Economy

Shareholder Drags Continental Reinsurance CEO to Court

Published

8 years ago

26/05/2018

By Dipo Olowookere

Managing Director of Continental Reinsurance Plc, Mr Femi Oyetunji, has been dragged before Justice Mohammed Idris of the Federal High Court sitting in Lagos by a shareholder of the company.

The aggrieved shareholder identified as Mr Maduka Kanma Okafor alleged that the Managing Director has been running the firm without following due process.

Mr Okafor, who claimed to have 19,890,013 shares in Continental Reinsurance Plc, said he was relieved of his position as Deputy General Manager, in charge of Information and Communication Technology (ICT) Department of the insurer in August 2016 by Mr Oyetunji.

In the suit filed by his counsel, Sonnie Ekwowusi, with five directors of the company joined as co-respondents, the petitioner said he practically built the company’s ICT from the scratch with so many positive ground breaking records from when he was employed in July 1993.

However, Mr Okafor alleged further that when Dr Oyetunji joined the company in January 2010 and became its group Managing Director/Chief Executive Officer, he went all out to dismantle the cost saving mechanisms of the company as well as abolish the pre -existing progressive structure and Corporate Governance structure system set up by the Securities and Exchange Commission (SEC) and the board of the company, by always favouring a South African company called Dimension Data to execute the ICT contract of the company even though the tender of the South African company was unbelievably high and its solutions non-futuristic and often not the best.

Mr Okafor stated that because of Dr Oyetunji’s personal interest in favour of Dimension Data and its subsidiary namely Internet Solution mentioned some particular projects which were executed to the detriment of the insurance company and its shareholders.

In the year 2016, Dr Oyetunji was alleged to have paid three extra budgetary bill in quick succession to Dimension Data to repeat the ICT audit which was earlier successfully completed, in excess of $100,000 followed by another $12,000 and another N12,825,000 all unbudgeted and unjustifiable.

It was further alleged that around the year 2012, Dr Oyetunji cause the finance department of Continental Reinsurance company to give a personal loan an unsecured one at that in the sum of N12 million to his friend and proprietor of the Ember Creek Night Club, Mr Abbey Ford.

He claimed the loan was not repaid, rather expectedly, it was written off.

However, following the Petitioner’s lawyer letter to the board of the insurance company in the last quarter of 2016, the board investigated and affirmed that Dr Oyetunji indeed illegally gave the aforesaid loan and consequently, the board has since ordered that the money be recovered by him.

When Dr Oyetunji was employed in 2010 by the company, the board approved the sum of N20 million to purchase two company vehicles for the use of the company.

This amount at that time was appropriate and sufficiently budgeted to purchase a v8 Toyota Land Cruiser and Toyota Avensis 2.0 liter engine vehicles, but he chose to purchase a Range Rover Vogue, which cost less than about N18 million, the petitioner alleged.

He then demanded and got the balance of N2 million in cash and further brought in one of his used cars, (a Honda Pilot) which had been in use for so many years, and put it in the maintainance pool as his second entitled car. In acting in this manner, he did not seek any authorization from the board of directors of the company, Mr Okafor alleged further in his petition.

He said the illegally, oppressive, discriminating and high-handedness of Dr Oyetunji at the company to the acquiesce of the board of Directors became so unbearable that one Mr Abdul-Rasheed Akolade, who was Senior Manager (Life) at the company at that time had to tender his letter of resignation. In his email, he said he was resigning because of the illegality and abuse of corporate governance at the insurance company.

In violation of corporate governance to the detriment of the shareholding interest of the petitioner, the Managing Director exclusively diverted the catering services of the company and all soft supplies and sundry contrast to his sister/cousin namely, Folake Oyetunji, who also signs as Folake Adesanya through her various business names at patently uncompetitive prices, Folake Oyetunji, without proper bidding, variously was awarded contracts by the Managing Director, he alleged.

According to him, all the decision presented to the board of the company as management decisions are never discussed by the management.

Mr Okafor averred that he has invested about 20 million shares in the Continental Reinsurance company, which constitute a significant part of his life savings and investment and that if unnecessary wastages and eroding of the reserve of the company by the Managing Director as averred above are remain unchecked, the petitioner would loose all his live savings and investment in the company.

Consequently, Mr Okafor prays the court as follows :
A declaration that Dr Oyetunji, contrary to the memorandum and articles of Continental Reinsurance Plc, runs the company in a manner that is illegal, oppressive and unfairly prejudicial and discriminatory to him.
An order directing Dr Oyetunji to account for all the personal profits and unnecessary benefits derived by him in the course of his management of the company
An order directing an investigation /inquiry to be made into the management and affairs of the company by the Managing Director.

However, in a counter affidavit against the petition sworn to by the Head, Human Resources and Admin Department of Continental Reinsurance, Dr Segun Ajibewa, and filed before the court by Barrister Olayemi Badewole, the deponent, while denying almost all the deposition of Mr Okafor, averred that the petitioner lack credible evidence to support this petition.

He also contended that the petition is an abused of court process as the petitioner had earlier filed a petition before the court which was dismissed with a cost of N50,000.

Dr Ajibewa further averred that the petitioner lacks the legal capacity to institute this petition seeking reliefs for the benefit of the company.

The petitioner was fairly treated as he was paid his severance package timely, but the petitioner upon the disengagement of his employment acted contrary to his duty to maintain confidentiality of the company’s corporate information and disclosed sensitive corporate information of the company’s business operations, management and board to his lawyer.

Meanwhile, the presiding judge has adjourned till June 4, 2018 for hearing.

Additional information from Today.ng

Economy

Petrol Supply up 55.4% as Daily Consumption Reaches 52.1 million Litres

Published

10 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.

This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.

The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.

The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.

Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.

The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.

According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.

Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”

On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.

The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.

The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.

“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.

“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.

Economy

Secure Electronic Technology Suspends Share Reconstruction as Investors Pull Out

Published

10 hours ago

23/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.

The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.

Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.

Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.

However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.

Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.

“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.

“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.

“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.

“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.

Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.

Economy

Clea to Streamline Cross-Border Payments for African Importers

Published

12 hours ago

23/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.

During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.

Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.

Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.

The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.

Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”

Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”

According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.