Economy
Shareholder Drags Continental Reinsurance CEO to Court
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
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
