allAfrica.com: Nigeria: House Report Seeks Payment of N500 Million to Daily Times (Page 1 of 1)

House of Representatives Committee on Public Petitions has directed the defunct Hallmark Bank to "Issue a cheque in the name of Daily Times Nigeria Plc (DTN) for the sum of N500,000.000.

The committee led by Honourable CID Maduabum had in a report tabled before the House for consideration urged the Defunct Daily Times to pay N100 million to NDIC, failure of which the Nigeria Deposit Insurance Corporation NDIC should deduct the amount from Daily Times' assets.

The report of the House is coming on the heels of a subsisting court ruling demanding the defunct Hallmark Bank to pay the stated amount to DTN.

The Report which was anchored on the floor of the House by Maduabum, stated that DTN on the other hand must comply with a part of the judgment and pay the NDIC a sum of N100million out of the N500million due to it.

"Daily Times Nigeria Plc (DTN) should comply with the said paragraph 3 of the judgment by repaying to the Nigerian Deposit Insurance Corporation (NDIC) the sum of N100,000,000.00 (one hundred million naira); if Daily Times Nigeria plc(DTN) fails to issue a cheque for the said amount to Nigeria Deposit Insurance Corporation (NDIC), then Nigeria Deposit Insurance Corporation should deduct the said amount from the N500,000,000.00 (five hundred million naira) leaving the sum of N400 million for Daily Times Nigeria plc (DTN)," the report stated.

The Report also called on the NDIC to refund the sum of N315,000,000.00, it accepted from AfriBank meant for the the Daily Times Nigerian Plc and domiciling proceeds of Daily Times plc (DTN) business, contrary to the judgment of the Court."

The Report also stated that "In line with the paragraph 13 of the judgment, Afribank should return to Nigeria Deposit Insurance Corporation (NDIC) the Title Deeds of the said premises of Daily Times Nigeria plc and any other assets of Daily Times Nigeria plc business contrary to the judgment of Court."As was stated in paragraph 1 of the judgment, it is Folio that owes Hallmark Bank; therefore, Nigeria Deposit Insurance Corporation (NDIC) should recover any outstanding sums from folio's assets and resources without a mix up with those of Daily Times Nigeria plc and any other assets of Folio in addition to the said shares to recover the full outstanding sum."

According to report, "In order to protect the interest of the minority in Daily Times Nigeria Plc(DTN), and strengthen its corporate governance, a copy of this report should be forwarded to the Central Bank of Nigeria the Securities Exchange Commission(SEC), the Economic and Financial Crimes Commission (EFCC) and the Office of the Attorney General of the Federation and the Minister of Justice."Meanwhile, a Bill seeking to establish the Nigerian Institute of Translators of foreign languages to indigenous languages which scaled second reading in the House of Representatives, has been referred to the House Committee on Education.The Bill is seeking an Act to Establish the Nigerian Institute of Translators and Interpreters and for Related Matters" While considering the piece of legislation, Lawmakers argued that the level of foreign language literacy among Nigerians was dismally low as there was no agency saddled with the responsibility of relaying foreign languages, especially, English messages to illiterate peoples in some parts of the Country.The Bill first brought to the House last year, but lapsed with the last session, also seeks to promote Nigerian languages that are on the verge of extinction because of a dearth of literature on them.

web allafrica.com	Enter your search terms	Submit search form
OR subscribers use AllAfrica's premium search engine


Use our pull-down menus to find more stories