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Appeal Court Overrules Judgement Against Zenith Bank, Fines Real Integrated

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After several months of legal tussle between Zenith Bank Plc v Real Integrated & Hospitality Limited and State Universal Basic Education Board (SUBEB) Gombe State, a three-man panel in the Court of Appeal sitting in Lagos led by Justice Muhammed Sirajo in Appeal No:CA/LAG/CV/262/2022 – have unanimously upturned the Lagos State High Court judgment of Justice O. O. Abike-Fadipe over claims that; on March 8, 2022, there was a breach of contract because on October 7, 2011, Zenith Bank refused Real Integrated to withdraw from its Account No. 1012465427. In her judgment, she directed Zenith bank to pay an interest of 15 per cent per annum on the N872,780,522.84 from May 17, 2011, when the advanced payment guarantees expired till judgment and thereafter at the rate of 10 per cent per annum until final liquidation

Through Zenith Bank’s team of counsel led by Prof. Fabian Ajogwu, SAN and Mr Sylva Ogwemoh, SAN, the bank challenged Justice O. O. Abike-Fadipe’s decision of awarding N2,500,000 as the cost of the action in favour of Real Integrated. The legal team via valid argument backed by proofs argued and sought an order setting aside the lower court decision on the ground that it acted in full compliance with its contractual obligations in line with the Advanced Payment Guarantee (APG) contract and that the trial court was wrong. The Court of Appeal, in a unanimous decision on November 23, agreed with the bank’s submission and resolved all the issues raised in its favour. It was gathered that; the 1st Respondent, through its Counsel, E.O Jakpa, argued that the bank breached the contract while SUBEB Gombe State did not contest the Appeal.

Apart from the appellate court setting aside the judgment of Justice Abike-Fadipe, the judge also awarded a cost of N200,000 against Real Integrated & Hospitality Limited and in favour of Zenith Bank. The appeal court further stated that the lower court judgment was upturned on the ground that the trial court was wrong to have presumed that the bank withheld the full account statement of Real Integrated in the light of Exhibit C6 (the comprehensive Statement of Account of Real Integrated), which was tendered by the bank for a limited purpose, adding that there was no need for the lower court to have invoked Section 167 (d) of the Evidence Act, 2011 against the bank.

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Food for Living: The Power of Imagination

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By Henry Ukazu

Dear Destiny Friends,

Success and failure start from the mind. The human mind is like a rubber, the more you stretch it, the more it expands. The human mind is the brain, if you don’t use it, it won’t work. We all have the power to change the course of our life without allowing us to be victims. This is because the greatest power God gave us at creation is freedom and choice. Just like you have the power to think positive thoughts, you also have the power to think negative thoughts. It should be noted that whatever you focus on expands.

It’s quite unfortunate that many of us don’t know how we can use our mind to attract opportunities, if properly stretched. For the human mind to work at optimal capacity, it must be capable of using the power of imagination. According to Napoleon Hill, “whatsoever the mind can conceive, believe, it can achieve it. The right question we should ask ourselves is if we are using the power of our imagination.

Imagination takes several forms. The human mind can be artistic in nature, it can be creative, and it can also be challenging. The mind will only work on how you program it. If you program your mind to think like a leader, it will be activated, if you program the mind to overcome challenges it will be activated, if you program the mind to either think positive or negative thoughts, it produces the desired fruits for you.

You may be wondering where the power of imagination comes from? The power of imagination starts from the mind. To understand how the mind works, you have to look at the brain. The neocortex and thalamus are responsible for controlling the brain’s imagination, along with many of the brain’s other functions such as consciousness and abstract thought.

One may ask, is imagination the same thing as intelligence?  One can imagine something, but don’t take proactive steps to implement it, but the man who takes actionable steps can be regarded as an intelligent man because he got the inspiration and knows what to do. According to Albert Einstein, “The true sign of intelligence is not knowledge but imagination”. This is a fact because the true intelligence level of an individual is not dependent on the facts a person knows but on how he applies them creatively to solve problems in the world.  Albert Einstein further stated that “Imagination is more important than knowledge. For knowledge is limited to all we know and understand, while imagination embraces the entire world, and all there ever will be to know and understand.”

The power of imagination cannot be overemphasized. One of the distinguishing traits between wealthy men and the poor men is their mindset. A big difference between a rich mind and poor mind lies in how they process information. While rich and wealthy minds have a positive and growth mindset, poor men have a negative and fixed mindset. While the growth mindset sees problems as opportunities to make impact by solving them, fixed minds see problems as obstacles to making impact. While rich and wealthy minds spend money to invest, poor minds spend money to impress. While rich and wealthy people spend after saving, poverty-stricken minds save from the remnant of their expenses.

This power of imagination works in different ways. Sometimes, it comes like a vision, a revelation. inspiration or even feelings. This imagination can be something you would like to change, or a cause you would like to work on. When you get this prompting, the best thing you can do is commit it to prayer and believe in it especially if it’s a revelation or vision you have been shown. It might look so big and impossible to attain. Whenever you feel this way, just know that you must activate your growth mindset.

Wealth creation starts from the mind. If you want to be successful in any craft, you must envision it in your mind. Most of the great people if not all the great people we celebrate in the world utilized the power of imagination to create a product. If you want to be rich or start a business, you need to take the bold step, if not, you’ll remain where you are.

Nobody can stop a person whose time has come. Nobody can stop you; you are the only one who can stop yourself if you doubt yourself or tell your dreams, vision, or ideas to the wrong person. The wrong person in this case can be your parents, friends, mentors or even your spiritual leader. Don’t get me wrong, these people may not be bad people, they may not understand the calling or vision you had. They may not even see you as the person capable of doing it because you don’t look it. They may be speaking from their experience which may not be your reality. Let me tell you, if God wants somebody else to get the revelation or inspiration, he will put the imagination in their mind. Just to encourage you, God does not call the qualified, he calls the unqualified and then qualifies you.

In conclusion, the power of imagination is a very powerful and creative tool a progressive mind can use to excel in life if properly activated. This is because nobody knows you more than you know yourself.

Henry Ukazu writes from New York. He’s a Human Capacity & mindset coach. He’s also a public speaker, youth advocate and creative writer. He works with the New York City Department of Correction as the Legal Coordinator. He’s the author of the acclaimed book Design Your Destiny – Actualizing Your Birthright To Success

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Be Empowered to Remain in Power

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By Tolulope A. Adegoke

“When you “become” what money loves, you naturally command the attention of monies. Ask yourself, what does money love? Money cherishes VALUES! When you stop becoming valuable, what “values” attracts would stop coming to you! You simply fit into what soothes your actions, and into what your consistent attitudes deserve! So, you must keep “becoming” for what you desire or deserve to keep chasing after you! To “become” in this context means to “MANifest”! Chase excellence, and success would chase you pants down! Accept yourself in order to understand your being, so as to carve a soothing niche for a better version of “you” which you desire or deserve to become. Any other “you” in circulation is a counterfeit! Square up your shoulders and tell yourself “I deserve to succeed and God helping me, I will.” Remember, the sky is never your limit, God is!”Tolulope A. Adegoke, PhD., MNIM, FIMC, CMC, CMS

 Commitment has been described as dedication, steadfastness, allegiance, faithfulness or loyalty to a course, and individual, group or a supreme being. It is about giving one’s self to a course with success as the only option. Commitment binds you irrevocably to a course you believe in until success comes. It is not the same as mere involvement, but dedication to seeing a course(s) completed or fulfilled to cause an effect or impact either within one’s self, others, corporates and the world at large.

The world is filled with peoples. Anybody can be involved. Being involved in an activity that involves other people does not make you part of a team. As a matter of fact, it only takes a number of people involved in working together to have a group. You must understand that a group is absolutely not a “team”. The difference? In a group, people are involved in activity(s). In a Team, people are committed to a process and a goal. The difference between commitment and involvement is known by the difference in the “omelette and “corned beef”. In the making of omelets, the chicken is involved, in the corned beef, the cow is committed!

Commitment is the secret to the success of the postage stamp. To get the letter to its destination, it must first commit to the envelope. After that, the rest is a matter of time. A train gets to its destination because of its commitment to the rails.

Commitment operates in five major levels which would be expatiated below:

  1. Commitment to God (The Creator that gives to all that gives and receives)
  2. Commitment to a Course for a Cause

iii.              Commitment to Process

  1. Commitment to People
  2. Commitment to yourself

Commitment to God

Those who have discovered themselves in God have no problem committing to Him. Those who sideline God in success ventures will find out soon enough that it is the pathway to “frustration” and an insignificant “death”.

Commitment to a Course for a Cause

You must always remember that, you were never created to simply pursue wealth and all trappings of the worldly successes. After all your bills are paid, and you have a spill-over, what next? Highly successful and effective people, first of all, find a higher course for a greater cause for which they were willing to lay down their lives if need be, then throw themselves wholly into it. The principle is that, if death does not scare you, the possibility of failure cannot! As the Bible rightly said, “those who keep their lives lose it, while those who lose it, find it!” The other name for it is significance or relevance. Make money in order to enhance your platform(s) for significance or irrefutable relevance. At a recent time, Bill Gate has committed time and resources to finding solutions to the scourge of HIV/AIDS and poverty eradication in Third World countries. What he did caught the attention of Warren Buffet (who wasn’t reputable for charity), the World’s Second richest man at that time. This made him donate the sum of $37billion (US Dollars) to the Bill and Melinda Gates Foundation. When asked why, he answered, “Because they know how best to give it away better and faster than I can.”

Commitment to a Process

Everything in life evolves. The only tree that grew to full stature in one day died the same day! Ask Prophet Jonah in the Bible. If you cannot commit to a process, you will forfeit the promise.

To master your skill in life, there is always a process of apprenticeship. Permit yourself to fail…but don’t remain a failure. The Olympic medalist who won the 100-metre dash in less than 10 seconds was only celebrated for what he had invested years of consistency and hours of practice to.

Tiger Woods had played golf as a child and he had always nurtured a vision to win every championship in golf. So he started to work towards that, easily.

The father (being a good Lawn Tennis Player) of Serena and Venus Williams (The World Lawn Tennis Champions) had coached them to always win since they were very young.

What the world celebrate today in these people is actually the process they had committed too long before they started winning laurels.

Commit to Yourself

Budget for self-development. Your greatest investment is the one you make on your personal development. When you are right, everything around you will be right!

Things don’t happen because you chase them to happen, rather they happen become you have become a center of attraction that commands the necessary attention. For instance, when you “become” what money loves, you naturally command the attention of monies. Ask yourself, what does money love? Money cherishes VALUES! When you stop becoming valuable, what “values” attracts would stop coming to you! You simply fit into what soothes your actions, and into what your consistent attitudes deserve! So, you must keep “becoming” for what you desire or deserve to keep chasing after you! To “become” in this context means to MANifest! Chase excellence and success would chase you, pants down! Accept yourself in order to understand your being, so as to carve a soothing niche for a better version of “you” which you desire or deserve to become. Any other “you” in circulation is a counterfeit! Square up your shoulders and tell yourself “I deserve to succeed and God helping me, I will.” Remember, the sky is never your limit, God is!”

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Gbajabiamila Threatens to Arrest Emefiele for Shunning Reps

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The Speaker of the House of Representatives, Femi Gbajabiamila, has declared his readiness to issue a warrant of arrest on the Governor of the Central Bank of Nigeria, Godwin Emefiele if he fails to appear before its committee on Thursday.

Gbajabiamila said instead of the House adjourning plenary till February 28 for the elections as planned, the lawmakers would reconvene on Tuesday to take an action against Emefiele and other bank chiefs who fail to show up.

The Speaker, who noted that Emefiele is his friend, pointed out that he would not hesitate to demand the Inspector-General of Police to effect the CBN governor’s arrest and forceful appearance before the House.

The House had set up an ad hoc committee to investigate the scarcity of the new naira at the Deposit Money Banks, also known as commercial banks, leading to tension over the January 31 deadline set by the CBN for the exchange of the old notes with the newly designed ones.

Chairman of the committee, Alhassan Ado-Doguwa, at the plenary on Thursday, informed the House about the non-appearance of the CBN chiefs before it on Wednesday. He noted that the committee had rescheduled the meeting to 1 pm on Thursday.

However, Gbajabiamila also informed the House that the CBN had written to the Clerk, informing the House of Emefiele’s inability to appear before the committee on Thursday.

The Speaker said the House would exercise its powers as contained in Section 89 of the 1999 Constitution.

Gbajabiamila also noted that the CBN Act allows the admittance of an old naira note by banks, even after it had ceased to be legal tender.

The House had on Tuesday called on the President, Major-General Muhammadu Buhari (retd.), over the brewing crisis occasioned by the January 31 deadline.

Apart from asking the CBN to extend the window for swapping the old notes with the newly redesigned one by six months, the House had invited the banks to a meeting on Wednesday over the scarcity of new naira notes.

The Managing Directors/Chief Executive Officers of the banks, under the auspices of the Bankers’ Committee, were to meet with an ad hoc committee of the House to be chaired by the Majority Leader, Alhassan Ado-Doguwa.

The House had particularly resolved that the banks should be invited to explain the alleged supply shortage from the CBN, after which the lawmakers would invite the leadership of the apex bank for questioning.

The House “call on President Muhammadu Buhari to intervene in the insistence of the CBN on the tight deadline for the implementation of the cashless policy and currency swap.”

The lawmakers also urged the CBN to extend the implementation of the cashless policy “to at least six months as well as review the daily withdrawal limit and the charges therefrom.”

The resolution follows the unanimous adoption of a motion of urgent public importance moved by a member of the House from Katsina State, Sara Soli, at the opening of the plenary on Tuesday.

On Wednesday, the CBN failed to appear before the committee, with both sides blaming it on short notice.

The Punch

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