Economy

Ex-Staff Wins Suit Against Notore Chemical, to Get N20.5m

Published

6 years ago

24/02/2020

By Modupe Gbadeyanka

The management of Notore Chemical Industries Plc has been directed to pay the sum of N20.5 million to one of its former employees, Mr Ayodele Balogun, as gratuity claim.

This directive was given by Justice Nelson Ogbuanya of the National Industrial Court sitting in Lagos earlier this month. The amount is the outstanding balance of Mr Balogun’s gratuity payment due to him since 2013.

The company, owned by Nigerian businessman, Mr Onajite Okoloko, was also asked by the court to the sum of N1 million as the cost of action within one month, failing which it attracts 10 percent interest rate per annum until fully liquidated.

According to Justice Ogbuanya, Notore Chemical action credited to external advice which prompted the defence of ‘mistaken payment’ was not justified, and cannot override the obligation to pay outstanding balance due to the claimant.

From facts, the claimant was employed on October 1, 2008 as Chief Marketing Officer and by a letter dated June 14, 2013, sent via e-mail on Wednesday, June 19, 2013, tendered resignation, and indicated that it would take effect on October 1, 2013.

He further said as a result of his service to the firm spanning 5 years, he was entitled to payment of gratuity upon successful exit from the company. He further claimed a total settlement package was communicated to him via e-mail out of which only 50 percent was paid and all effort to get balance proved abortive.

In argument, the firm submitted that Mr Balogun did not attain the threshold of ‘continuous service greater than five years and up to 10 years’ to be qualified for monetary payment in addition to ‘Testimonial of Service’, which is the only package available for those who were in ‘continuous service up to five years’, under the company gratuity that the payment already paid to the claimant was a mistake and it was because of the discovery of the error that it refused to pay the balance and also seeks refund of it.

Counsel to the firm further argued that the claimant’s resignation became effective on date of receipt of the letter of resignation by the employer, and as such, the correct effective date of his resignation was June 14 2013 (submission date), and not October 1, 2008 contained in the resignation letter.

The company’s counsel further said that the claimant’s case lacked merit and should be dismissed while upholding the counter-claim for refund of the sum already paid to the claimant in error.

But counsel to the claimant, U. U Njoku, argued that Notore Chemical failed to tender its payroll to disprove that the claimant was no longer in its pay roll as at October 1, 2013, urging the court to so hold and grant the reliefs sought.

Delivering his judgment, Justice Ogbuanya held that where date was not provided in the resignation, it takes immediate effect upon receipt of resignation, but when effective date is provided, it becomes effective on the last day of the notice period.

“I also note that it is part of the court’s equitable jurisdiction to preserve earned benefits, particularly those of pecuniary nature, and court usually tilts towards resolving such emerging controversy in favour of the beneficiary rather than in favour of one trying to take away or expropriate the benefit.

“From the tenor of the above provisions of the company Gratuity Policy, I find that once an employee attains 5 years of continuous service with the defendant, such an employee shall/must be entitled to not only cash payment as gratuity but also other testimonials and certificate of appreciation and or asset gift.

“In the circumstance of the claimant, I find that he has attained 5 years of continuous service with the defendant and there was no evidence disputing that he resigned wilfully and there was no evidence of any skirmish of probe or low performance tainting his voluntary resignation. I so hold,” Justice Ogbuanya ruled, dismissing the company’s counter-claim for lacking merit.

Economy

Crypto Investor Bamu Gift Wandji of Polyfarm in EFCC Custody

Published

19 hours ago

31/01/2026

Dipo Olowookere

By Dipo Olowookere

A cryptocurrency investor and owner of Polyfarm, Mr Bamu Gift Wandji, is currently cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).

He was handed over to the anti-money laundering agency by the Nigerian Security and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.

A statement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for running an investment scheme without the authorisation of the Securities and Exchange Commission (SEC), which is the apex capital market regulator in Nigeria.

It was claimed that Mr Wandji created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.

Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.

In his bid to promote the scheme, the suspect posted about this on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria including Kaduna, Lagos, Port Harcourt and Abuja where he described the scheme as a life-changing programme.

Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a cyber attacking group linked to North Korea.

Further investigations showed that Polyfarm is not registered and not licensed with SEC to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.

Investigation also revealed that native coin, polyfarm coin was never listed on coin market cap and that the suspect sold worthless coins to the general public.

Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.

The EFCC, in the statement, disclosed that Mr Wandji would be charged to court upon conclusion of investigations.

Economy

Nigerian Stocks Shed 0.09% on Mild Profit-Taking

Published

19 hours ago

31/01/2026

Dipo Olowookere

By Dipo Olowookere

Profit-takers pounced on the Nigerian Exchange (NGX) Limited on Friday, weakening it by 0.09 per cent at the close of transactions.

Investors toned down on their hunger for Nigerian stocks during the last trading session of the week, with selling pressure mainly on the banking space, which shed 0.78 per cent.

The bourse crumbled despite the other sectors closing green, with the consumer goods up by 0.10 per cent, and the energy index up by 0.02 per cent, while the industrial index closed flat.

Livestock Feeds depreciated by 10.00 per cent to sell for N6.30, Learn Africa declined by 10.00 per cent to N8.10, Living Trust Mortgage Bank also slipped by 10.00 per cent to N4.05, Deap Capital gave up 9.97 per cent to trade at N9.39, and Industrial and Medical Gases lost 9.61 per cent to finish at N31.50.

On the flip side, Zichis appreciated by 9.97 per cent to N4.19, Abbey Mortgage Bank gained 9.94 per cent to quote at N9.40, RT Briscoe jumped by 9.93 per cent to N7.86, Haldane McCall grew by 9.90 per cent to N4.33, and Omatek increased by 9.87 per cent to N3.00.

Business Post reports that the market breadth index was positive despite the poor outcome, recording 33 price gainers and 31 price losers, representing strong investor sentiment.

The All-Share Index was down by 156.91 points during the session to 165,370.40 points from the 165,527.31 points achieved a day earlier, and the market capitalisation depleted by N184 billion to N106.153 trillion from N105.969 trillion.

Trading data showed that 687.4 million equities valued at N15.0 billion exchanged hands in 41,553 deals yesterday compared with the 691.4 million equities worth N15.4 billion traded in 38,665 deals on Thursday, implying a jump in the number of deals by 7.47 per cent, and a slip in the trading volume and value by 2.60 per cent, respectively.

The busiest stock on Friday was Veritas Kapital with 80.5 million units worth N197.0 million, Secure Electronic Technology transacted 79.3 million units valued at N87.5 million, Deap capital transacted 33.3 million units for N340.5 million, Access Holdings sold 31.0 million units valued at N703.0 million, and Zenith Bank exchanged 30.6 million units worth N2.2 billion.

Economy

NASD Exchange Rises 0.20%

Published

23 hours ago

31/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.20 per cent on Friday, January 30, supported by the gains achieved by two securities on the platform.

During the session, Okitipupa Plc went up by N15.70 to finish at N234.60 per share versus the previous day’s N218.90 per share and Paintcomm Investment Plc expanded by 5 Kobo to close at N11.05 per unit compared with the previous day’s N11.00 per unit.

It was observed that yesterday, there were three price losers led by Geo-Fluids Plc, which dropped 60 Kobo to sell at N5.75 per share versus N6.35 per share, Afriland Properties Plc declined by 35 Kobo to close at N13.65 per unit compared with Thursday’s closing price of N14.00 per unit, and Industrial and General Insurance (IGI) Plc depreciated by 3 Kobo to 66 Kobo per share from 69 Kobo per share.

At the close of business, the NASD Unlisted Security Index (NSI) rose by 7.34 points to 3,630.11 points from 3,622.77 points and the market capitalisation grew by N4.39 billion to N2.171 trillion from N2.167 trillion.

A total of 287,618 units of securities exchanged hands on Friday compared with the previous day’s 1.9 million units of securities, indicating a decline in the volume of trades by 85.6 per cent.

The value of transactions, according to data, was down by 77.2 per cent to N3.1 million from N13.4 million, but the number of deals increased by 31.3 per cent to 21 deals from 16 deals.

Central Securities Clearing System (CSCS) Plc remained the most traded stock by value (year-to-date) with 15.4 million units exchanged for N623.0 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.6 million units traded for N108.5 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.

CSCS Plc also ended the session as the most active stock by volume (year-to-date) with 15.4 million units sold for N623.0 million, followed by Mass Telecom Innovation Plc with 10.1 million units worth N4.1 million, and Geo-Fluids Plc with 9.1 million units valued at N61.1 million.