National Association of Nigerian Auctioneers (NANAs) has berated Economic and Financial Crimes Commission (EFCC), expressing deep dissatisfaction with the EFCC’s latest e-auctioning exercise, accusing the Commission of bias and opacity in the allocation of auction lots.

This is coming in the wake of a similar debacle in 2022, where numerous bidders who won high-value items like vessels were never allocated their winnings, leaving the process mired in controversy.

Alhaji Uba Bauchi, national treasurer, National Association of Nigerian Auctioneers, in a statement at the weekend, noted that auctioneers have not forgotten what he called “the fiasco of 2022”, when the EFCC’s first attempt at e-auctioning ‘left many high and dry’.

“Winners of major auctioned items, including vessels, found themselves without the goods they had rightfully won through the bidding process. The EFCC’s refusal to invite the concerned auctioneers for a review or even provide an official report on the auction’s outcome continues to leave a bitter taste.

“This is a replay of 2022, where the lack of accountability and transparency in the e-auctioning process has once again surfaced,” the aggrieved auctioneers noted. Alleged lack of communication from the commission, coupled with the refusal to address the outcome of the previous auction exercise, has cast a long shadow over the integrity of the current e-auctioning system.

The group also claimed that the EFCC deliberately introduced the e-auctioning process to exclude and short-change the North-West and North-East regions of the country from participating, saying Nigerians were generally less interested with e-auctioning technology because of its alleged fraudulent nature having gave only four-day notice.

Furthermore, the auctioneers alleged that most of the seized items come from Nigerian fraudsters, adding that they suspected that the EFCC’s e-auctioning platform was designed to allow the same fraudsters to reclaim their seized assets by bidding anonymously.

The auctioneers alleged a lack of fairness in the allocation of auction lots eve as they accused the EFCC of unduly favouring certain auctioneers over others, to the detriment of public trust in the process.

“The public, the ultimate beneficiary of these auctions, is being sidelined,” the auctioneers said. The law emphasises that public auctioning processes must be open, competitive, and accessible to all. However, they claimed that the EFCC’s approach to e-auctioning seemed designed to benefit a select few at the expense of many.

Adding to the controversy were accusations that specific geopolitical zones, particularly the North-West and North-East, were completely excluded from the e-auctioning process, in what appears to be a blatant violation of Nigeria’s federal character principle.

Furthermore, allegations of nepotism have emerged, with concerns over the appointment of a mother-and-son duo to oversee e-auctions in the North-Central zone.

This has raised serious questions about impartiality, especially given that neither of them has any documented or known experience in e-auctioning, further undermining the credibility of the process.

“Merit and transparency should be the guiding principles for these appointments, not familial ties,” the group said, urging the EFCC to revisit the decisions to preserve the credibility of the auction process.

Bauchi added that the auctioneers were not just raising concerns; they were offering solutions. Citing extant circulars from the Office of the Head of the Civil Service of the Federation and the Office of the Accountant General of the Federation, the group emphasised that auctioning processes must be open, transparent, and competitive. They urged the EFCC to adopt a hybrid approach that combines both traditional and e-auctioning methods to ensure wider participation and public trust.

The Fintech Association of Nigeria, an industry-led organization that represents and promotes the interests of the fintech sector in Nigeria, has announced a line-up of high-profile local and international speakers for the 7th edition Nigeria Fintech Week, which is scheduled to take place between October 8-10 2024 at The Landmark Centre in Lagos.

Nigeria Fintech Week is the largest fintech event in Africa. Over the last six editions, the event has attracted more than 20,000 participants, more than 500 brands and representatives from more than 50 countries to explore trends, foster collaboration and shape the future of Africa’s dynamic and rapidly evolving fintech industry.

This year’s theme – “Positioning Africa’s Fintech Ecosystem to Accelerate Inclusive Growth” – underscores the critical role of financial technology solutions in driving much-needed economic expansion and development. Talking points will include corporate governance, Generative AI, Smart Regulation, Digital Assets, Risk Management and cybersecurity/fraud management, digital and economic inclusion, and other relevant topics.

This year’s event will be a hybrid event (online and in-person) and it is expected to host more than 20,000 attendees from more than 80 countries, as well as more than 100 speakers and more than 50 exhibitors.

The event will also include an investor forum where startups can pitch to select investors, a job fair for interactions between employers, recruiters and job seekers, opportunities for one-to-one meetings with regulators and other opportunities.

Rodger Werkhoven, Independent Creative Director at OpenAI has been confirmed as one of the keynote speakers. Other confirmed speakers include, Temi Popoola, Group CEO of Nigeria Exchange Group, Dr Aminu Maida, Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), Dr Emomotimi Agama, Director General of Securities & Exchange Commission, Temitope Ajanaku, Group CFO Xpress Payments, Nimide Falasinu, Vice President, Client Experience at Zest Payment, Dr Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency, Gbolayo Atoyebi, Head, FSI Sales at Mainone, Mujib Ishola Executive Director/CTO of Remita, Dr. Chinasa T. Okolo, Fellow at The Brookings Institution, Ifeoluwa Adekunle-Yusuf, Vice President, Product and Engineering at Zest Payments, James Edeh, Head of Compliance at FairMoney Microfinance Bank, Branka Mracajac, CEO of 9 Payment Service Bank and Adetoyese Adedokun, Director at Maycode. Other speakers from The Central Bank of Nigeria, Interswitch, Unified Payments, PalmPay and more will be confirmed shortly.

Speaking ahead of the event, Dr Babatunde Obrimah, COO, FintechNGR said “ since we started in 2017, Nigeria Fintech Week has emerged as the premier platform for advancing the African financial technology ecosystem, bringing together key stakeholders to ensure that fintech innovation continues to drive sustainable economic development on the continent.

“Our aim for this year’s event is to drive impactful conversations on key topics such as Artificial Intelligence, digital assets, governance and financial inclusion, all while fostering collaboration that will shape the future of fintech in Africa. We look forward to welcoming participants from around the world for what promises to be our most transformative event yet.”

The event is free to attend. However, registration is necessary. Interested participants can find out more information or register to attend at: https://nfw.fintechng.org/participate/

Nigeria Fintech Week 2024 will be delivered in collaboration with Africa Fintech Network, Maycode and Talking Drum Communications.

A High Court in port Harcourt, Rivers State, has ordered Belemaoil Producing Limited (Belemaoil) to pay the sum of more than $21 billion and another nearly N11 billion to BGP/CNPC International Nigeria Limited being an unpaid balance of services rendered for an executed contract.

BGP/CNPC, a limited liability company incorporated in Nigeria, had in Suit No. PHC/3442/S/2022 against Belemaoil, claimed that by a tripartite contract No. BPL055017-00063 signed on 04/02/2019, that they were contracted to provide onshore and swamp seismic acquisition services in respect of OML 55 for a period of three years, effective 24/04/18 and to lapse on 23/04/2021.

The suit noted that the contract sums with a payment split of 40% payable in Naira, while 60% payable in United States Dollar and that the firm had between November 2019 and January, 2021, it sent several invoices to Belemaoil for payment of work done, all of which Belemaoil duly received, acknowledged and did not dispute at all material times.

The firm claimed that it wrote several demand letters to Belemaoil, which were also duly received, without objecting to same, adding that Belemaoil had given its bankers (Sterling Bank PLC and Access Bank PLC) letters of irrevocable payment instructions in favour of BGP/CNPC and its co-contractor for payment of 90% of its anticipated cash call inflow from his senior partner NAPIMS but that no payment was made.

BGP/CNPC opined that several meetings were held by the parties wherein the outstanding sums were reconciled and agreed upon, and Belemaoil reiterated its commitment to paying the debt and agreed on a time line schedule for payment of the part of the debt that may not be accommodated by NAPIMS cash call contribution.

The firm noted that despite the agreement and repeated demands, Belemaoil failed to pay the debt which impacted negatively on their business and ability to meet its financial obligations, thereby initiating the suit through a summary judgment procedure, exhibiting tendering 32 copies of invoices, letters of demand, minutes of meetings and others documents.

But, Belemaoil in opposition to summary judgment admitted that BGP/CNPC was actually engaged to execute the contract and was issued some invoices wherein some discrepancies were discovered and several meetings were held to reconcile the differences in the amounts quoted by BGP/CNPC.

Belemaoil stated further that the sum of the invoices submitted by BGP/CNPC was a total of $28,008,170.07 and N 6,413,890,343.91, out of the said amount, Belemaoil made payment of the sum $7,578,365.67 and N 1,768,718,772.48, adding that the outstanding invoices issued by BGP/CNPC is $22,358,185.12 and N 5,053,732.656.30, but could not be attended to due to non-compliance with the terms of the contract by BGP/CNPC, for refusing to release data on work done to Belemaoil.

They told the court that all the invoices submitted have no certificate of job completion, and that BGP/CNPC is entitled to payment only upon the complete delivery of all seismic products and all data related deliverables, stating that it is not indebted to BGP/CNPC and urged the court to dismiss the application for summary judgment brought by BGP/CNPC.

Meanwhile, Belemaoil had during the pendency of the suit, sought the leave of court to settle the matter out of court and leave was granted by the court, and paid to BGP/CNPC the sum of N 2,440,000,000.00, and $500,000.00 out of the outstanding indebtedness, but failed to pay the balance.

However, delivering his judgment, Justice G. O. Ollor, presiding judge, held that in accordance with the Rules of court, judgment would be entered against a Respondent who is unable to show that he has a good defence to the claim.

Ollor noted that upon a careful perusal of all the processes filed by the parties and the application for summary judgment in particular, the affidavits, Exhibits and submission of both learned Counsels, he is not in doubt that BGP/CNPC was engaged by Belemaoil to provide onshore and swamp seismic acquisition works in respect of OML 55 which BGP/CNPC issued its invoices to Belemaoil, and that Belemaoil also admitted its indebtedness to BGP/CNPC in several meetings and in the documents before the court and that there is no bona fide evidence that the debt owed to BGP/CNPC is disputed by Belemaoil.

Ollor held further that the letters issued by Belemaoil, the irrevocable payment instruction to its banks (Access Bank and Sterling Bank) in respect of its indebtedness and resolutions reached at meetings with Belemaoil, BGP/CNPC and IDSL wherein Belemaoil admitted its liability to BGP/CNPC, reveals the fact that Belemaoil does not dispute any part of the claim being asserted by BGP/CNPC, even as Belemaoil did not dispute that work was done by BGP/CNPC nor the invoices that were issued.

The court held:“The Defendant/Respondent having failed to pay within the sixty days (60) period prescribe by the contract, the Defendant/Respondent has deprived itself of the benefit of the Naira to USD exchange rates applied in the unpaid invoices. Allowing the Claimant/Respondent to benefit from its own wrong will be unjust and contrary to equity.

“It is a settled law that summary judgment procedure is for the plain and straight forward, not for the devious and crafty. I find that the instant suit is plain and straight forward and this application for summary judgment by the Claimant/Applicant is apt, because the Defendant/Respondent has no good defence to this suit of the Claimant/Applicant.

“Accordingly, I hold from the above findings that the application of the Claimant/Applicant for summary judgment in this suit is meritorious and it is granted as prayed”.

The Court, however, ordered Belemaoil to pay to BGP/CNPC, the sum of N10,810,270,635.00, and $21, 858,185.12, being the balance outstanding of the invoices issued by BGP/CNPC to Belemaoil for work done.

The Court also ordered Belemaoil to pay post judgment interest at the rate of 10% per annum from the date of judgment until final liquidation of the judgment, while setting down the claims with regards to cost of action and pre-judgment interest for full trial. A cost of N200,000.00 was also awarded against Belemaoil and in favour of BGP/CNPC by the court.