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EKO Hospital may soon pay dividend to its shareholders

Eko Hospital is in a position where it can pay dividends to its shareholders.

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Eko Hospital

The interim management of EKO Hospital has revealed that the success recorded from its transformation programme has put the hospital in a position where it can pay dividends to its shareholders.

Chief Executive Officer (CEO), EKO Hospital, Chukwuka Monye, revealed that the six-month duration given to it by the board which started in March was largely focused on laying a foundation for the transformation and has been done with the automation of operational systems and processes which has started to show results.

He further said the results achieved was because of their adherence to the brief of improving the operations of the organisation by optimising processes, enhancing the financial management systems and improving patient’s experience.

Series of controversy

Recall that EKO Hospital has been embroiled in a series of managerial dispute in the past. The company had disclosed that its Extra Ordinary General Meeting (EGM) scheduled for Thursday, July 5, 2018, has been postponed.

The postponement was due to an appeal filed by Geoff Ohen Limited against the judgment of a Federal High Court as well as a stay of execution of the same judgment.

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At the meeting that has now been postponed, the following resolutions were to be approved.

  • The conversion of debt owed the founders and Dr. G.A. Cole into equity.
  • The allotment of 110,000,000 (one hundred and ten million) ordinary shares to Geoff Ohen Limited via a Special Placement scheme as approved at the Completion Board meeting of 17th June 2008.

Nairametrics had prior to this, covered the tussle in a corporate story series.

The debt owed the trio of Sunday Kuku, Augustine Obiora, and Alexander Eneli arose as a result of salary and emolument arrears when the hospital had financial challenges. 25 percent of the outstanding was to be paid in cash, and the rest converted to equity.

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In a bid to raise capital as well as defray this debt, the company offered Geoff Ohen Limited 110 million units at N4 a share. The firm is an investment vehicle through which Geoff Ohen, a director maintains his holdings.

Ohen, however, reneged on the deal having acquired shares owned by GTBank and Secure Swaps. He accused the founders of mismanaging the hospital, and as such should not benefit from the swap arrangement. He also stated that the debt was not included in the investment prospectus he was given.

Regarding the stealth acquisition of the shares, he maintained he was under no obligation to inform the directors, as the transaction was recorded by the company’s registrars.

The tussle between the board members has taken a toll on the hospital’s operations. It recently had to write off close to a billion Naira of bad debt.

 About EKO Hospital

Ekocorp Plc started off as Mercy Specialist Hospital in 1977 and was incorporated on the 9th of February 1982 as a private limited company by shares. It became a Public Liability Company (Plc) in 1991 and by 1994, the name changed to Ekocorp Plc.

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The EKO represents the first letter of the surname of each of the 3 founders Eneli, Kuku, and Obiora.

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Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 28th of October 2020, 147 new confirmed cases and 4 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,371 confirmed cases.

On the 28th of October 2020, 147 new confirmed cases and 4 deaths were recorded in Nigeria, having carried out a total daily test of 3,270 samples across the country.

To date, 62,371 cases have been confirmed, 58,095 cases have been discharged and 1,139 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 617,750 tests have been carried out as of October 28th, 2020 compared to 614,480 tests a day earlier.

COVID-19 Case Updates- 28th October 2020,

  • Total Number of Cases – 62,371
  • Total Number Discharged – 58,095
  • Total Deaths – 1,1139
  • Total Tests Carried out – 617,750

According to the NCDC, the 147 new cases were reported from 12 states- Lagos (82), FCT (20), Rivers (9), Kaduna (8), Plateau (8), Benue (5), Edo (3), Kano (3), Nasarawa (3), Taraba (3), Ogun (2), Bauchi (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,017, followed by Abuja (6,028), Plateau (3,622), Oyo (3,433), Rivers (2,790), Edo (2,657), Kaduna (2,633), Ogun (2,016), Delta (1,813), Kano (1,746), Ondo (1,666), Enugu (1,314),  Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883).  Borno (745), and Bauchi (711).

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Imo State has recorded 616 cases, Benue (491), Nasarawa (482), Bayelsa (403),  Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (143), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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ENDSARS

House of Reps to make Youths globally competitive

House of Representatives is determined to make the Youths globally competitive.

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Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila
Lawmakers in the House of Representatives have assured Nigerian youths that they are committed to make them globally competitive.
This was disclosed by the Speaker of Nigeria’s House of Representatives, Femi Gbajabiamila, on Wednesday.
 In a tweet, which the speaker shared after a meeting with a group of young lawmakers under the aegis of ‘Young Parliamentarians Forum‘, he  reiterated that some of the demands of the youths following the #EndSARS protests would be addressed constitutionally, as part of the decision was to reform the Police, in a quest to accommodate a better Police Force.
On youth empowerment, the Speaker said that a lot still needs to be done, while pointing out that no government had done more than what the present administration has done.
What they are saying
He said, “All of us, every segment of the government, especially the House of Representatives, before the protests took the initiative, debated motions and took far-reaching decisions on the floor. We gave ourselves 30 days, and since then, we’ve been working night and day, especially with the Nigerian Bar Association (NBA).
“We thought the best way to go about it is that we amend the Police Service Commission Act, and that has been done and the report has been concluded and soon, it will be published and be on the floor.
“We are determined to resolve the Academic Staff Union of Universities (ASUU) matter, and if we can resolve two out of three issues, I think we would have gone a long way to help the lecturers who are on strike.
“There’s a bill on vocational education, I think from the 8th Assembly that was even my bill. We’ll pick it up again and pass it to you (Young Parliamentarians Group) to polish it up and add it to whatever ideas you have.”
While speaking on the giant strides by the current administration in terms of youth empowerment, the Speaker said:
“I make bold to say that no government, in Nigerian history from inception, and I stand to be corrected, has put in as much in youth empowerment as this present government.”

Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.

Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.

 


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Coronavirus

COVID-19: Ogun orders full reopening of churches, mosques, hotels

Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.

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Coronavirus: Ogun State bans cinemas, night clubs, restaurants, other businesses from operating, COVID 19: Ogun State launches digital classes for students

The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.

This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.

Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.

According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.

He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.

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“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”

What you should know

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Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.

He later announced the reopening of only worship centres and schools in August.

Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.

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