Connect with us

/">

NEWS

Again, Oando Floors Securities Exchange Commission

Avatar

Published

on

Again leading oil and gas company, Oando has floored Securities Exchange Commission, SEC as Justice Ayokunle Faji, sitting at a Federal High Court in Lagos, Friday, 5  July 2019 granted leave to Oando Plc to file a motion for a judicial review of the SEC’s decision imposing a fine of N89,675,000 on it.

Justice Faji, granted “an order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent (SEC) contained in its letter dated 31st May 2019”.

SEC Acting Director-General Mary Uduk, SEC and Mutiu Sunmonu, who was appointed as Oando’s interim head, are the first to third respondents. 
 

The court also granted an order of certiorari for the quashing of SEC’s directive to Oando to convene an extraordinary general meeting on or before July 1 to appoint new directors and articulate remedial measures for alleged corporate governance lapses.  The court further granted an order of certiorari for the quashing of a press release by SEC on June 1 appointing an interim management team to be headed by Mr Mutiu Sunmonu (the third respondent) to oversee Oando’s affairs.

The judge granted “an order of prohibition and/or an injunction restraining and preventing the first and second respondents by themselves, agents, servants or whomsoever, howsoever from enforcing or seeking to enforce the decision contained in the letter dated 31 May 2019.”

Justice Faji also granted “an order of prohibition and/or an injunction restraining and preventing the second respondent from enforcing or seeking to enforce the decision of the first respondent contained in the press release made on Sunday, 2 June, 2019 appointing an interim management team to be headed by the third respondent to oversee the affairs of the applicant.”

The court made “a declaration that the first and second respondents acted ultra vires and without jurisdiction in making the decision contained in the letter of 31 May 2019 which conveyed the imposition of a fine of N89,675,000 on the applicant…”

Also granted was “an order directing that the leave sought herein if granted shall operate as a suspension and or stay of the decision of the first respondent contained aforesaid in its letter of 31 May 2019 as it relates to the applicant and as contained in the press release made on 2 June 2019 appointing an interim management team to be headed by the third respondent.”

Justice Faji directed Oando to ensure service on the respondents of the order and the application for judicial review within 48hours. 

He adjourned until July 22 for the hearing of the application for judicial review before the vacation judge. SEC had on May 31 announced the conclusion of an investigation of Oando and ordered its Group Chief Executive Officer, Mr Wale Tinubu, his deputy Mr Omamofe Boyo, and other affected board members to resign. It barred Tinubu and Boyo from being directors of public companies for a period of five years.

SEC subsequently set up an interim management team headed by Sunmonu to oversee Oando’s affairs and to conduct an Extraordinary General Meeting on or before July 1.

In an ex-parte application filed through their counsel, Olasupo Shasore (SAN), Tinubu and Ojo prayed for an order of certiorari to quash SEC’s purported imposition of N91,125,000 fine on Tinubu.

The application was granted. Oando, also through Shasore, filed the latest application seeking for judicial review of the SEC decisions against it with a view to quashing them, which Justice Faji granted

NEWS

Baba Bajaj, Runs Faster, Lasts Longer, Covers Over 5500 Kms On Tough Nigerian Road

Avatar

Published

on

Bajaj




For the first time ever, Nigeria experienced its own Keke rally that kicked off on 7th August from the Stallion Auto Keke- Ijesha Showroom for Bajaj Kekes. The Stallion Bajaj Keke Rally has now completed a tough terrain of 5594 km through 27 cities and 18 states in the West, East, and North Central in less than 41 days.

 The road trip was up of a team of 5 experienced riders and the Stallion Bajaj officials and security agents. Collectively the convoy covered more than 26000 Kms without any product issues.

 Managing Director for the business, Mr. Manish Rohtagi stated that “The Keke Rally really boasts on how the New Baba Bajaj is tough, strong, reliable, and well equipped for the Nigerian roads. Having covered almost more than 5000 km the Kekes did not face any performance or maintenance challenges. It kept its brand promise of “Runs Faster, Lasts Longer” through every rider who was a part of this rally.”

 The rally was flagged off from Lagos and covered states like Ogun, Oyo, Kwara, Kogi, Benue, Enugu, Ebonyi, Cross River, Akwa Ibom, Abia, Rivers, Anambra, Delta, Edo, Ondo, Ekiti, Osun, to prove the durability of  Bajaj Keke. It even spread the message of urging people of Nigeria to be responsible for maintaining hygiene to curb the spread of the Corona Virus. The Stallion Bajaj Keke Rally visited celebrated cultural and historic sites in each state highlighting and sharing the Nigerian culture of host communities. The journey to these sites brought forth the stories around it to encourage connecting the youth to their rich heritage.

 The vision from this rally was not only to take up the challenge of proving how credible the product is but also to engage in the stories of these riders that will go on to make the brand what it is. The alliance of Stallion and Bajaj will continue to improve lives by going the extra mile providing rider-training facilities, scholarship programmes, mechanic empowerment programmes, ease in the financing, ease of spare part availability, and differentiated customer service through its existing footprints within the auto industry.

 Bajaj Auto Ltd. is a world leader in the intracity vehicle space. Loved in 70 countries the brand stands for integrity, dedication, resourcefulness, and determination to succeed and empower. It is a well-known brand for its durability, speed, and maneuverability and is the pioneer brand of tricycles in Nigeria loved by millions. It’s a Keke for the people engineered for a smooth journey and better livelihood.





Continue Reading

NEWS

Heritage Bank, PWC, Deloitte Canvass Use Of Tech To Rescind Effects Of Covid-19, Tackle Fraud

Gbemileke Ajayi

Published

on




Heritage Bank Plc, Nigeria’s Most Innovative Banking Service provider has called on internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), the MD/CEO of Heritage Bank, Ifie Sekibo disclosed that for improved banking operations and a safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organized virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics, etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was a need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting the 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of the technology would enable us to identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritize the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritize digitization and flexible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.




Continue Reading

NEWS

Hymnodia Season 2: Ediomo Akpan Emerges Winner As Show Came To A Hymntacular End

Gbemileke Ajayi

Published

on




Hymnodia Season 2, the triple E, entertainment, education and edification, reality TV show built around hymns and worship has come to a spectacular (hymntacular) end with Ediomo Akpan emerging the winner (Hymnodian) of the grand prize of an Asaph (a specially designed award named after David’s chief musician), a brand-new car and N5 million.

The grand finale, known as Hymncert, was held in grandeur on Sunday, 13th September 2020, in Lagos. Due to prevailing circumstances of the coronavirus (COVID-19) pandemic, the Hymncert was not open to the general hymn-loving public like before, but what it lost in the crowd, was more than gained in glamour and entertainment (hymntainment).

Minstrel Sarah Thompson set the tone for the evening with her soulful rendition of worship songs which got the few guests lifted in spirit and soul, after which came to the battlenodia (battle) for the prize. Five contestants (Hymntestants) made it to the Hymncert but only four contended for the prize.

The two Hymntestants with the lowest votes, Johnson “Json” Ikpeama and Yinka Odunayo, engaged in a contest for the judges to decide who would join the trio of Frank Okoye, Duke Asuquo and Ediomo Akpan in the grand finale, a situation that saw Odunayo outwitting her counterpart in a fierce battlenodia of hymns.

Other highlights of the show were the performances made by The [email protected] DemiladeAdepega and the legendary Kunle Batik, who thrilled the audience to melodious tunes with their saxophones.

The Hymncert proper started with Duke’s rendition of “Conqueror through the Blood” and followed by Ediomo’s performance of “Christ Our Mighty Captain”. Part one of the hymncert was Victory hymns all the way then followed by the Pidgination of hymns segment.

Returning Hymntestant, Stephen Nwosu, in his melodious voice also featured, singing and dancing with his performance of “Gukongozigi”, — Count Your Blessings in Igbo.

After the performances, came the moment of truth, as Gbenga Badejo & Company, the collation agency handed the results to the host, the Dean of the Hymnstitute (show’s house), Ben Ogbeiwi, who kept the guests longing to know the Season 2 Hymnodian.

Frank Okoye was declared the 3rd runner-up, Yinka Odunayo the 2nd runner-up, while the moment of truth for the real winner was held in a little suspense, which kept the audience eager to know what would follow.

Duke and Ediomo were invited by the Dean to join him on the diamond platform and there were palpable tension and anxiety in the hall. The two men standing were visibly gripped by tension and the Dean allowed it to build by inviting the dignitaries who would present the prizes onto the stage before announcing the winner.

Pastor Kenny Folarin of Day Star Christain Centre was to present the Asaph, The Very Reverend Olushola Makinde to present the car key while the Producer and Executive Producer, Kufre and Mrs Ezinne Kufre-Ekanem were to present the N5million cheque.

With all the dignitaries on stage, the Dean of he Hymnstitute and Host for the Show, Dean Ben Ogbeiwi, bellowed ‘the winner and true Hymnodian of Season 2 is Ediomo’.
The hall erupted with applause.

Ediomo was momentarily shocked but when he realised what had happened, overcome with emotion and sunk to his knees as other Hymntestants swarmed him.

A graduate of the ABRSM Advanced Chorale Singing programme, Ediomo has sung in several choirs over the past nine years and was never on probation for the whole period of the Season 2 show, with the favourite hymn, A Mighty Fortress is our God
He is a pseudo-polyglot, speaks English, Spanish and his native language Annang. He is an Akwa Ibom-born, Lagos-bred soloist with proficiency on the classical flute. He is a chorister, a tenor, at the House on the Rock Church, Lekki, Lagos.

In his remarks, Kufre Ekanem, expressed gratitude to God for his awesomeness in making Hymnodia Season 2, a success, and wished to see Season 3, which will take place in 2021.

The reality TV show on hymns and worship was a one-hour programme on Lagos Television (Channel 256 on DSTV, Channel 90 on GoTV and Channel 113 on Startimes) with a magazine show on the same channel on Wednesday evening. It was also streamed live online via the LTV App available on the app store and on the dedicated YouTube channel, Hymnodiahq.

The show was also viewed on GITV, Kaduna; Anambra Broadcasting Service, Onitsha; Ondo State Radio/TV, Akure; ITV, Abuja and Cross River TV, Calabar. Others are Akwa Ibom Broadcasting Corporation (AKBC); Kwara TV, Ilorin and Plateau Radio TV, Jos. All the stations aired Hymnodia on the same days (Sunday and Wednesday) but at different times.




Continue Reading




JoIn Us On Facebook


Live COVID-19 statistics for
World
Confirmed
33,072,057
Recovered
22,921,374
Deaths
997,669
Last updated: 9 minutes ago






Most Popular

COVID-19 LIVE UPDATE

BE SAFE, STAY AT HOME