Business

Court To Hear Contempt application Over Etisalat Sale

Published

5 years ago

February 11, 2019

Eniola Olayemi

Federal High Court in Abuja has warned the Central Bank of Nigeria (CBN), the Nigerian Telecommunication Commission (NCC) and others involved in the transaction for the sale of troubled telecom firm Etisalat (9mobile) against taking further steps to conclude the sale.

The warning was informed by the claim by some aggrieved investors that despite a subsisting order of the court, made on October 10, last year, by Justice Binta Nyako, barring parties to the transaction from taking further steps pending the determination of the suit, the CBN, First Bank and others have allegedly sold the firm and transferred its ownership.

The warning by the court is contained in a Form 48 issued by the court’s Registrar, on institutions listed as defendants in the suit marked: FHC/ABJ/CS/288/2018 filed by the aggrieved shareholders, through Afdin Ventures Ltd and Dirbia Nigeria Ltd.

The Form 48 reads: “Take notice that unless you obey the directions contained in the order of the Federal High Court number three, Abuja, made on the 10th of October 2018 ordering parties to maintain status quo, with regard to the sale of Etisalat Nigeria Limited (rebranded 9mobile), you will be guilty of contempt of court and will be liable to be committed to prison.”

The affected defendants are Karington Telecommunications Ltd, Premium Telecommunications Holding NV, First Bank of Nigeria Plc, Central Bank of Nigeria, Etisalat International Nigeria Ltd (trading under the name and style of 9mobile) and the Nigerian Communication Commission.

The aggrieved subscribers, who claimed to be major investors in Etisalat, said they were excluded from the firm’s decision making and therefore want a refund of their investment estimated at $43,330,950.

Afdin and Dirbia, in newly filed court documents, alleged that the defendants have not only sold the company, despite the existing restraining order, they have effected a transfer of ownership to a new set of buyers.

They exhibited newspaper publications, indicating that the defendants have allegedly proceeded with the sale in breach of the pending court order.

The aggrieved shareholders, in a pre-action notice issued by their lawyer, Mahmud Magaji (SAN), are threatening to institute fresh suits against the CBN, NCC and First Bank in an effort to retrieve their investment and accrued interest.

The action notice, copies of which were sighted in Abuja, were addressed to the CBN Governor and NCC Executive Vice Chairman/Chief Executive Officer.

Part of the notice reads: “The intending plaintiffs, who are shareholders in Etisalat Nigeria Ltd, having purchased a total number of 1, 300,391 at $13,003,910 only and 3,300,004 Class A shares at $30,030,040) intend to sue for the recovery of their investment, dividends on their shores, and damages for breach of contract.

“Please kindly recall that, by the custodian agreement, all the shares certificates of the plaintiffs were kept under your custody.

“However, you have failed to exercise your role in good faith leading to the sale of Etisalat Nigeria Limited to Teleology Nigeria Ltd, at the detriment of our clients.

“The intending plaintiffs aver that First Bank of Nigeria Plc was both a receiving bank and also a custodian of the shares acquired by the intending plaintiffs from Karington Telecommunications Ltd.

“The intending plaintiffs aver that, under the private placement memorandum (PPM), First Bank of Nigeria Plc, as custodian of the intending plaintiffs’ shares in Karington Telecommunications Ltd, has the obligation to ensure that the shares held by the intending plaintiffs, as beneficial owner, has the duty of custody, safekeeping, warehousing and preservation of the property (shares) of the intending plaintiffs, amongst others.

“First Bank, in allowing the shares of Emerging Markets Telecommunications Services Ltd (EMTS) to be so charged as security for the syndicated loan by fixed charge, failed to keep the shares of the intending plaintiffs separate and/or segregated, but has allowed the intending plaintiffs’ shares to be co-mingled with the shares of other investors and thereby failed In its custodial duties in clause 5.1.2 at page 71 of the PPM.

“First Bank also failed to observe and perform its warranty that it shall ensure the observance and performance of its custodial duties in the private placement memorandum (PPM) and also as contained in the application form.

“The intending plaintiffs have suffered the liability of the complete loss of their investment in the shares of Karington Telecommunication Ltd and indirect economic interest in the shares of EMTS which are to be sold to recover the unpaid syndicated loan from the thirteen banks, of which First Bank of Nigeria PIc is a part.

“The intending plaintiffs also never received any dividend payment since 2009; have completely lost their investment or indirect holding/economic interest in the shares of EMTS, which First Bank of Nigeria allowed to be used as a fixed charge to secure the repayment of the loan by the syndicated banks to EMTS and which loan has remained unpaid and the security is being enforced.”

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Business

ACCESS HOLDINGS PLC ANNOUNCES THE APPOINTMENT OF MS. BOLAJI AGBEDE AS ACTING GROUP CHIEF EXECUTIVE OFFICER

Published

2 months ago

February 13, 2024

august24admin

AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H

The Board of Directors of Access Holdings Plc (‘the Company’) has announced the appointment of Ms. Bolaji Agbede as the Acting Group Chief Executive Officer of the Company following the unfortunate demise of its former Group Chief Executive Officer, Dr. Herbert Wigwe, on February 9, 2024.

The appointment is subject to the approval of the Central Bank of Nigeria.

Until her recent appointment, Ms. Agbede was the Company’s most senior founding Executive Director in charge of Business Support.

She has nearly three decades of professional experience cutting across banking and business consultancy services. Ms. Agbede commenced her professional career in 1992 at Guaranty Trust Bank and served in various capacities within the Commercial Banking and Operations functions rising to the position of Manager in 2001.

She subsequently served as the Chief Executive Officer of JKG Limited, a business consulting outfit in 2003.

Ms. Agbede joined Access Bank Plc (‘the Bank’) in 2003 as an Assistant General Manager and was responsible for managing the Bank’s portfolio of chemical trading companies.

She served as the Bank’s Head, Group Human Resources between 2010 and 2022 and was appointed the Company’s founding Executive Director, Business Support in 2022.

She has a track record in successful people integration in business combination and culture transformation.

She holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos (1990) and a Masters of Business Administration Degree from Cranfield University UK in 2002. She is a member of the Chartered Institute of Management UK and the Chartered Institute of Personnel Management of Nigeria.

Ms. Agbede has attended several renowned leadership and professional development programmes including the High-Performance Leadership Programme organised by the IMD and the Strategic Talent Management Programme organised the London Business School.

Business

AFRICA RE: REMEMBERING THE LEGACY OF A COLOSSUS – MR. BAKARY KAMARA

Published

2 months ago

February 12, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Africa Re, Africa’s leading reinsurance company, recently held an Evening of Tributes, themed “The Colossus” for its immediate past Group Managing Director, Mr Bakary Kamara. The event which was held on the evening of Saturday, 10th February 2024, at The Sky Restaurant, Eko Hotel, saw friends, colleagues, family and industry leaders gathered to celebrate the life and legacy of Mr. Bakary Kamara.

From left:GMD/CEO Africa Re, Mr Corneille Karekezi; Prof Patrick Lumumba; Musa Kamara, Hada Kamara, Mouhamadou Kamara, children of the deceased; Chairman, Libya Insurance Co, Hafed Mohamed Omran and Deputy Managing Director, Africa Re, Ken Aghoghovbia at the evening of tributes for late Mr Bakary Kamara which took place at Eko Hotel and Suites, Lagos on Saturday February 10, 2024

Born in 1949, Mr. Kamara’s journey in the insurance sector was marked by dedication, vision, and transformative leadership. His tenure at Africa Re saw tremendous growth in premium income, profit and shareholders fund. The Evening of Tributes, organized by the African Reinsurance Corporation, is a powerful testament to the enduring impact “THE COLOSSUS” left on the African insurance landscape.

During the Evening of Tributes, a heartfelt video montage played, telling the story of Mr. Bakary Kamara’s remarkable journey, from his early career to his visionary and influential leadership at Africa Re.

Distinguished speakers, including Mr Corneille Karekezi, the Group Managing Director and Chief Executive Officer (GMD/CEO) of Africa Re, vividly portrayed his character in their heartfelt tributes. “When giants leave this world, they leave behind giants; they leave behind strong institutions, they leave behind strong families, they leave behind good culture. Africa Re is not a normal institution, it’s a very complex institution because we are not in one country. We have all the cultures of the African continent in one institution.”

The evening delved beyond professional accolades, revealing the multifaceted dimensions of Mr. Bakary Kamara. His Children, Former colleagues and mentees shared personal stories that highlighted his compassion, generosity, and unwavering commitment to empowering others.

“My Father would tell us that being educated does not mean you are better than the one who has never been to a western school. Being financially independent does not mean that you are better than one with little means. Being a Muslim does not mean you are better than a Christian or a Jew.” said Hada Kamara.

These poignant testimonials resonated with the audience, showcasing a leader who touched lives far beyond the boardroom.

In his heartfelt tribute, Mr. Ken Aghoghovbia, DMD/COO of Africa Re, spoke of the profound impact Mr. Bakary Kamara had on the institution. “Mr Kamara demonstrated the rare combination of tough love and genuine care. Recognizing the potential within each individual, he pushed us beyond our comfort zones, challenging us to dig deeper, strive harder and never settle for less. Thus, the collective goal of staff under his leadership was to be nothing but the best, and as a result Africa Re became a respectable global brand.”

The Evening of Tributes wasn’t simply retrospective; it was a call to action. Industry leaders discussed how Mr. Bakary Kamara’s vision continues to shape the future of African insurance, emphasizing specific examples of how his legacy is being carried forward. This forward-looking perspective cemented his place as a guiding light, inspiring generations of professionals to build upon his foundation.

As the evening concluded, it became clear that Mr. Bakary Kamara was beyond just a leader; he was a symbol of an unwavering commitment to a brighter future for Africa. His legacy will continue to inspire generations of insurance professionals to build upon his foundation and contribute to the continent’s economic and social development.

As we remember Mr. Bakary Kamara’s remarkable life and the profound impact he made, the African Reinsurance Corporation reaffirms its commitment to its vision – a vision of a stronger, more resilient Africa, where insurance plays a vital role in protecting and enabling progress. Mr. Kamara’s legacy serves as a beacon, guiding us as we continue to fulfil our promise.

Business

FIRSTBANK CLINCHES THE PRESTIGIOUS CORPORATE BANK AWARD AT THE 2023 EUROMONEY AWARDS FOR EXCELLENCE

Published

2 months ago

February 9, 2024

august24admin

FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence, Nigeria 2023.

The Bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers achieve success through relevant and tailored financial solutions. FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.

FirstDirect2.0 provides a one-stop shop online banking platform for corporates, offering best-in-class capabilities such as Payments, Collections, and Account Services, and a locally focused phased implementation of Trade and Supply Chain Finance – a first for the Bank.

The platform offers customers various solutions for corporate cash management (Payments, Collections and Liquidity Management). It will also deliver end-to-end trade solutions for corporate clients covering L/C creation, tracking, bidding and reconciliations.

The Bank’s Corporate Banking model is focused on ensuring that its clients get the same quality of service across the Bank’s geographical locations. The execution of this approach through the deployment of the Global Account Management (GAM) Framework, implemented to enhance cross-relationship management tailored to Customers with a Pan African footprint.

Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023.

“We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded.

According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”

“For over 30 years, Euromoney has recognised the banks and that have demonstrated their differentiation, pioneering a comprehensive awards programme that today remains the industry benchmark globally, it concluded.”

Amongst other awards, FirstBank recently added to its awards kitty, Best Corporate Bank Western Africa, 2023, by Global Banking and Finance; Best Internet Banking in Nigeria, 2023 by International Business Awards; the Most Innovative Banking Brand in Nigeria by Global Brands Awards as well as the Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development.

About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for 130 years.

With over 800 business locations and over 232,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and Corporate financial services to serve its over 42 million Customers. The Bank has an international presence with subsidiaries operating in 9 other countries. These subsidiaries are FirstBank (UK) Limited in London and Paris, FirstBank in the Democratic Republic of Congo, Guinea, Sierra Leone, The Gambia; FBNBank in Ghana and Senegal as well as a Representative Office in Beijing, China. The Bank is at the forefront of promoting digital banking in the country and has issued over 13 million cards, the first bank to achieve such a milestone.

FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with over 23 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.