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BDC Drags FirstBank, Travelex to Court

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  • BDC Drags FirstBank, Travelex to Court

Rhombus Bureau de Change (BDC) has dragged FirstBank Nigeria Ltd before the Lagos High Court, alleging unethical practices in forex transactions.

Travelex Retail Nigeria Limited, the accredited agent of the Central Bank of Nigeria (CBN) in charge of disbursing foreign exchange to BDCs was joined as the second defendant.

In the suit filed on its behalf by the law firm of Akin Oladeji & Co, the plaintiff is demanding N25 million as general damages suffered by it because of the refusal of First Bank to credit its account as and when due after the company’s bid failed at CBN’s foreign exchange window.

Rhombus BDC alleged that First Bank and Travelex Retail Nigeria, between them, kept its funds for more than 35 days after the unsuccessful forex bid.

“This act of deliberate delay and unjustified retention of the claimant’s funds impacted negatively on its business such that it had to source funds at huge costs to meet its obligations and run its business,” the plaintiff said in its statement of claim.

On a different occasion, the plaintiff said due to telecommunication network issues, it mistakenly duplicated one of the foreign exchange transactions by crediting First Bank’s account with N6million instead of N3million for the purchase of $8,000.

Rhombus BDC said rather than crediting its account with the N3million excess, the bank held on to the money and that it took the intervention of the CBN to get First Bank to refund the money after holding it for 21 days illegally.

It said it had to mobilise funds from alternative sources to meets its obligation and run its business. “Instead of the 1st defendant to credit claimant with the excess of N3,048,000 which the Claimant paid into an account number 2031316220 it had been misled by the 1st defendant to believe was the 2nd defendant’s account, it held on to the funds.”

It averred that if it was not denied unfettered use of its money as and when due, it would have made profit by deploying the withheld funds to other business transactions.

Rhombus BDC is therefore asking the court to compel the bank to pay the profit it could have made in addition to the cost of hiring lawyers.

It also said efforts to resolve the dispute out of court had failed and that the only option left was for the court to determine the rights and obligations of the parties.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Seplat Appoints Emeka Onwuka as CFO, Executive Director

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Seplat Named Emeka Onwuka as CFO and Executive Director

Seplat Petroleum Development Company Plc has appointed Mr. Emeka Onwuka as the Chief Financial Officer (CFO) and Executive Director of Seplat, effective from August 1, 2020.

In the statement signed by Mrs. Edith Onwuchekwa, Company Secretary and Chief Governance Compliance Officer, and released through the Nigerian Stock Exchange, Mr. Onwuka has more than 30 years of experience in financial services within Sub-Saharan Africa.

“He has acted as the voice and face of major financial institutions in Nigeria as former Group Managing Director /CEO of Diamond Bank Plc and former Chairman of Enterprise Bank Limited. Mr Onwuka is a Partner at Andersen Tax Nigeria and holds various Board positions as Chairman; FMDQ Securities Exchange Limited; Director FMDQ Holdings Limited; Director, Ecobank Nigeria Limited; and Director, Bharti Airtel Nigeria,” the Company stated.

“Mr Onwuka received his B.SC. in Political Science from the University of Nigeria, Nsukka and holds an MBA from the University of Benin. He is a Chartered Accountant, a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of Chartered Institute of Taxation of Nigeria. He has attended executive programs at the Lagos Business School, Wharton Business School and Harvard Business School.

“Mr. Onwuka holds the Nigerian National Honour, Officer of the Order of the Niger (OON). The Board of Seplat is confident that the wealth of knowledge and experience he brings will be a great addition to the Company.

“This announcement is being made in accordance with Rule 4 of the Nigerian Stock Exchange Amended Listing Rules.”

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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