Niger Delta
Nwuche Sues GTB Over N300m Share Loss
Former Deputy Speaker of the Federal House of Representatives, Prince Chibudom Nwuche, has sued Guaranty Trust Bank (GTB) in a High Court in Port Harcourt for damages resulting from losses of his equity shares totaling N300 million acquired in 2008, through WSTC Financial Services, the second defendant.
In suit number PHC/2026/2010, brought before Justice Boma Diepiri, the former Deputy Speaker is claiming the sum of N250 million as special and general damages, as a result of negligence and unprofessional manner the bank handled the transaction leading to collapse in claimants’ investment.
Prince Nwuche is also seeking the court to put a perpetual injunction on the bank from recovering any purported debts arising out of the margin facility.
A breakdown of claims by the Deputy Speaker shows that he is seeking N100 million for his equity contribution and N150 million for general damages.
According to Prince Nwuche’s counsel, George Stevenson, his client is seeking to mitigate his losses over an equity shares acquired from the court.
Barrister Stevenson told the court that his client was miffed by the selling of the shares in 2008 during stock crash without due consultation by the bank.
He argued that the 1st defendant had put its financial interest above that of the claimant as it failed to protect the interest of the claimant.
Worried with the bank’s action, Prince Nwuche told the court that he had written to them in 2008 but they went ahead to sell the shares in November 2008 despite his protest.
He claimed that the bank sold the shares at a net loss compelling him to liquidate the facility after his contribution has been eroded.
However, after the first mention of the case on Wednesday Justice Boma Diepiri adjourned the matter till 25th July for a pre-trial conference between the parties.
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Niger Delta
Monarch Lauds Fubara Over Speedy Execution Of Projects In Rivers
A traditional ruler in Rivers State, His Royal Highness, Epelle D. E. Asukokpong has commended the Rivers State Governor, Sir Siminalayi Fubara, for ensuring speedy execution of ongoing projects across the state.
Asuk-okpong, who is the Paramount Ruler of Egwe-Asukokpong in Asarama District, in Andoni Local Government Area lauded the Governor during his inspection tour with his Cabinet on a section of Andoni road linking Oyorokoto fishing community in the area, yesterday.
The Paramount Ruler who expressed satisfaction with the pace of work on the road, commended the Governor for the seriousness he attached to the project.
According to him, “there is a serious motivation on the part of the company handling project.
“With what am seeing today I can say that the Company has redoubled its effort by 50 percent after the Governor’s inspection of the Road on October 28, 2025.
“I thank God for His intervention in the political impasse that was trying to slow down the pace of development in the State.”
The Traditional Ruler, who doubles as PRO of Asarama Divisional Council of Traditional Rulers and Secretary Asarama Town Council of Traditional Rulers said traditional rulers in his domain would continue to support the efforts of Government at all levels to ensure security and development in the area.
He also appealed to the State Government to intervene in the abandoned Asarama, Engendem, Unyeada Ring Road in the area.
It would be recalled that the Rivers State Governor, Sir Siminalayi Fubara, on October 28, 2025, visited the Andoni Atlantic Ocean shoreline to inspect the 13-kilometre road project currently under construction.
The road, when completed, will provide direct access to the beach and link Oyorokoto — a fishing settlement in — to Ngo, the headquarters of Andoni Local Government Area which has since been linked to mainland Ogoni by the Governor.
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