Business

US court acquits Air Peace boss, slams Mayfield $4000 fine

Published

8 months ago

October 22, 2024

The District Court in Atlanta, Georgia has exonerated Allen Onyema, the Chief Executive of Air Peace, of any business fraud. This is after three years of investigation involving about five agencies of the American government and the subsequent legal fireworks.

The court, which discovered that there was no loss against any bank in the indictment suit filed by the Attorney for the Northern District of Georgia, however, ordered a probation and $4000 fine against a former staff of Springfield Aviation Company Inc., Ebony Mayfield last Friday.

A statement by the law firm of Augustine Alegeh & Co., counsel to the Airline, explained that Mayfield was an administrative staff of Springfield with limited knowledge in Letter of Credit Transactions, who pleaded guilty to one count in the indictment, presumably as she realised the futility of attempting to explain several Letters of Credit utilised for purchase of aircraft for Air Peace Limited in a jury trial.

Probation, the firm explained, is the lowest possible sentence available under American Federal Law. The firm noted that there have been false and unsubstantiated stories in Nigeria, about the indictment.

“Our clients never took loans or credit from any American Bank and Mayfield was never paid the sum of $20,000 at any time to commit any fraud, as it is being peddled in some quarters.

“There was no loss of money or any damage whatsoever to any third party. The American government admitted in Court that no bank suffered any financial loss in the matter.

“Mayfield, like other Springfield Aviation Company Inc. staff, was only paid her bi-weekly salary and/or allowances,” it clarified.

According to the firm, the decision confirmed the position of its clients that there was no fraudulent intent in all the Letters of Credit, because there was no victim in any way, manner or form.

All the funds involved, it explained, were legitimate funds belonging to its clients “Our clients maintain their innocence in the matter and state that all steps taken in respect of the Letters of Credit were taken in good faith and with legitimate funds.

“All the aircraft involved were brought into Nigeria and utilised in the operations of Air Peace Limited. There was no victim. There was no loss of funds to any person and there was no criminal intent whatsoever.

“Our client’s position has been reviewed by various Law Enforcement Agencies in Nigeria and no evidence of criminality has been established against them. Our Clients remain resolute in the assertion of their innocence,” the firm declared.

Business

CAC reviews service fees

Published

2 days ago

June 18, 2025

Ekwutos Blog

The Corporate Affairs Commission, CAC, has announced a review of its service fees, scheduled to take effect from August 1, 2025.

Ekwutosblog learnt that the review followed a thorough evaluation of current economic conditions, rising operational costs, and consultations with key stakeholders across relevant sectors by the Commission.

The adjustments affect services provided to companies, business names, limited partnerships, and incorporated trustees, including post-incorporation filings and other regulatory services.

A comprehensive list of the new fees is available on the CAC website.

The adjustment is reportedly aimed at improving service delivery through enhanced digital operations.

Business

Lagos loses N4trn yearly to traffic congestion, moves to regulate tanker operations

Published

6 days ago

June 13, 2025

Ekwutos Blog

The Lagos State Government has disclosed that the state suffers economic losses amounting to approximately N4 trillion each year due to persistent traffic congestion

This was revealed by the Special Adviser to the Governor on Transportation, Mr Sola Giwa, during a recent interview on TVC News.

He identified unregulated parking and the chaotic activities of tankers and articulated vehicles along key logistics corridors as major contributors to the problem.

In response, the government has announced the enforcement of an Electronic Call-Up (E-Call-Up) system, scheduled to take effect from Monday, June 16, 2025.

The initiative targets tankers and articulated vehicles operating along the Lekki-Epe corridor

Giwa explained that all truck operators entering Lagos to load or offload goods will now be required to register and book their movements through the E-Call-Up platform.

The system is designed to coordinate truck activities, eliminate indiscriminate roadside parking, and reduce traffic disruptions.

“Under the new system, tanker operators will be required to upload their Authority to Load, ATL, and pre-book assigned parking slots before arriving in Lagos.

The platform will also collect relevant cargo and travel data, supporting better logistical planning and enforcement.

Seven dedicated truck parks have been approved along the Lekki-Epe axis. These facilities will be equipped with restrooms, kitchens, electricity, and other basic amenities to support driver welfare and operational efficiency.

Giwa stated that the policy is the outcome of more than two years of stakeholder engagement and is a key part of the state’s broader efforts to reform its transportation system and build a more efficient and resilient urban environment.

Business

Arnold Ekpe: Nine things you need to know about new Chairman of Dangote Sugar

Published

1 week ago

June 12, 2025

Ekwutos Blog

Dangote Sugar Refinery Plc recently appointed Mr Arnold Ekpe as the new Chairman of its Board, effective 16th June 2025.

Ekpe’s appointment comes after the retirement of Alhaji Aliko Dangote as Chairman of the company on Wednesday.

Dangote’s retirement brought an end to a 20-year leadership of the company.

His retirement will take effect starting from June 16, this year, according to a statement issued yesterday by Company Secretary Temitope Hassan.

However, Ekwutosblog brings you seven things you need to know about Dangote’s replacement, Arnold Ekpe:

1. Ekpe is a seasoned finance professional with more than thirty years of experience in the corporate sectors and banking.

2. He was born in Aug. 1953 in Nigeria, and went to King’s College, Lagos, where he graduated in 1972 and later traveled to abroad for his tertiary education.

3. Ekpe attended the University of Manchester and earned a First Class Honours degree in Engineering as a Shell Scholar (1973–1976).

4. He later obtained an MBA from Manchester Business School (1977–1979).

5. Ekpe started his career in 1977 with Schlumberger SA as a Wireline Logging Engineer.

6. He joined Alcan Aluminium Nigeria as Executive Assistant to the CEO in 1979.

7. Ekpe then entered the banking industry in the early 1980s, starting at International Merchant Bank (an affiliate of First Chicago) as Head of Strategy.

8. He later became Group CEO of Ecobank Transnational Incorporated, a role he held until his retirement in 2012.

9. He has served as an Independent Non‑Executive Director at Dangote Sugar Refinery since 2024.