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Tag: Kuforiji-Olubi

  • Eulogies for deceased boardroom amazon Kuforiji-Olubi

    When a tall oak is felled by the axe of time, other trees in the forest cannot help but quiver. So has Nigeria’s high society been thrown into mourning with news of the passing on of renowned female business mogul and boardroom guru, Otunba Bola Kuforiji-Olubi, in the morning of last Saturday.

    Otunba Ayora Bolajoko Aduke Dorcas Kuforiji-Olubi was a corporate amazon who duly paid her dues and excelled in different fields. She turned 80 in September and not a few people felt she had an inkling that death was near as she seized the occasion to spend valuable time with loved ones, leaving them with vivid memories. Since the news of her death broke on Saturday, condolence messages have been pouring in from different parts of the country, eulogising her contributions to the socio-economic advancement of the nation.

    Her legacy is no doubt set in stone; for, during her lifetime, she scored many firsts for the Nigerian woman. The late Kuforiji-Olubi was the first woman to join the Institute of Chartered Accountants of Nigeria (ICAN) as a graduate member. She was elected the first female ICAN President and its 25th president overall, in 1989.

    She was a foundation member and Grand Matron of the Society of Women Accountants of Nigeria (SWAN) and the first Nigerian woman to become the Managing Director of an international company, VYB (Nigeria) Ltd, in 1977. She was also the first female chairman of a company quoted on the stock exchange-BEWAC Plc., the holding company for VYB and its subsidiaries.

    Besides serving as the country’s Minister of Commerce, she was also the first female chairman of the United Bank for Africa (UBA).

  • Ex Minister Kuforiji-Olubi dies at 80 

    Ex Minister Kuforiji-Olubi dies at 80 

    Former Minister of Commerce Dr. Bola Kuforiji-Olubi died at the weekend in Lagos. She was  80

    Family sources said Mrs. Kuforiji-Olubi died on Saturday .

    Eminent Nigerians, including governors, sent their condolences, remembering her for her contributions to banking.

    When she visited President Muhammadu Buhari as part of the activities marking her 80th birthday, she told reporters at the State House: “Having turned 80, I looked at my life and made a list of those who contributed to what I have become in my life and the name of President Muhammadu Buhari came topmost on the list. This is why I am here to pay my respect and thank him.”

    The one time Chairman of the United Bank for Africa (UBA) and a former President of the Institute of Chartered Accountants of Nigeria (ICAN), was born on September 28, 1936

    Dr. Kuforiji- Olubi graduated from the University of London in 1963 with B. Sc honours in Economics. A fellow of Institute of Chartered Accountants, England and Wales 1977, ICAN Nigeria 1976, British Chartered institutes of company Secretaries (ACIS 1964). Nigerian Institute of management (FMIN) 1985, British Institute of Directors.

    She was a recipient of the honours and awards, including: Doctor of Business administration from Enugu State University of Science and Technology, 1997, Doctor of Laws, LLD honoris causa. Bayero University, Kano, 2004, Doctor of letter, Olabisi Onabanjo University, Ago Iwoye Ogun State 2006.

    She was awarded National award of Member of the Order of the Niger (MON) in 1979, for her contributions to management education and socio- economic Advancement of Nigeria,  and later Officer of the Order of Nigeria (OON) award. Certificate of Merit by the United Nations Decade of Woman, 1980, award for Excellence from the University of Benn’s Skonit Club in 1988, honorary Grammarian of CMS 1988 by CMS grammar school, award of Excellence by Brigade of Nigeria, 1992, International award of Excellence for outstanding entrepreneurial achievements,  MIT, Cambridge, MA, United States. !992, a recipient of 2002 conferment award for Woman of achievements under the auspices of the Woman development centre, Abuja, 2005.

    She also held many chieftaincy titles.

    She was the 25th ICAN president and the first female to become president of the Institute; while she was in the office she launched Accounting Technicians Course 1989–1990.

    First Nigerian woman to be CEO of a multinational company (VYB Industries Limited, with British affiliates (incheape & Co Plc) and first female Chairman of a public quoted company (Bewac Plc).

    Shje was chair and member of many boards of companies. The first Chair man of Ogun, Osun River basin development (1976–1980), member governing council Nigerian Institute of Social and Economic research (NISER) from 1981–1983. She was appointed chairman of a leading financial Institution, United Bank for Africa Plc in 1984 1990, a first woman in Africa south of the Sahara, Vice chairman National conference on Nigerian foreign policy to the year 2000, member National Sport commission 1986–89. She was a foundation member and chairman, Lagos State Education endowment fund (1988–1999). She was appointed as honorable Secretary (Minister) for commerce and tourism in the interim National government of Nigeria in 1983. A deputy chairman and federal commissioner for Ogun state at the revenue mobilization.

    She also wrote many publications including, the female Entrepreneur and Financial Management for Survival 1987, Civil service reform in a developing Economy 1988. The corporate Woman, a marginalised group, problem and Strategies for success, vide public enlightenment programme of the institute of Directors 1989. Technical education as a catalyst for technical cooperation and Economic growth in developing Countries 1992 and co-author of Changing Course.

  • Quiet celebration for Kuforiji-Olubi at 80

    Quiet celebration for Kuforiji-Olubi at 80

    While many are known to make the loudest noise in the public space only to be exposed as empty barrels, Otunba Bola Koforiji-Olubi is reputed for her quiet demeanour. Even in her advanced years, she manages to exude dignity and power.

    The woman, who has been a mainstay of the social scene even before some current celebrities were born, recently turned 80 and elected to mark the occasion in a low-key affair. A thanksgiving service was held at the All Saints Anglican Church, Montgomery Road, Yaba, Lagos.

    Among those who graced the ocassion were former governors Peter Obi and Gbenga Daniels, fellow traditional chief Otunba Subomi Balogun, Senator Ben Obi and Mrs Bola Obasanjo, among others.

    Otunba Bola kuforiji-Olubi is reputed as a trailblazer, especially among the womenfolk. At a time when most women were still confined to the kitchen, the bedroom and the other room, she had acquired several professional degrees. After earning a degree in Economics from the University of London, she went ahead to become a chartered accountant and also bagged several other degrees. She eventually became the first woman to head the Institute of Chartered Accountants of Nigeria, among many other laurels.

  • Kuforiji-Olubi: Woman of substance at 80

    Kuforiji-Olubi: Woman of substance at 80

    She is a woman of many firsts. In her younger days, many of her male counterparts could not stand up to her. In a male, dominated world, she found her place early. But one achievement Otunba Ayora Bolajoko Aduke Dorcas Kuforiji-Olubi cherishes most is the gift of long life. She joined the octogenarian club last week. She celebrated her 80th birthday with family and friends at a high-profile thanksgiving at the All Saints’ Church in Yaba, Lagos Mainland. EVELYN OSAGIE reports.

    Otunba Ayora Bolajoko Aduke Dorcas Kuforiji-Olubi is 80. Family members and friends joined her to celebrate the event at the All Saints’ Church, Yaba, Lagos Mainland.

    Born in Lagos on September 28, 1936, Otunba Kuforiji-Olubi has excelled on many fronts. She is the first woman president of the Institute of Chartered Accountants of Nigeria (ICAN) and an industrialist extraordinaire.

    Widely recognised (nationally and internationally) as a financial expert and industrialist, she chaired several boards in private and government organisations. She is also a former Secretary (Minister) of Commerce and Industry; and a devout Christian of the Anglican faith.

    It is no surprise that she celebrated her 80th birthday with thanksgiving. One could hardly believe she was 80. She looked respledent in a beautiful yellow and cream attire that complemented her skin.

    It was a day of celebrations. But Mrs Kuforiji-Olubi was not alone. Her family and friends attended the event. Some of the notable personalities are former Ogun State Governor Gbenga Daniel; former Anambra State Governor Peter Obi; incumbent Ogun State Governor Ibikunle Amosun, who was  represented by Secretary to Ogun State Government, Mr Taiwo Adeoluwa; wife of former President Olusegun Obasanjo, Bola; wife of the late Ooni of Ife Oba Okunade Sijuwade, Olori Ladun; founder of First City Monument Bank (FCMB) Otunba Subomi Balogun and wife, Olori Abimbola and ace photographer Sunmi Smart-Cole.

    They called her a “woman of excellence”, a “philanthropist”, “detribalised Nigerian”, whose early exposure to various cultures and religions are responsible for her ability to mix with people from diverse nationalities and in different areas of Nigeria.

    The ceremony, which was officiated by the Vicar, Venerable Femi Fatile, had notable clerics in attendance. In his sermon titled: Put on new eyes, Most Revd Adebayo Akinde (rtd) called for sober reflection in the face of achievements. Akinde, who took his text from Isaiah 60, urged Nigerians to seek spiritual enrichment above material gains, saying such move would have positive impact on the nation.

    Revd Akinde, a former Bishop of the Anglican Communion, said: “More than ever before, give yourselves to spiritual living. Many Christians are spiritually blind. Give yourselves to the study of God’s word. What are you living for? Each year we mark our anniversary, we are drawing closer to our final departure. Therefore, we must pay more attention to how we live our lives. What is the end of your earthly journey?”

    Revd Akinde praised the Mrs Kuforiji-Olubi, advising guests to emulate the celebrator, who, he said,  remains humble despite her accomplishments. “I praise your character of goodness and love for God. Mrs Ayora Bola Kuforiji-Olubi, God has been good to you, and I know you know it. Despite intimidating challenges, you are still standing. You are a special daughter of God and the God, who has blessed you this much and that has kept you these past 80 years, will continue to strengthen you,” the cleric said.

    Those who did not come sent their   messages, which the celebrator published in her programme.

    In his goodwill message, Amosun described her as “a pioneering high achiever” who has attained several ground-breaking records. He said: “The occasion of your 80th birthday calls for the celebration of the remarkable achievements you have recorded over the years.

    “Our dear  nation has benefited immensely from your invaluable contributions to the private sector of  its economy. I wish to note that your achievements when you served as  Deputy Chairman and Honourable Secretary (Minister) for Commerce and Tourism in the Interim National Government in 1993 remain a reference point.

    “On this occasion of your 80th birthday, I pray that the good Lord will preserve you for many more years, in good health and sound mind, so that our dear state and nation will continue to derive inspiration from your exemplary life and benefit from your rich experience.”

    Mrs Feyi George, who is also the celebrator’s cousin and former pupil, called  Mrs Kuforiji-Olubi her “hero”, saying: “Aunty Bola is a very special person I have admired all my life”.

    “Today, aunty is celebrating her 80th birthday and it is with great joy in my heart that I salute her. I salute her as an icon, as a leader and as a good mother. Tokunbo, Kunle and Joke have a lot to be proud of and a great legacy to live up to. May this celebration of her 80th year on earth, remain a source of joy, not only to her but to us her aburos!”

    One of Mrs Kuforiji-Olubi’s favourite teachers, Mrs Bess Santos, nee Enahoro, who is fondly called “Sisi Bess”, said: “A special wish to celebrate your birthday with you. Time rushes by so quickly, it’s hard to believe how fast and now we are celebrating that 80 years have gone past in your life!

    “I remember a diligent young lady, who took her academics very seriously and whose excellence in mathematics could never be faulted … a student who was a pleasure to teach. It gives me great pleasure to send you this special wish on this joyous occasion. May God abide with you and keep you safe. Happy 80th birthday, Dorcas.”

    Describing the celebrator as “a very charming lady, who had many suitors, but always too bookworm, her classmate, Mrs Henrietta Olaitan Anthonio, wrote: “Dear our beloved sister and friend Lady Dorcas Ayus is 80, yet she does not look her age. We praise God. She has very cheerful disposition. All our classmates loved her to assist us with our homework, we studied in the bush, you were very intelligent and not proud.

    “Always helpful. No wonder you achieved so much, and are our Teacher, Miss Bess Enahoro, who later became Mrs Santos, padi. Her royal highness was very kind-hearted and sympathetic… always in top form. I can write about her without stopping. I brought out our school photographs in case you did not have, hey I pray that the good Lord will always be with you and the family, amen”

    Goddy Jidenma Foundation sent its best wishes. Its message signed by its vice chairman, Prof Pat Utomi, and  executive secretary, Dr Ije Jidenma, reads: “We commend you for your great strides and the contributions you have made to our country, Nigeria as a professional and business leader having served as the first female president of ICAN, and Chairman of the United Bank for Africa Plc (UBA). Your contributions as a notable leader in other spheres are well documented, including your brief role as the Secretary for Commerce and Tourism in the Interim National Government. May God’s grace and infinite blessings and goodness not depart from you and your household.”

    The celebrator thanked the church, clerics and guests for their support and goodwill. She thanked God for sound health and long life, saying she was ill, but recovered in good time for her birthday celebrations. “I thank you all for coming to rejoice with me. God bless,” she said.

     

     

  • Kuforiji-Olubi faults British court’s assets freezing order

    Kuforiji-Olubi faults British court’s assets freezing order

    Former Minister of Commerce and Tourism Chief Bola Kuforiji-Olubi has faulted an asset freezing order purportedly issued against her and some members of her family by a London court.

    The order, she said, followed a dispute between a company where she was a chairman – Pheonixtide Offshore Nigeria Limited and its estranged foreign partner, Tidewater Marine International Incorporated.

    The ex-minister said the ex-parte order by Justice Eder of the Commercial Court, High Court, Queen’s Bench Division, on March 31 was intended to harass her and her family into submission.

    She added that it was also designed to stop her from insisting that Tidewater must account for how it ran Pheonixtide, and settle all outstanding tax liabilities to Nigerian government before the termination of both companies’ relationship.

    Kuforiji-Olubi, who spoke through her lawyer, Ade Adedeji, said steps have been taken to stay the execution of the wrongly issued order and have it set aside.

    Tidewater now operates in the country through a local company, T1 Marine Services Limited.

    Adedeji said it was strange that a court could grant such order without hearing from the other side.

    He accused Tidewater of suppressing facts in relation to the pending cases between parties in Nigerian courts and the fact that Tidewater had appealed an earlier order by Justice Ibrahim Buba of the Federal High Court, Lagos, asking Total to pay its $12.6 million debt into an account opened by the court until the determination of pending cases between parties.

    He said Tidewater did not only hide these facts from the court, it deceived the London court to believe that the Nigerian stakeholders in Pheonixtide, including Kuforiji-Olubi were blocking its access to the $12.6 million yet to be paid by Total in view of the appeal it (Tidewater) filed.

    Adedeji noted that even when all business done was with Pheonixtide in Nigeria, which is a bona fide limited liability company registered in the country, Tidewater is “surreptitiously demanding payment of the outstanding amount from Total from Kuforiji-Olubi and her family when they have never had access individually and severally to those funds.

    “All these moves are calculated by Tidewater and its associates to harass, intimidate and oppress the Kuforiji-Olubi family in defiance of any reaction of the Nigerian public or the Nigeria government,” the lawyer said.

    According to court documents filed by parties, Pheonixtide, upon its creation in 2004, entered into some agreements with Tidewater (an American company), which allows the foreign company to manage and control Pheonixtide’s operations, which include the provision of maritime services to international oil companies.

    In 2010, the United States (U.S.) Department of Justice found Tidewater wanting for engaging in unethical practices in its operations in Nigeria and Azerbaijan.

    The U.S. Security and Exchange Commission (SEC) equally indicted the company for allegedly falsifying its accounts and returns. It was made to pay penalties of about $14.8 million to both agencies.

    Tidewater, in 2011, was also made to pay a fine of $6 million to the Nigerian government for similar offences.

    It was learnt that, on realising that Tidewater’s continued sole management of Pheonixtide threatens its future existence, Nigerian stakeholders in Pheonixtide sought restructuring to allow them monitor its operations and demanded that Tidewater makes full disclosure and provide necessary information for the assessment of its tax liabilities.

    Rather than “open up its operations,” as sought by the Nigerian shareholders, Tidewater in 2012 sought to exit the relationship, a move Kuforiji-Olubi and others objected to, insisting that Tidewater must first account for its running of Pheonixtide and settle all outstanding tax liabilities to relevant Nigerian agencies before the relationship could be terminated.

    The disagreement led parties to approach the court, with Nigerian directors of Pheonixtide suing before the Federal High Court, while Tidewater headed for court in England.

    But while parties were still in court, a client to Pheonixtide, Total, who sought to settle part of its indebtedness for services rendered, approached the Federal High Court for direction.

    In a judgment on November 8, 2013, Justice Ibrahim Buba ordered Total to pay what it owed “into an interest yielding account in the name of the Chief Registrar pending when it is decided by a competent court, who is entitled to the funds between the respondents (Tidewater and Pheonixtide,” a decision Tidewater promptly appealed against.

    Rather than await the outcome of its appeal, Tidewater, represented by Babatunde Ajibade (SAN), ran before the London court to obtain the ex-parte order purporting to freeze Kuforiji-Olubi and some of her family members’ assets.

    The ex-minister wondered why a company with a history of falsifying accounts, bribing government officials among others is working to frustrate proceedings in relation to questions about Tidewater’s management of Pheonixtide’s business in Nigeria, but quick to procure orders in foreign court despite specific orders by the Nigerian courts, some of which they have appealed.