FBN Holdings PLC (“FBNHoldings”), Nigeria’s leading financial holdings company, has announced the appointments of Mr. Seni Adetu and Mrs. Juliet Anammah as Independent Non-Executive directors, while Mr. Otu Hughes has been appointed as a Non-Executive director. These appointments are subject to the approval of the Central Bank of Nigeria (“CBN”).
Speaking on the appointments, the Group Chairman of FBN Holdings Plc, Dr. Oba Otudeko, CFR, said, “On behalf of the board, management and staff of FBNHoldings, I am delighted to welcome the trio of Seni Adetu, Mrs. Juliet Anammah and Otu Hughes to the FBNHoldings board as they bring on board their combined professional experience and expertise of over 97 years, cutting across various industries and institutions of global repute.”
“I am certain that these rich experiences will have immediate and long-term impact on the group and its subsidiaries across Africa and beyond,” he added further.
Seni Adetu, a former Managing Director/CEO Guinness Nigeria Plc, has 35 years of private sector experience garnered at the highest levels primarily with John Holt Plc, Coca-Cola International and Diageo (Guinness) Plc in various countries within and outside Africa. He holds a first degree in Chemical Engineering and Masters in Business Administration (with specialization in Marketing), both from the University of Lagos. Adetu was at various times Marketing Director, Coca-Cola Nigeria Ltd, Managing Director of Coca-Cola, and the first African Managing Director/CEO and Executive Vice Chairman of Guinness Ghana Plc.
In 2009, Adetu was appointed Group Managing Director/CEO East African Breweries (EABL), the biggest company in East Africa, based in Kenya, during which time he was named Runner-up Forbes/CNBC CEO of the Year 2012 in East Africa. He was subsequently appointed MD/CEO of Guinness Nigeria Plc and Executive Chairman Diageo Brands Nigeria thus, again becoming the first Nigerian in nearly 20 years to lead that company. Adetu has had working stints in Hungary and the UK and has been exposed to various high-profile leadership courses globally including at the prestigious Harvard Business School.
He has served on the boards of various multinational companies in both Executive and Non-Executive capacity in Nigeria and abroad and was until recently an Independent Non-Executive Director on the Board of Fidelity Bank Plc and Non-Executive Director at APT Pensions Ltd among others.
Adetu is the Founder/Group CEO of Algorithm Media Limited and Ogilvy Nigeria Limited, two leading Marketing Communications agencies in Nigeria, in partnership with WPP, the world’s largest advertising and media agency network. He is a member of many reputable social clubs including the Metropolitan Club Lagos. He is also the immediate past National Vice President of the University of Lagos Alumni Association.
Juliet Anammah is Chairwoman Jumia Nigeria & Head of Institutional Affairs Jumia Group. Jumia is the largest eCommerce platform in Africa and the first African Tech start-up to be listed on the NYSE
She is an experienced executive with 28+ years of professional experience including 7 + years at Partner / Chief Executive level.
Before her current role, she was the CEO of Jumia Nigeria. Prior to joining Jumia, Juliet spent 16 years at Accenture and was the Partner managing Accenture’s Consumer Goods Practice in West Africa.
A Pharmacist by training, she started her career in Sales & Marketing with May and Baker (Sanofi-Aventis) in 1991 before joining Accenture as a Senior Strategy Consultant in 1999.
Juliet also serves on Corporate and non-profit Boards in a non-executive capacity. She is currently on the Boards of Flour Mills of Nigeria and APT Pensions as Independent non-executive member. She is also an EXCO member of Consultative Action Group for the Poor (CGAP) a not for profit agency funded by the World Bank, Bill and Melinda Gates Foundation and several Bilaterial/ Multilateral agencies.
She holds a Bachelor of Pharmacy degree, an MBA (Finance track) and is an alumnus of both Wharton College University of Pennsylvania (AMP) and Yale University.
Otu Hughes has over 25 years’ experience in operations and strategy, principal investment, mergers and acquisition as well as capital raising in both the US and Sub-Saharan Africa. He started his career in 1993 with Lehman Brothers, providing strategic and financial advisory services to government entities and companies in privatisation and empowerment issues, notably Brazil (power and mining), Ghana (mining), South Africa (empowerment programmes), amongst others.
Otu joined Deutsche Bank in 1998 as Associate– Mergers, Acquisitions and Corporate Advisory Group with the oversight responsibilities of providing mergers, acquisitions, corporate and strategic financial advisory services to companies and government agencies across industries and countries, rising to Vice President. He is the Co-founder and Principal of Rofgam/Hughes Consulting and also worked at KeyBanc Capital Markets, amongst many others.
Otu is the Co-Founder & Managing Director of Candesco Limited, set up with the primary responsibility of developing and managing off-grid and independent power projects for Sub-Sahara Africa market, providing affordable, clean and stable power to clusters of communities.
About FBN Holdings PLC
FBN Holdings Plc is a leading African banking and financial services group serving individuals, businesses, organisations and governments in leading markets across the continent and globally. FBNHoldings’ principal subsidiary is First Bank of Nigeria Limited (“FirstBank”), Nigeria’s foremost financial institution and leading banking services provider. FirstBank has forged an incredible partnership with its people and built an enduring heritage through a vast array of seasons and societies, to remain an icon of Gold Standard in today’s financial services industry in Africa and beyond.
FirstBank with operations in 10 countries, with subsidiaries that includes FBNBank (UK) Limited, and subsidiaries in the Democratic Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone, and Senegal. FirstBank also has interest in the pension custodian business through its subsidiary, First Pension Custodian Limited.
Others are the Merchant Banking and Asset Management businesses, which comprise FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Securities Limited, FBNQuest Asset Management Limited, FBNQuest Trustees Limited and FBNQuest Funds Limited.
In the Insurance business line, the 20 year-old Insurance broking Company, FBN Insurance Brokers Limited is a subsidiary of the FBN Holdings Plc offering insurance brokerage and advisory services.
AXA Mansard emerges Best Health Insurance Product Winner 2021
The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers.
Health Management Organization, AXA Mansard Health Limited, recently announced that it has emerged as the winner of the best health insurance product of the year in the Insurance Product & Process section of the just concluded 11th Annual Global Banking and Finance Awards 2021.
The winning product was the AXA Platinum Plus Cover which has been specially designed to provide a world-class health cover for the insurer’s customers. With access to roam over 1,700 hospitals locally, care in India, UAE and South African hospitals and limited in-patient cover in the UK, France, and Germany for up to $1000 in healthcare benefits.
The product provides enrolees with benefits such as twenty-four-hour dedicated Telemedicine service, home vaccination service, free home delivery of special medications, partnership with healthy eating restaurants, and smarter budget-friendly discounts on healthy meals.
Speaking on the award, Chief Executive Officer, AXA Mansard Health Limited, Tope Adeniyi, said “We thank our highly esteemed customers for this prestigious award, as they are the reason, we passionately drive to improve our product offerings and execute innovative initiatives. This award is recognition of our unflinching commitment to our customers and an affirmation of our current position as the leading health insurance company in the country.”
AXA Mansard Health has a twenty-four-hour call centre, a team of highly trained and dedicated professionals, service portals at all AXA Mansard Welcome Centres nationwide and has deployed state-of-the-art technology to attain operational excellence while contributing to prompt service delivery and overcoming of challenges being encountered in the Nigerian health insurance industry.
Whilst thanking the organizers, Adeniyi noted that “the company is counting on the continued support of our stakeholders to continuously provide superior customer experience and to develop more innovative and value-adding products. We will continue to innovate, create new products, improve our product offering and refine our service delivery to ensure we continuously meet the changing needs of our customers”.
AXA Mansard Health Limited is the Health Maintenance Organization (HMO) arm of the AXA Mansard group of companies. The HMO is geared to promote her members’ wellbeing.
The HMO serves all clients across the country virtually and has established functional offices in Lagos (the head office), Abuja, Port-Harcourt, Enugu, with ongoing plans to open offices in other locations.
Global Banking & Finance Review is a leading Online and Print Magazine, which has evolved from the growing need to have a more balanced view, for informative and independent news within the financial community.
Since its inception in 2011, The Awards reflect the innovation, achievement, strategy, progressive and inspirational changes taking place within the Global Financial community. According to the magazine’s publishers the awards were created to recognize companies prominent in their areas of expertise and excellent in financial service delivery.
Deadlock in SEC case as Oando appeals court ruling
The legal battle between Oando Plc and the SEC continues as the former has appealed the recent court ruling.
On Thursday, February 25, 2021 in a ruling presided over by Justice Giwa Ogunbanjo at the Federal High Court, Abuja, the judge declined jurisdiction to hear suits brought by Oando PLC and its directors against the Securities and Exchange Commission (SEC). The judge stated that the Investment and Securities Tribunal (IST) would be the appropriate forum to hear the matter.
The basis for the Court’s decision is Section 36(2) of the Constitution which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final. The Court also reiterated that the IST has primary jurisdiction over Oando and its directors in respect of capital market issues and not the Federal High Court.
In July 2017 it came to public attention that the SEC was investigating Oando PLC; a long drawn out investigation followed culminating in the notorious May 31, 2019 letter from SEC to Oando finding them guilty of a number of infractions and imposing stiff sanctions. In response Oando and some of its directors, filed suits against the regulator for not following due process and a breach of their human rights to fair hearing. In addition to filing suits against the regulator, Oando took out and was granted by the Federal High Court of Lagos an injunction restraining the SEC from executing any of the sanctions in its May 31, 2019 letter.
An Oando official has explained that as much as they respect the decision of the court, the battle is far from over as in their opinion, this is still very much a case for the judiciary and thus Oando has lodged an appeal with the courts in Abuja, contesting the court’s decision that the suits are best heard by the IST. The belief being that justice will only be served through the courts and not the IST as advised by the presiding judge.
The company and its affected directors argue that the powers conferred by the Constitution of the Federal Republic of Nigeria on its citizens to enforce their fundamental rights supersedes the provisions of the Investment and Securities Act 2007.
They have also filed an application for stay of execution as well as an injunction pending appeal on the SEC’s May 31, 2019 letter to the Company, and as such the status quo that existed before today’s ruling remains unchanged meaning nearly 2 years on SEC’s hands are tied and they are still unable to implement sanctions imposed on the company or its directors. It begs the question at what point does the regulator decide to address this challenge in an alternative and more productive manner.
But Thursday’s ruling and Oando’s appeal is only the tip of the iceberg, 2021 has kicked off with shareholders weighing into this long drawn out battle. The shareholders have called on the SEC and Oando to settle the matter out of court, as the tussle continues to impact their investments. Some shareholders have gone as far as dragging both parties to court to seek an end to this impasse.
This month, various factions of Oando’s shareholders filed a case against the SEC in the persons of Alhaji Yakubu Gumel; Alhaji Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, at the Federal High Court Kano.
The shareholders filed for an interim order restraining SEC its agents or representatives from acting on its May 31, 2019 letter sanctioning the Management of Oando. The orders were granted on Friday, February 19, 2021 and present in court were lawyers for both SEC and the shareholders. The order restrains the SEC, its agents or anyone acting on behalf of the commission from disturbing or meddling with the affairs, management and activities of Oando PLC. It also restrains the SEC’s purported interim Management from meddling in the administration and activities of the company as well as an order restraining SEC from interfering with the shareholder’s exercise and performance of their statutory powers and duties as shareholders.
Alhaji Tambari Kabiru, one of the applicants, an Oando shareholder since 1991 explained why he decided to sue the apex regulator. He said “I’m not happy with the current state of my investment. I invested my money heavily with the hopes of capital appreciation and this has not been the case. This SEC and Oando case is affecting the value of our investment, it isn’t appreciating, instead it gets worse each year. For over two years now we have been totally in the dark on our investment in Oando. Where in the world is this done? Oando’s shares would have appreciated greatly if this issue wasn’t hovering over our heads. Year on year, our investment has depreciated in value. We are tired! As a shareholder I am strongly behind the Management of Oando. Not everyone can withstand the backlash this crisis has put the Management through these past four years and still remain committed to doing the job. We have reached out to the SEC and appealed for a resolution, but they haven’t listened to us, that’s why we’ve taken this matter to court.”
The court hearing between the SEC and aggrieved shareholders in Kano has been adjourned to March 17, where it is hoped a favorable ruling will be delivered by the court.
Amidst all of this was good news for one shareholder. On Tuesday, February 23, 2021 there was a court ruling in favor of an Oando shareholder Engr. Patrick Ajidua. He had challenged the regulator in a suit filed at the High Court of the FCT. He had challenged the SECs right to prevent the convening of an Annual General Meeting as a breach of his right to freedom of association.
In a hearing presided by Honorable Justice O. A Musa, all cases filed were granted in favor of Engr. Patrick. In summary the judge declared that the May 31, 2019 letter of SEC to Oando sanctioning its management, as unconstitutional, null and void and violation of Engr. Patrick’s fundamental right to fair hearing and his human right to receive information on the affairs of Oando and his interest and shares in Oando and more importantly instituted that within 90 days of the ruling Oando must convene an AGM for her shareholders.
The Securities and Exchange Commission (SEC) has denied the claim by Engr Patrick Ajudua, that he won a court case against the capital market apex regulator. SEC disclosed in a statement it issued on Wednesday, February 24, 2021 that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of Oando PLC, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission. The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”
This denial is a clear affront to the Nigerian judiciary, implying that Honorable Justice O. A Musa who presided over the case made a judgement without giving SEC the opportunity to defend itself. This is contrary to court documents that have been sighted which indicate that SEC was served processes but did not appear in court. Once again it seems the regulator is indifferent to shareholder investments or the sentiments of the capital market and will doggedly continue to fight Oando PLC.
Nairametrics | Company Earnings
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]
- Mutual Benefits Assurance Plc boosts post tax profits by 25.9%
Mutual Benefits Assurance Plc released […]
- 2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.
Prestige Assurance Plc released its […]
- John Holt falls deeper into losses
John Holt Plc released its […]
- Sales volumes crash for Northern Nigeria Flour Mills Plc
Northern Nigeria Flour Mills Plc […]