Uncategorized

Shareholder Drags Continental Reinsurance MD Dr. Femi Oyetunji To Court

Published

7 years ago

May 26, 2018

An aggrieved shareholder of Continental Reinsurance Plc, Mr Maduka
Kanma Okafor has dragged the insurance company and its Managing Director
Dr Femi Oyetunji before a Federal high court in Lagos, alleging that
Dr Oyetunji is running the company in a manner that is
illegal, oppressive and unfairly prejudicial and discriminatory to him. Joined as co -respondents in the petition filed before the court are five directors of the company.

In a petition filed before the court by the law firm of Sonnie
Ekwowusi on behalf of Maduka kanma Okafor, the petitioner alleged that
he is a shareholder of Continental Reinsurance Plc currently holding
19,890,013 who practically built the company’s ICT from the scratch with
so many positive ground breaking records. The Petitioner was employed
by the company in July, 1993 and rose to the rank of Deputy General
Manager, head of the Company’s Information and Communication Technology
(ICT)Department when he disengaged in August 2016.

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 security 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 N12million to his
friend and proprietor of the Ember Creek Night Club Mr Abbey Ford. 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 N18million. He then demanded
and got the balance of N2million in cash, further he 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.

The illegally, oppression, discrimination 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 A. 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.

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 20million 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.

The Presiding judge Mohammed Idris has adjourned till 4th June, 2018 for hearing.

Uncategorized

Elated Polaris Bank Customer commends Bank for excellent customer service

Published

1 year ago

December 2, 2023

D'SHOW

Polaris Bank customer, Ife Michael, who recently aired her concerns on X (formerly Twitter) on a school fees transaction, has commended the Bank for resolving her Complaint swiftly as promised.

Ife Michael tweeting via her X handle @V_Ifemichael had called out the Bank for ‘seizing’ her funds as sent from a UK University where she had sought admission.

Polaris Bank reacted promptly to her Complaint and engaged her to explain the process and promised to resolve the issue which the Bank did swiftly.

An apparently elated Ife Michael went back to the micro blogging site to recount her experience with an update on her earlier thread of how the Bank swiftly resolved her Complainant.

The Bank, according to her update “responded and reached out to explain in details the guidelines underpinning FX transaction as it relates in particular to International payment.

In her tweet, Ife Michael expressed gratitude to Polaris Bank’s swift action and transparent communication. According to her, the Bank clarified that the situation was complex but assured her that the funds would be promptly refunded to the school. And Polaris Bank did exactly as it promised as it promptly refunded the money to Roehampton University and initiated necessary processes to streamline the refund.

The engagement began when Polaris Bank’s headquarters made the first contact at 11:48 am, and by 3:41 pm on the same day, Ife Michael confirmed that the Bank had successfully refunded the funds and

fulfilled all required procedures. The Bank also took the extra step of writing to the school to facilitate the process.

This positive outcome highlights Polaris Bank’s commitment to customer satisfaction, responsive and excellent customer service, and adherence to regulatory policies. The incident not only showcases effective conflict resolution but also underscores the power of a Bank fostering transparent communication between it and her customers.

Sports

Cristiano Ronaldo wants to leave Manchester United

Published

2 years ago

July 28, 2022

D'SHOW

Cristiano Ronaldo and his agent Jorge Mendes held meetings with United at Carrington on Tuesday, but his position remains unchanged and he wants to play for a club in the Champions League and win major trophies. United do not want him to go, however, and Ronaldo has started training with the team having missed the club’s pre-season tour of Thailand and Australia due to family reasons.

His potential options elsewhere are limited. Chelsea are not an option anymore, while Bayern Munich and Atletico Madrid appeared to publicly rule themselves out this week. “As we’ve seen on Instagram, Ronaldo has been keeping fit, so there are no concerns from Manchester United over his fitness or physical level; he’s one of the fittest players in world football.

“Ultimately, The Portuguese forward did state his desire to leave Old Trafford, but he’s running out of options, and it seems like he’s actually going to have to stay. Perhaps he will try and swing it where the 25 per cent pay cut in his contract will be waived away by United, perhaps he wants to manoeuvre and muscle a new deal, we’ll have to wait and see. But it doesn’t look like Stamford Bridge is on his cards.

“Chelsea have distanced themselves from a deal for Ronaldo, as have Bayern Munich, Napoli and a lot of other elite clubs that Jorge Mendes, who is Ronaldo’s agent, has tried to sell him to. “An offer from Saudi Arabia is astronomical but ultimately, it does not give Cristiano Ronaldo what he wants, which is that legacy. He wants to achieve Champions League records that he thinks no one else will be able to attain in the future.

“He wants to sign off at the absolute highest level. Now, it looks increasingly like he will have to stay at Manchester United because there are no biters from the big clubs.

“Everyone has their forwards already, and Chelsea, who are the only club looking like they could actually potentially be spun by what Cristiano Ronaldo offers off the pitch because we were told that Mendes, while being in front of these clubs, was putting forward his numbers in terms of social media influence, sponsorship that he rakes in, the commercial gain of his shirt sales and stuff like that. But even they now say he is not in their plans. Their immediate aim is to strengthen the defence.

“So, that leaves Ronaldo really with not many choices. We know that he does want to be competing at the highest level so if he does go to Saudi Arabia that cuts against everything he has said and everything we actually know about him and his career.

“Manchester United have always been very calm and very comfortable. They have insisted he is not for sale, and he will see out the last year of his contract. How they manoeuvre this now going forward we’ll see, but Ronaldo is keeping fit, so they have no issues or problems or fears over what state he’ll report back to pre-season in.”

CONVOCATION: GRACE NATION BIBLE INSTITUTE GRADUATES 120 STUDENTS

Published

3 years ago

April 4, 2022

D'SHOW

-you must remain a good Ambassador of Christ- Chris Okafor

No fewer than 120 certified Trained Prophetic students of Grace Nation Bible Institute graduated today after they have gone through rigorous prophetic training by the best Teachers Supervised by the anointed servant of God Dr. Chris Okafor. The student was presented with their certificates at the special convocation ceremony held at the International Headquarters of Grace Nation(GBI) in Ojodu Berger Lagos Nigeria. According to the Rector of the institute, they satisfy all requirements and conditions to be awarded a diploma certificate in various fields of Prophetic and Bibles knowledge.

In his words of Encouragement, the President of Grace Nation Bible Institute, Dr. Chris Okafor remarks that he has no doubt in his mind that all the students are well-trained judging by the level and capacity of all the resource Personality who lecture them, train and retraining them to face any challenges that come there ways,
The Apostle of altars also challenged them to be a good ambassador of the school to the outside world through soul-winning to the kingdom of God.

The Generational Prophet of God also remarked that as you have all learned, you must put the name of a school in good repute and always ready to work for the Lord at any time

Some of the course covered in the 8weeks program includes Evangelism and soul-winning, spiritual development and Human Management to mention but few

The highlight of the convocation was the Presentation of Certificates to all the students, according to the Rector all the students perform excellently well

Earlier in his sermon, the Senior Pastor Grace Nation and the Generational prophet of God Dr. Chris Okafor teach on the series, ”The Covenant Day of Settlement” said settlement comes when you fulfill all the Principles of Settlement,
the man of God said nothing come free but when you applied the principles and follow it diligently you will easily get a settlement on all side

The realm of the Prophetic witnessed another higher dimension of Prophetic movement and deliverance through the Set Man, the Generational Prophet of God Dr. Chris Okafor, He visited many family altars and set many captives free, he also delivered people with blood-line diseases while delivering miracle babies to expectant mothers

The service came to a close with a special Prayer for the Set Man, the Generational Prophet of God Dr. Chris Okafor who will be making another birthday tomorrow, 4 April 2022.