DIRECTOR SACKS WIFE FOR HAVING 5 GALS.....................................

The Assistant Director, Audit, at the Federal Ministry of Finance, Tajudeen Adenekan has thrown out his wife of 12 years, Kuburat because she gave birth to five girls and no boy.

Late last year, Tajudeen, 53, instituted a divorce action against Kuburat, 32, before an Alimosho Grade ‘B’ Customary Court, Igando, Lagos, Southwest Nigeria.

Kuburat said her problem started with him after he gave birth to five girls. She said Tajudeen started behaving strangely and sometimes he will forget condom inside his pocket and when she asked him about it, he will be harass her.

She said he later went to the customary court and filed a divorce suit which resulted in the dissolution of the marrige..

“If I had at least a male child, my husband would not have divorced me,” she said.

But her husband denied her claim and explained that he quit the marriage because of the alleged threat to his life by Kuburat and lack of love..

The battle was shifted on Wednesday after Kuburat dragged her enstranged husband to Ejigbo Magistrate’s Court in Lagos for stealing her property after he obtained judgment at the customary court.

The embittered woman from Isoko, Delta State, Southsouth Nigeria, and married to Adenekan from Abeokuta, Ogun State, southwest Nigeria, told the court that apart from Tajudeen throwing her out of her matrimonial home, she left the place empty-handed because he broke into her apartment and carted away all her property including the N100,000 alimony he paid her.

The customary court while  dissolving the marriage, gave an order that the husband should allow her to carry her property in the presence of the court officials for her to start a new life.

But instead, her husband reportedly broke into her apartment and packed her property out and rented out the place. She reported the matter to the police.

Adenekan was arrested and charged before Ejigbo Court for stealing, contrary to Section 285 of the Criminal Code, Laws of Lagos State of Nigeria, 2011.

Some of her properties he allegedly carted away include assorted cloth, cooking utensils, gold and jewellery and  N215, 000. The total amount of money she allegedly lost was N1,896,000.

When the charge was read to Adenekan in the open court, the presiding Magistrate, Mrs M. B. Folami observed that the defendant and complainant were husband and wife.

Mrs Folami wondered why the matter should come to court. Kuburat told the court that Tajudeen divorced her because she could not bear him a male child. She added that apart from him throwing her out of her marriage, he went ahead and broke her apartment and stole her property. She told the court that the five children are in his custody and they are not going to school.

Tajudeen denied all her allegations and told the court that he loved his children irrespective of their gender. He said he has been making efforts on how she will meet with the children at least once every week. He asked the court to intervene and resolve the matter peacefully.

Folami frowned at discrimination against gender, stressing that both male and femle children  are useful once they are properly trained.

She told the parties  to give room for the resolution of the matter because of the future of their children.   She adjourned the matter till  Friday (today) for a continuation of the resolution of the matter.

The 6 People You Need in Your Corner

Nothing incredible is accomplished alone. You need others to help you, and you need to help others. With the right team, you can form a web of connections to make the seemingly impossible practically inevitable.

The Instigator:

Someone who pushes you, who makes you think. Who motivates you to get up and go, and try, and make things happen. You want to keep this person energized, and enthusiastic. This is the voice of inspiration.

The Cheerleader:
This person is a huge fan, a strong supporter, and a rabid evangelist for you and your work. Work to make this person rewarded, to keep them engaged. This is the voice of motivation.

The Doubter:

This is the devil’s advocate, who asks the hard questions and sees problems before they arise. You need this person’s perspective. They are looking out for you, and want you to be as safe as you are successful. This is the voice of reason.

The Taskmaster:

This is the loud and belligerent voice that demands you gets things done. This person is the steward of momentum, making sure deadlines are met and goals are reached. This is the voice of progress.

The Connector:

This person can help you find new avenues and new allies. This person breaks through roadblocks into finds ways to make magic happen. You need this person to reach people and places you can’t. This is the voice of cooperation and community.

The Example:

This is your mentor, you hero, your North Star. This is the person who you seek to emulate. This is your guiding entity, someone whose presence acts as a constant reminder that you, too, can do amazing things. You want to make this person proud. This is the voice of true authority.

2 brothers caught with decomposing body parts of brother in Festac

2 brothers caught with decomposing body parts of brother in Festac

How do you even begin to understand this? Two brothers, Toye and Tola allegedly slaughtered their younger brother, Akunbuyi, and sold his limbs. The full report when you continue...*viewer discretion advised*




The entire Festival Town in Lagos was thrown into pandemonium on Thursday evening as a decomposing body of a man was discovered inside a duplex on B Close, House 6 of 3rd Avenue. The decomposing body, it was gathered, was that of the younger sibling of two brothers allegedly living together in the duplex which was left for them by their deceased parents.

The corpse was identified as that of Akinbuyi Ajayi, 39, living in the same apartment with Toye Ajayi and Omotola Ajayi, who were identified as his brothers. He was allegedly killed by his brothers and his body kept in a room inside the flat. The corpse had been mutilated by the two brothers. A police source alleged that Toye and Omotola were selling the body parts of their brother for money, adding that the two were caught with some human parts which eventually led to a search on their apartment by law enforcement personnel.
Toye and Omotola were suspected to have chopped off the head, hands, private part and part of the two legs of Akinbuyi and allegedly sold them to suspected ritualists. The decomposing body of Akinbuyi was moved by the policemen attached to FESTAC Police Station led by the Divisional Police Officer, Mr. Mohammed Mu’azu, a Chief Superintendent of Police and officials of Amuwo Odofin Local Government council to a morgue, while the police took other items recovered from the house into custody.

Residents of FESTAC came out in their large numbers to watch the horrifying spectacle as the council officials and policemen removed the body. Apart from the body that was recovered from the house, charms, amulets, a pot filled with human blood and two large dummies of human beings were discovered. Some of the charms and amulets were concealed inside a carton with the inscription: Lord Krishna Agabarthi 999.

Omotola, who claimed to be an engineer denied knowing anything about the corpse. He claimed to be jobless, adding that he depended on goodwill of people to survive along with Toye. He denied knowledge of the death of his brother. He explained that Akinbuyi was arrested recently by sanitation task force, adding that the deceased spent three days in prison.

Omotola also said Akinbuyi was born in 1973 and that he usually went out and came in at will. He told the police that his brother’s killers must have committed the act before dumping the deceased inside one of the rooms. He further said their father died in a motor accident recently. Their father, he claimed, was the owner of the duplex where they live. Akinbuyi’s corpse was dumped in one of the rooms upstairs.

Toye described himself as a primary school teacher. When the police asked him where he teaches, he could not utter a word.

Must Read! – 26 Year Old Girl Who Had 26 Abortions Tells Her Sex Stories

I am 26 years old. I simply got into sex out of ignorance like millions of young people today. My addiction placed me as the highest abortionist in the world at age of 26 and now, I have a sad story to tell.
Until I found myself in a total mess, I never really had any Idea what premarital sex was all about. I never knew it was so useless and killing. Before I got into it, I use to think it was some fun and I dreamt of it more often than not. I wished with all my heart to have a boyfriend whom we would explore it together, little did I know that I was being nasty to myself.

Because of things I see on TV and magazine, I thought having sex was so much fun, I fantasized about it each time I felt lonely. Only if I had known that everything I see in movies and soap operas were just acting and make belief; only if I had known that there is nothing in sex after all, the only thing in it is self destruction; I think my life wouldn’t be this miserable.

It’s a pity i really had to learn the hard way and I really wish I had never been born, I wish I had not come out into this deceitful world where nobody cares about young people, all the so called adults do is how they would play on the intelligence of young people in a bid to exploit and use them to satisfy their insatiable sexual passion. I really feel bad about this wicked world.

My plight started when I was sixteen, then I was still a virgin and in secondary school, I was ignorant of many things but because I see it every day on the TV and internet. More so, a couple of so called Anti AIDS people visited us in school a couple of times for lectures, but all they did was introduce sex to us even more because they really had nothing but condoms to show.

Fine, they told us about AIDS, but at the same time, they also told us about condoms, they never really said anything real about sex, they said we could contact AIDS not through sex, but unprotected sex, which means there was nothing wrong with sex as long as you could use condoms, but all of that I now know very well are lies, and I wonder why men and women would enjoy telling teenagers deadly lies like that.

Even though I can’t blame those people totally for my plight because they weren’t really the ones that said I should go into sex, I still never forgive them for encouraging me and other young people like me into sex with their preaching of protected sex or condom. Even though I wanted to see what sex was really like and I fantasized about it, some were within me, I was still very scared of what may happen to me afterwards if l tried it, and it was that fear that actually kept me away from it until I was sixteen.

By the time I was sixteen, my fantasy had gotten enough boost to express itself with reliance to said to myself one day, “free yourself baby girl, there is nothing terrible in sex, can’t you see everyone is doing it, by the way, you can always use condoms nothing will happen”. So, I finally decided to let go of my fears and embrace in totality my silly fantasies, and that was how I took the very first step into this miserable life of illicit sex. I had absolutely no idea of what I was going into.

I finally agreed to date this guy who had been disturbing me for more than a year, his name was Andrew. Andrew was five years older than me. Both of us began enjoying sex, - we did it every seconds, every minute; -I became addicted that I do not love doing it with condom anymore. Within the period, I had 14 abortions for Andrew, and not only that, I cheated on him in several occasions, I felt doing it with other guys will give me better sensation but all were the same.

My school teacher got me and at the end of the day I had 6 abortions for him. And worst among was my sexual affairs with my close relations, which resulted to 5 abortions. Then I felt I was at the top of the world. I will never forgive my friends who introduced me into partying and sleeping with old men with potbelly and rough skin only in the name of sex.

Right now, all those men have gone, and then shadow of my past sexual life still follows me around. All this pills and tablets I took are now telling on my blood stream. At times I felt like committing suicide each time I remember what the doctor told me, “Tessy, I am sorry, your womb is automatically damaged on account of the several abortion you had”, “I’m sorry, you will never conceive again in your life, but just thank God, you don’t have HIV or AIDS”.

I therefore, advise every young girl reading this piece today, to over look every fantasy towards sex. Sex is good but it has time. And that is in marriage. Keep yourself away from men. Make friends with those who mean good for your future.

Owner of popular Lagos hangout threatens to publish names of debtors

Popular owner of the Posh Cafe in Victoria Island, Louise Priddy, has sent out a public warning to her debtors. The pretty half-caste, who made her name when she ran Bacchus Night club, sent this message via Facebook, where she wrote:

“I am telling all you big boys out there who owe me money but go to other clubs to spend until u get bounced from there and then u move on its ENOUGH..instead of clubbing why dont you get a job…its time to name and shame with pictures who owes me ……… get readyyyyyy MONDAY ……”

Already, people are keen to see this ‘list’ she will unveil. Priddy solely owns the venture, inside Alon Nelken’s Mega Plaza on Idowu Martins in V.I, put up for her by her husband, Mario.

Man Brutally Beats and Stabs His Wife For not Allowing Him To Marry A Second Wife

A 21yr old Mutorashanga man  has been jailed for four months for beating up and stabbing his wife with a knife after she objected on him marrying a second wife

The convicted, whose name is Ariyeri Apitoni was  on his own plea of guilty to the charge of contravening section 3 of the Domestic Act Chapter 5:16 when he appeared before magistrate on friday.

The court heard the couple had quarreled many times over the husband’s plans to marry a second wife.

Prior to the incident, the wife had abandoned her home after her husband insisted he would pursue his marriage plans of marrying a second wife and was now staying with her parents.

The State case was that on June , Cecilia Chifamba (22), who was on her way to visit a sick uncle at Munaka Farm, met her estranged husband who forcibly took her clothes and ordered her to join him back home.

On the same day at around noon, Apitoni proceeded to his in-law’s residence where he intended to “sweet-talk” Chifamba back home but she refused.

This incensed Apitoni who drew out a multi-blade knife from his pocket and stabbed the complainant once in the back before fleeing.

The wife sustained a deep cut as a result of the attack, the court heard.

The magistrate sentenced Apitoni to a four-month prison term or $300 fine.

Six women rape man to death in Benue State

His fame and financial breakthrough pushed him into having up to six wives. His love for sex equally contributed to his patronage of the most beautiful girls in Ugbugbu Owukpa, Ogbadibo Local government area of Benue State where a man who was identified as Uroko Onoja was allegedly raped to death by his 6 jealous wives in the early hour of Tuesday.

Trouble started on tuesday morning, precisely 3 am when Uroko returned from Ochanja, a popular joint in the small community of Ugbugbu and headed to the room of his youngest wife. The other wives who according to the youngest wife, Odachi had a meeting before Uroko returned home invaded her room with knives and sticks, demanding that their husband have sex with all of them at once. Uroko who resisted their attack was overpowered by the women who ordered that the sex march  begin with the youngest wife and to continue in that order to the top.

Our correspondent reported that Uroko stopped breathing when the fifth woman was making her way to the bed. “Suddenly, my husband stopped breathing, and they all ran out, still laughing, but when they saw that I could not resuscitate him, they all ran into the forest.

Uroko whose body has been deposited in a nearby Mortuary was until his death one of the famous persons in the village.  According to most young people in the community, he was a philanthropist who had contributed positively to the growth of the community.

When contacted, the village head, Mr. Okpe Odoh affirmed that the matter had been reported to the police and investigation was ongoing even as the youth of the community are helping the police in search of the escaped wives.

As at the time this report was filed, 2 of the wives have been arrested.

Pastor warns D’Banj against joining the Illuminati cult group

Nigerian international music star, D’Banj has been warned by Pastor Wole Oladiyun of Christ Living Spring Apostolic Ministry (CLAM), Ogba, Lagos against joining the renowned cult group, Illuminati.

The Kanye West’s G.O.O.D Music artiste was given the stern warning on Thursday, July 12, 2012 at CLAM’s prayer session held at the church for celebrities against sudden death.

The man of God was reported to have warned D’Banj against joining Illuminati or risk going to hell.

There have been rumour flying round town that D’Banj had joined the cult group especially with his relationship with supposed members of the cult; Jay Z and Kanye West.

D’Banj is believed to have joined the cult in other to gain fame and popularity associated with Illuminati members. D’Banj first rose to stardom in 2005 after his debut single, Tongolo, which turned out to be a hit.

In 2012, he broke up with his long time friend and label boss, Don Jazzy.

HAPPY BIRTHDAY TO ME

THANK U ALL FOR THE MESSAGES AND TEXT

GOD BLESS YOU ALL........

MUCH LOVE FROM HARLOBZY......

Bomber was a teenage boy - deputy state governor

* Islamist Boko Haram began insurgency in Maiduguri

* Sect often targets government, religious figures

By Ibrahim Mshelizza

MAIDUGURI, Nigeria, July 13 (Reuters) - A suicide bomber killed five people at the central mosque in the northeastern Nigerian city of Maiduguri on Friday, the military said, the latest attack in a region plagued by Islamist Boko Haram insurgents.

The blast narrowly missed the deputy governor of Borno state, Zanna Umar Mustapha, and Borno's Shehu (regional religious leader), Abubakar Umar Garbai El-Kanemi, who were attending Friday prayers.

"The suicide bomber was about 15 years old ... Fortunately we both escaped unhurt," Mustapha told reporters.

Six people were also injured in the attack, military spokesman Sagir Musa told reporters.

Boko Haram has killed hundreds of people this year in an insurgency against President Goodluck Jonathan, seeking to carve out an Islamic state in Africa's most populous country and biggest oil producer.

The sect often targets government officials, religious figures and places of worship, usually Christian churches.

Security experts believe Boko Haram's attacks on religious centres in central and northern Nigeria are an attempt to provoke wider religious conflict in the country.

Boko Haram claimed responsibility for attacks that killed more than 65 people in volatile central Nigeria over the weekend, including a ruling party senator, although security officials blamed localised ethnic clashes.

THREAT SPREADS

The attacks in Nigeria's "Middle Belt", where the largely Christian south meets the mostly Muslim north, would be a new development in the sect's insurgency and its greatest effort yet to divide the country along religious lines.

Jonathan, a southern Christian, has come under intense pressure to stem the spread of violence in the north, where his opponents say he is out of touch.

He sacked his defence minister and national security adviser last month, pledging to introduce new tactics to fight "terrorism" but gave no details.

Critics say Jonathan's heavy-handed military approach has aggravated the violence and there have been calls for him to engage with northern power brokers, although Boko Haram has said several times it is not interested in dialogue.

"We don't know what to do now because we thought our call for dialogue would work but as you can see we have to think of other ways," Borno Deputy Governor Mustapha said.

Boko Haram first launched an uprising in 2009 but a military crackdown stemmed the violence.

The group revived its insurgency in early 2010, hitting military and government targets in and around Maiduguri.

Since Jonathan's election victory in April last year the sect's violence has escalated and spread with attacks, including several suicide bombings, in major cities across the north and the capital Abuja.

The United States last month named three alleged leaders of Boko Haram as "foreign terrorists", the first time it has blacklisted members of the sect.

Security sources say the sect has linked up with al Qaeda in the Islamic Maghreb, sending a few dozen fighters to Mali for training.

(Writing by Joe Brock; Editing by Andrew Heavens)

“It’s complicated” – Oba of Benin explains alleged snubbing of President JonathaN

According to the statement released by the Oba of Benin, Omo N’Oba N’Edo Uku Akpolokpolo, “the palace would like to make it clear that the Omo N’Oba did not shun President Jonathan and the PDP members that came with him.

“In fact, it is the respect and love Omo N’Oba has for the president that made him to still manage to see the president in a private chamber in the palace, despite a complicated situation that day.”

The statement was released as a reaction to a picture and news of the president waiting on the Oba.

The statement continued, “three weeks ago, Omo N’Oba waited for over two hours in his open office, where he received Vice-President Namadi Sambo and the PDP chieftains that were in Benin for political rally.”

A WORD FOR DELITE.... A WORD TO ALL THAT IS CONCERNED ... A WORD FOR REFRESHING...

NEVER IGNORE.. CONSIDER VERY WELL..

We Are The Choices We Make

I tend to agree with him because most people in this world are basically living their lives for others… and I don’t mean that in a good way, I am not talking about  how you want to be blessed so that you can be a blessing to others… which is good, but unfortunately that isn’t what I’m up at this time of the night to talk about

We live our life on a subconscious or even conscious level to please others… we were born and as toddlers all we sought for was the approval of our parents, we channel our energy into doing all they expect from us just to get that smile of approval or that twirling in the air as they raise us up high in the air whilst we giggle in excitement.

We went to school and sought for the approval of our teachers…and getting good grades became our goal because we heard our father say ’My boy is going be tops in his class’… or even just because we wanted to get in his good books…we are in high school and there was this underlying need to get the approval of our friends…we do all the things we can think of to be one of the ‘cool kids’

… then we grow up go to the university, graduate, and begin doing things to get approval from the society…we become doctors even though our passion is fashion designing, we get married at 26 even though we

know we are settling for less but we do it anyway because someone passed the memo that age 30 is the cut off mark for ladies and they have to make sure they marry the ‘available’ man who wants to marry them now now now before it’s too late, so we do even though we know he doesn’t tick even half of your check list…we go to all the meaningless social functions on weekends even though all we want to do is curl up and sleep on Saturdays because we really need to rejuvenate after a hard work week, at least for health reasons, but no…we still go for the meaningless functions anyway so that we can grace the pages of City People. And so on and so forth… our decisions are lined up with family/friends/colleagues and societal expectations so that we are not perceived as social misfits.

Doesn’t it give you a headache just thinking about it? When exactly do we start living for ourselves?  When exactly do we start doing the things we want because and just because it’s what we want to do and damn what anybody has to say about it good or bad. Infact damn the consequences of the actions…whether it results good or bad… at least you made them for yourself!!! Yourself!!!!!!!!!

When do we start living our lives for our own self??? Are we so far gone that we forget that we are responsible and accountable for every choice we make, we are the ones responsible for how we choose to live our lives, good or bad, regardless of whom or what influences these decisions? So why don’t you make these choices yours… why don’t you do it because it brings you fulfilment… what are we so afraid of? Why are we so afraid of not getting the necessary approvals from our circle of influence??

A dear friend of mine said the following lines to me recently:

‘Choose your path; don’t let your path choose you

Choose your friends don’t let your friends choose you

Make things happen, so that what happens around doesn’t define you

Because either way you will be held responsible and accountable for your actions

So why not be the cause and sole reason for those actions’    (I paraphrased)

My advice: Don’t waste your time living someone else’s life…because you see…ultimately…we ARE the CHOICES we make.

So do you really want to be the product of someone else’s opinion?

Let me know

Nutty Jay

Nuttyjay.blogspot.com

Stockbrokers Insist on Creation of Stabilization Fund

The Chartered Institute of Stockbrokers (CIS) is still pushing for the establishment of a stabilization fund for the nation capital market as a way out of the downturn that has lasted over four years.  A senior council member of the CIS disclosed this in an interview with THISDAY last Monday, saying the forbearance being planned by the Federal Government would not solve the liquidity problem in the market.

The Coordinating Minister of the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, had last week reiterated the Federal Government plan to work out a forbearance package for stockbrokers as part of measures to stimulate confidence in the Nigerian stock market and increase liquidity. Okonjo-Iweala gave the assurance at the annual meetings of the African Development Bank (AFDB) in Arusha, Tanzania.

But the leading stockbroker explained that while the move by the government was a good development, he said it did not mean debt forgiveness. “Debt forbearance does not mean debt forgiveness. It only allows the debtor to negotiate with the creditor so that they could agree on the repayment terms. I believe some brokers are already enjoying forbearance despite the fact the government has not formally unveiled its package. What the market really needs is a Stabilization Fund that would ensure direct injection of funds into the market,” the broker said.

The outgoing President of  CIS,  Mr. Mike Itegboje, had last March  restated the need for a stabilization fund, saying that would  bring back the much needed investor confidence into the market. According to him, the fund would go a long in addressing the margin loans overhang, which had been posing  a huge challenge to brokers. He had noted that since the global meltdown, some countries had made use of such funds to cushion the effect of the meltdown on the market.

“We as stockbrokers are again renewing our call for a stabilization fund for our market. This fund is very necessary as it would help to mitigate the losses incurred by investors and stockbrokers in the capital market in the last few years. And so, we want the federal government to look into this issue as many countries have taken the route of this fund for their market and Nigerian should not be an exception.” Itegboje suggested that the Asset Management Corporation of Nigeria (AMCON) could take up the challenge of ensuring that such funds were properly used in the market.

SEC Restates Commitment to Investor Protection

The Securities and Exchange Commission (SEC) has restated its commitment to the protection of investors in the Nigerian capital market, saying its current efforts are geared towards the building of a market that is transparent and efficient. The Executive Commissioner, Operations, SEC, Ms. Daisy Ekineh, stated this at an investor conference  organised by the Association of Assets Custodians of Nigeria in London last month.

In a paper delivered on her behalf by Director, Research and Planning, SEC, Mrs. Bibiana Okoroafor, Ekineh said the commission was also collaborating and engaging with fellow regulators and supervisors to build a stable financial system through information sharing and capacity building. According to her, the apex regulator of the Nigerian capital market has embarked on several reforms that would transform the market.

“The continuous and faithful implementation of the forgoing   will lead us to building a world class market, a market that is transparent, efficient, dynamic, technology driven where investors are protected, and commands trust and confidence of investors,” she said. Speaking on some of the specific efforts being made to deepen the market and improve its liquidity, Ekineh said SEC had cleared 10 market makers appointed by the Nigerian Stock Exchange, approved rules for securities lending, and approval of new products.

“Apart from encouraging investors to patronize the Collective Investment Schemes (CIS), the first   Exchange Traded Funds (ETF) had been registered and listed on the NSE. The Commission has ensured the introduction of Custodian Services for CIS. We have also commenced listing discussions with oil and gas companies and telecommunications firms. SEC will also continue to collaborate with Bureau of Public Enterprise on the listing of privatized and other prospective ones,” she said.

The commissioner added SEC was promoting the take-off of Over-the-Counter (OTC) market and designing a framework for the introduction of sukuk (Islamic Bond). She told the foreign investors that the Commission would continue to support NSE’ initiatives towards strengthening the market, adding that efforts were being made to restructure and strengthen the Abuja Securities and Commodity Exchange (ASCE) to deliver on its mandate. According to her, the reconstitution of Capital Market Committee (CMC) Sub-committees was also meant to strengthen the effectiveness of the capital market.

These committees are: Investor Confidence; Fixed Income; Rules; Fund Management; Technology and infrastructure; Commodities exchanges; Product development and Advocacy group to interface with relevant institutions and authorities in Nigeria with a view to addressing current challenges in the market.

WDAS: Dollar Supply Increases by 27% in May

The amount of the United States dollar offered by the Central Bank of Nigeria (CBN) at its regulated bi-weekly forex market increased by 27 per cent to $1.370 billion in May, THISDAY findings have shown. Data compiled by THISDAY, showed that the amount reflected an increase by $290 million, as against a total of $1.080 billion offered by the apex bank at the official market in April.

Just like the previous months, the CBN did not publish the amount of dollar demanded by dealers throughout the eight auctions held in May. In the month under review, THISDAY checks also revealed that out of the eight auctions observed at the Wholesale Dutch Auction System (WDAS), while the apex bank offered $150 million to dealers at four separate auctions, $200 million to market participants twice, it offered $250 million once. It also offered $120 to the auction held on May 7.

The naira oscillated around the N155 to a dollar bank in May. The highest value it attained in the month under review was the N155.69 to a dollar it closed at five separate auctions in the month under review, while its lowest value in the month was N155.75 to a dollar.

The relative stability observed at the forex market was attributed to the gradual build-up of Nigeria’s external reserves. The forex reserves maintained an upward trend throughout last month as it gained a total of $961million to $37.668 billion as at May 31, as against the $36.707 billion it was on May 2, THISDAY findings also showed. FSDH Securities Limited had attributed the performance of the local currency to the increase in the forex earnings as a result of rise in oil price and oil output and reduced dollar demand from oil marketers.

Diamond Bank wants firm to wind up over N4.2b debt

The Diamond Bank of Nigeria Plc has instituted a winding up petition against an Italian construction giant, Gitto Construzioni Generali Nigeria Limited at the Federal High Court, Lagos over N4.2 billion unpaid debt. The matter brought under the Companies and Allied Matters Act (CAMA) 2004 and in the application for winding up pursuant to sections 408, 409 and 410 of the CAMA Cap C. 20, laws of the Federal Republic of Nigeria is praying the court to wound up the company because its unable to pay the bank the sum of N4, 226, 970.246.58 being a cumulative debt owed to them.

According to a 26 paragraph application brought by the counsel to the petitioner, the bank said it first granted the firm an overdraft facility and an invoice discounting facility totaling N650 million on October 25, 2004 in addition to a N1.0 billion revolving bonds/guarantee facility.

About eight months later, the bank claimed that it gave another round of facilities to the company through an offer later dated June 24, 2005. The offers include N48, 879,120.00 bank guarantee facility, and N39, 103,296.00 vehicle lease facility increasing the bonds/guarantee facilities to N4 billion.

The petitioner said, “the purpose for the above facilities were amongst others to enable the respondent take immediate delivery of 13 units of Toyota vehicles from Elizade Nigeria Limited pending payment and to accommodate the respondents new request for bonds and guarantees for contracts awarded or being pursued by the respondent.”

The banks disclosed that the tenure of the facilities were 90 days for bank guarantees, 18 months for vehicle leasehold while the bonds were to mature along with the respondents existing N2.2 billion bonds and guarantee facility.

Diamond Bank insisted that in January 9, 2006, it offered another round of facilities to the firm. They are a N255, 249,000.00 lease-in-processes and a N255, 249, 00.00 lease finance facility. “The facilities were tenured for 90 days for the lease-in-process facility and 12 months for the lease finance facility and were granted to enable the petitioner re-finance the 80 percent exposure under the crystallized lease-in-process facility and also to establish a confirmed letter of credit on behalf of the respondent for the importation of one unit of dredging equipment worth 2 million Euros”, it stated.

The petitioner also alleged that it granted additional facilities in different sums of money to the respondent for different purposes on April 11, 2006, February 1, 2007, July 26, 2007 and March 25, 2010. According to the bank, at the expiration of the facilities, the respondent failed to meet up to its obligations as contained in the offer letters, prompting the bank to forward several demand letters requesting the firm to pay up the debt to which they have refused to comply with.

Index Summary
BusinessDay Afrinvest-30 Index
	5-Jun-12	4-Jun-12	change
Index Points	1,069.13	1,078.79	-0.90%
P/E	11.9x	12.0x
P/BV	1.8x	1.9x
Dividend Yield(%)	4.5	4.6
	BA-30	NSE ASI
YTD change	7.95%	4.35%