General
Jumia Food MD in Police Net Over Fraud
By Modupe Gbadeyanka
Managing Director of Jumia Food, Mr Guy Futi, has found himself making efforts to explain to the Nigeria Police Force how his company did not defraud one of its vendors, Castle Logistics Services Limited.
Castle Logistics Services Limited, a logistics services providing company, had written a petition to the police alleging that Jumia Food fraudulently diverted and converted funds it was meant to pay for services rendered to the subsidiary of Africa’s leading e-commerce company.
In order to get a clearer picture of the allegations, the police questioned Mr Futi on what he knows about the issue at hand.
According to reports, a member of the anti-fraud unit, Mr Adewumi Adegoke, who confirmed the arrest of the Jumia Food chief, said a case of diversion of funds running into millions of naira was lodged against Jumia Food and Guy Futi by Castle Logistics.
“I can confirm that the Managing Director of Jumia Food was arrested and is in our custody. Investigations are ongoing on the allegations levelled against him and the company,” Mr Adekoge was quoted as saying.
But spokesman of Jumia, Mr Olukayode Kolawole, denied that Mr Futi was arrested. He stressed that Mr Futi only honoured an invitation sent to him by the police.
He also said, “Jumia Food MD neither misappropriated the company’s funds nor converted them for personal use.
“If this had happened, Jumia would have taken a legal action against him and probably involved the press. I say, unequivocally, that Jumia Food MD was never involved in any fraudulent act.
“If truly this happened, why would Jumia cover up for him? Is an outside source more credible to tell an alleged story of fraud within Jumia than the company management? Again, there’s no basis for hiding an employee’s fraudulent act if truly the employee committed such act.
“Jumia has an outstanding court case against a vendor (3PL) partner, who owes the company and has refused to pay. It is on the basis of the court case filed against the vendor that Jumia Food MD, Guy Futi, was invited by the police for questioning.
“Guy Futi was never detained by the police. He was invited for questioning and left the station after the interrogation same day. The police should provide a physical evidence of him in detention or else the information you were supplied with was completely false and has a malicious intent.
“A visit to the supposed station where he’s alleged to be waiting for bail will add so much credibility to your story.
“Guy Futi had not joined Jumia as an employee at the time the vendor’s debts started accumulating. He’s barely new at Jumia Food. The allegations are completely untrue and appear to be a cheap effort by a third party to distract the public from the main issue and malign Jumia’s image.”
Castle Logistics, in a petition dated December 24, 2018 by one Mrs Catherine Azubuike, to Nigerian Police, Zone II, Lagos, had alleged false presence, fraudulent conversion and diversion of N214.695 milion by Jumia Food.
The petitioner alleged that they entered into a Service Level Agreement in August 2016, wherein they were to provide personnel services and equipment to Jumia Food for delivery of food supply requests made online by its customers, adding that it also involves the collection of monies and consequent remittance of same to Jumia.
It was alleged that on May 2018, Jumia was said to have been able to pay for only August 2016 to March 2018, and fell short of the payment of N214,695,445.49, and upon a thorough investigation into the payment collection system, they found out that Jumia, without Castle’s consent and permission, gave to some of the riders Jumia Food’s personal POS for collection of payments from customers, and effectively those payments were rendered directly into Jumia Food designated accounts, adding that Jumia stole and converted the said sum for own use.
According to the petition, Castle demanded Jumia Food to provide it with complete bank reports of the transactions on those POS machines, but Jumia refused.
It read: “Jumia Food refused, but rather chose to randomly estimate a percentage of the total funds received from those POS machines as funds related to orders handled by Castle. This resulted in huge monthly shortfalls on orders handled by Castle and Jumia Food kept demanding Castle to remit funds for those shortfalls without providing the POS reports.”
Castle also alleged that further findings showed diversion of funds and Jumia deceived them into remitting funds to its bank account with clear intention to permanently deprive them of its use.
By Modupe Gbadeyanka
The trio of Nigeria, Angola, and Ghana has fulfilled their capital commitments toward establishing the Africa Energy Bank (AEB) in what is seen as a significant development for Africa’s energy sector.
The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.
Recall that the African Petroleum Producers Organization (APPO) requires that to operate the financial institution, members must get 44 per cent of the capital base of $5 billion.
Each of the 18 members of the group is required to provide at least $83 million and beyond Nigeria, Angola and Ghana, five additional member states – Algeria, Benin, the Republic of Congo, Equatorial Guinea and Ivory Coast – have pledged to make their payments, aligning with the bank’s goal to commence operations in the first half of 2025.
The AEB aims to finance oil and gas projects across the continent, addressing funding challenges posed by traditional Western financial institutions’ reluctance to support fossil fuel initiatives due to environmental concerns.
At the Congo Energy and Investment Forum last week, the Secretary General of APPO, Mr Omar Farouk Ibrahim, said the move to kick-off the bank, which is headquartered in Abuja, Nigeria, is progressing.
AEB is a strategic response to Africa’s need for dedicated financial institutions that understand the continent’s unique energy landscape.
By providing tailored financing solutions, the bank is poised to accelerate energy project development, enhance energy security and drive economic growth.
As more countries contribute their capital shares, the bank is expected to play a pivotal role in unlocking investment, bridging financing gaps and ensuring sustainable energy expansion across Africa.
Nigeria remains sub-Saharan Africa’s largest oil producer, offering significant opportunities in the oil and gas sector, including a 2025 bid round.
The implementation of the Petroleum Industry Act has introduced regulatory reforms to enhance transparency and attract investment, driving major projects forward.
Recent final investment decisions (FIDs) include TotalEnergies’ $550 million Ubeta Gas Field Development and Shell’s $5 billion Bonga North Project, yet additional financing is crucial to advancing Nigeria’s gas agenda and unlocking its full potential in the energy transition.
Angola, on its part, is actively diversifying its energy portfolio while advancing major deepwater developments, including TotalEnergies’ $6 billion Kaminho Deepwater Project, Eni’s Agogo Integrated West Hub and a limited public tender, with a long-term goal of increasing production to 2 million barrels per day.
Ghana is strengthening its position as a leading oil and gas player with new commitments from Eni and Tullow Oil. In March, Eni and the Ghana National Petroleum Corporation signed an agreement to enhance offshore exploration, optimize existing assets and advance untapped reserves.
By Modupe Gbadeyanka
The Chairman of Zenith Bank Plc, Mr Jim Ovia, has been congratulated on his admission to the Freedom of the City of London.
The retired banker was congratulated by President Bola Tinubu in a statement signed by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.
President Tinubu described the honour as a fitting recognition of Mr Ovia’s exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.
“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations.
“As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise,” Mr Tinubu stated, commending the Zenith Bank chairman for being a distinguished ambassador of the nation’s private sector and wished him continued success in his endeavours.
Admission to the Freedom of the City of London is an honour bestowed on individuals either for their service to the city or for their achievements.
By Adedapo Adesanya
The Lagos State Government is setting up a material recovery facility at Badagry to boost waste management.
The chief executive of the Lagos State Waste Management Authority (LAWMA), Mr Muyiwa Gbadegesin, said this initiative was part of efforts to reduce waste pollution and promote a circular economy.
According to him, LAWMA will close the Olusosun dumpsite at Ojota and other dumpsites to pave the way for the establishment of the facility and other waste-to-energy plants in the metropolis, noting that the construction of the material recovery facility will take about 15 months.
“When we close the dumpsites, we will divert the waste to a material recovery facility at Badagry. We will extract all the biogas to generate electricity and cover the waste.
“In the case of Olusosun, we are looking at working with industrial facilities at the back of the dumpsite, which can use the gas to power their generators,” he said.
Mr Gbadegesin said the state government was partnering with some investors to establish the waste-to-energy plants in strategic places.
“We are planning a biogas facility, we completed the feasibility study last year in partnership with the Swedish Government.
“Sweden has achieved zero waste because it takes up its sewage and organic waste and uses them to produce biomethane in large quantities.
“If they can do it, we can. We are planning to replicate the Swedish model here.
“Out of the 13,000 tonnes of waste generated daily in Lagos State, 6,500 tonnes are organic, which should not be going to landfills.
“We should be able to use the organic waste to produce compost for greenery and agriculture and also to produce biomethane,” he informed the News Agency of Nigeria (NAN) in an interview in Lagos.
Mr Gbadegesin said the feasibility study for the biogas facility was done by LAWMA in partnership with the Lagos State Metropolitan Area Transport Authority (LAMATA), adding, “It will be bringing in 2,000 compressed natural gas-powered buses. Once the biogas plant is completed, they will be using it.”
He noted that LAWMA was in partnership with a Dutch company to generate electricity through waste.
“We want to set it up at Epe. We have closed the landfill at Epe to set up the waste-to-energy plant. This will be set up in partnership with a private investor, a Dutch company, Harvest Waste.”
Mr Gbadegesin said that the Dutch company would support the setting up of the plant to the tune of 100 million euros.
According to the managing director, the plant would take about 2,500 tonnes of waste daily and produce 60 to 80 megawatts of electricity.
“From the development, we are moving to another level. It gives us hope that if we put our minds to development, we can be the best,” he said.
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