November 30, 2022

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Sterling Bank May Drag Aime Nigeria to Court Again Over Unpaid N120M Facility

2 min read

There are indications that Sterling Bank may go back to court against Aime Nigeria Limited, an Oil & Gas Products Marketing company over its failure to pay back a Judgment Debt arising from a trade finance facility of N120 million obtained in December 2008 for the purchase of petroleum products.

We gathered that Aime Nigeria Limited commenced business transaction with the Berger Branch of the bank in March of 2006. The Company is run by Mrs. Judith Ogbara, the Managing Director/CEO who also guaranteed the loan cum judgment debt. The office is centrally located at 48 Calcutta Crescent, Apapa, Lagos

Facts gathered by our correspondent show that the securities provided for the facility includes:

· Third Party Legal Mortgage on the property at No. 7 Ibironke Crescent, Parkview Extension with OMV OF N205m and N137m FSV

· Personal Guarantee of Mrs. Judith Ogbara

· Lien on Product Finance though Bank’s possession of ATL’s

· Triparte Warehousing Agreement

However, we gathered that the facility went bad with a debit balance of N108,713,596.82.It was also discovered that the customer submitted a cloned [forged] C of O, an indication of outright intent to defraud. Sources close to both parties told our correspondent that the customer was arrested, but later released and the legal suit commenced in year 2009, which culminated in Terms of Settlement dated 15th July, 2010 executed by all parties to the suit and their respective counsel upon which the court subsequently pronounced Consent Judgment.

The said Consent Judgment mandated both Aime Nigeria and Mrs. Judith Ogbara, the customer should commence the payment of N5m monthly to the Bank from October, 2011 until full liquidation of the amount amounting till year 2016. However, the amount was reviewed downward to N3mmonthly based on the customer’s appeal on 22nd October, 2011 and the account restructured in line with the repayment plan.

Regrettably, the customer reneged on the above Consent Judgment, an action necessitating a garnishee move by the Bank on its accounts in 17 Banks in February, 2013; an effort that yielded a meager N1,206,713.84. In view of the foregoing the bank is expected to employ the services of the Law Enforcement Agencies to move against Aime Nigeria, especially in the light of the cloned [forged] C of O submitted to the Bank.

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UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

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2 min read

UBA Foundation Rings in The Yuletide Season, Lights Up the Lagos Marina Africa’s Global bank, United Bank for Africa, through its Corporate Social Responsibility Arm, the UBA Foundation, on Tuesday, held its annual Christmas Lighting ceremony to mark the start of the festive season. The brilliant Christmas Lights of the UBA Foundation Gardens at the UBA Head Office on the Marina in Lagos, were activated by the bank’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, in a grand ceremony which was witnessed by key management staff and some customers of the bank. Alawuba, who addressed attendees at the ceremony, reiterated that the annual Lighting event is a symbol of hope for the coming year, the future and all the goodness it will bring into people’s lives. Alawuba said, “The UBA Foundation is focused on touching lives and giving back to its host communities. UBA through its foundation, the UBA Foundation desire remains is committed to improving lives in whatever way we can. We want to give back always and this event is quite symbolic as it represents the affinity we have towards our customers, employees and associates as well as our communities.” The CEO of the UBA Foundation, Mrs Bola Atta, said that the Christmas lighting ceremony was important for the Foundation adding: “Today is significant. All over the world, it is known in the advent period as Giving Tuesday. It is a time to give back to those who don’t have enough. It is a time to shine light on others, to give hope and give gifts. Today we gave out a lot of gifts and people were happy as we lit up the Foundation gardens to symbolise joy and hope. We are constantly reminded as an institution, of our promise to continue to touch lives and show kindness. In these difficult times, sharing even a little bit, goes a long way.” The lighting ceremony was attended by UBA staff members and customers who were serenaded with Christmas carols by the UBA Customer Fulfilment Centre’s choir. It ended with a guided tour around the UBA Foundation gardens on the Lagos Marina. Over the years, the UBA Foundation has been very active in creating sustainable development in its host communities and as part of its corporate social responsibility, the Foundation will be feeding tens of thousands of people across Africa during this festive season. UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

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