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N2.9billion fraud::court adjourned till January 29 for arraignment of Lagos businessman, Kenneth Ndubuisi

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N2.9billion fraud::court adjourned till January 29 for arraignment of Lagos businessman, Kenneth Ndubuisi

      The on going court vacation has stalled the arraignment of a Lagos businessman Kenneth Ndubuisi Amadi alleged to have obtained the sum of N2.9billion by false pretences  from a Petroleum company Eunisell  Limited.          Consequently, the case has been adjourned till 29th,of January, 2020 when the accused businessman will be arraigned Ndubuisi Amadi and his company Idid Nigeria Limited were alleged to have obtained  the sum of N2,900.000,000 by false pretence from a Petroleum company Eunisell while working as the Chief Executive officer of the company.    The offences alleged to have been committed by the accused businessman and his company Idid Nigeria limited  are  contrary to section 1(1)(a) of the Advance Fee Fraud and other fraud  related offences Act,CapA6,laws of the Federation of Nigeria, 2004 and punishable under section 1(3) of the same Act       Though the defendants were not in court his counsel Barrister Emeka Etiaba SAN and the prosecuting state counsel from Directorate of public prosecution Federal ministry of Justice Abuja A K.  Alilu were in court.     When the matter was first mentioned in court last year December, the defendants were not in court hence the matter was adjourned till January 9,for arraignment but the court was on vacation     When the matter was called for the defendants to be arraigned then, they were  not present in court, the chief IState counsel from the Department of Public Prosecutions of the Federation Mr. A.  K. Alilu told the court that it has been very difficult to serve the defendants a copy of the charge.        However the Counsel to the defendants Barrister Emeka Etiaba SAN  told the court that they are not opposing arraignment and trial and he has spoken to the prosecutor to receive a copy of the  charge  on behalf of the defendants, thereafter the prosecutor served the defence counsel a copy of the charge.      Thereafter, the presiding Judge Mohammed Liman adjourned till 9th of January , 2020 for arraignment,but the court was on vacation 
    The charge preferred and filed before the court against the defendants  stated thus: 
Count one    That you KENNETH NDUBUISI AMADIMale Adult of No 31A,Providence Street, Lekki Phase 1,Lagos and IDID NIGERIA LIMITED of No 26,Osisiogu Crescent, Utako Abuja sometime in Lagos, within the jurisdiction of this Honourable Court did obtain by false pretence and with intent to defraud, the sum of Two Billion, Nine Hundred  Million Naira belonging to Eunisell Nigeria Limited, from A-Z Petroleum  Limited and you thereby committed an offence contrary to section 1(1)(a) of the Advance Fee Fraud and other Fraud Related Offences Act, Cap. A6,Laws of the Federation of Nigeria, 2004 and punishable under Section 1(3) of the same Act. 
Count TwoThat you KENNETH NDUBUISI AMADI, male, Adult of  No. 31A Providence Street, Lekki Phase 1,Lagos, sometime in 2016,while serving as the Chief Executive Officer of Eunisell Nigeria Limited. at Lagos, within the jurisdiction of this Honourable Court, did utter forged documents to wit :invoices and waybills to A-Z Petroleum limited with intent that they may be acted upon as genuine to the prejudice of Eunisell Nigeria Limited and you thereby committed an offence contrary to section 1(2)(c) of the miscellaneous Offences Act, Cap M17, laws of the Federation of Nigeria,2004 and punishable under the same Section of the Act. 
Count three That you KENNETH NDUBUISI AMADI Male, Adult of No 31A providence Street, Lekki Phase 1,Lagos ,sometime in 2016,while serving as the Chief Executive Officer of Eunisell Nigeria Limited at Lagos,within the jurisdiction of this Honourable Court did knowingly and without the authority, depressed data in respect of the financial transfer you made to Eunisell Nigeria Limited with intent to confer economic benefits on yourself,and you thereby committed an offence contrary to section 14(1) of Cybercrimes(Prohibition,Prevention,Etc.) Act 2015 and punishable under the Same section of the Act. 

Count Four That you KENNETH NDUBUISI AMADI Male, Adult, of No 31A, Providence Street, Lekki Phase 1,Lagos,and IDID NIGERIA LIMITED of No26,Osisiogu Crescent  Utako, Abuja, Sometime in 2016,at Lagos, within the jurisdiction of this Honourable Court, while being trustee of the sum of Two Billion, Nine Hundred Million Naira belonging to Eunisell Nigeria Limited did convert same without authority to create sufficient deposits to promote the credibility of your own company (IDID NIGERIA LIMITED) and thereby committed an offence contrary to Section 434 of the criminal code Act, Cap Cap. C38 Laws of the Federation of Nigeria 2004 and punishable under the same section of the Act.
Count five That you KENNETH NDUBUISI AMADImale,Adult of No 31A,Providence Street, Lekki Phase 1,Lagos, sometime in 2016,while serving as the Chief Executive Officer of Eunisell Nigeria Limited did received the sum of Two Billion, Nine  Hundred  Million Naira belonging to Eunisell  Limited and, with intent to defraud omitted from making full and true entry thereof in the books and accounts of the and you thereby committed an offence contrary to section 435 of the criminal Code Act Cap. C38 law of the Federation of Nigeria,2004 and punishable under the same  of  Act.

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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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