The Nation Newspaper

Tag: Chief Executive Officer

  • Innoson, GTB draw battle line over N400b lawsuit

    Innoson, GTB draw battle line over N400b lawsuit

    Indications are that the N400billion civil action instituted by Innoson Nigeria Limited and its Chief Executive Officer, Dr. Innocent Chukwuma against Guaranty Trust Bank Plc may have set off a chain of reaction, the outcome of which may not be palatable to either of the two parties, if the arguments of financial and economic pundits is anything to go by.

    It would be recalled that Innoson had sued Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja, claiming a total sum of N400 billion damages for injury to their reputation, moral character, credibility, office, vocation and trade.

    Besides, they are also seeking for an order of perpetual injunction restraining the bank from further defaming them.

    According to analysts, although both companies have been involved in a legal tussle for some years now, they nonetheless argued that N400billion was too high and capable of affecting the operations of GTBank, if granted by the court.

    However, some legal analysts have argued that there is no amount of money that can equate to the name and reputation of an individual or organisation.

    Citing Socrates, Edwards Michael, a lawyer said: “Regard your good name as the richest jewel you can possibly be possessed of.” In the same vein, the Bible says: “A good name is to be desired more than gold; being held in high esteem is better than silver or gold.”

    According to Micheal, Innoson and Chief Chukwuma seem to believe that a good name is priceless, and once stained it could destroy all a person or company has laboured for over the years.

    “The name of Chief Chukwuma has been built into reputable names. Once smeared, they will lose the trust of the public and also the patronage of the public, which may lead to the death of the business and any future endeavour embarked upon by Chukwuma.”

    The lawsuit was filed by Innocent Chukwuma’s counsel, Prof Joseph N Mbadugha Esq,  sequel to a recent decision by the Supreme Court of Nigeria in favour of Innoson Nigeria Ltd. in Appeal No: SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May 2017, the Supreme Court dismissed GTBank’s Application.

    Innoson Nigeria Ltd had won various lawsuits against GTBank, including 29th July 2011, the Federal High Court, Ibadan Division, through a garnishee order absolute ordered the Defendants (GTBank) to pay the sum of N2,048,737,443.6k to Innoson Nigeria Ltd.

    GTBank however appealed against the judgment at the Court of Appeal, Ibadan Division. In a unanimous judgment, delivered on 6th February 2014, the Court of Appeal dismissed the appeal, affirmed the judgment of the trial Court and ordered the Defendant (GTBank) to pay the said sum of N2, 048,737,443.67k to Innoson Nigeria Ltd.

    Not satisfied, GTBank appealed to the Supreme Court on 11 grounds. Subsequently, GTBank sought to amend its notice of appeal – to adduce fresh evidence – to show that Innoson Nigeria Ltd obtained the judgment of the Court of Appeal by fraud and fraudulent suppression of material facts.

    Thud GTBank had through its motion on notice in Appeal No: SC/694/2014 dated the 22nd of January 2016 and filed at the Supreme Court on the 5th of February 2016, with a 15 paragraph affidavit in support averred that Innoson Nigeria Ltd obtained the Court of Appeal Judgment against GTBank in Appeal No CA/I/258/2011 by fraud.

    Similarly, at paragraphs 9 and 10 of the affidavit in support of the said motion on notice deposed to by Sarah Ugamah on behalf of GTBank, GTBank said that Innoson Nigeria Ltd fraudulently suppressed that it was paid the sum of N1, 406,515,845.98 in liquidation of the judgment debt.
    However in a unanimous decision, on 12th May 2017, the Supreme Court dismissed the GTBank’s said motion on notice; and while dismissing the motion, Supreme Court stated, inter alia, that GT Bank engaged in double speaking and in a frivolous frolic in bringing the application.

    In the fresh suit, Innoson Nigeria Ltd and Chief Innocent Chukwuma maintained that the words published by GTBank – that it obtained the Court of Appeal Judgment by fraud and fraudulent suppression of the fact that Innoson Nig. Ltd. was paid the sum N1,406,515,845.98 in final liquidation of the judgment debt – implies that Innocent Chukwuma and Innoson Nigeria Ltd are dubious, dishonest, dishonorable, and untrustworthy, of questionable character, fraudster, criminally deceptive, cheats and obtaining money through false pretenses.

    In consequence, Innoson Nigeria Ltd and Innocent Chukwuma are claiming against the GTBank PLC as follows: N100billion exemplary damages; N100billion for injury to feelings – mental pains and anxiety; N150billion for injury to reputation and N50billion general damages.

    Innoson Nig Ltd. and Chief Innocent Chukwuma further claim:

    –      An order that the published words complained of be retracted by the Defendant – GTBank with an apology published in two National dailies;
    –      An order of perpetual injunction restraining the GTBank from further maligning or otherwise defaming them in the words or similar words, complained of in this motion;
    –      An order of perpetual injunction restraining GTBank, its agents, privies or whomsoever from further defaming the plaintiffs;
    –      22% interest on the said sums of money claimed above commencing on 22nd January 2016 till the date of the judgment and thereafter at the same rate of 22% interest until the satisfaction of the judgment debt.

    With Guaranty Trust Bank having a shareholders’ funds base of N546.9 billion, having a N400 billion suit hanging on its neck, analysts have argued that paying such a judgement debts if found guilty by the court, such a case will not be in the best interest of a financial institution like the GTBank that is the custodian of people’s money.

    As the legal battle rages, it is not clear yet how this whole issue will pan out.

    But economic analysts hold the view and very strongly too that these two organisations  will find an amicable way to settle their differences, so as to have maximum time for their core areas of operations.

  • MainOne Submarine Cable will suffer 14 days service outage – Official

    MainOne Submarine Cable will suffer 14 days service outage – Official

    The Chief Executive Officer, MainOne, Ms Funke Opeke, on Tuesday said the company’s submarine cable would be out of service for 14 days due to a fault.

    According to a statement in Lagos, Opeke said that the company experienced a fault on its submarine cable system, 3000km offshore Portugal on Sunday, June 18.

    Opeke said that the service outage was the first of its kind in seven years since the cable system came into operation.

    She said that the fault had caused disruptions in service to MainOne’s international connectivity customers in West Africa.

    “Supported by our cable maintenance arrangement with the , we immediately mobilised a repair-vessel from France early Monday morning.

    “ACMA is to pick up the necessary spares and personnel to recover the affected sections of the submarine cable in the Atlantic Ocean and effect repairs.

    “The current estimated time for the repairs may be up to 14 days.

    “This is an event of Force Majeure, being beyond our control in the ordinary and normal course of business.

    “However, we have in the interim, made available existing restoration capacity and have secured additional capacity to offer temporary relief to our customers where feasible,’’ she said.

    Opeke said that the company would continue to provide updates on the progress of the repair
    works.

  • Eko Disco to recover N1.3bn debts

    Eko Disco to recover N1.3bn debts

    The Management of Eko Electricity Distribution Company Plc (EKEDCP) on Thursday said that over N 1.33 billion was yet to be collected from customers for their bills in March.

    Its Chief Executive Officer, Mr Oladele Amoda, disclosed this during a stakeholders’ consultative forum with Lekki customers in Lagos to rub minds on how to address payment of electricity bills.

    NAN reports that the forum is tagged “prompt payment of electricity bills to enhance effective power supply’’.

    Amoda, who was represented by the company’s Chief Operating Officer, Mr Sam Nwaire, said that the company recovered N4.8 billion payment out of N6.1 billion owed by customers for March.

    He said that the company was still battling to recover over N.13 billion debt being owed by customers for the month, adding that such huge debts had affected the company’s major projects.

    According to him, energy supply to the company from the national grid has increased from 150 megawatts to 300 megawatts in the month.

    “This has boosted effective power distributions to customers but yet majority of the customers refused payment.

    “In spite of the quantum of supply distributed to customers in the Month of March, large numbers of customers were yet to turn out for payment.

    “We have equally recorded over N6.5 billion energy consumed by customers for the month of April but we are yet to compute the final payment chats and outstanding customers debt profile since the month is still running,’’ he said.

    Amoda said that the 20 per cent compensation promised to offer anyone who reported energy theft by unscrupulous elements was yielding good result.

    He said that the company recorded high rate of customers who came to report those engaging in such act.

    According to him, we have received over 10 people who came to report those who are by-passing meters.

    “A task force has been set up to inspect houses of consumers and impose a penalty of N1m on anyone caught in energy theft.

    “The company would henceforth commence effective prosecution of energy theft suspects and also publish their names in the national dailies.

    “We appeal to our customers to avoid engaging in by-passing the meters because it’s criminal and punishable under Electricity Regulation Code of Conduct Act,’’ he said.

    On metering, Amoda said that the company had commenced deployment of the first phase of over 600 free pre-paid meters to all Eko disco’s district area.

    He said that the company would ensure that over 140,000 free pre-paid meters are installed in every district areas before the end of the year while appealing to residents to ensure prompt payment of their bills.

    The Eko disco boss said that about seven suspected vandals were arrested in various locations of its operations and were facing prosecution.

    He said that one of them was caught at Thomas Street in Surulere area of Lagos when he was caught in the act by a security guard in the area.

    The EKEDCP helmsman said that the suspect was caught trying to cart away 4core/70mm cable at Eko Club sub-station.

    He urged communities to be vigilant and guard against activities of vandals in their area, adding that the company would work hand in hand with the police to ensure that the suspects and others would be duly prosecuted in the court.

    Amoda said that the measure became necessary against the backdrop of over N1 billion lost to various forms of electricity theft and vandalism in the zone.

    He said that electricity materials, such as cables and wires, had either been stolen or vandalised within its operations.

    He said some areas where equipment vandalism had been rampant included Apapa, Mushin, Ikoyi, Ajegunle and FESTAC of Lagos State.

    According to Mr. Amoda, equipment such as 300KVA and 500KVA are being destroyed in Eko Disco monthly.

    “Vandalism of electricity installations in the areas has become a problem, and within the past four months, the unit has recorded further acts of vandalism of nine transformer substations,” he said.

  • Nominations open for Airtel touching lives season 3

    Nominations open for Airtel touching lives season 3

    …restates commitment towards less privileged Nigerians.

    Following the remarkable impact and success recorded in the Seasons 1 and 2 of its revolutionary Corporate Social responsibility (CSR) intervention tagged Touching Lives, Airtel Nigeria, has announced the Season 3 in line with its commitment to making sustainable impact on the lives of disadvantaged people, the needy and communities across Nigeria.

    Speaking at the media announcement/unveiling of Season 3 of the life-changing social investment initiative on Thursday, Airtel’s Managing Director and Chief Executive Officer, Mr. Segun Ogunsanya, explained that through Touching Lives, the telecoms firm offered practical relief, succour, hope, opportunities and credible platforms to liberate and empower the underprivileged, disadvantaged and hard to reach persons in the society.

    In his speech, Ogunsanya said: “At Airtel we believe that to be a great company we must first be a good company, and we are very much committed to earning our social license – the love and acceptance of the various communities and people we serve.

    “When we launched the maiden edition of Touching Lives, major stakeholders especially the media wanted to know if the initiative was a one-off and if the launch was just for media exposure and brand building. Our responses haven’t changed – Airtel Nigeria is committed to creating positive impact in the various communities it operates in and we are genuinely inspired to uplift the less privileged around us as well as create prosperity platforms for many Nigerians on a long-term, sustainable basis,” Mr. Ogunsanya said.

    Enumerating how the telco’s multi-million Naira CSR initiative has brought positive changes in the lives of thousands of Nigerians, Ogunsanya stated that through Airtel Touching Lives, the company provided potable water for several starved communities, built maternal and health centres for remote communities, built and renovated schools to provide quality education to the less privileged.

    Ogunsanya, while explaining that Airtel Nigeria is not intending to be the only company touching lives, since there are millions of people it cannot reach for different reasons, called on corporate organizations and individuals to consider ways to complement the initiative.

    His words: “Part of the challenges for us is that we cannot entertain all the entries received. What we can only do is consider the Need, Impact and Affordability of the initiative for 36 people and communities out of several millions. That’s why Airtel is inviting more companies to come on this journey.

    “This initiative gives room for positive pressure from neighbouring communities and government. If we adopt a school and transform it for good, government can take up the surrounding schools. That’s what we are talking about.”

    In a goodwill message, publisher of Business Day Newspaper, Mr. Frank Aigbogun, commended Airtel for giving voice to the voiceless, supporting the down-trodden and bringing smiles to the faces of needy Nigerians, observing that the telecoms firm was not compelled to invest in charity, but inspired purely by love for the less privileged people.

    Similarly, Chief Executive Officer of Brila FM, Dr. Larry Izamoje, who pledged support to propagate the essence and accomplishment of Airtel Touching Lives via Brila FM radio stations across Nigeria, noted that the CSR initiative has become one of the most notable platforms for empowering disadvantaged people to achieve their goals in life.

    Izamoje commended the company for the good initiative while recalling the narratives of how CRS touched and transformed the lives, hopes and aspirations of great sportsmen like Lionel Messi, Cristiano Ronaldo and a few others.

    Recounting how it happened for him, one of the beneficiaries, Mr David Anyaele, Executive Director, Centre for Citizens with disabilities said that the impact of Airtel Touching Lives initiative has helped him know that everyone can touch lives. “It was the Airtel Touching Lives season 1 that made me know that there are over 25million people living with physical challenges like me and I cannot afford to let them remain like that. After Airtel touched my life, I stepped out to also touch the lives of other people. Thanks you Airtel,” he summed.

    As Season 3 takes off, Airtel urged kind-hearted Nigerians to nominate persons, families or communities by calling or sending text messages using the short code 367 on Airtel network. Further information on the initiative and how to nominate can be found on the website. “Nominations can also be sent to airteltouchinglives@ng.airtel.com as well as submitted at any Airtel store nationwide.”

  • Expert calls for enabling environment to attract foreign investors

    A financial expert has urged the Federal Government to create an enabling environment and stable policy to attract foreign investors.

    The Chief Executive Officer, SOFUNIX Investment and Communications Ltd., Lagos, Mr Sola Oni, made the plea in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

    Oni advised government to put in place an enabling environment that would also assist manufacturers to grow the nation’s Gross Domestic Product (GDP).

    According to him, if manufacturers operate optimally, there will be employment opportunities and this will boost the GDP.

    “If we have enabling environment and stable policy, foreign investors would bring hard currencies and the exchange rate would be moderated positively.

    “The way forward is for the Federal Government to create an enabling environment for manufacturers to operate effectively.

    “They (manufacturers) are crying under the yoke of high exchange rate and inability to source dollars for raw materials,’’ he told NAN.

    Oni, who is also a stockbroker, said that there was no magic to strengthen the naira and ensure availability of dollars, when the country had been import -dependent.

    He attributed the downward trend at the equities market to investors’ obligations such as selling shares to pay school fees and hike in interest rate.

    Oni said that unimpressive corporate results released by some companies also contributed to the market downward trend.

    “Corporate results are not exciting because of the high cost of doing business and low return on investment, among others,’’ he said.

    Oni said that most speculators preferred fixed income securities to take advantage of the high interest rate.

    “Foreign portfolio investors are still on the sidelines as they are watching very closely the implications of the new flexible exchange rate recently introduced by the Federal Government,’’ he said.

    An analysis of the market indices for last week showed that the All-Share Index lost 584.07 points or 2.09 per cent to close at 27,425.86 compared with 28,009.93 posted in the previous week.

    Also, the market capitalisation, which opened at N9.620 trillion shed N201 billion or 2.09 per cent to close at N9.419 trillion due to price depreciation.

    NAN reports that 22 equities appreciated in prices, lower than 35 equities that recorded price growth in the preceding week.

    Seplat topped the losers’ chart in percentage terms by 18.54 per cent or N55.23 to close at N242.60 per share.

    Fidelity Bank trailed with a loss of 14.63 per cent or 18k to close at N1.05, while Diamond Bank shed 13.84 per cent or 22k to close at N1.37 per share.

    On the other hand, Total led the gainers’ table in percentage terms by 33.34 per cent or N60.52 to close at N242.02 per share.

    Airline Services and Logistics followed with a gain of 22.94 per cent or 39k to close at N2.09 while Eterna appreciated by 14.47 per cent or 34k to close at N2.69 per share.

    A turnover of 1.19 billion shares worth N13.03 billion were exchanged by investors in 18,548 deals last week.

    This is against the 1.87 billion shares valued at N16.33 billion traded by investors in 21,584 deals in the corresponding week.

    The Financial Services Industry led the activity chart in volume terms by 882.91 million shares valued at N6.53 billion traded in 10,186 deals.

    The Conglomerates sector followed with 89.43 million shares worth N159.46 million achieved in 890 deals.

    The third place was occupied by the Consumer Goods Industry with a turnover of 75.38 million shares worth N2.12 billion transacted in 3,635 deals.

  • Anti-Bribery: Eunisell gets 2016 TRACE certification

    Anti-Bribery: Eunisell gets 2016 TRACE certification

    Eunisell limited has again been recognized for its standards and compliance with international best practice with an international certification for anti-bribery compliance by TRACE International, retaining its status as one of the few companies in Nigeria to be recognized among its international counterparts and partners in this regard.

    TRACE, an international anti-bribery compliance solutions body in a clearance certificate signed by its president, Alexandra Wrage, revealed that Eunisell had completed a comprehensive background review and was certified to have complied with all standards and measures world-wide, in accordance with international best practices.

    While commenting on this development, the Chief Executive Officer, Eunisell Chemicals, Mr Ken Amadi noted that the company had not failed in any way to meet and comply with international standards and best practices since it began operations in fluid solutions for the oil and gas and manufacturing industry almost 2 decades ago.

    “We are not new to business in Nigeria and other parts of the world, although there are peculiarities in each market, our standards and policies are never compromised.” he said, adding that Eunisell, a specialty fluids management company, had been certified for 5 years consecutively since 2011.

     

    Founded in 2001, TRACE International seeks to achieve economies of scale and set a common standard for two shared elements of anti-bribery compliance programs, due diligence reviews of commercial intermediaries and anti-bribery training for the global supply chain. Since its inception, the organisation has been working with companies to raise anti-bribery compliance worldwide to improve the standards of transacting businesses and ensure that companies are awarded jobs based on their competitive advantage and competence.