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
Economy
Dangote Plans Seaport in Ogun to Ease Export of Petrol, Fertiliser, Others

By Adedapo Adesanya
Nigerian billionaire businessman, Mr Aliko Dangote, plans to build a seaport in Ogun State to ease the movement of goods from his factories bound for export.
According to a report by Bloomberg, the proposed Atlantic seaport in Olokola, Ogun state, lies about 100 kilometres (62 miles) by road from the Dangote fertiliser plant and petrochemicals refinery in Lagos.
He will be constructing the port at the same site he had previously planned to build his refinery until infractions with the government led him to change his mind despite fulfilling some financial arrangements.
Speaking to the publication, the businessman said he has sent the paperwork to the government for permission in late June.
“It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he noted.
The establishment of a seaport will make it easier for him to export goods, including petrol, liquefied natural gas, urea, fertiliser, among others, which are limited by constraints and bottlenecks on Nigerian road networks and congested seaports.
Dangote currently exports urea and fertilizer through an on-site jetty he built, that also receives heavy equipment for the refinery.
It was reported that the port will link his logistics and export operations and other competitors facilities in Lagos, including the Lekki Deep Sea Port in Lagos.
According to the Vice-President of Dangote Industries Limited, Mr Devakumar Edwin, the firm also plans to export liquefied gas from Lagos, a project that will involve constructing pipelines from Nigeria’s oil-rich Niger Delta.
“We want to do a major project to bring more gas than what NLNG is doing today,” he said, adding that, “We know where there is a lot of gas, so run a pipeline all through and then bring it to the shore.”
These developments mark the next step in plans by the further expand his empire both home and abroad. Already, the company plans to start distributing fuel to retailers in Nigeria from August, using a fleet of 4,000 CNG-powered trucks.
Business Post reported last week that he has also started plans to construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to the southern Africa market.
Economy
Nigeria May See 4.4% GDP Growth, 17.1% Inflation in H2 2025—FSDH

By Adedapo Adesanya
Nigeria may achieve an economic growth of 4.4 per cent and a moderate inflation of 17.1 per cent if crude oil production improves, analysts at FSDH Merchant Bank have projected.
In a report released last week, the firm in its Nigeria Macroeconomic Report for the First Half of 2025, offered critical insights into the global and domestic economic environment.
The report titled Balancing on the Edge in a Fragile World dissected the complex interplay of global disruptions and Nigeria’s economic performance, while providing a forward-looking projection for the second half of 2025.
It said despite global trade tensions, geopolitical unrest in the Middle East, and fragile capital flows, Nigeria showed signs of resilience, underpinned by expanding non-oil exports, moderating inflation, and improving investor sentiment.
“Nigeria has demonstrated encouraging signs of macroeconomic stability in the face of global headwinds. Our PMI data suggests an expanding economy, inflation is decelerating, and exchange rate reforms are strengthening market confidence. However, sustaining this progress requires deep structural reforms, especially in energy, trade, and fiscal management,” the chief executive of FSDH Merchant Bank, Mrs Bukola Smith, was quoted as saying in the note.
For the first half of the year, the report noted that Israel-Iran conflict and a renewed tariff war under US President Donald Trump have triggered global uncertainty, with the IMF cutting global growth projections, adding that oil price volatility and trade disruptions are shaping Nigeria’s external outlook.
It also noted that Nigeria’s inflation has moderated following a revision in the Consumer Price Index (CPI) methodology, inflation slowed from 24.5 per cent in January to 23 per cent in May 2025.
The firm also affirmed that exchange rate reforms were working.
“The Naira showed relative stability, trading within a narrower band. FX reforms and CBN’s transparency have restored investor confidence,” it said, adding that, “Though official GDP data is pending, the Purchasing Managers’ Index (PMI) stayed above the 50-point threshold throughout H1, reflecting economic expansion across agriculture, industry, and services.”
It revealed that despite a decline in oil’s share of exports to 62.9 per cent (from 81 per cent in Q1 2024), crude oil production remains below budget benchmarks. This shortfall may affect fiscal performance unless addressed.
Other pointers include NGX All Share Index (NGX-ASI) which returned 16.6 per cent YTD, outperforming many global peers, while foreign portfolio investments surged to $5.03 billion in Q1 as well as the passage of four major tax laws in June, aiming to harmonize tax administration, increase compliance, and improve equity.
“These are expected to raise the tax-to-GDP ratio from 10 per cent to 18 per cent in three years,” it said.
The report then projects that if oil production improves and inflation continues its downward trend in the current half of this year, Nigeria may achieve GDP growth of 4.4 per cent, inflation at 17.1 per cent, and external reserves of $44.3 billion, provided oil output and reforms align in a best-case scenario.
However, Nigeria must leverage current momentum to deepen economic diversification, accelerate reforms in the power and petroleum sectors, and maintain coordination between fiscal and monetary policy.
“Investor sentiment has begun to turn positive. Nigeria’s bond and T-bill markets are attracting renewed interest, and equity markets are gaining momentum.
“At FSDH, we understand that in times like this, clarity and partnership matter more than ever. While we can’t control global events or predict every market move, we remain committed to helping you navigate the complexity with perspective, precision, and purpose,” the Executive Director for Global Markets and Institutional Banking at FSDH, Mr Hakeem Muhammed, said.
The report also noted cautious optimism in the bond and NT-Bills market, as yields softened in response to improved macro indicators, while oil sector stocks on the NGX continued to underperform due to global crude price pressures.
“With the MPR at 27.5 per cent, prime lending rates currently exceed 30 per cent, but projected downward trends in H2 2025 offer a more favourable outlook for debt-funded expansion and capital investments,” added Mrs Stella-Marie Omogbai, Executive Director, Corporate Banking and Branches, FSDH Merchant Bank, “Interest rates are expected to ease due to projections on MPC rates dropping to at least 27 per cent, supported by fresh capital inflows in the banking industry and reduced inflation concerns.”
“FSDH, in partnership with DFIs, will continue to provide funding at competitive rates to help businesses grow,” she further stated.
Economy
Bitcoin Crosses Landmark $122,000 Milestone for First Time Ever

By Adedapo Adesanya
Bitcoin crossed the $122,000 level for the first time on Monday.
The development marks a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.
Three major bills, the Clarity Act, the Genius Act, and the Anti-CBDC Surveillance State Act, are set to be reviewed by the US lawmakers.
The crypto asset scaled a record high of $122,482.00 on Monday, before pulling back slightly to last trade 3.9 per cent higher at $122,462.70, as of press time.
The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions, even in the face of President Donald Trump’s chaotic tariffs.
Ether (ETH), the second-largest token, scaled a more than five-month high of $3,050.90, while Ripple (XRP) and Solana (SOL) gained about 3 per cent each at $2.95 and $166.23, respectively.
Other benchmarked tokens like Finance Coin (BNB) and Dogecoin (DOGE) are also up at $703.61 and $0.2055, respectively.
Reuters reported that starting on Monday, the US House of Representatives will debate the series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.
Those demands have resonated with President Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.
The sector’s total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.
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