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Business News

Old Mutual’s sacked CEO has just lost a lawsuit against the company 

A group of South African judges have ruled in favour of Old Mutual Limited in a case filed against it by its former CEO, Peter Moyo.

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Old Mutual’s sacked CEO has just lost a lawsuit against the company 

A group of South African judges has ruled in favour of Old Mutual Limited in a case filed against the insurance company by its former Chief Executive Officer, Peter Moyo. This brings an end to the protracted litigation, which centred on Moyo’s claim that his appointment was wrongfully terminated.  

The backstory: Nairametrics has been following the story since May last year when the Chief Executive Officer was suspended from his job. Old Mutual Limited later fired himciting “material breakdown of trust” and accusing him of allegedly pocketing some R30 million worth of dividends linked to NMT Capital, which he co-foundedOld Mutual owns a 20% stake in NMT Capital. 

Old Mutual’s sacked CEO has just lost a lawsuit against the company 

On his part, Moyo had claimed that the company’s board decided to terminate his appointment after he made “protected disclosures” about using the company’s money to take care of his legal bills. CNBC Africa also reported that Moyo linked his firing to conflict of interest resulting from Old Mutual’s managed separation from its UK parent company. 

Peter Moyo later sued the company for wrongful termination and won. Following the court win, Old Mutual sent him another letter further terminating his contract for the second time. This, of course, constituted a contempt of court on the part of Old Mutual, a disrespectful offense which legal analysts speculated could cause those involved landing jail terms and paying heavy fines.  

As expected, Old Mutual’s second termination of Peter Moyo’s appointment resulted in another lawsuit. While the litigation lasted, the position of CEO remained vacant because the company was legally prohibited from hiring a replacement. Now that the court has ruled that the former CEO’s firing was legalthe insurance company can now hire a new CEO. This is good news for the company.  

[READ MORE: Old Mutual appoints Oyinlade as new MD)

On the other hand, Peter Moyo said he is very disappointed by the verdict. As a matter of fact, he is contemplating appealing the ruling. 

Sigma Pensions

Please note that Old Mutual Limited is a leading South African insurance company that has operations in over six African countries, including Nigeria. 

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Macro-Economic News

BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

 

More details shortly…

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Business News

BUA Group, French company announce progress in 200,000 bpd refinery project

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

READ: FG reacts to reports of revoking 32 refinery licenses

Sigma Pensions

While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

Stanbic 728 x 90

The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

READ: FG to open LPG distribution channels in all local governments

Bottom line

The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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