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18/09/2022

Ken Dallas Hotel Boss dies in Lagos
..Sifax Taiwo Afolabi Mourns

The C E O, Ken Dallas Hotel, Kehinde Afolabi is dead.

Kehinde Afolabi who is also Sifax and Marriot Hotel boss , Dr. Taiwo Afolabi twin brother died hours ago Confirm News gathered.

Sifax boss is not a happy man as you are reading this.

Kenny who was popularly known as Watari when he was alive we learnt died in his sleep. Though, many people around him beleive he was nursing an ailment that made him stop drinking some years back, but none could say what killed him eventually.

Taiwo Olayinka Afolabi is a Nigerian business magnate and lawyer. He is the founder and current C.E.O of SIFAX Group, a conglomerate that deals in Maritime, Aviation, Haulage, Hospitality, Financial Services and Oil and Gas, while Kenny Afolabi was known with his Hotel known as Ken Dallas that has its location somewhere in Ikotun.

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01/07/2022

July 15 is sacrosanct for submission of governorship, Assembly candidates list- INEC

The Independent National Electoral Commission (INEC) yesterday insisted on the July 15 deadline it set for the submission of the list of governorship and House of Assembly candidates by political parties.

08/02/2022

Sanwo-Olu hails GAC member, Dr Oluyomi Finnih at 80

Lagos State Governor, Mr Babajide Sanwo-Olu has congratulated Dr Oluyomi Finnih, a member of the Governor's Advisory Council (GAC), the apex leadership body of the Lagos State chapter of the All Progressives Congress (APC), on the occasion of his 80 years birthday.

The Governor described the renowned Obstetrician and Gynaecologist, who will clocks 80 years of age on February 9, as one of the few Nigerian medical practitioners who have used their wealth of experience to make a mark in both private and public health sectors during their active service and left with impeccable records.

Governor Sanwo-Olu, in a statement signed by his Chief Press Secretary Mr. Gboyega Akosile on Tuesday, described Dr. Finnih as an epitome of honesty, dedication and service, adding that the GAC member has used his positions as a medical practitioner and political leader for the betterment of the people by contributing immensely to the public health sector not only in Lagos State but entire Nigeria.

“On behalf of my family, the good people of Lagos State and members of the ruling party, the All Progressives Congress (APC), I heartily congratulate our father, leader and member of the Governor's Advisory Council, Dr. Oluyomi Finnih, on the occasion of his 80 years birthday.

“Dr. Finnih is an epitome of dedication and selflessness in public and private service. His contributions in the field of medical practice have helped with the development of the health sector at State and national levels.

"He served passionately in the Lagos State Ministry of Health and worked as Consultant Obstetrician and Gynaecologist at the Lagos Island Maternity Hospital for many years before going into private practice as Medical Director/Consultant Obstetrician and Gynaecologist, Finnih Medical Centre, Ikeja.

"Dr Finnih, as a member of the GAC has displayed exemplary leadership in Lagos politics, especially in APC, where he has been working tirelessly for many years as members of the progressive camp to ensure our party remains the ruling party in Lagos State in the last 22 years.

“As Dr Finnih celebrates a major milestone by joining the league of octogenarians, we pray that the Almighty God will increase him in good health and grant him fruitful years to enable him to render more service to our party, Lagos State and humanity.”

08/02/2022

The Debt Albatross and Banking in Nigeria: Ecobank, Vigeo, Victor Osibodu

Vigeo Limited was granted various credit facilities to support its business in 2007 by the former Oceanic Bank (Now Ecobank Nigeria Limited), which it failed to liquidate upon expiration in 2008. The Bank had financed the purchase of the Vessel known as MV- OLUFUNKE on behalf of Vigeo and repayment of the facilities was to be made from cashflow from the Company’s operations, including cashflow from the financed Vessel. The facilities were secured with a Legal Mortgage over the Vessel financed, as well as the Personal Guarantee of the Chairman of Vigeo, Mr. Victor Gbolade Osibodu, amongst others.

Interestingly, Mrs. Olufunke Osibodu, wife of the Chairman of Vigeo Limited was a former Managing Director of Ecobank Nigeria and a former top Group Executive of the Ecobank Group. She is also a major shareholder in Vigeo Limited, a company she owns with her husband. There are concerns in the market that Mrs Osibodu may have used her position as a former top Executive of the Bank to shield the company and her husband from settling the obligations.

In 2017, following Vigeo’s recalcitrant nature, Ecobank commenced a recovery action against the Company and Mr. Victor Gbolade Osibodu in Suit No. FHC/L/CS/1553/2017 – Ecobank Nigeria Limited v Vigeo Limited (Owners of MV Vigeo Olufunke) and Anor, for the recovery of the outstanding exposure, which was in excess of N26,000,000,000.00 (Twenty-Six Billion Naira) as at December 2021. The Court had early in 2017 granted a Mareva Order freezing the Company’s accounts in all Banks in Nigeria, based on an application filed by Ecobank in an attempt to recover the huge exposure, which constitutes its depositors’ and shareholders’ funds.

In the ongoing suit, Ecobank seeks the following reliefs:

An order of Court for payment of the outstanding sum plus interest at the rate agreed by the parties until final liquidation

Post judgment interest on the outstanding debt at the rate of 20% until final liquidation

An order of Court for the forfeiture and sale of Victor Gbolade Osibodu’s beneficial ownership of 80% of Vigeo House at 6, Osborne Road, Ikoyi valued at about N800MM, pursuant to the personal Guarantee he executed in favour of the Bank

An order of forfeiture and sale of Victor Osibodu’s beneficial ownership of the property at 16A, Milverton Road, Ikoyi valued at N700,000,000 as at 2017,

An order granting Ecobank ownership, control, lien and disposition of; all shares held in any companies by the 1stand 2nd defendants with the Federal Republic of Nigeria, cash at hand and held in Bank or any financial institution in Nigeria, all financial investments standing to the Credits of the 1st and 2nddefendants whether held in shares, bonds, treasury bills or other financial instruments, amongst others.

General and exemplary damages in favour of the Bank in the sum of N100,000,0oo.oo for loss of business expectation and lack of good faith by the 1st and 2nddefendants.

Reliable sources from Ecobank have confirmed that the Vigeo loan has been fully provisioned by the Bank, in line with regulatory requirements. However, the Bank will continue to pursue the debtor until full recovery of the debt.

Vigeo and Mr Osibodu in their statement of defence stated that Ecobank Transnational Incorporated did not acquire defunct Oceanic Bank International Plc at all, contesting that any purported acquisition is void, illegal and unenforceable in law. It stated that there was no merger of defunct Oceanic Bank with the plaintiff (Ecobank) and no valid or legal merger, adding that the purported merger is illegal and void in law and did not comply with all requisite statutory requirements and due process of law. The defendants also stated that Ecobank is not the successor-in-title or successor-in-interest of defunct Oceanic Bank, and the rights, assets and liabilities of Oceanic Bank are not vested in Ecobank.

The peculiarity of the Nigerian financial crisis which hit the Banking Industry hard, was largely due to huge loans gone bad that were given to these debtors many of whom simply refused to pay because they consider themselves the untouchable in the society, who should get away with not observing the obligations that come with borrowing money from Banks. The refusal of Vigeo Limited and the Osibodus to settle their outstanding indebtedness to Ecobank seems to be the trend amongst debtors who brandish themselves as the movers and shakers in the society. They obtain huge loans from Banks to support their lifestyles and float other businesses with no intention of repaying the debt. For instance, the promoters of Vigeo are the owners of Citiserve and Benin Disco, amongst others and it is widely believed that the Electricity Company (Benin Disco) was set up using loans obtained from Ecobank. There is something particularly distasteful that this development brings to the Nigerian economy in general and the Banking Industry in particular.

What is even stranger is that the debtors many of whom have been established to be chronic defaulters are unperturbed by the crisis occasioned by their nefarious activities. This attitude has led to several financial crises in Nigeria, culminating in the financial crisis in 2009, which resulted in the setting up of AMCON to take over delinquent loans and keep the Banks afloat. There are several negative implications of debtors’ default in meeting their loan obligations – thousands of jobs were lost in the Banking industry because of the crisis that resulted from the many debt defaults on account of this behaviour. Indeed, some Banks like Oceanic Bank (from whom Vigeo originally obtained the loans) did not survive the crisis, and Ecobank had to step in to acquire the Bank. The financial system and the overall economy are still reeling from its aftermath, as billions of Naira of our Commonwealth were invested to rescue the distressed Banks.

It is therefore being advocated that this is a matter the relevant authorities must look at seriously. Chronic defaulters who go from one Bank to another throwing their political, economic connections and supposed business weights around, to secure loans are well known. There is need for cooperation and partnership to identify and blacklist such well known serial and recalcitrant defaulters who think they can use their political and economic powers to avoid meeting their obligations.

The matter, before Hon. Justice Bolgoro of the Federal High Court, Ikoyi, was adjourned to March 17th and 30th for commencement of trial.

-By Rasheed Bamawo

08/02/2022

DNA: Actress Ronke Odusanya’s ‘baby daddy’ apologises, confirms paternity

The paternity scandal between actress Ronke Odusanya, and the father of her child, Olanrewaju Saheed Aranmolate, popularly known as Jago, has taken a U-turn.

Early last year, the social media space was saturated with the sudden breakup of the actress and Jago. The case has been in court over the custody of their daughter.

On the 10th of February, 2021, Jago stood before the court and requested a DNA test of their daughter to determine paternity before carrying on with proceedings.

Taking a U-turn, Jago took to his Instagram page on Monday to openly apologise for demanding a DNA test concerning the paternity of his daughter, Fifehunmi, whom the actress welcomed in 2019.

Jago said, “I’m using this video to clear the air concerning the DNA request I made at the court.

“I’m really sorry about that. I want you guys to know that Oluwafifehunmi Aranmolate is my daughter and I love her so much with all my heart.”

He captioned the video, “Oluwafifehunmi is my daughter. I love her so much. Ronke Odusanya
This apology comes barely five weeks after a court declared him wanted for stalling the court proceedings with his absence.

Following the court’s order last year, Jago refused to show up, thereby delaying the court process. At this point, the Court couldn’t wait any longer and first issued a bench warrant on October 13, 2021 which he ignored.

However, in a court document made available to the media and dated December 20, 2021, Jago was declared wanted.

Confirn News findings revealed that Ronke, who used to be in a relationship with Fuji maestro Pasuma, had once stated that the father of her child was Jago in an Instagram post in 2019.

04/02/2022

ONLINE REPORTERS ASSOCIATION OF NIGERIA FELICITATE WITH RASHEED BOLARINWA

Online Reporters Association of Nigeria has felicitated with Mr Rasheed Bolarinwa on his election as the President of Association of Corporate Affairs Managers of Banks, ACAMB, wishing him the best in his new position of been in the forefront in the Association of corporate managers to chart a course in the development of good cooperate relations with the media and the general public

The Oran President Mr TijaniI Adegbola in his words stated that the online reporters Association is fully behind the coporate ideals of the organization .Rasheed Bolarinwa who is currently at the helm of affairs of Polaris Bank coporate Affairs ,has acquired various experience in the different positions held in the bank

Other elected executives include Oze Kalu, 1st vice-president (FirstBank); Lola Egboh, 2nd vice-president (First City Monumental Bank, FCMB); Sipe Babajide, secretary-general (EcoBank); Omide Odekina, assistant general-secretary (United Bank for Africa, UBA); Patrick Osilaja, financial secretary (Fidelity Bank); Funmilayo Falola, treasurer (Wema Bank); Abdul Imoyo, publicity secretary (Access Bank); Utulu Ozena, social secretary (Heritage Bank).
ACAMB was registered in 1996 as a body for managers and public relations professionals in the Nigerian banking sector. It was founded as a response to the then negative perception of the banking industry.

04/02/2022

9ice, Wife Welcome Second Child Together

Singer, 9ice and his wife, Olasunkanmi have welcomed their second child together.

The singer made the announcement on his Instagram page on Friday.

He said, "My baby just delivered a baby."

He also promised undying love to this wife, saying, “Just know that my love for you will last forever. Youth and beauty will fade, but my promise will stand because I cannot find any other who could fill in the spot you created in my heart, in my life. I love you faithfully and endlessly.”

03/02/2022