The Nation Newspaper

Tag: Directors

  • Firm’s directors risk jail for ‘contempt of court’

    Firm’s directors risk jail for ‘contempt of court’

    The Federal High Court in Lagos has been asked to commit the Receiver/Manager of Platform Capital Investment Partners Limited and some of its directors to prison over alleged refusal to obey a court order.

    Norsad Capital Limited and two others filed Form 48 – notice of consequence of disobedience of a court order. The notice warns that unless the alleged contemnors obeyed the directions contained in the order of January 3 by Justice Akintayo Aluko, they would be guilty of contempt of court and would be liable to be committed to prison.

    Justice Aluko, in a suit numbered FHC/ L/CS/1984 /2023 ordered parties to maintain the status quo.

    The court also forbade parties in the suit from doing anything to foist a fait accompli (state of helplessness) on the court.

    Consequently, the court sent the case file back to the court registry.

    Justice Aluko had also restrained another firm, Duport Midstream Company Ltd from taking any step towards removing its directors nominated by Platform Capital Investment Partners.

    Despite the order, Bolaji Kuku, former Chairman of Duport Midstream, in a January 9 letter, called for an Extraordinary General Meeting (EGM) of the directors of Duport Midstream, scheduled for today.

    Counsel for Platform Capital Investment Partners, Mr. Akinlabi Apara, in a letter to the Receiver/Manager, Mrs. Oghogho Makinde, warned that the purported EGM notice is in disobedience of a court order.

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    The letter reads: “Kindly be reminded that you are not a shareholder of Duport, and your purported appointment as a receiver of our client is subject to litigation in Suit No. FHC/L/CS/1984/2023. Consequently, you have no right whatsoever to requisition a general meeting of Duport.

    “You will recall that by the Order of the Federal High Court, Coram Justice Akintayo Aluko dated January 3, 2024, parties were ordered ‘to maintain status quo and parties were forbidden from doing anything to foist a fait accompli on the court’.

    “Consequently, proceeding with your preplanned actions would be in contempt of the Honourable Court.

    “Besides, the convener of the aforesaid extraordinary general meeting; that is Mrs. Mobolaji Kuku, does not have the power to convene same, having been removed as the Chairman of the Board of Directors of Duport Midstream Company Limited by the resolution of the Board dated 15th November, 2023 (Annexure B).

    “In addition, chairmanship and directorship of the aforesaid Mrs. Mobolaji Kuku is lis pendens in suits numbers FHC/L/CS/2343/2023 and FHC/L/CS/2320/2023 respectively.

    “Kindly be informed that our client will not hesitate to proceed against you within the ambits of the law should you proceed with your contemptuous actions.”

  • 65 directors fail Fed Govt’s Perm Sec exam

    Sixty-five directors in the Federal Civil Service have failed to meet the cutoff mark at the ongoing promotion examination for the position of permanent secretary, it was gathered yesterday.

    Only 20 directors out of 85 initially invited to sit for the promotion exam to the post of Permanent Secretary in the Federal Civil Service have successfully scaled through the exercise.

    This was revealed by the Head of the Civil Service of the Federation (HoS), Dr Folasade Yemi- Esan, following the release of the results on Tuesday.

    Yemi- Esan emphasized the importance of meritocracy and integrity in the selection process.

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    She said: “It should not be about the number of successful candidates but the quality of the candidates.”

    According to her, out of 85 candidates, four of them did not show up for the examination perhaps due to fear of failing.

    Also, Director of Communications, M.A Ahmed, Office of the Head of Civil Service of the Federation, OHCSF, further explained that candidates are required to score a minimum of 50per cent before proceeding to the next stage of the examination.

    He added that only 20 candidates qualified for the for the Information Communication Technology (ICT) proficiency test slated for today in Abuja.

  • 65 directors fail FG’s perm sec promotion exam

    65 directors fail FG’s perm sec promotion exam

    Sixty-five directors in the Federal Civil Service have failed to meet the cut-off mark at the ongoing promotion examination for the position of Permanent Secretary with only 20 directors scaling through the exercise.

    Only 20 directors out of 85 initially invited to sit for promotion to the post of Permanent Secretary in the federal civil service have successfully scaled through the exercise.

    Head of the Civil Service of the Federation (HOS), Dr Folasade Yemi- Esan, announced this following the release of the results on Tuesday.

    Yemi- Esan emphasised the importance of meritocracy and integrity in the selection process.

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    She said: “It should not be about the number of successful candidates but the quality of the candidates.”

    According to her, out of 85 candidates, four of them did not show up for the examination perhaps due to fear of failing.

    Also, Director of Communications, M.A Ahmed, Office of the Head of Civil Service of the Federation, OHCSF, further explained that candidates are required to score a minimum of 50% before proceeding to the next stage of the examination.

    He added that only 20 candidates qualified for the for the Information Communication Technology (ICT) proficiency test slated for today in Abuja.

  • Institute of Directors inducts 66

    GLOBACOM’s Executive Vice Chairman Mrs Bella Disu was among 66 directors inducted in the 2019 New Members Induction ceremony of the Institute of Directors at the Eko Hotels and Suites, in Lagos.

    Mrs Disu, also a director of Julius Berger Plc, the country’s biggest construction company, was one of those who got the institute’s full membership, with others as associate membership and life membership.

    Established 35 years ago, the Institute of Directors inculcates leadership skills in members to enable them lead their organisations well and develop the country.

    Institute President and Chairman Alhaji Ahmed Rufai Mohammed advised the inductees on thé importance of corporate governance, and urged them to adhere to continuous learning to remain competent.

    In his lecture: “Eight Technologies Every Director needs to be aware of”, Chief Economist at PricewaterhouseCoopers Dr. Andrew Nevin said poverty would be banished in the country if private sector companies increased.

    He explained that Nigeria gets the largest foreign exchange from citizens working in the diaspora.

    According to him, the eight technologies needed to enhance capacity and competence were Cloud computing, Artificial Intelligence, 3D Printing, Drones, Virtual Reality, Internet of Things, Robotics and Blockchain.

    First Bank’s Mr. Akin Fanimokun, who spoke for the inductees, said they would remain good ambassadors of the institute and uphold the ethics of the profession.

  • NDIC: Mgt, directors of failed Skye Bank under probe

    The Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) are monitoring the investigations of law enforcement agencies instituted against the directors and management of the failed Skye Bank Plc to determine their culpability in the failure of the bank.

    The Managing Director and Chief Executive of the NDIC, Umaru Ibrahim, announced this at the opening ceremony of the Corporation’s, 2018 Sensitisation seminar for Federal High Court Judges in Abuja.

    He said the Corporation’s Risk Assessment and Forensic Investigation Reports revealed that the erstwhile management of the failed bank contributed to its failure by engaging in insider abuse, poor corporate governance and banking malpractices. He added that the reports identified various malpractices such as fraudulent false accounting, manipulation of accounting records to present false profits and ratios, unlawful loan and credit facilities, non-disclosure of directors’ interests and lending beyond the single obligor limit.

    The NDIC chief noted that the Corporation’s implementation of the bridge bank resolution option that established Polaris Bank Ltd that assumed the assets and liabilities of the defunct Skye Bank Plc, resulted in depositors’ unhindered access to their funds, the continuity of the operations of about 300 branches and the preservation of over 6,000 jobs.

    He said participants that the Corporation has commenced the payment of insured deposits to depositors of the 153 Microfinance and six Primary Mortgage Banks whose licenses were recently revoked by the CBN. He noted that the Corporation performs this statutory mandate by its appointment as Liquidator through a Winding Up Order granted by the Federal High Court.

    The NDIC chief described the collaboration between the Corporation and the Judiciary as a valuable engagement towards the development of the financial system and the effective implementation of the Corporation’s mandate. He said the seminar for Federal High Court Judges with the theme “Challenges to Deposit Insurance Law and Practice in Nigeria” was specifically designed to address topical issues in Bank Supervision such as the regulatory framework of systematically important banks, the robustness of the legal system to facilitate criminal prosecution of Bank Directors and debt recovery under the Failed Banks Act.

    While commending the NDIC for its continued interactions with the Federal High Court through the sensitisation seminars, the Chief Judge of the Federal High Court, Honourable Justice Abdul A. Kafarati said the impact has been a deeper appreciation of the implications of the mandate and activities of the Corporation which has led to more proactive and accurate adjudication of cases brought before the courts. He expressed optimism that the broadening of the scope to include topical issues will further deepen the impact of the seminar towards addressing current regulatory issues in the financial system and the dispensation of more informed judgments.

     

  • Directors who are not directors

    It is interesting that the Federal High Court in Lagos on July 3 dismissed an application for a plea reversal by four companies that had pleaded guilty to laundering $15.5 million allegedly belonging to former First Lady Dame Patience Jonathan. The firms’ lawyer argued that those who represented them were not authorised to do so. The lawyer, Chief Mike Ozekhome (SAN), reportedly declared:  “They’re just busybodies and interlopers, who were pressured to come and plead guilty. They had no mandate to do so.”

    According to a report, Ozekhome said he was briefed to represent the companies after its directors pleaded guilty despite not being authorised by the board to do so. He prayed that the trial be done de novo (afresh) and that the previous proceedings and the companies’ conviction be declared null, void and unsustainable in law.

    The prosecuting counsel, Mr. Rotimi Oyedepo, countered the claim that the directors who pleaded guilty were not authorised, saying there was evidence from the Corporate Affairs Commission (CAC) and from the companies’ bank accounts that they were indeed directors.

    It is interesting that the companies’ lawyer introduced this twist.  The claim that the said directors “were pressured to come and plead guilty” suggested that they were directors.  On what basis were they allegedly pressured to plead guilty, if they were not directors?  On what basis did they plead guilty, if they were not directors?

    It is interesting that the Economic and Financial Crimes Commission (EFCC) arraigned the companies with a former Special Adviser on Domestic Affairs to President Jonathan, Dr. Waripamo Dudafa; a lawyer, Amajuoyi Briggs, who is the companies’ secretary, and a banker, Adedamola Bolodeoku. Unlike the companies, Dudafa, Briggs and Bolodeoku pleaded not guilty to the 17-count charge.

    If the said directors were forced to plead guilty as the lawyer claimed, did those who pleaded not guilty do so because they were not forced to plead guilty, or because they refused to plead guilty?

    This is a corruption–related case involving a huge amount of money. The said directors who pleaded guilty have not said that they were pressured to do so. Who are the directors that should have represented the companies, if those who did were not authorised to do so?

    The point is that the move by the companies’ lawyer was intended to complicate an uncomplicated case. As the court ruled, the prayers amounted to asking the judge to revisit his ruling and to assume the position of an appellate court. It was laughable.

     

    • This article was first published on July 9, 2018

     

  • Directors who are not directors

    It is interesting that the Federal High Court in Lagos on July 3 dismissed an application for a plea reversal by four companies that had pleaded guilty to laundering $15.5 million allegedly belonging to former First Lady Dame Patience Jonathan. The firms’ lawyer argued that those who represented them were not authorised to do so. The lawyer, Chief Mike Ozekhome (SAN), reportedly declared:  “They’re just busybodies and interlopers, who were pressured to come and plead guilty. They had no mandate to do so.”

    According to a report, Ozekhome said he was briefed to represent the companies after its directors pleaded guilty despite not being authorised by the board to do so. He prayed that the trial be done de novo (afresh) and that the previous proceedings and the companies’ conviction be declared null, void and unsustainable in law.

    The prosecuting counsel, Mr. Rotimi Oyedepo, countered the claim that the directors who pleaded guilty were not authorised, saying there was evidence from the Corporate Affairs Commission (CAC) and from the companies’ bank accounts that they were indeed directors.

    It is interesting that the companies’ lawyer introduced this twist.  The claim that the said directors “were pressured to come and plead guilty” suggested that they were directors.  On what basis were they allegedly pressured to plead guilty, if they were not directors?  On what basis did they plead guilty, if they were not directors?

    It is interesting that the Economic and Financial Crimes Commission (EFCC) arraigned the companies with a former Special Adviser on Domestic Affairs to President Jonathan, Dr. Waripamo Dudafa; a lawyer, Amajuoyi Briggs, who is the companies’ secretary, and a banker, Adedamola Bolodeoku. Unlike the companies, Dudafa, Briggs and Bolodeoku pleaded not guilty to the 17-count charge.

    If the said directors were forced to plead guilty as the lawyer claimed, did those who pleaded not guilty do so because they were not forced to plead guilty, or because they refused to plead guilty?

    This is a corruption–related case involving a huge amount of money. The said directors who pleaded guilty have not said that they were pressured to do so. Who are the directors that should have represented the companies, if those who did were not authorised to do so?

    The point is that the move by the companies’ lawyer was intended to complicate an uncomplicated case. As the court ruled, the prayers amounted to asking the judge to revisit his ruling and to assume the position of an appellate court. It was laughable.

     

  • UAC appoints non-executive directors

    UAC of Nigeria PLC (UACN) has announced the appointments of Mr Folasope Babasola Aiyesimoju and Mrs Olufunke Ighodaro as Non-Executive Directors of the Company while Mr Peter Benedikt Mombaur would serve as the alternate Director to the new Directors.

    Mr Aiyesimoju, a finance professional, has vast experience spanning corporate finance, principal investing and private equity in Sub-Saharan Africa’s most important economies. He holds a B.Sc (Hons) degree in Estate Management from the University of Lagos, where he was awarded a Certificate of Excellence in Real estate development and finance, and earned the right to use the CFA designation in 2006.

    Mrs Ighodaro is an astute and experienced business leader with considerable experience in executive as well as non-executive leadership positions with some of Africa’s most successful companies. She holds a B.Sc. (Hons) degree in Operational Research from Salford University and is a Fellow of the Institute of Chartered Accountants in England and Wales. She is an independent non-executive director and audit committee member at Datatec Limited.

  • Afreximbank gets two directors

    The African Export-Import Bank (Afreximbank) has appointed two senior managers as directors.

    They are Obi Emekekwue, who is Director and Global Head of the Communications and Events Management Department, and Chandi Mwenebungu, who becomes Director, Treasury and Markets Department.

    Prior to the appointments, Emekekwue and Mwenebungu were heads of the Communications and Treasury at the bank at the level of Senior Managers.

    The bank’s Communications and Treasury section, which had operated as units, were upgraded to full departments last year as part of a general reorganisation of the bank.

    Emekekwue joined Afrexim-bank in 2012. Earlier, he worked at the United Nations’s Press Office of the Department of Public Information at the New York Headquarters.

    His UN career included serving variously as Public Information Officer, Media Specialist and Programme Specialist in several agencies, including the UN Development Programme (UNDP) and the UN Population Fund (UNFPA), and as Communications Specialist at the United Nations Country Team in Papua New Guinea from 2006 to 2007.

    Emekekwue began his career at the Nigerian Television Authority (NTA), Ibadan, followed by a stint at the Federal Radio Corporation of Nigeria, before joining the News Agency of Nigeria (NAN) where he served as the UN/North America Bureau Chief from 1989 to 1994.

    He holds a Master of Arts in International Relations and a postgraduate certificate in International Law and Diplomacy from St. John’s University, New York, and a Bachelor of Arts in Mass Communication from the University of Nigeria, Nsukka.

    Mwenebungu, who joined Afreximbank in 2013, has over 20 years’experience in treasury and finance in Africa and Europe. He holds a master’s in accounting and finance.

    He is a Fellow of the Association of Certified Chartered Accountants (FCCA), and an associate member of the Association of Corporate Treasurers (ACT).

  • N6b rural electrification fraud: Court convicts ex-Perm Sec, directors

    N6b rural electrification fraud: Court convicts ex-Perm Sec, directors

    A High Court of the Federal Capital Territory in Gudu, Abuja has convicted and fined a former Managing Director of the Rural Electrification Agency, Samuel Ibi Gekpe, an engineer.

    He and other directors of the agency were charged with disregarding the provisions of the Public Procurement Act by misappropriating N6 billion.

    The fund was mismanaged in the payment for rural electrification contracts, which they purportedly awarded as the agency’s Public Procurement Committee in 2008.

    The Economic and Financial Crimes Commission (EFCC) arraigned them for criminal breach of trust before Justice Adebukola Banjoko.

    The other defendants are a former Permanent Secretary in the Ministry of Power Dr. Abdullahi Aliyu, an accountant in the agency Simon Kirdi Nanle, a director Lawrence Orekoya, an assistant director Abdulsamad Jahun and the agency’s former Head of Legal Department, Kayode Oyedeji.

    The prosecution team, led by Mr. Kemi Pinheiro (SAN), called seven witnesses from the Corporate Affairs Commission (CAC), the Central Bank of Nigeria (CBN), the United Bank for Africa (UBA) Plc, the agency’s officers and an EFCC operative Ibrahim Ahmed.

    The defendants, represented by Paul Ewekoro (SAN), made a no-case submission, which was dismissed.

    In a February 8 verdict, Justice Banjoko dismissed the first defendant’s application challenging the court’s jurisdiction to entertain the charge.

    The court found that the prosecution proved the ingredients of the offences of criminal breach of trust and conspiracy.

    Justice Banjoko held that the defendants, who disregarded Public Procurement Act, misappropriated over N6 billion in contract payments.

    The judge found the defendants guilty as charged.

    She convicted and sentenced Gekpe to three years imprisonment with an option of N5 million fine.

    The judge also sentenced the other defendants to three years imprisonment but with an option of N500,000 fine each.

    The fines are to be paid within  30 days from judgment day.