward driving digital payment acceptance within the African landscape. We are deeply motivated by a passion for helping merchants receive payments in an easy, efficient, and cost-effective way so that they can thrive in this ever-evolving digital economy. In building Squad, our goal was to create a level-playing field for businesses to access a complete, affordable, and efficient tool that helps them receive payments online or in-store.”“Though this product has only been in the market for a few months, we are excited to see how much businesses are steadily adopting it to help simplify their daily business processes. We are also inspired to see that our work at HabariPay is not going unnoticed, and we are grateful to the Mastercard team for this recognition. We are encouraged to accelerate our mission to simplify payments for businesses in Africa and will continue to work toward leading innovation within this payment ecosystem.” She added. This recognition comes on the heels of the brand’s first honor for “Innovative Mobile Payment Solution of the Year” by Tech Innovation Awards. The Tech Innovation Awards program was held in September vi 2022 to celebrate outstanding tech companies and leaders deploying innovative technology services in Nigeria.

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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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