Nova Bank has asked the Federal High Court in Lagos to wind up Sunrise Products Limited due to its alleged failure to pay back an outstanding debt of $2,587,891.21N276,567,150.63 allegedly owed to the bank.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt.

Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by Kemi Balogun (SAN),  the bank’s lawyer, under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

The bank applied in a winding-up petition, claiming Sunrise Products Limited is bankrupt. Despite repeated demands and the statutory three-week notice required under the Companies and Allied Matters Act (CAMA), the alleged debtor has failed to settle the outstanding debt.

The petition was filed before the Court on December 19, 2024, by the bank’s lawyer, Kemi Balogun (SAN), under case number FHC/L/CP/2357/24

In the petition, Nova Bank seeks the court’s permission to publish the winding-up notice in the Federal Government Official Gazette, a national daily newspaper, and other local publications distributed in Lagos State, where the company is registered.

The petitioner has also informed the court of a significant risk that Sunrise Products Limited may dissipate or dispose of its assets, potentially undermining any favourable judgment for the bank.

To address this concern, the bank filed a motion to protect the debtor’s assets by including the Central Securities Clearing System (CSCS) Plc and 21 other banks as respondents.

Therefore, the petitioner urges the court to order the Deputy Chief Registrar of the Federal High Court, Lagos, to be appointed provisional liquidator to oversee the company’s affairs until the winding-up order is granted.

The bank also asks the court for an interlocutory injunction to prevent the respondent, its directors, staff, and agents from withdrawing or tampering with the company’s funds in the listed banks.

Nigerian Exchange Limited (NGX) has issued a stern warning against fraudulent activities, following reports of an individual and entity masquerading as affiliates of the Exchange.

In a strongly worded statement posted via its verified official X handle on Monday, the Nigerian Exchange Limited (NGX) cautioned the public about the actions of an alleged impersonator, ‘Professor Adebayo Oluwatokun,’ and a purported organization, ‘Value Gain,’ who are reportedly exploiting the trust of investors by falsely claiming affiliation with the NGX.

The pair are said to be operating a deceptive WhatsApp group, “NGX GroupA7,” designed to mislead and manipulate unsuspecting individuals.

NGX unequivocally clarified that neither ‘Professor Adebayo Oluwatokun’ nor ‘Value Gain’ has any association with the Exchange or its subsidiaries, nor are they registered Trading License Holders.

In a statement, NGX emphasized that all claims or communications originating from these individuals or entities are fraudulent, and the public is strongly urged to refrain from engaging with them.

The Exchange reaffirmed its dedication to safeguarding the interests of investors and maintaining the integrity of the Nigerian capital market. NGX encouraged individuals to promptly report any suspicious activities in order to prevent further exploitation.

This advisory comes in the wake of growing concerns over the rising incidence of fraudulent activities within the Nigerian capital market, particularly those linked to stockbrokers and dealing member firms.

There has been increasing scrutiny over the lax enforcement of Know Your Client (KYC) protocols, which some believe has facilitated these infractions.

Fidelity Bank Plc has announced the first set of millionaires in its Get Alert in Millions Season Six (GAIM 6) promo.

In an event held at the bank’s corporate office in Lagos and observed online, the bank revealed ten customers each won cash prizes of N1 million in an electronic draw supervised by regulatory agencies and members of the media.

Fidelity Bank initiated the GAIM 6 promotion on November 20, 2024, with the aim of encouraging a healthy savings culture.

Through this promotion, the bank will distribute a total of N159 million in cash prizes to reward its loyal customers.

Speaking at the first monthly draw of the promo in Lagos, Dr Ken Opara, promo chairperson and executive director, Lagos and South-West, Fidelity Bank Plc, represented by Mr. Jude Monye, regional bank head, Ikeja and directorate head, North Business of Fidelity Bank, noted that “GAIM promo emphasises the importance of maintaining a healthy savings habit among the bank’s customers.

The said this habit insulates them from economic shocks, enables individuals and families to navigate emergencies, and allows them to invest in their future.

According to Dr. Opara, “10 lucky winners were chosen via an electronic draw monitored by lottery regulators and each will receive the sum of one million each.

“The bank would disburse N159 million to its lucky customers between November 2024 and August 2025 when the grand finale of the promo would hold.

“Today, we have witnessed the first promo monthly draw and 10 winners have emerged from the six geo-political zones of the country. One winner emerged from the South West; two from Abuja; two from the South-South; South-East produced two winners; Lagos got two winners; and North Central had one winner,” he said.

Shedding light on how people can qualify for the draw, Dr. Opara explained that, “Both existing and new customers can win by simply topping their account with a minimum of N5,000 as every N5,000 saved guarantees a ticket in the draws and there is no limit to the number of tickets a customer can have).

Highlighting the benefits of driving saving culture through the Fidelity Bank GAIM 6 Promo, Dr Opara noted that, “The benefits of fostering a culture of savings extend beyond individual households.

“Through our GAIM promo, customers will enjoy free financial advisory services from the bank to help sustain their financial well-being.

“In the previous editions of the GAIM promo, we have successfully onboarded many new-to-bank customers while encouraging current customers to increase their savings.

“An increased savings leads to more substantial investments in education, healthcare, and infrastructure, driving economic growth. Fidelity Bank is renowned across Nigeria for helping individuals grow, businesses thrive, and economies prosper by prioritizing our customers’ financial well-being.

“This initiative has significantly contributed to the government’s National Financial Inclusion Strategy, which aims to increase the percentage of adults with savings accounts from 39 to 70 per cent by 2025.

“I encouraged those who have not yet opened a Fidelity Bank savings account to do so, via any of the bank’s channels, as the promo is opened to both new and existing customers,” he added.

On his part, Mr. Osita Ede, divisional head, Product Development, Fidelity Bank, noted that, “The bank planned to reward the customers before the Christmas celebration to support them in meeting their expenses but the draw is open to customers who have Fidelity Bank savings accounts and have grown their savings to N10,000 and above from the promo launch date of November 20, 2024.

Mr Tanko Olaseni, head, Monitoring Inspection and Enforcement, Lagos State Lotteries and Gaming Authority, commended Fidelity Bank for being transparent with the draw while noting that, the promo initiative would further boost the image of the bank and its profitability as savings culture is promoted among its customers.