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1.8 billion Naira Debt, Kola Abiola settles With AMCON

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Definitely this is not the best of time for Kola Abiola as he is currently running from pillar to post to pay a debt hanging on his neck.

www.crystal.com.ng gathered that Federal High Court, Ikoyi, Lagos has endorsed terms of settlement filed before the court by Asset Management Corporation of Nigeria AMCON, and the son of M. K. O. Abiola  the acclaimed winner of June 12,1993.presidential election  ,his company 35 Oil and Gas Nigeria Limited, and Dr. Zulikat Wuraola Abiola.      

As disclosed by a source,  what  actually led to the consent judgement was as a result of debt recovery suit of N1,891,532,469.21 filed against, the defendants, 35 Oil & Gas Nigeria Limited, and the billionaire businessman, his sister, Dr Zulikat Wuraola Abiola and one Mr Tajudeen Olawale Jinadu. The court in its ruling dated 17th day of June, 2019,predicated on an application filed and argued before the court granted an order directing 19 commercial banks in Nigeria named in the application filed before the court to freeze the accounts of the defendants to the sum of N1,891,532,469.21 pending the final determination of the suit.      

The court also granted the following orders :     Directing all the financial institutions within the jurisdiction of the court particularly those named in the application file before the court to produce and furnish the statement accounts of the defendants stating the total sum standing to their credit  within seven days of the service of the ruling of the court on them      

The interim forfeiture of the interest of the defendants in:I. 35 Oil&Gas Nigeria Limited. ii Crittal -Hope Nigeria Ltd. iii. Banusho Fishery Ltd. iv. Beta Glass Plc.v. Management Transformation Ltd.     An order of Interim possession to the claimant of the following  property of Mr Tajudeen Olawale Jinadu  situate at : 

  • Plot 211E, Block 13, Amuwo Odofin Area of Lagos State.
  • Plot 28, Block29, Ipaja New Town Residential Scheme, Alimosho Local Government Area of Lagos State.        
  • Property situate along Ijaye Street,Street, off Idimu Road, Oduwole, Alimosho Local Government Area of Lagos State      
  • Property Situate at Babs Adepegba  Close, Fagba, Iju Road, Ifako Ijaye Area of Lagos State.        
  • Property Situate at 5, Akintan Street Street, Dideolu Estate Ogba Lagos State.

All pending the final determination of the suit.    

In a related development, the court in its ruling dated the 5th of July, 2019 predicated on application filed before the court by AMCON. also granted an order of substituted service to serve the defendants the court process through the front desk staff or administrative staff of 35 Oil  & Gas Nigeria Limited in its office at 7and 8 Udi Street, Foreshore, Osborne, Ikoyi, Lagos.    

Subsequently the case was adjourned to 10th of July, 2019,for argument of Mr Tajudeen Olawale  Jinadu  for an order setting aside the interim order made by the court on17th of June, 2019.     The court in its ruling dated 10th of July, 2019,predicated the said  application filed by Mr Tajudeen Olawale Jinadu granted an order setting aside  the order granted against Mr Tajudeen Olawale Jinadu and struck out his name from the suit.      

Thereafter Terms of settlement was filed before the court, urging the court to endorse it as their consent judgement.      

In the terms of Judgement, The parties, that are AMCON, 35 Oil & Gas Nigeria Limited Mr Abdulateef Kolawole Abiola, and Dr. Zulikat Wuraola Abiola respectively agree to the complete full and final settlement of the AMCON claim against the aforementioned Defendants on the following terms.      

The defendants shall pay a concessionary sum of N373,620,518.42k in full and final settlement of AMCON against the defendants. Upon the execution of this terms of settlement between the parties and upon entering same as the consent judgement in this matter, the defendants shall made immediate good faith payment of a sum of N73,620,518.42k which said sum already paid by the defendants.      

The restructured balance of N300million of the settlement amount of N373,620,518.42k  shall be paid in six calendar months in the monthly instalment of N50million,effective date for  repayment of the restructured amount shall be from 18th July,2019. through 17th December, 2019.     Upon acceptance of the terms of this settlement, the  defendants waives their right to contest the debt and charges thereon with either Unity Bank Plc, Keystone bank Ltd or AMCON in this matter.        

All the concession granted under the terms of settlement shall be revoked by AMCON  if the defendants default.        The presiding Judge, Professor Chuka Obiozor has endorsed the terms of settlement as consent judgement. 

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Lasaco Assurance: Looking Good For The Future By Rilwan Oshinusi 

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Since its over 40 years of existence and particularly within the last five years, Lasaco Assurance Plc has consistently made remarkable progress and contributed positively to the growth of the insurance industry through our strict adherence to professional standards.
The company has insisted on doing business with honesty, empathy and the fear of God and made its clients get value for their investments, thus, making them (clients) rely on the company as their dependable companion.
This has culminated in a lot of noticeable positive changes that have kept Lasaco in the top position in its line of business. Its core values, purpose and mission have continued to make it a leading brand in the insurance industry in Nigeria.
Lasaco’s improved performance, especially in the last five years, was driven by various transformational and growth changes implemented by the Board of Directors and Management, which have resulted in significant changes to its organisational structures and performance. Its marketing effort is now through a strategic branch structure (organised on a regional basis) for adequate coverage of the entire country in order to increase our penetration.
These changes were also supported by various capacity upgrades, including robust procedures and policies which have enhanced its operations as well as improved the company’s performance and growth. It has significantly upscaled the quality of its service delivery as well as considerably reduced service turnaround times.
Thus, Lasaco has grown considerably in size, business-coverage, capital base and assets with its operations spanning all classes of insurance and special risks business as well as real estate.
Lasaco’s business portfolio currently includes leadership and a significant share of key Federal and State Governments insurance businesses, multinationals and private companies. In the last five years, the Company has embarked on strategic programmes to boost its growth, performance and transformation in line with its vision and organisational goal.
In the area of growth, the Company has recorded about 30% increase in its Gross Premium Income within five years. Financially, Lasaco is strong with an asset base of about N17 billion and a high solvency margin ratio. It has consistently paid dividends to shareholders since the last three years.
As part of its transformation agenda, Lasaco remodelled its Head Office to a world-class workplace environment as well as rebranded to embrace the company’s global nature while retaining its root of origin.
The Nigerian insurance market has been faced with different challenges in its efforts to serve the needs of the relevant stakeholders. As a result, the National Insurance Commission (NAICOM), the body responsible for the regulation of the insurance industry has, over time, devised different means in its aim to achieve this.
With the recent Recapitalisation Guidelines issued by NAICOM to meet up with the requirements, Lasaco’s shareholders have been proactive to approve the raising of N10 billion additional capital through Special/Private Placement. The arrangement is at an advanced stage, and soon they (the shareholders) and new investors will be allowed to increase their shareholding and/or invest newly.
Since January 2020, the Coronavirus (COVID-19) has transformed the whole world and presented tremendous challenges with reverberating effects medically, socially and economically. Thank God that the company has kept its head afloat working tirelessly to ensure that its effect does not keep it out of business.
Lasaco’s investment in ICT infrastructure is yielding fruit as most of its staff are effectively working remotely with minimal disruption, since most of the Company’s documents are now stored in the clouds, arranged methodically for ease of retrieval.
As a socially responsible corporate citizen that supports government’s efforts in curbing the spread of the deadly COVID19, LASACO, along with other major insurance companies, under the leadership of Nigerian Insurers Association and National Insurance Commission, provided Testing Materials, Personal Protective Equipment (PPE) and Life Insurance Cover free of charge to 5,000 front line health workers across the country.
Prior to this, the Company had extended such gestures to two states by providing Life Insurance Cover for an appreciable number of health workers and volunteers in Lagos State and the State of Osun.
Digital technologies are fundamentally changing how companies in the insurance industry operate and serve their customers, and Lasaco is not exempted. The company intends to transform its claims administration process and customer experiences via digitalisation. Its website has been revamped to ease the process of buying an insurance policy or filing a claim.
As a growth strategy to further increase our branch network and national presence, Lasaco intends to expand its branches and operating base network to include locations such as the South-South and South East regions of Nigeria.
No doubt, the future looks brighter for the company as it continue to make sacrifice to satisfy its clients so as to make the investments of the company’s shareholders continue to yield positive results.
Rilwan Oshinusi is the Deputy Managing Director, Corporate Services, Lasaco Assurance PLC

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Facebook Announces its New Office in Lagos, Nigeria

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As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent. Aimed at supporting the entire Sub-Saharan Africa region, the office is expected to become operational in H2 2021 and will be the first on the continent to house a team of expert engineers building for the future of Africa and beyond.Facebook’s office will be home to various teams servicing the continent from across the business, including Sales, Partnerships, Policy, Communications as well as Engineers.Commenting, Ime Archibong, Facebook’s Head of New Product Experimentation said: “The opening of our new office in Lagos, Nigeria presents new and exciting opportunities in digital innovations to be developed from the continent and taken to the rest of the world. All across Africa we’re seeing immense talent in the tech ecosystem, and I’m proud that with the upcoming opening of our new office, we’ll be building products for the future of Africa, and the rest of the world, with Africans at the helm. We look forward to contributing further to the African tech ecosystem.” The investment of the new Facebook office follows the 2018 opening of NG_Hub, its first flagship community hub space in Africa in partnership with CcHub, and the 2019 opening of a Small Business Group (SBG) Operations Centre in Lagos, in partnership with Teleperformance. Providing outsourced support to all English-speaking advertisers across Sub-Saharan Africa, the SBG office supports Small Medium Businesses (SMBs) through its Advocacy, Community & Education (ACE) programme, as well as its Marketing Expert sales programmes – all aimed at enabling SMBs to accelerate the growth and development of their businesses. “Our new office in Nigeria presents an important milestone which further reinforces our ongoing commitment to the region”, commented Kojo Boakye, Facebook’s Director of Public Policy, Africa. “Our mission in Africa is no different to elsewhere in the world – to build community and bring the world closer together, and I’m excited about the possibilities that this will create, not just in Nigeria, but across Africa.” Since the opening of its first office in 2015, Facebook has made a number of investments across the continent, aimed at supporting and growing the tech ecosystem, expanding and providing reliable connectivity infrastructures and helping businesses to grow locally, regionally and globally. This includes the recent rollout of its SMB Grants programme in Nigeria and South Africa, aimed at supporting over 900 businesses by providing a combination of cash and ad credits to help small businesses as they rebuild from COVID. The development of 2Africa, the world’s largest subsea cable project that will deliver much needed internet capacity and reliability across large parts of Africa, as well as its ongoing training programmes across the continent which support various communities including students, SMBs, digital creatives, female entrepreneurs, start-up’s and developers.  Nunu Ntshingila, Regional Director, Facebook Africa,said: “We’re delighted to be announcing our new office in Nigeria. Five years on from opening our first office on the continent in Johannesburg, South Africa, we’re continuing to invest in and support local talent, as well as the various communities that use our platforms. The office in Lagos will also be key in helping to expand how we service our clients across the continent.”

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Billionaire Businessman, Harry Akande, Battles Shoprite

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Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in warm embrace of fame for many decades.

Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe.

The Agbaoye of Ibadan, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations.

The world-class businessman in the past has scored many firsts in the nation’s business climate to the envy of many of his competitors.

Indeed, he would have scored yet another first in 2005, as the South African retail store, Shoprite, had several meetings with  his company, AIC Limited, and agreed  his company would be the exclusive operator and manager of its brand across West Africa, except Ghana where the Shoprite brand was already established.

Consequently , there were a series of business meetings between Akande’s representatives and Shoprite Checkers first in South Africa on April 16, 1998 and then at Akande’s office in Victoria Island, Lagos on May 27, 1998.

Shoprite was also said to have flown in representatives who were shown possible locations for retail stores at some locations ,including Lekki Roundabout, Trade fair Complex and Lagos National Theatre, Iganmu.

But  when the South African retail giant was ready to commence operations in Nigeria, it allegedly sidelined Akande’s AIC and incorporated another company, Retail Supermarkets Nigeria Limited, and began using the new entity to operate in Nigeria, thereby breaching agreements between them.

The billionaire was upset and this led to a prolonged legal battle with Akande securing a 2018 major victory against the South African retail group for breaching contract between both parties in Suit No LD/488/2010 —AIC Limited (Claimant) v Shoprite Checkers (PTY) Ltd of South Africa and Retail Supermarkets Nigeria Limited (Defendants).

However, Shoprite owners appealed the judgement, while the Ibadan, Oyo State-born billionaire secured another victory  in May 2020  at the appellate court.

Though the three-man panel of Court of Appeal , Lagos Division, didn’t agree to Akande’s cross appeal, demanding 50 per cent of $92.3million as loss of profit he suffered due to the incorporation of Retail Supermarkets Limited, it unanimously affirmed the judgment of a Lagos High Court that awarded $10 million (N4.7 billion) damages against Shoprite Checkers (PTY) Limited.

Apart from the $10 million award, the court had directed the South African retail giant to pay 10 percent per annum on the damages, with effect from the date of judgment until the final liquidation of the entire sum.

Consequently, the shrewd businessman has initiated a fresh legal battle  at the Federal High Court to halt Shoprite Checkers’ exit moves out of Nigeria until the entire sum demanded is paid to the last kobo.

The billionaire, through his company, has got an ex-parte application for an order of Mareva Injunction restraining the South African retail giant, its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets from the court’s jurisdiction.

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