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Business News

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.

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.

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.

British airways

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.

Stanbic 728 x 90

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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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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