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Polaris Bank obeys court order, pays customer N500,000 for failed POS transaction

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Polaris Bank on Wednesday paid N500,000 as damages to a customer in Akwa Ibom State who had complained that the bank did not reverse within 72 hours as provided by the law a failed N61,000 Point of Sale (POS) transaction.

The bank paid the money in obedience to an order of a State High Court in Uyo.

PREMIUM TIMES, last month, reported on the order of the court

The customer, Idongesit Nwoko, told our reporter Wednesday evening that she was invited to a branch of the bank in Uyo, where the N500,000 cash was handed to her by an official from the bank.

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She advised other bank customers to always seek redress in the court of law whenever they are not treated fairly by bank officials.

Mrs Nwoko, a civil servant in Akwa Ibom, used a POS to make a withdrawal of N61, 000 on December 24, 2020. The bank debited her even when she could not withdraw the money.

She said she made several efforts, including repeated visits to the bank, but that the debit was not reversed until after 28 days.

She later sued the bank through her lawyer, Utibe Nwoko, asking the court to compel the bank to refund her N61, 000 and pay her N100 million as damages and N1 million as cost of legal action.

Justice Bennet Ilaumo, while delivering judgment on the matter, ordered Polaris Bank to pay the customer N500, 000 as damages for failing to reverse the failed transaction within the 72 hours as provided by the law.

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A source in the bank, who did not want his name mentioned because he was not authorised to speak on the matter, said the bank had a genuine case to appeal the judgment but that the legal cost of appeal far outweighs the damages the bank was asked to pay.

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150 Years: FrieslandCampina Pays Tribute to Member Dairy Farmers

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To mark the end of its 150th anniversary year, FrieslandCampina presents its new short film, A New Day. The film pays tribute to the many generations of dairy farmers who have made FrieslandCampina what it is today; a dynamic, forward-looking dairy cooperative and a global company.

‘A New Day’ tells the story of the next generation of farmers, focused on the future of dairy farming with lots of passion and determination, while adapting to the rapidly changing world.

According to Hein Schumacher, CEO FrieslandCampina: “We are very proud of our farmers and our cooperative heritage. For over 150 years, our member farmers have always managed to adapt to what the market and society demand from them. By actively responding to evolving needs and constantly innovating, they have developed themselves into very innovative farmers.

“I have great admiration for the next generation of farmers, especially in these tense and uncertain times. They are building the future of sustainable dairy farming, with the same commitment and unwavering spirit as the many generations before them. This film is our tribute to all dairy farmers, young and old,” Schumacher said.

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Also commenting, Ben Langat, Managing Director, FrieslandCampina Sub-Saharan Africa said, “The story of our cooperative is a special one. ‘A New Day’ celebrates our farmers who are playing that critical role in bringing better nutrition to the tables of families across Sub-Saharan Africa. FrieslandCampina Sub-Saharan Africa salutes our farm heroes and remains steadfast in our commitment and support to the development and prosperity of our local dairy farmers.”

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The four-minute film tells the story of three young dairy farmers who are on a journey, sometimes literally, as they face dilemmas, make choices and emerge stronger, ready for a new day. The film shows the challenges they are facing in this rapidly changing world. ‘A New Day’ is the sequel to ‘The Story of Milk, produced in 2012, also by corporate cinema agency 1Camera.

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Watch it below.

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Asia’s richest man sees growing isolation for China

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Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness.

Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role.

Asia’s richest man said that “housing and credit risks” in the world’s second largest economy were also “drawing comparisons with what happened to the Japanese economy during the ‘lost decade’ of the 1990s.”

Adani was speaking less than a month after the business mogul became the world’s third richest man, according to the Bloomberg Billionaires Index. He is the first Asian to take that spot.

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The founder of the eponymous Adani Group controls companies ranging from ports to power.

While pessimistic about China, Adani remains bullish about his own country, saying that India is “one of the few relatively bright spots from a political, geostrategic, and market perspective.”

He anticipates India to become the world’s third largest economy by 2030, with “the largest consuming middle class the world will ever see.”

Some technology firms looking to reduce their dependence on Chinese manufacturing already see India as an attractive alternative.

On Monday, Apple announced that it has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous generations.

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Businesses may have to move away from China not just because of its strict Covid restrictions, which have been hurting supply chains for months now, but also because of rising tensions between Washington and Beijing over Taiwan.

The US government ordered two of America’s top chipmakers to stop selling high-performance chips to China earlier this month. And, last week, leaders of America’s biggest banks said they could exit China if it ever attacks Taiwan.

Adani also mentioned the challenges facing the United Kingdom, and countries in the European Union, because of the war in Ukraine and Brexit.

“While I expect all these economies will readjust over time — and bounce back — the friction of the bounce-back looks far harder this time,” he said.

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African Youth Entrepreneurship Agreement Signed Between the Tony Elumelu Foundation and UNCDF

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Memorandum of Understanding Signed on the Sidelines of the UN General Assembly

The Tony Elumelu Foundation and the UN Capital Development Fund (UNCDF) today signed an agreement to support youth entrepreneurship in Africa, with a specific focus on historically underinvested areas within African frontier markets.

In bringing together the expertise, experience and boots-on-the-ground presence in African markets of The Tony Elumelu Foundation and UNCDF, the two organizations will work towards reaching and empowering the most promising youth entrepreneurs on the continent.

A memorandum of understanding (MOU) was signed at the offices of UNCDF on the sidelines of the 77th session of the UN General Assembly. The agreement was signed by Tony O. Elumelu, C.O.N, Founder of The Tony Elumelu Foundation; and Preeti Sinha, Executive Secretary of UNCDF.

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Tony O. Elumelu, C.O.N, Founder of The Tony Elumelu Foundation; and Preeti Sinha, Executive Secretary of UNCDF.

“In Africa, we feel the harsh impact of youth joblessness. As African leaders, we must do something. As global leaders, it is important that we work together to address this issue. If we don’t deal with these challenges today, the world will not be a good place for all of us,” said Tony Elumelu, Founder of The Tony Elumelu Foundation. “In Nigeria alone, about 60% of our young ones, who account for half of our population are not employed. This is a problem that we need to resolve collectively. I want to say thank you Preeti, your colleagues, and the entire UNCDF, for supporting this kind of partnership. We know what our young ones in Africa need, we know how having access to finance can help change the trajectory of their lives. I hope that what we are about to do today with this partnership signing will help to expand and scale what we do at TEF. Last year, we partnered with the European Union to empower 3,000 young African women entrepreneurs, because they share our belief that if you empower a woman, you empower an entire community. We hope that this initiative helps us to touch even more lives across the continent.”

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“LDCs face a stark demographic challenge, as their population is projected to double to 1.7 billion by 2050. The LDC youth population aged 15 to 24 years is expected to soar to 300 million by 2050, when one in four youths worldwide will live in an LDC. We cannot embark on this journey alone, as the challenge is daunting and requires a concerted effort. This is why we welcome collaborating with like-minded organisations working in the same direction,” said Preeti Sinha, Executive Secretary of the UN Capital Development Fund. “The TEF is one like no other, a leading champion of young entrepreneurship in Africa. UNCDF is thrilled about the endless possibilities for collaboration in the field of youth entrepreneurship, leveraging the strengths of both organisations.”

The agreement is intended to leverage the distinct capabilities of the two organizations. The Tony Elumelu Foundation is the leading philanthropy empowering young African entrepreneurs, serving all 54 African countries. UNCDF serves as the UN’s catalytic finance entity for the world’s 46 least developed countries, which it sees as the frontier economies of today and the growth markets of tomorrow.

As part of the mission to support youth entrepreneurship in Africa, the MOU will call on the two organizations to mobilize resources for youth-led enterprises, including enterprises operating through joint-programmes between The Tony Elumelu Foundation and UNCDF.

The two organizations under the MoU will also look to create platforms that will connect such enterprises with critical resources to support their business models; including financial capital, access to networks and markets and technical assistance.

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Tony O. Elumelu, C.O.N, Founder of The Tony Elumelu Foundation; and Preeti Sinha, Executive Secretary of UNCDF.

The Tony Elumelu Foundation is the leading champion of entrepreneurship in Africa. Our objective is to empower women and men across our continent, catalysing economic growth, driving poverty eradication and ensuring job creation. We believe the private sector’s role is critical for Africa’s development and that the private sector must create both social and economic wealth. Founded by African investor and philanthropist, Tony O. Elumelu, C.O.N, and representing his personal commitment to creating a new generation of entrepreneurs, through his investment company, Heirs Holdings, the Foundation is active in all 54 African countries.

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UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development. UNCDF’s financing models work through three channels: (1) inclusive digital economies, which connects individuals, households, and small businesses with financial eco-systems that catalyze participation in the local economy, and provide tools to climb out of poverty and manage financial lives; (2) local development finance, which capacitates localities through fiscal decentralization, innovative municipal finance, and structured project finance to drive local economic expansion and sustainable development; and (3) investment finance, which provides catalytic financial structuring, de-risking, and capital deployment to drive SDG impact and domestic resource mobilization.

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