The Nation Newspaper

Tag: MD

  • Court remands MD in prison over N58m shares fraud

    Justice Muslim Hassan of the Federal High Court 12, Ikoyi Lagos has remanded Brentonwoods Limited Managing Director, Mr. Samuel Adebanjo in prison custody over alleged fraudulent sale of a client’s shares.

    Adebanjo and his firm were dragged before the court on a two-count charge of fraud relating to illegal sale of shares of a client.

    When the case came up for hearing, Adebanjo pleaded not guilty to the charge and the court adjourned the matter to March 19, 2019 while the defendant is to be remanded in prison custody till the next adjourned date.

    According to the charges, Brentonwoods Limited and Samuel Adebanjo are alleged to have conspired within themselves to commit a felony to wit: defraud by selling and convert to their own personal use the proceeds of 537,872 shares of Nigeria Breweries Plc and 21,260 shares of Guinness Nigeria Plc all valued at N58.46 million belonging to the family of Akin Olugbade.

    They, therefore, committed an offence contrary to Section 516 of the Criminal Code Act, laws of the Federation of Nigeria 2004 and punishable under the same Section.  The offence was alleged to have been committed between 2004 and 2014 in Lagos.

    Authorities at the Nigerian capital market and law enforcement agencies have stepped up efforts to tackle the problem of unauthorised sale of client’s shares. The Nigerian Stock Exchange (NSE) recently launched an amendment to existing rules and regulations, which enables it to henceforth maintain a record to be known as “Blacklist” in which it will keep records of all corrupt persons and indicted officials who are deemed unfit to engage in stock market activities.

    In the new amendment, the NSE has now been mandated to formally open a “blacklist” for the purpose of records of corrupt persons. The amendment, approved by the Securities and Exchange Commission (SEC), strengthened the Exchange’s zero tolerance for infractions and places greater responsibility on all capital market operators.

    Those to be included in the “blacklist” included any person that the Exchange determines that he or she is no longer entitled to privileges, services, recognition or access to the Exchange and its facilities as well as those not permitted to deal or transact with or be employed by a dealing member or person.

    The rule applies to dealing member, an authorised clerk, an employee or director of a dealing member, a sub-broker, or any other capital market operator.

    A check indicated that about 90 per cent of the existing blacklisted persons were due to unauthorised sales of client’s shares. Other ranking crime was manipulation of the market or share prices.

    The Nation had recently reported that the Economic and Financial Crimes Commission (EFCC) was investigating about 35 fraud cases at the Nigerian capital market.

    Although the full details of the cases could not be disclosed due to legal confidentiality and ongoing investigations, a review of the preliminary findings indicated that most cases relate to fraudulent sale of clients’ shares and diversion of clients’ funds, impersonation and false representation of products and services.

    Already, EFCC is pursuing about five cases in court, in collaboration with the Nigerian capital market authorities. The anti-corruption agency had successfully prosecuted a case that led to a seven-year jail sentence and forfeiture of assets of a former managing director of a stockbroking firm.

    SEC and EFCC had earlier in January 2017 signed a Memorandum of Understanding (MoU) that formally established the alliance between the two Commissions. The MoU seeks to promote the efficient investigation and conclusion of all cases reported by either of the institutions to each other and to promote the integrity, efficiency and soundness of the Nigerian capital market and the economy in general.

  • SUNU Assurances shops for MD

    SUNU Assurances Nigeria Plc has a deadline of 78 days to appoint a substantive managing director, in line with insurance sector’s corporate governance code.

    SUNU Assurances on Monday confirmed the resignation of its Managing Director, Mr, Morufu Apampa with effect from November 30. It appointed the Executive Director (ED) for Technical and Operation, Mr Samuel Ogbodu as the Acting MD.

    The Corporate Governance Code for the Insurance Sector, under the auspices of the National Insurance Commission (NAICOM), stipulates a maximum of 90 days between the resignation of a managing director and appointment of a new substantive one.

    The company’s Board of Directors promised to appoint a new managing director soon.

    In 2016, the SUNU Assurances Group acquired 60 per cent equity of the former Equity Assurance Plc and renamed the company SUNU Assurances Nigeria Plc.

    SUNU Assurances operates in not less than 12 Franco-phone African countries and the acquisition of Equity Assurance was a major entry strategy to get into the Anglo-phone countries.

     

     

  • NMRC gets new Chairman, MD

    The Nigeria Mortgage Refinance Company Plc (NMRC) has appointed Mr. Adeyemi Candide-Johnson as its Chairman and Mr. Kehinde Ogundimu as the  Managing Director (MD).

    The appointments took effect from last Saturday.

    Candide-Johnson, a Senior Advocate of Nigeria (SAN) replaces Dr. Charles Okeahalam, who retired from Board last Friday. He served  as the company’s first chairman.

    Also, the NMRC announced the retirement of its pioneer Executive Director, Policy, Strategy and Partnerships, Dr. Chika Akporji. It added that Dr. Anino Emuwa, a Non-Executive Director, had resigned.

    In a statement, Candide-Johnson  said the retired staff members contributed to NMRC’s growth and development.

    He thanked them for their service to NMRC and the housing finance industry.

  • Kano Disco running at loss, says MD

    The Managing Director of Kano Electricity Distribution Company (KEDCO), Mr. Jamil Isiyaku Gwamna, yesterday lamented the inability of customers to pay electricity bill, a development which he said has grossly affected the revenue generation drive of the company.

    Gwamna, who spoke during the 2018 Marketing Conference of the company held in Kano, said the company has almost been running at loss, due to non-prompt-payment of electricity bills by subscribers.

    According to him, despite the challenge, the company has been able to wax stronger in terms of service delivery, as the number of hours of electricity supply to customers has greatly increased in the three zones of Kano, Katsina and Jigawa states.

    He further stated that “this is the third marketing conference we KEDCO are organising within the last two years. The reason behind the yearly marketing conference is for us to come together to fashion out strategies that will enhance the company’s progress and for our customers to get acquainted with our plans for steady power supply and prompt payment for their bills, so as to enhance our revenue generation by meeting our targets.

    “Also, the staff and the management to come out and brain storm on what we have achieved last time and then see what we are going to achieve for the year to come.

    “So, this is where we set the tone for next year. We do this because we want everybody to be onboard and understand the objectives of the company and our driving philosophy, so that at the end of the day, we provide those things we promised to provide, such as customer intimacy through the improvement of our service delivery and to also make sure that the company becomes profitable over time.

    “You see, the power sector in the country has a lot of challenges. Despite the challenges, there are some incremental improvement we have done. Overall, if you look at the industry, it hasn’t fared very well, simply based on various reasons. I don’t want to trade blames here but modestly at KEDCO we have been able to improve on our customers’ service delivery.

    “We have improved on the number of power supply and we have also been rated high by customers’ response. We have also invested a lot of money, in terms of achieving all what our customers have enjoyed. Could we be better? Yes, we can be better. Is it what we want at the moment? No! That is why we are trying to put all these in their proper perspective. And as such, we still have a long way to go.”

    He said, “Our greatest challenge is with our customers. In our collection efficiency, especially in the residential areas, it is still less than 30 per cent; so that means, that for every one kobo of electricity that we supply in kilowatts hour, we lose 70 kobo and we have been unable to collect that 70 kobo. So, it is a huge loss for us. This is the industry that needs the cooperation of everybody because we are service providers.

    “So, unless our customers promptly pay for those services, we cannot break even. On our target of N4 billion, at the moment, we are still very far from that in meeting the revenue target.”

  • CHI is law abiding, says MD

    Consolidated Hallmark Insurance(CHI) is a law-abiding firm that does not give room for sanctions, the Managing Director of the underwriting firm, Eddie Efekoha, ha said.

    He spoke during the CHI dinner and interactive session with insurance brokers on ‘Emerging InsurTech Trends: Driving Growth in a Digital World’ in Lagos.

    Efekoha, who is also the President, Chartered Insurance Institute of Nigeria(CIIN), said the firm was  professionally run and always abided by the ethical standard of insurance profession, said the firm has paid dividend seven times in the last 10 years, while it has settled all its claims.

    He noted that the firm participated in huge marine claims payment of N2.1 billion to an individual client in the insurance industry.

    He promised customers of prompt claims settlement and service delivery, adding that the firm was determined to increase insurance penetration and acceptance in the country. He  also promised its shareholders good returns on Investment.

    He applauded brokers, who have consistently become the  backbone of the company by bringing their insurance businesses to Consolidated Hallmark. He disclosed that the firm will always come out with innovative products and services that will suit the needs and yearnings of the insuring public.

    The recent threat by the National Assembly to instruct Securities and Exchange Commission(SEC) to close down the firm, he said, was an uniformed decision, adding that his firm had done nothing wrong to warrant such.

    He said: “As a company, we always tried to improve  to deliver exceptional services to our clients. We have paid all our claims in the last 11 years. Nobody has taken us to court on the account of non-settlement of claims. On a year-on-year basis, the claims we have paid has continued to increase, yet, we have been paying them. We will not relent in the discharge of its duties as expected as we are judicious in the way we invest and utilise shareholders’ funds though we  the company might not have declared bogus profit, we have consistently declared profits over time.

    “To increase our bottom line and reap from the huge insurance potentials in the country, we have redeveloped our strategy, leveraging on technology to give better and seamless services to its relevant stakeholders.

    “We might not have big capital, but we have the competence. We are the leader in Aviation, Marine and in Oil and Gas insurance businesses and the industry can attest to that. Very recently, we have paid a major claim. On the 19th of April, 2018, we have a marine claim of N2.1 billion of which we are the lead insurer and before October, 2018, the claim was paid. We don’t value investment income over that of claims, even though, we need it to reward our shareholders,” he added.

  • Nigerians should learn to create multiple streams of income, says MD

    Managing Director, Flobal Trust Limited, Mr Abayomi Adeyeri, has advised Nigerians to seek ways of creating multiple streams of income for sustainable wealth and good living standards.

    He said Nigerians must learn to optimise their incomes and cultivate good attitudes that would make them  succeed early in life.

    He pointed out that Flobal Trust Limited, an investment advisory company licensed by the Securities and Exchange Commission (SEC),   aims to build a world-class investment institution with sustainable growth, and to expand the worth of its customers by providing innovative investment advisory services.

    A former senior management member of Ecobank Nigeria and author of Multiple Bold Steps, Adeyeri said with its real estate and investment company subsidiary called Flobal Capital LLC in the United States, Flobal Trust’s mission is to provide effective platform and enabling environment that will facilitate and ensure convenient and accessible services and opportunities to its customers.

    Speaking against the background of the introduction of the Multiple Bold Steps, Adeyeri said  Nigerian youths, especially those not employed and salaried workers should learn how to create multiple streams of income without necessarily compromising good values, adding that civil servants in Nigeria should step up their customer service skills and imbibe ownership spirit.

    According to him, his desire to see others succeed in life and the urge to pass a strong message that anyone can make it irrespective of colour, gender and challenges of life motivated him to put his experience and knowledge as a senior wealth creation expert into a book.

    “I intend to speak to our youths never to quit and not to be discouraged. The power to create lies in every youth. They are to activate same and turn their desires into reality. The various tools required for activation of creation power are enumerated in this book. Also, every employee should know that they are limited in wealth creation. The true wealth creators are entrepreneurs,” Adeyeri said.

    He said the book takes people through the art of taking multiple bold steps and serve as a confidence booster, noting that in order for anybody to take bold steps, such a person must be courageous and have a strong positive attitude.

    “The thrust of the book is to plan well and put strategies that will ensure success in life in place in the various cycles of life discussed in this book. This is my first book and I intend to write more. It is currently available on Amazon, Barnes and Noble and Multiple Bold Steps website and most online bookstores with delivery period of between two days to one week depending on your location in the world. However, we plan to partner with any reputable publisher in Nigeria to publish the Nigeria version of this book soon,” Adeyeri said.

     

  • Shell appeals court’s order on MD, two others

    Shell Petroleum Development Company (SPDC) has appealed a Rivers State High Court order sentencing its managing director and two others to three months’ imprisonment for contempt of court.

    News Agency of Nigeria (NAN) reports that a Port Harcourt High Court on Tuesday sentenced the Managing Director, Mr. Osagie Okunbor and two others to prison with hard labour.

    Reacting to the sentence, the Manager, Corporate Communications and External Relations, Mr. Bamidele Odugbesan, yesterday in an SMS to NAN in Lagos decried the pronouncement.

    He said: “We do not accept that SPDC has disobeyed any court order and we have accordingly appealed this judgment. SPDC has utmost respect for the courts and the laws of Nigeria.

    “We have appealed the order and applied to suspend its execution, pending the outcome of the appeal.”

    Odugbesan said the 2008 judgement was settled between SPDC and the landlord families in 2014.

    “An amicable resolution and settlement agreement was signed by the parties in 2014, after which SPDC paid the rents due on the land up to 2019,” he said.

    Odugbesan cited a public notice by the landlord families in the October 24, 2014 edition of The Guardian, acknowledging the settlement with SPDC.

    He said the Bonny Oil Terminal is a critical national asset in which the Federal Government has 55 per cent interest.

    “For this reason, SPDC has taken lawful steps to protect its officials and ensure uninterrupted operations at the terminal, in the interest of the nation.

    “It receives crude from international and local oil companies through the Trans Niger Pipeline and the Nembe Creek Trunk Line for Export,’’ Odugbesan said.

    Members of Bonny community in Rivers had approached the court, presided over by Justice George Omeriji, to commit the SPDC officials to prison for disobeying its order of 2008.

    The community wanted the court to direct the company to forfeit the land where one of Nigeria’s biggest oil terminals, Bonny Oil Terminal, was located.

  • STI, MD get award

    Sovereign Trust Insurance Plc (STI) and its Managing Director, Olaotan Soyinka, have won the Corporate Social Responsibility (CSR) Company of the Year and Insurance Man of the Year for 2017 awards.

    It was all at the Business-Today Online Media Awards.

    The event, which was held at the Lagos Sheraton Hotels, Ikeja, Lagos was chaired by Dr. Akin Ogunbiyi, chairman, Mutual Benefits Group.

    Others at the event included the Acting Director-General of the National Pension Commission (PenCom) and Chairman, Nigerian Insurers Association (NIA).  The nomination for the Insurance Man of the Year Award, according to the organisers of the event, was  open to the insuring public and other stakeholders done via voting in the social media.

    The award is in recognition of chief executives of underwriting and pension firms  who contribute to the growth of the sector, while the CSR Award is given to underwriting firms, pension organisations and other financial institutions which enhance and improve the quality of life and infrastructure in their indusries.

    In his response, Soyinka promised to work for the growth of insurance.  He said the company will not rest on its oars in upholding professionalism and adherence to corporate governance, adding that it will maintain the position of a responsible corporate entity to further project the industry.

     

  • Electricity workers threaten to shut power, demand sack of MD

    Electricity workers yesterday in Abuja threatened to shut down power, unless the Federal Government sacks the Transmission Company of Nigeria’s (TCN) Managing Director, Usman Mohammed.

    The workers, under the auspices of the Senior Staff Association of Electricity and Allied Companies (SSAEAC), are accusing Mohammed of high handedness and anti-labour practices.

    The union threatened to ground the entire power structure, if the government refused to heed its advice to relief the managing director of his appointment.

    The workers’ threat followed the alleged administrative irregularities and high handedness of the Mohammed-led management.

    TCN emerged from the defunct National Electric Power Authority (NEPA), following the merger of the Transmission and Operations sectors on April 1, 2004.

    TCN represents one of the 18 unbundled business units under the Power Holding Company of Nigeria (PHCN) and was issued a transmission licence on July, 1, 2006.

    The development prompted workers of the organisation to picket the TCN premise where they disrupted vehicular and commercial activities for several hours.

    The workers, who spoke through SSAEAC’s General Secretary, Umar Abubakar, accused Mohammed of allegedly flouting most of the administrative procedures, which they claimed were inimical to their welfare.

    According to them, the MD allegedly single handedly conducted examinations for staff due for promotion without recourse to input from other management staff.

    They alleged that the MD had defaulted in remitting taxes to the Federal Inland Revenue Service (FIRS), a development that also led to the sealing of the organisation even before the workers staged their protest.

    The workers also claimed the MD had hijacked some funds provided by the World Bank for projects in the power sector, including his alleged interference in union activities by his attempt to polarise the union.

    They also alleged that the MD cleared a large consignment of electrical materials from foreign donors at the ports but failed to deliver same to the warehouse of the organisation for proper accountability, before distribution to the relevant sections.

    The protesters said efforts by the Minister of Labour and Employment, Sen. Chris Ngige and his counterpart in the Ministry of Power, Works and Housing, Babatunde Fashola, to intervene in the matter, proved abortive as Mohammed failed to turn up in several meetings.

    “Our grievances stem from the fact that the MD on his own handled the promotion exercise and started to conduct it in his own way through the aid of consultants that to us is not the ideal process.” the angry worker said.

     

     

  • Court remands three MDs for ‘N120m property scam’

    An Ikeja High Court yesterday remanded the Managing Director (MD) of Forthright Properties Ltd, Isaac Akintoye and two other MDs following their arraignment for an alleged N120 million property scam.

    Justice Mojisola Dada made the order after Akintoye, Samuel Okeke and Ifeanyi Ndigwe pleaded “not guilty” to a 16- count charge of stealing and fraud.

    They will remain in prison custody till May 22, when their bail applications will be heard.

    The judge also fixed June 6 for their trial.

    The defendants were charged by the Economic and Financial Crimes Commission (EFCC), alongside four companies.

    According to EFCC counsel Muhammed Bashir, the offences were committed in Lagos between November 14, 2005 and August 2014.

    The defendants allegedly received the sums in tranches of N68,400,000, N1,800,000, N5,000,000, N6,000,000, N10,000,000, N8,500,000 among others.

    Okeke and his two firms, Samadores Ltd and Aqua Rock Real Estate and Investment Ltd were indicted in counts 1 to 12.

    Akintoye and Forthright Properties Ltd were mentioned in count 12; Ndigwe and his company, Iccon Communications Ltd, appeared in counts 13 to 16.

    Count 12 of the charge reads: “Samuel Okeke, Isaac Akintoye, Samadores Ltd, Aqua Rock Real Estate and Investment Ltd and Forthright Properties Ltd sometime in the year 2013, conspired to dishonestly convert an aggregate sum of N68, 400,000 being purported payment for sale of 38 plots of land at Gan-un Riverside Park Residential Scheme at the rate of N1, 800, 000 per plot with intent to permanently deprive Obinna Obienu and IT World Nigeria Limited of their special interest in the property.”