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Skye Bank Asks FG to Seize Ntel, Discos, Says Ex-MD Wreaked Havoc

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Ntel.jpg

Management of Skye Bank Plc has written to Acting President Yemi Osinbajo, detailing how Tunde Ayeni, chairman of the bank between 2010 and 2016, allegedly wrecked the financial institution, according to TheCable.

The bank recommended that the government assist it to seize Ayeni’s assets, including Nitel (now Ntel) and the Electricity Distribution Companies (Discos)

In a series of letters and documents seen by TheCable, the management listed details of how Ayeni allegedly used his office to perpetrate illegality.

After sending several warnings, the Central Bank of Nigeria (CBN) had taken over Skye Bank on July 4, 2016.

Godwin Emefiele, governor of CBN, said then that the action followed the failure of the lender to meet the regulator’s minimum key liquidity and capital adequacy ratios.

Ayeni had resigned after the development and CBN announced the appointment of Muhammad Ahmad as the new chairman, while Adetokunbo Abiru took over from Timothy Oguntayo as group managing director (GMD).

Suspense Account
In the letter signed by Abiru and Ahmad, the bank gave details of how Ayeni allegedly used loans from the bank to acquire major government companies.

“Upon the assumption of duty by the new board, one of the immediate concerns that needed to be addressed was to ascertain the true state of the affairs and financial position of the bank and the credibility of the IT and information systems of the bank,” the letter read.

“To this end, the following were undertaken: engagement of PWC do to half-year audit as of June 30, 2016. This was later extended to cover the full year to December 31, 2016.

“Engagement of KPMG to do a forensic audit of the bank’s IT platform and management information systems.

“The forensic audit revealed that the bank operated two sets of financial accountability/books and this was responsive for the regulators/auditors inability to detect the massive losses and infractions, particularly the balance of N280bn in suspense accounts.

Industry Indebtedness
“The bank’s total exposure to Ayeni as of the date is about N70bn. It is clear that he used his position as the chairman of the bank to obtain inside loans well above the regulatory thresholds for the acquisition of the following government enterprises: Ibadan Electricity Distribution Company, Yola Ibadan Electricity Distribution Company and Nitel/Mtel. All the facilities are presently seriously challenged.

“As of today, Ayeni’s total industry indebtedness, covering both Nitel and the Electricity Distribution Companies (Discos) is estimated at about N150bn, and little, if any, of these obligations, are being doubtful that he will ever be in a position to service these loans satisfactorily.”

The letter also said another N33 billion was traced to Ayeni, saying there was suspicion that that out of this amount, N7 billion was spent on the re-election campaign of former President Goodluck Jonathan.

“The sum of N7bn was disbursed without due process to various individuals and corporate organisations on the request of Godknows Igali, a former permanent secretary of the federal ministry of power,” it read.

“The monies appear to have been expended essentially on the Jonathan-Sambo electoral campaign in 2015. That sum remains outstanding as at today.

“There is ample evidence that he (Ayeni), among others, received large amounts of cash, totalling N29.5bn, from the bank, which appears to be connected to the purchase of Mainstreet Bank Limited, but which has not been accounted for.

“He was instrumental in the approval and disbursement of the liquidity management which went on throughout his tenure.”

Seize Assets
The management recommended that the government assist it to seize Ayeni’s assets.

“The former chairman should be brought to account for his central role in many of the identified infractions,” it read.

“We have been able to perfect the debenture on the fixed and floating assets of Natcom, the vehicle that was used for the acquisition of Nitel and Mtel with asset estimated at N282bn (Open market value) and N183bn (forced sale value) by Knight Frank in 2014.

“This will put us in a position to place the company into receivership for recovery. However, in order to come to fruition, this approach will require strong and unyielding support from the regulatory and political authorities in the country.”

The management also indicted Akinsola Akinfewa, Kehinde Durosinmi-Etti and Oguntayo, all former GMDs of the bank.

Other individuals listed in the petition for various acts of infraction are Femi Otedola, chairman Forte Oil Plc, Festus Fadeyi and Jide Omokore.

Ayeni could not be reached for comments as he failed to respond to a text message TheCable sent to his telephone.

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FG Warns of High Increase in Illegal Kidney Harvest

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The federal health ministry has written the Nigerian Medical Association (NMA) to warn all doctors in relevant specialties to “be aware so that Nigerians will be circumspect while embarking on medical tourism in Egypt

 

The memo is to create awareness to Nigerians intending to travel to Egypt for medical attention. Patients stand the risk of getting their organs illegally trafficked or losing their lives to the growing trade in illegal organ harvest and transplant.

 

It raises concern about patients possibly seeking treatment abroad and their doctors referring them to any complicit hospital.

 

Dr Wapada I. Balami, director for Hospital services, in a statement for the Minister of Health entitled, ”41 Suspected illegal human kidney traffickers on the trail in Egypt” revealed that there is an increase in illegal harvesting and transplanting of human organs in that country.

 

It was also gathered that 41 human kidney traffickers have been arraigned by Egypt’s prosecutor Generals and the hospital in which these atrocities were committed were listed.

 

Nigerians are, however, advised to be aware of the said issue while embarking on medical tourism in Egypt.

 

The office of Egypt’s prosecutor-general has issued names of private hospitals in Giza area of Cairo complicit in the trafficking of human kidneys.

 

  • Dar al-shefa in Helwan, Cairo
  • Al-Bashar Specialist Hospital in Faisal, Giza
  • Al-Amal Centre for General Surgery in Maurinteya, Giza
  • Dar Ibn Al-Nafis Hospital, Giza

 

 

“If some of our colleagues are in that trade, that is very disheartening,” Mike Ogirinma, NMA president.

 

“For us as an association, we may not have such powers to stop it but we can investigate.”

 

But NMA is handicapped to sanction erring doctors.

 

The regulatory body, the Medical and Dental Council of Nigeria, which hosts a tribunal to try erring doctors and dentists cannot constitute a board since it was dissolved in 2015.

 

“The organ left for us is the regulatory body, MDCN. Professional misconduct or negligence are taken before it. Unfortunately that council was dissolved immediately this administration came in, and NMA has been pushing for it to be reconstituted.”

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MainOne Pledges Support for Host Communities, Renovates School in Lagos

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MainOne's staff in group photographs with pupils of Ilasan Primary School, Jakande-Lekki.

By peter oluka

MainOne, West Africa’s leading connectivity and data center solutions provider, has once again proven its continued Corporate Social Responsibility commitment in its host communities by renovating the Ilasan Primary School, Jakande-Lekki.

According to the Company, the CSR was in a bid to provide the students with a conducive learning environment.

Led by Mrs. Oluyomi Johnson, MainOne’s Health, Safety and Environment Coordinator, the company renovated all 14 dilapidated classroom blocks within the school premises and decorated the classrooms with learning materials.

Speaking on the Company’s CSR initiative themed “Changing Lives, Impacting the Future (CLIF)” at the launch of the newly refurbished classroom blocks,  Mrs. Johnson stated, “MainOne prides itself on being a relevant and integral member of its host communities and as a socially responsible organization, we believe it is important to give back to our community. We will continue to provide support in every way we can including volunteering the service of our employees as we seek to change lives and impact the children – our future.”

Mr. Kayode Olutayo, head Teacher, Ilasan Primary school, commended the company for its support in renovating the school which had been overrun by bushes, suffered severe flooding and dilapidated classrooms, making for an unsafe learning environment for students.

“This project is a welcomed development in our community. We thank MainOne for their efforts in refurbishing our school and making it a conducive environment for our students.  However, like Oliver Twist, we still ask for more. We need teachers, more learning materials and funding to keep our school running. We therefore call on the government and other organizations to take initiative from MainOne and come to our aid,” Olutayo said.

Congratulating the company on a job well done, Chairman Eti-Osa Local Government, represented by the HOD Education, Eti-Osa LGA, Mr. Oshin applauded the company’s initiative in improving the standard of education in the school and community. He also pledged the government’s support in working with the school to ensure all their needs are met.

Speaking on behalf of MainOne, Mr. Kasope Akindele, manager, Legal & Regulatory Services, thanked the school and the Ilasan community for their warm welcome. “MainOne will continue to play its part in contributing to the development of its host communities. We also urge the government to push policies that will improve the standards of education both in the community and state,” he added.

Since 2011, MainOne has made supporting educational institutions in Nigeria a priority through yearly donations of learning materials including text and exercise books, writing materials as well as renovation of critical infrastructure facilities.

The contributions of the company towards the development of these learning institutions forms a part of its Corporate Social Responsibility focus in Education and Information and Communications Technology.

 

 

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Ogundare, Newcross CEO Donates Digital Library To LUTH

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(L-r): Professor Afolabi Lesi, provost college of Medicine University of Lagos Idi-Araba; Dr. Bolaji Ogundare, Ceo Newcross Petroleum; Professor Oyinkan Sofola, dean, Faculty of Dental Science, College of Medicine University of Lagos and Professor  Akinbo, deputy provost, College of Medicine University of Lagos, during the handing over of a Library built by Dr. Ogundare for the Faculty of Dental Science, College of Medicine University of Lagos Idi-Araba

By peter oluka

As part of efforts to expand access to global information and aid learning in medical education, Dr Bolaji Ogundare the chief executive officer (CEO) of Newcross Petroleum, has donated a digital library to the Faculty of Dental Sciences, College of Medicine, University of Lagos Idi-Araba, Lagos.

During the handing over ceremony held recently, Ogundare called on the private sector players to consider urgent and massive investment in health education as that will tremendously improve capacity and competencies for Nigerian hospitals and aid availability of world-class healthcare services locally in the country.

During his address, the Dental Surgeon remarked that the library which he donated to his alma-mata was built in memory of his late father, Mr Samuel Olatunji Ogundare, describing the project as his contribution to health education in the country.

Ogundare said he was challenged to take on the project due to the low level of infrastructure in the College, appealing for urgent private sector intervention for infrastructure upgrade at the Faculty of Dental Sciences.

“Infrastructure upgrade and personnel motivation can help this College a great deal. If the private sector invests more in healthcare services, capital flight will be prevented and many healthcare services for which Nigerians travel abroad can be accessed at affordable rates and convenience locally. I urge all well-meaning citizens and business interests to urgently intervene.”

Commending Ogundare for his contribution to the college, the provost of the College of Medicine, Professor Afolabi Lesi said the library mirrors the core of the educational institution. This project has touched on the essence of this institution of learning.

Prof Lesi urged other alumni of LUTH in public and private sectors to emulate Ogundare by investing in healthcare services and educational development. He therefore promised that LUTH management will maintain the project maximally.

 

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