Boss Picks

Still Earth Construction Thrives on Delivering Qualitative Projects – Managing Director, Col. Vinay Singh (Retd)

Published

4 years ago

October 16, 2020

Eric

By Michael Effiong

Still Earth Construction and Realty is a premier indigenous, diversified company, with an illustrious list of satisfied clients and successful projects; some of its clients include all tiers of government, parastatals, agencies and multinationals.

The company is highly regarded as one of the leading engineering and construction companies in Nigeria with a portfolio of completed projects and satisfied clients that are in both the public and private sectors.

With the company’s headquarters situated at Parkview, Ikoyi, Lagos, Still Earth is committed to developing the country’s infrastructural base by responsibly executing every project it is entrusted with, while creating real benefit for communities it serves by adopting principled and uncompromising approach to its professional and value standards. Its portfolio includes but not limited to roads, bridges, civil works, buildings and fit outs across Nigeria.

In this interview with its Managing Director, Col. Vinay Ashish John Singh (Retd), he reveals what makes the company unique and its future ambitions.

Can we begin with you detailing what areas of the economy Still Earth presently operates?

Still Earth is a company that is into construction. We have been in the construction space for about 10 years and in these 10 years, we have done a variety of projects both for the government both at the Federal and State levels. We have also served sub-contractors to multinationals such as Julius Berger on a number of notable projects. Our completed projects are mainly in building constructions, roads, bridges, civil works for industries, fit-outs for buildings and plants, which we have delivered excellently. The works that we carry out are mainly in the space of infrastructure and realty. We look froward to doing several development works partnering with the government and other companies.

Interesting, having told us about your operations, what makes Still Earth unique?

I feel we have a very strong foundation which stands out. We have solid direction and guidance from our Group Managing Director (GMD), Ms Oyindamola Lami Adeyemi.
She is an individual that has a lot of focus and has instilled in us a lot of discipline, she has a process-driven attitude to work which has been responsible for our steady growth.

We pride ourselves as having a very immaculate type of system which guides our business. We do not compromise on rules. We have strict standard operating procedures on which we run and follow. We follow very detailed designs, we endeavor to give our clients the best results, the best engineering and the best technology. These qualities distinguish us from the rest.

The general impression is that local Nigerian companies usually cut corners and hardly deliver good quality, is Still Earth different?

Yes, we are very different. There are a lot of examples where we have actually improved on the job specification we were given. One recent one that comes to mind was a drainage project we did for Lagos State Government. We improved on what was provided to us by the ministry, we improved on the design, we are looking on how to make it even better through technology since we believe the lifespan of the projects should be up to its designed life. We do not have any issue of recall or cutting corners in our projects. Basically, we deploy the best of manpower, the best of engineering, the best of technology, the best of material and the best of equipment.

That takes me to the vision and mission of Still- Earth?

Our culture, our focus and our sense of corporate social responsibility are captured in our mission and vision which have summarized into the company’s Global Objective which is “To add exceptional, lasting value through our technical expertise, corporate culture and corporate social responsibility to our staff, clients, country and humanity”.

Okay, many companies complain of the tough operating environment here in Nigeria, are you also facing these challenges?

Yes! Nigeria does have unique set of challenges that we face and some of these include the unavailability of technical skills in the manpower. There are challenges of knowhow with the available manpower which means there is a need for training and motivation.

Further, we also have challenges with the working environment that we face in respect of the unique weather, which is often wet and is not too good for our kind of work.

Also, we have challenges in respect of constraints in certain technologies, some of which are not available here and so we have to import them. In addition, we have to bring in expatriates to fulfill certain responsibilities which we would not have done if the experts were available here.
To summaries, we do have challenges, but we have developed processes in our system which enable us to overcome these challenges.

Can you expatiate on how you have been able to overcome these challenges?

Like I was saying, the processes that we have developed have helped. The processes cater for all the shortcomings that we face and the reporting systems that we have put in place are excellent.
Daily reports, system of requisition, purchases, etc. help us take care of the manpower challenges. The technological background of our staff, the expatriates as well as the indigenous staff also helps. We have a robust system of importing items that we require. We have our shippers who deliver on time when required. We have excellent vendors too who provide us with technical expertise when required.

Manpower is a key challenge for many industries and you have just mentioned it too, do you offer internships here, which can actually be a way out?

Yes, we have a program that we are developing that will bring in interns. We have contacted Registrars of eleven leading Universities in Nigeria and we have asked them to provide us candidates whom we can recruit as Graduate Engineering Trainees, who if found suitable can be permanently absorbed into the company. We have looked at the civil departments of these Universities to source for their best talents. We are optimistic that this will reduce our manpower challenges in the future.

That’s a very good one because on the long run, it will benefit you, I have to commend Still Earth for this initiative.

Thank you. Even on social media, we are putting up certain educational posts, memes and infographics that can give information to students about construction and construction practices. We are developing student-friendly content for our social media platforms. It is all geared towards attracting them to our company.

The buzz word in today’s world is the new normal, so how has Still Earth been able to adapt to COVID-19. Has the pandemic affected you?

Yes, it did affect us initially. Around April and May, during the lockdown, most of our projects were stopped due to the restrictions put in place. We were still doing some interior works in buildings, but in the exteriors we could not. But here in the office and on the site, we have put in place the parameters required, we adhere strictly to the COVID-19 protocols. We have hand sanitizers placed at all strategic locations in the office, we also have temperature check system in place, and we have sanitization every two to three hours of the contact points: railings and door handles etc, our cleaners ensure that this is done.

Also, we have strict rules of wearing face masks in the open office. When we are in company of others, masks are worn.

Onsite, we follow all the protocols too. We have washing points; we have masks being worn by workers who are in proximity of each other. We also have sanitizers placed for workers to sanitize their hands while working, we have provided all the protocols required by the federal and state governments.

You have these protocols on all your sites?

Yes.

Let’s soften up a bit, I would like to meet you, can you tell us a bit about yourself?

I have 37 years of work experience. I was an Officer in the Indian Army. I was in the Corps of Engineers which deals with Civil Construction. I am a Civil Engineer. I attended the National Defence Academy, where I obtained a B.Sc. from the Jawahar Lal Nehru University, I also attended, the College of Military Engineering where I obtained a B. Tech and I also have a Post Graduate Diploma in Construction Management from National Institute of Construction Management and Research.

I am a strategic Architect with over three decades of rich experience in Business Process Management, Project Management, Tendering & Contract Management, Operations Management and Quality Assurance.

My experience span across the combat engineering part of the Army where we deal with explosives, mines, operating equipment, road construction, bridges, ferries, buildings, field fortifications, obstacles, barb wires etc. and other skills required in the war scenario.

Then I later had the opportunity to move to government organizations in India. I was seconded to the Border Roads Organization in India which is responsible for the strategic roads required for the Army in the border regions. I was responsible for 420-kilometre roads in a high-altitude mountainous terrain, it was a large project with over 2000 staff and numerous equipment.

I was later seconded to the Indian Coast Guard Headquarters to manage their works pan India. There, I was Works Director and worked closely with the Ministry. I had a lot of experience in dealing with the Government Ministries.

From there, I became the Project Director at the Project Implementation Units in the National Highways Authority of India.

I was responsible for coordinating the construction of the NH-25 & NH-26. Also, I handled the rehabilitation and resettlement of 7800 Project Affected Persons as per Asian Development Bank Standards and handled other key responsibilities in the almost four years that I was there.

I became for a brief period, Commanding Officer, Indian Army 970 Railway Territorial Army Regiment where I managed the construction of the infrastructure at the new location of the regiment with training areas, offices, accommodation, play areas, workshop and classes. I then took voluntary retirement from the Army and joined the private sector.

In the private sector, I have had the opportunity of handling large projects basically in roads. I was the Project Director for an SPV “Simhapuri Expressway Limited”, a DBFOT Project in the state of Andhra Pradesh in India. The main assignment was construction and structure the operations of the 181 Km 6 lane highways by formulating the organization and commissioning of the Tolling & Highway Traffic Management System.

My job also included ensuring proper collection of revenue and maintaining the toll collection without hitches.
I went on to work as Project Director, Vindhachal Expressway Pvt Limited in the state of Madhya Pradesh in India where I was given the responsibility to turnaround stalled project by rekindling the financial structure of the sub-contract, revive the quality mechanism of the project by infusing fresh vigor in the project management consultancy and developing an operational structure to prevent overloaded vehicles from plying on the completed highway.

I was also the Head Infra, the Business Head at Lanco Infratech Limited, EPC Division, Gurgaon India where I was reasonable for the P&L for all infrastructure projects and the went on to Autostrade Indian Infrastructure Development Private Limited where I worked as CEO, Pune Solapur Expressway Pvt Ltd, a Highway Development Project in the State of Maharashtra, India.

There, I reorganized the tolling operations, created revised tolling software to refine the tolling process, provided effective leadership and guidance of various teams among other responsibilities. I left in September 2019 to resume at Still Earth.

I should add that at Lanco, I was also the Head of Power Transmission and Distribution, so I had tremendous experience in that respect as well. We had projects in sub-stations, power distribution projects and power transmission projects. There I handled the plant and machinery for the Lanco Group and all mechanical matters too. My father was a Mechanical Engineer, so I have spent my childhood in workshops developing skills in Mechanical Engineering as well. I have a lot of automobile experience too.

So, you have a lot of hands-on experience in all areas of engineering?

Yes. I like to get involved as much as I can.

What attracted you to Nigeria, why did you take up this responsibility after working in India for years?
Actually, right from the time I was still in the Army, I had few opportunities of going abroad but I didn’t have the experience of actually working abroad.

I have travelled a lot, I have been to the US, I have been to the Gulf, I was actually born in Nepal, So, you can say I was born travelling. But I have had no work experience in a foreign country which I always wanted to have.
Therefore when I got this opportunity to come to Nigeria, I knew it will be different from all I have been doing before, I saw it as a good experience for me and an opportunity to deploy my skills in a different environment. I believed it will also give me a perspective of how people do things here.

I felt that it will be different from what I have been doing so I thought it will be good experience and good education for me to learn how people do things other than in my own country.

But I notice something about you, at your last two jobs, you spent just two years, what happened?

Yes, you see, construction is a line where nothing lasts, because if you are on the field, you are selected for a particular project. So, when that project is done, you are sent to another project if the company has another project that is in line with your schedule or you can then move there. There is nothing static in that industry.
My problem was my schedule. Right from 2006, I have been a Project Director, being able to get the position of Project Director in the same company back to back is usually difficult. When your project finishes, you have a choice of waiting for the company to get another project, but I chose to move on to seek work on another project. That is why the tenure is shorter.

You spend averagely two to three years on a project and that is why you take the decision to move on or stay. I believe moving on also gives you varied experiences which is why I usually move on to seek opportunities elsewhere.

I love new challenges and that is why I am now in Nigeria. It helps you in your all-round growth.

How has the experience in the last one year been in Nigeria?

Nigeria is a developing economy, therefore there are a lot of opportunities and areas of improvements which gives you a good challenge and also helps you in developing good skills trying to train people, educate them, and make them understand how things can be done in a better and more organized manner.
So I am taking this opportunity as a good challenge and a good way of using my experience to be able to improve things and that is part of the targets I have set for myself in life, which is to go to a place and try to improve something there. There is this satisfaction you get when you are able to add value anywhere you go.
So, I am quite satisfied with what I am experiencing here. I feel it is a good challenge.

Now I have to ask you about your meeting with the GMD, what kind of person is she?

As I already said while answering your first question, she is such a unique lady. She is a person who has so much drive. So much discipline, she is someone who strives for perfection. She really likes things to be done in a correct manner, she is a role model for all of us and we really appreciate the work environment that she has created here which is rare for people who own businesses.

I feel she really motivates us, keeps us on our toes, she never allows us to relax at all. This is helping us to develop a better Still Earth.

The last time I was here, I saw the cordial relationship that exists here, how she related so warmly with staff

Yes, she’s very informal but still very stern. She complements both sides which makes her a good leader. She takes her business seriously.

Earlier, you indicated that the philosophy that drives you is to always improve anywhere you work, what other philosophies drive you?

Like I said earlier, I like to go to places and make an impact, and ensure there is improvement, I like to see my mark left behind. I like to go somewhere, meet something at a level, and then take it a step better. I also feel blessed that I have a sense of imagination, understanding of process-oriented systems which ensures that things are organized in a better manner.

I believe if I use my skills and experience, and I succeed in the creation of a system which runs without me being physically present, that will be the best. That is what gives me satisfaction, and this is the philosophy that drives me.

Putting something sustainable in place for the success and smooth running of the company is what I strive for all the time.

If I walk into Still Earth today as a client, what would I find that will make me engage your service?

What we guarantee any client that walks in here is mainly detail. There is nothing that we do without deep thought, planning, research and a lot of interaction. We are very deliberate in our approach.
I will give you a simple example, on site, if we have a carpenter, our carpenter should have a carpenter’s pencil not a normal pencil, we are that thorough and detailed.

The second thing that we offer clients is engineering. With my vast experience and the experience of our team and Project Managers, we have a pool of experience that there is no type of project that we have not encountered, which gives us the ability to give expert advice to clients. With us, you can get top engineering concepts, design improvements etc.

The third is quality. We have a quality system that we follow strictly. We have methodologies which we use at all our projects. When we get a project, we develop the methodology, we handle the quality processes, testing processes, so quality is assured at Still Earth.

Last but not the least is that we are economical. We try to develop a project in such a way that we do not waste anything. We always look for the best solution before we start. We offer the best for the least cost. Quality as you know comes with a price. But we do not overdo it. We do not encourage waste, we do not add anything that is unnecessary, and we offer the best solutions all the time.

I know Still Earth is not a project like your previous appointments, I believe you are not coming here for a two-year period, so where do you see Still Earth in 5 years?

In five years, Still Earth will be a bigger company. We are targeting turnovers which will be in billions. Already the target that I have myself is huge monthly. I see a situation where we will be having eight to ten projects running simultaneously. I am looking at us getting involved in very large projects, we would have established regional offices in South West, South South and in the North also. With each office handling 2 to 3 projects from their base.

I will say in 5 years about 15 projects at one time including the North if the situation improves and surely a few projects in other African countries.

Which parts of Nigeria have you travelled to since your arrival?

I have been to Uyo which is in the South South, I have been on a road trip to all the South West states: Ondo, Osun, Oyo and Ogun, repeatedly, I have travelled to Ibadan many times because we had a project there. Of course, I have been to the Federal Capital, Abuja. I move around quite a lot.

Have you tried Nigerian jollof?

(Smiles heartily) Yes, I have. I have tried some stews and soups. It is a little spicy for my palate, but it is okay. It is tasty.

How do you want to round off?

I wish we can carry on excellently with the guidance of our GMD with the line of business that we have chosen and get involved in good projects.

I pray that we can get out of this pandemic in good time so we can deliver big projects to our clients and continue to grow and succeed.

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Boss Picks

The Femi Otedola Crackdown at FirstBank – His Many Battles –

Published

3 days ago

January 20, 2025

Eric

By Eric Elezuo

From the moment Geregu Power Plc boss, Mr. Femi Otedola, took over the leadership of Nigeria’s premier bank, FirstBank of Nigeria Plc as its Chairman, it was clear that there was bound to be a systemic change. This, according to source, was premised on his thorough methodologies in approaching administration, and the need for corporate sanitization, which has seen him climbed to the peak of entrepreneurship.

This, no doubt created a sobriquet to qualify his tenure as the highest shareholder in the apex commercial bank, as a no-nonsense person, and made the statement ‘the fear of Femi Otedola is the beginning of wisdom at First Bank, Nigeria’s oldest bank’ a reality.

As expected, the billionaire businessman wasted on time to begin a crackdown in the bank. In fact, a section of the populace had labeled it Otedola’s cleasing spree. As at date, many high profiled officers of the bank have been relieved of their positions while many other highbrow customers of the bank at the moment have one question or another to answer with the security agencies just as accusations and counter-accusations continue to fly in the media space, prompting brouhaha and discontent.

It is worthy of note that in its 130 years of chequered history, FirstBank has paraded a galaxy of financial wizards and iconic figures, including a former Governor of the Central Bank of Nigeria (CBN), who is now the Emir of Kano, Sanusi Lamido Sanusi.

Observers, stakeholders and the general public are of the unanimous opinion that though the bank has gone through its fair share of boardroom turbulence, none has been as chaotic, and potentially catastrophic as the present one. A cross section of respondents told The Boss that the bank is probably on a precarious voyage if the principal stakeholders don’t come together to urgently arrest the speedy descent to economic tragedy. It is believed that a disarray FirstBank portends a disaster to the nation’s economy considering its pride of place as the oldest, and arguably the most experience bank in the country, and the sub-region.

So like an experienced headmaster, Mr Otedola, ever since he became the Chairman of the 130 years institution, has been wielding the big sticks on those he perceives as parasites feeding fat on the sweat and investments of shareholders. He is sparing nobody if actions that have taken place so far are anything to go by. And so less than two months after, his big stick has whipped the likes of the much respected Global Head of Marketing and Corporate Communications, Mrs. Folake Ani-Mumuney; the immediate past Managing Director, Mr. Adesola Adeduntan, erstwhile Managing Director, Dr. Olabisi Onasanya, Chairman, ThisDay Newspaper, Prince Nduka Obaigbena and a host of others. It is alleged that all these personalities have questions to answer as regards the lavishing of shareholders’ funds.

On December 2, 2024, the media space was awashed with news of the resignation of Folake Ani-Mumuney. It was later revealed by insiders that she was prevailed upon by Otedola to resign after 15 years of sitting atop the bank’s marketing and corporate communications. Her supposed ‘sack’ took the banking world by storm. She was known to be diligent and highly influential.

Reports that made the rounds alleged that Otedola was pissed when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud. While no statements have proved that Ani-Mumuney’s resignation is directly linked to the party, insider source told The Boss that Adeduntan and the communications expert shared a common administrative bond during his nine years tenure as MD.

The same report stated that Otedola, who was conspicuously absent at the party, declared the exercise as “insensitive and wasteful” considering that the clear direction and mandate of the bank lies behind recapitalising and repositioning the institution from excesses of past management.

The stick that fell on Ani-Mumuney, stakeholders foretold, was the beginning of more “drastic” decisions and actions Otedola had to take in succeeding days to return FirstBank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”.

While the top echelon of the bank was still recovering from the hammer that befell Ani-Mumuney, many of them were swept away as more restructuring policies were enforced. Reports had indicated that the bank’s top executives were asked to leave as part of its corporate restructuring and repositioning plan for 2025 following the confirmation of Olusegun Alebiosu as the MD/CEO in June last year. A total of about 100 senior staff members were said to have been affected in the organisational shakeup.

SHAREHOLDERS REACT, RALLY TO REMOVE OTEDOLA AS CHAIRMAN

The high flying FirstBank flag

With the avalanche of sack that swept through the institution, many, who believed that Otedola is fighting on too many fronts, and had to be termed, plotted to have him removed as the Chairman of the bank, with non-executive director, Mr. Julius B. Omodayo-Owotuga.

The group of shareholders while calling for an immediate Extraordinary General Meeting (EGM) in the next 21 days in line with section 215 (1) of CAMA, alleged that FBN has not known peace since the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings in January 2024.

They accused Otedola and his kitchen cabinet including Omodayo-Owotuga of seizing full control of the bank and doing as they please. They group expressed fear of disregard for corporate governance principles taking into account his private placement of N360 billion shares.

They further alleged that Otedola’s preference for private placement instead of right issue or public offer is seen as a ploy to gain control and run the financial institution as his private estate. The battle continues to rage as the quest to discover who holds the single largest share of the institution between Otedola and Oba Otudeko’s Barbican Capital.

But according to the audited accounts First Bank Holdings for 2023, Otedola was put as the single largest shareholder with a 9.41 percent stake in the financial institution. The billionaire businessman recently increased his shareholding by massive acquisition of more shares. At the moment, his exact stake is unclear.

However, data from the Central Securities Clearing System (CSCS), the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) as of May 23, 2024.

In another development, Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement. Another battle front.

Otedola’s next battle was at the doorstep of Chief Executive Officer, ThisDay and Arise News, Prince Nduka Obaigbena, who was accused of owing the bank a whopping $225.8 million through his General Hydrocarbons Limited. An allegation the Frontline journalist denied.

The meat of the matter became exposed and escalated into a legal tussle following GHL’s request for a fresh $53 million facility to finance the development of Oil Mining Lease (OML) 120. Officials at First Bank have however, refused to honor the new loan request, citing concerns over GHL’s utilization of previous loans disbursed for the same project.

Nairametrics reported exclusively that the information was gleaned from a leaked letter purportedly signed by Obaigbena himself. The development has resulted into bitter accusations, lawsuits, and freezing orders, thereby deepening tensions not just between both companies, but also between the two personalities.

This refusal, coupled with growing mistrust, culminated in a Mareva injunction court ruling that temporarily froze GHL’s assets across multiple financial institutions in favour of FBN’s outstanding debt claims.

Irked by the development, Obaigbena published a notification, ostensibly to state his side of the story, with a solid premise that neither he nor GHL is owing FirstBank.

ALLEGATIONS OF DIVERSIONS OF MONIES BEFUDDLING, GHL RESPONDS

General Hydrocarbons Limited categorically denied owing FirstBank Nigeria $225.8 million, stating that the company entered into an agreement with FBN over oil production and development of OML 120, and the project is active and still pending.

“We entered a legally binding, enforceable subrogation agreement with First Bank on May 29, 2021, with FBN agreeing to fund GHL’s exploration, production, and development of OML 120 in exchange for sharing profit from oil proceeds from the OML in a 50:50 ratio after statutory payments and taxes over 8 years.

“The FBN 50 percent share will then be used to pay down its non-performing loans of about $718 million, which was discounted to $60 million to resolve its solvency issues therefrom.

“In its quest to stay afloat, the FBN loan was sold at $600 million as an Eligible Banking Asset (EBA), with comfort from GHL; the FBN then collected the cash from Assets Management Company of Nigeria, (AMCON), with which they rebuilt the bank without meeting GHL’s needs.

“The FBN non-performing loan arose from FBN’s unsecured and reckless lending to Atlantic Energy under separate Alliance arrangements, events in which GHL had no connection with agreements made it clear that the non-performing loan had nothing to do with GHL beyond the fact that 50 percent of profits from OML 120 due to FBN under the Subrogation Agreement will be used by FBN 66ae nexus.

“It is important to note that FBN’s credit and risk team verified and approved all contracts and invoices due to the contractors engaged for the development and operations of the oil mining lease and made payments directly to these contractors and service providers.

“The allegations of a diversion of the monies advanced to GHL are therefore befuddling and without merit as to settle the hole created in its books by the Non-Performing Loan (NPL). For clarity, Atlantic Energy operated OMLs 26, 30, 34, and 42—very different from GHL’s OML 120 payment, which was made by FBN directly to service providers after vetting and approval by its credit and risk teams,” the statement reads.
In the last days, First Bank Nigeria Holdings has been enmeshed in controversies as its shareholders are divided over Otedola’s chairmanship.

COURT ACTIONS NECESSARY TO RECOVER DEPOSITORS’ FUNDS, OTEDOLA FIRES BACK

Femi Otedola

My attention has been drawn to articles published by ThisDay (on Thursday, January 9 and Friday, January 10, 2015), clearly instigated by Mr. Nduka Obaigbena, filled with baseless allegations aimed at smearing my reputation. It is unfortunate that Mr Obaigbena has resorted to such tactics simply because he has been asked to repay his $230 million loan.

This loan, facilitated with the help of the former Central Bank of Nigeria Governor, Mr Godwin Emefiele, was purportedly for the operation of an oil block which he obtained without competitive bidding.

However, the funds were diverted for personal use-funding Mr Emefiele’ presidential aspirations, acquisition of luxury properties abroad, the operation of a private jet, and an extravagant $68 million spent on jet rentals in just four years. Mr Obaigbena’s profligacy is well known, as is his penchant for using his media platforms to blackmail and silence those who hold him accountable.

As Chairman of First Bank Holdings, my primary responsibility is to protect the interests of the bank’s shareholders and depositors. The actions initiated in the courts are necessary to recover funds that belong to depositors and ensure corporate governance.

Mr Obaighena’s penchant of blackmailing people to escape accountability must end, especially when depositors’ money is at stake. My commitment to upholding the integrity of the financial system and protecting depositors outweigh any cheap attempts at blackmail.

Let me remind the public that my integrity is not in question. As Chancellor of Augustine University and a benefactor of Save the Children Fund, I continue to dedicate my wealth to noble causes. I will not allow unscrupulous elements to derail the efforts of First Bank to recover loans or jeopardize the financial security of our shareholders.

To all stakeholders, I assure you that I remain steadfast in my mission to protect First Bank’s integrity and ensure its continued success. Media blackmail will not deter me from this responsibility.

-Femi Otedola

In the same vein, FirstBank followed suit with a similar response, stating the reasons the bank took the legal option while assuring stakeholders of maximum service. It wrote:

WE’RE BENT ON RECOVERING DIVERTED PROCEEDS, FIRSTBANK RESPONDS

In a statement by the management however, FirstBank insisted that it has been on the right side of the law while assuring customers, stakeholders and friends of the bank of its unflinching stand in the provision of first class services.

The full statement is as follows:

Our attention has been drawn to recent media reports regarding a commercial transaction between First Bank of Nigeria Limited (FirstBank) and General Hydrocarbons Limited (GHL) that is currently a subject of litigation.

As a responsible and law-abiding corporate citizen of Nigeria with utmost respect for the courts, FirstBank will not be able to offer comments on issues which are pending for determination by the courts, as such issues are sub-judice.

However, we are constrained to issue the following clarifications to correct the sponsored but false narratives on the matter presented in some of the media publications.

There is a subsisting commercial transaction between FirstBank as lender, and GHL as borrower, where FirstBank extended several credit facilities to GHL for the development of some Oil Mining Lease assets.

These facilities are backed by very robust loan agreements executed by the parties in which the obligations of the parties are clearly defined and the security arrangement clearly spelt out.

While FirstBank has diligently performed its obligations under the loan agreements, at the root of the present dispute is FirstBank’s demand for good governance and transparency in the transaction, which GHL rejected.

Upon FirstBank’s realization of breaches on the part of GHL including diversion of proceeds, FirstBank requested that an independent operator mutually acceptable to both parties be appointed in line with the terms of the agreement, to operate the financed asset in a transparent manner that will bring greater visibility to the project, protect the interest of, and bring value to all stakeholders. Not only did GHL roundly reject this reasonable and fair request, rather GHL insisted that FirstBank avails it with more funding. GHL refused to execute the terms of offer stipulated by the Bank for the availment of additional funding but rather proceeded to commence needless Arbitral proceedings.

GHL issued a notice to initiate arbitration and has no substantive claim pending at the Federal High Court. GHL approached the Federal High Court solely to seek preservative orders pending arbitration. Some of the preservative orders sought by GHL were granted while others were denied.

FirstBank is the only party that filed a substantive claim against GHL at the Federal High Court and the subject matter of FirstBank ‘s claim is not identical with the dispute GHL submitted to arbitration because FirstBank’s claim is in respect of subsequent credit facilities granted to GHL and the offer letters and finance documents pertaining to the subsequent transactions clearly state that the disputes arising from the subsequent facilities are to be resolved by a court of competent jurisdiction in Nigeria and not by arbitration.

Consequently, it is incorrect to assert that FirstBank abused the process of the court.

GHL off-took crude from the Floating Production Storage and Offloading (FPSO) vessel and diverted the proceeds. The Bank had no choice as a secured lender, under these circumstances of continued breaches, non-payment of due obligations and attempts to shield the Bank away from agreed security and repayment sources, than to approach the court for legal remedies, to preserve assets, recover the diverted proceeds, prevent reoccurrences and safeguard FirstBank’s interest. It is clear to us that the courts do not support or protect illegalities and breaches of contracts.

FirstBank has a long and very rich history of supporting and providing for the financial needs of its customers over its more than 130 years of unbroken existence. FirstBank remains committed to ensuring that it continues to support legitimate business aspirations of its teeming customers. At the same time, FirstBank is committed to the building of a strong credit culture where borrowers pay their debts when they borrow and will always take appropriate steps, within the ambit of the law, to resist attempts by borrowers to repudiate their repayment obligations.

We wish to assure FirstBank’s numerous customers, stakeholders and the general public that FirstBank remains solid, calm, steadfast and unflinching in its resolve to continue to provide first-class services to its teeming customers within and outside the country.

FirstBank also wishes to respectfully thank our shareholders for the indicatively oversubscribed Rights Issue of its parent Company, First Holdco Plc (“FirstHoldco”), in the first round of its capital raise and looks forward to an equally successful final leg of the recapitalization exercise when it is announced by FirstHoldco

THE OBA OTUDEKO AND BISI ONASANYA CONNECTION

As already stated by some shareholders, who insisted that Otedola was fighting on many fronts, and in cognizance of Otedola’s admission that he was poise to confront anyone indebted to the bank, the news of the Economic and Financial Crimes Commission (EFCC) filing a 13-count criminal charge against the Chairman, Honeywell Group, Oba Otudeko and a former Managing Director of First Bank, Olabisi Onasanya for allegedly obtaining the sum of N12.3 billion from First Bank, filtered into the public space.

They were to appear before Justice Chukwuejekwu Aneke of the Federal High Court, Lagos on Monday alongside, a former member of the board of directors of Honeywell Flour Mills Plc, Soji Akintayo and a company linked to Otudeko, named Anchorage Leisure Ltd.

All four were listed as defendants in the suit filed by an EFCC prosecutor, Bilkisu Buhari-Bala on January 16, 2025.

According to the EFCC, the four committed the fraud in tranches of N5.2 billion, N6.2 billion, N6.150 billion, N1.5 billion and N500 million, between 2013 and 2014 in Lagos.

In proof of the charge against the defendants, the EFCC listed Cecelia Majekodunmi, Ola Michael Aderogba, Abiodun Olatunji, Raymond Eze, Abiodun Odunbola, Farida Abubakar, Adaeze Nwakoby and Adeeyo David to give evidence of the fraudulent misrepresentation of the Defendants and tender relevant documents. Also listed were testimonies of representatives of Central Bank of Nigeria, representatives of Stallion Nigeria Limited and representatives of V-tech Dynamics Ltd.

According to the Commission, the offences contravene Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and were punishable under Section 1 (3) of the same Act.

Count 1 of the charge says that Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to obtain the sum of N12,300,000,000.00 (Twelve Billion, Three Hundred Million Naira Only),from First Bank Limited on the pretence that the said sum represented credit facilities applied * for by V- Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation you know to be false, and you thereby committed an offence contrary to Section 8(a) of Advance Fee Fraud and other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V Tech Dynamic Links Limited which representation you know to be false.”

The 3rd count claims that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

County 4 reads, that you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 26th day of November 2013 in Lagos, within the jurisdiction of this Honourable Court conspired amongst yourselves to use the total sum of N6,150,000,000,.00 (Six Billion, One Hundred and Fifty Million Naira Only.), which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Sections 18(a), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

Count 5 accuses Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretence and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

During the session, the court addressed multiple motions, including the prosecutor’s request for a warrant of arrest, which the judge rejected due to the lack of formal service to the defendants. The judge granted an application for substituted service, and the case was adjourned to February 13 for arraignment.

I’VE FOUR DECADES OF IMPECCABLE PROFESSIONAL SERVICE, OLABISI ONASANYA RESPONDS

But on Sunday, former Managing Director of First Bank of Nigeria Plc (now FBN Holdings), Bisi Onasanya, denied any involvement in the alleged N12.3 billion advanced fee fraud levied against him and others during his tenure at the bank.

In a statement issued by his communication advisor, Michael Osunnuyi, Onasanya described the accusation as “baseless” and “unfounded,” expressing concern over the distress it has caused to his family, associates, and friends.

His statement read:

“Our attention has been drawn to allegations and charge sheet circulating on social media suggesting Dr Bisi Onasanya’s involvement in a purported commercial loan controversy at First Bank 12 years ago,” Mr Osunnuyi said.

“His stellar reputation of integrity, built over four decades of impeccable professional service, cannot and will not be tarnished by these false allegations and incorrect charges.”

The statement disclosed that the ex-First Bank of Nigeria Plc’s chief has not been issued any invite since an investigation by the EFCC since 2017, claiming that the matter is only a witchhunt.

I’LL AGGRESSIVELY DEFEND MY REPUTATION, OBA OTUDEKO RESPONDS

However, in a statement issued by General Counsel, Honeywell Group, Olasumbo Abolaji, Otudeko said he was yet to receive any official summons, adding that neither has his legal team received any official invitation from relevant authorities.The statement said, “This includes FBN Holdings, where he served as a director (then Chairman) from 1997 to 2021 and was instrumental in supporting the transformation of the bank from an old generation bank to its current leadership role as a pan-African financial services holding company.

“As he has done in the past, Dr Oba Otudeko is always ready and available to assist any government agency with appropriate oversight in the execution of their duties, with the expectation that these affairs will be conducted with the highest standard of professionalism.

“While we respect the role of the press in keeping the public informed, we urge journalists to verify such sensitive information before publication to ensure accuracy and fairness.

“At 81, after five decades of contributions to the growth of Nigeria’s economy, Dr. Oba Otudeko is now focused on mentoring the next generation of business leaders and contributing to the positive development of society through enterprise.

“He is not interested in serving in an executive capacity in any organisation in Nigeria or elsewhere, neither is he interested in serving in a non-executive capacity on any board asides those he currently sits on.

“This includes any possibility of returning to the board of FBN Holdings Plc, which appears to be the focus of the recent unfortunate news barrage. FBN Holdings, a legacy institution built over 130 years, holds a special place in Dr. Otudeko’s heart. He trusts this strong foundation to guide the institution into the next era of success.

“Dr. Oba Otudeko is confident that the truth will prevail in due course and looks forward to addressing these claims in the appropriate forum.”

Meanwhile, family sources have confirmed that Otudeko did not flee Nigeria, but traveled legally for medical reasons.

As it stands today, all eyes are focused on the expiration of the 21 days ultimatum given by the shareholders for the Central Bank under Mr. Yemi Cardoso to convene the Extraordinary General Meeting (EGM) in line with section 215 (1) of CAMA, to remove Otedola. The game obviously graded survival of the fittest, may be kind on Otedola, who is fighting on all fronts, or any other person of interest.

And like they say in all incomplete thriller, time will tell.

Boss Picks

Jewel Howard-Taylor: An African Amazon Celebrates at 62

Published

6 days ago

January 18, 2025

Eric

By Eric Elezuo

Most Aftrican women qualify for unending celebration at every stage of their existence. They have written their names in gold, traversed barriers to stand out among a comity of achievers. Among such women is West Africa’s first female Vice President, Mrs. Jewel Howard-Taylor, who just clock 62 years.

An African of no mean ability, whose interest in the unity if the West African sub-region has remained one of her strongest point strengths as African politics and development continue to thrive. Her excellent performance has seen to emergence of another female Vice President in the region.

Born Jewel Cianeh Howard on January 17, 1963, the amiable politician of Liberian descent has practically done everything well, including being married to former warlord and president, Charles Taylor from 1997 to 2006 during which time, she showcased herself as most sought after Firstlady of the country, and in the West African sub-region.

Often revered as a Chief, Mrs Howard-Taylor is a proud daughter of Bong County, and born to the Royal Household of Kerkula Giddings of Sanoyea District. She was raised as a child on the Phebe Hospital Compound under the watch of her loving parents, Mr. Moses Y. Howard and Mrs. Nora Giddings-Howard, both of whom were enviable professional Health Workers who died in service to the people of Bong County, and are buried at the Phebe Compound.

Undeterred in her quest to be the best she can be, the 30th vice president of Liberia, who served from 2018 to 2024, Mrs Howard-Taylor has had an enviable political trajectory. In 2005, she was elected to the Senate of Liberia for Bong County as a member of the National Patriotic Party, and was Chair of the Senate Health and Social Welfare Committee on Gender, Women and Children

During the presidency of her husband, she held several official posts in the Liberian government, including Deputy Governor of the National Bank of Liberia (forerunner to the current Central Bank of Liberia), President of the Agriculture Cooperative and Development Bank (ACDB) and Mortgage Financing Underwriter of the First Union National Bank. In addition, she focused on educational, health, and social projects. These are positions she merited by qualification, dint of hard work and her goal-getting abilities other than privilege.

Mrs Howard-Taylor is not a run-of-the-mill administrator. She is well seasoned; educationally, career wise and experience. In the first instance, she holds a graduate degree in bmBanking and two bachelors in Banking and Economics, and presently a student in the MBA programme at Cuttington University in Liberia.It is worthy of note that on December 21, 2011, she graduated from the Louise Arthur Grimes School of Law of the state-owned University of Liberia, and is known to have been announced at one time as the new holder of the title “Madam Suakoko”, an honorary Bong County title memorializing the namesake of the Suakoko District.

In February 2012, Jewel, as very close friends call her, attempted to introduce legislation into the Liberian parliament that would have made homosexual activity a first-degree felony carrying the death penalty as the maximum punishment. Though the legislation was not passed after President Ellen Johnson Sirleaf said she would not sign any such bill, it became a plus for her Africanism and as a champion of sustaining African culture.

In 2017, Taylor was chosen by George Weah as his running mate on the newly formed Coalition (CDC) ticket. Following a runoff in late 2017, she became the first female Vice President of Liberia when her party won the elections.

A strong grass root strategist, Jewel has either served or currently serving in different high profile capacities, including

Chairperson, Women Legislative Caucus of Liberia
Chairperson, Education and Public Administration,
Co-Chairpersonon Planning & Development Committee;
Memberof the Joint Legislative Modernization Committee;
Member, Committee on Judiciary;
Member, Committee on Autonomous Commissions;
Member, Committee on Defense, Intelligence, Security, Veteran Affairs;
Member, Committee on Internal Affairs, Good Governance & Reconciliation;
Member, Committee on Gender, Health, Social Welfare, Women & Children’s Affairs

She has also held or is holding Memberships in many Organizations, key amongst which are the following:

Chair, Board of Trustees, Restoration Baptist Church, Oldest Congo Town
Deaconess, Restoration Baptist Church, Oldest Congo Town
Member, Bong County Bar Association
Member, Bong County Women Association
Vice President, Board of Trustees, University of Liberia
Liberia’s Goodwill Ambassador on HIV/AIDS
Member, Liberian National Red Cross
Member, Liberian Rural Women Association
Member, YWCA
Member, Liberia Girls Guide Association
Member, Greater Monrovia Lions Club of Liberia

Mrs Howard-Taylor has also been a recipient of many accolades, Laurels and Awards from Local, National and International Organizations, ranging from humanitarian awards to outstanding Leadership awards.

NATIONAL AWARDS:

Women Activist Award, (2016) for her role in gender advocacy and empowerment,
The Nation’s highest honor as Knight Great Dame, Order of the Most Venerable Order of the Pioneers in 2005; granted to her by Former President Charles G. Taylor for her service to the Nation as the 21^st First Lady of Liberia;
The First Female to be given the Distinguished Traditional Title of Venerable Chief in the National Traditional Council of Liberia in 2011, a Chieftaincy title conferred on her by Traditional Chiefs and Elders of Bong County for her role in sponsoring the a bill which created the National Traditional Council of Liberia; and in full recognition of her exemplary Services to the people of Bong, yea Liberia;
The Ellen Johnson-Sirleaf Presidential Recognition Award for Humanitarian Services and contribution to Youth Development in Liberia from the (AAW Peace) African & American Women in 2011;
Senator of the Year, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 from various organizations;
The National Excellence Award for National Service in 2011;
The National Excellence Award for Philanthropy in 2009;

INTERNATIONAL AWARDS:

The Pan African Award on Leadership Excellence & Women Empowerment, an Humanitarian Award 2016;
Woman of the Year, 2016, West African Philanthropist Organization;
Women Activist Award, 2016
West Africa Philanthropy Awards as Woman of the Year, 2016
2^nd Chance International Award as a Woman of Distinction 2015, New York City USA;
(ECOWAS) ECOFEPA Good Will Ambassador, Abuja, Nigeria; 2015;
Women Advancement Forum Award in recognition of her contribution to the Emancipation, Motivation and Advancement of Women of the World; 2014, Gambia.
The Outstanding African Women Achievers Award, as African Mentor and Role Model 2013, from the African Women Leadership Organization(AWLO), in Nigeria;
An African Leadership Award, as Outstanding African Female Leader of the Year 2012 from the African Leadership Award, in Dubai;
An Excellence Award in Recognition of her Advocacy for the Rights and Empowerment of women from the African Women in Leadership Organization (AWLO) in 2012, in Nigeria

At 62, Mrs Howard-Taylor is far from spent. She is as agile as ever; as passionate to render humanitarian assistance as ever and as rearing to deliver projects as ever. She is the stock required for a formidable and true African Renaissance, and is poised to take the continent to the next level.

Additional information: The Executive Mansion

Boss Picks

From Security Officer to Presidential Awardee: The Dogged Story of Henry Ukazu

Published

1 month ago

December 22, 2024

Eric

By Eric Elezuo

Have you seen a man diligent in his assignment; he will dine with kings, and not with mean men, so says the Bible in a paraphrased version. It posits that diligence is the password and passport to recognition.

Beyond diligence, there exists also steps of the ladder to Eldorado. These include focus, determination, foresight and patience. And not forgetting expectation. One man embodies these qualities, and has therefore, catapulted himself, and by divine assistance to the proverbial enviable heights. He is Henry Ukazu, a legal coordinator with the New York Department of Correction.

The story of Ukazu is far from grass to grace as is popularly known. It is a story of doggedness, purpose, intention, programmed to achieve and can-do-attitude.

Henry or Henry the Great as he is popularly called by associates, friends and well wishers, prides himself as a go-getter, who from day one set out to live a life worthy of reference. This he began by understudying great achievers in Industrialization and most especially in capacity building including the Yomi Garnetts of this world and the May Angelous of this world from whom he learnt the principle of educating, inspiring and transforming both lives and resources.

Having done all, and still in the business of doing as much, Henry has risen, transcending the days of little beginning, when even as a Law graduate from Nigeria, relocated to the United States of America to become a security guard; a ploy that came both naturally, and from situational variables to help shape the man he has become today.

Yes, the man of today! Of the many accolades trailing his meritorious existence, Henry was selected as proud recipient of the United States of America Presidential Award; a feat only available for professional achievers, the morally upright, academically sound and those whose impact in the society as regards capacity building are topnotch. Henry qualified in all, and it was no surprise that the American government gave him this once in a lifetime recognition. He shone like a million stars at the presentation, becoming a much sought after commodity, even in his absence.

He is not new to awards and recognitions though as his works and efforts in both the distant past, present and near future, speaks volumes of humanity, tolerance and kindness.

In an interview he granted News12 a few years ago, Henry noted that with his position at Rikers Island, where he practices his profession, he is able to help inmates with much more than just legal work.

“I try to assist them with how they can unleash their potential because it’s very, very important,” he said.

For a young man, who arrived the US in 2008, he has done so much for himself, rising from the dust of low cadre job as a security guard, which provided him the opportunity to seek greener pastures, to not just a prolific author, but the writer of the bestseller, “Design Your Destiny: Actualizing Your Birthright To Success.” This is one book, whose pages literally speak to the reader, captivating attention, and invoking instant change on the life and world outlook of the mentee. He has mentored both those incarcerated as well as encourage the youths into becoming toasts of their immediate society. He is also the author of Unleash Your Destiny: 50 Nuggets for Living a Purposeful and Impactful Life.

As part of his means of deseminating knowledge across board, Henry has spoken at various fora including workshops, symposia, colleges, high schools, middle schools and youth organizations and meetings, just to make sure people have the tools they need to succeed in whatevee they do.

Born on December 3, many decades ago, Ukazu is a graduate of Madonna University in Nigeria, where he studied Law. He proceeded to the New York Law School when he came to the United States in 2008 to further his education, which he confessed he only wanted to use his to help young people. He studied Taxation, and obtained a Masters Degree. Within mincing words, his life has revolved around providing both financial, intellectual and empowerment succour to everyone he comes around.

He said this much of himself as obtained from his personal website:

“I am an experienced tax preparer. I am a certified Tax Preparer by the Internal Revenue Service. I also have a solid background in Social Service having worked for Sebco Corporation, a private organisation operating under the auspices of New York Department of Homeless Services.

“I had my High School, bachelor and Law school in Nigeria before emigrating to New York after being called to the Nigerian Bar to further my academical and professional life. I am a prolific writer. By the special grace of God, I am the author of the acclaimed inspirational and motivational book Design Your Destiny- Actualizing Your Birthright to Success- a creative book which centers on self discovery and how you can unleash your potentials by maximizing your failures.

“I am a very dynamic person. I am the product of grace. What most people don’t know about me is that I have a humble background. I have literally succeeded in life because of strong family ties, friends and mentors who showed uncommon favor to me. I can go on and on, but I will leave the rest of the story to be told at a later time.

“My passion to serve humanity made me to study law. With this profession, my ultimate goal in life is to be the father to the fatherless, mother to the motherless and defender to the defendless.

“I am a big believer of change and social justice in our society. I am a progressive being who likes advocating for the youths. I am passionate about leadership through service. I like educating, mentoring, enlightening folks, and giving speeches. I am also passionate about empowering humanity especially the youths. I derive joy and satisfaction affecting the lives of people positively. By doing such deeds, my life and mission on earth is complete in addition to being fulfilled when I put smiles on the faces of people I come across daily. My ultimate aim in life is to leave the world better than I met it and also do same for any person I come in contact with.

“I rely on the Ubuntu theory which literally means, I am because we are, I am because of what other people have made of me. It’s my utmost believe and understanding that we are on earth for humanity and the best investment we can have on earth is to invest in humanity.”

At less than 40, and with many years to explore, Henry has proved to be a gift to this age and to humanity, raising giants and giant slayers in enterprise and sundry endeavours, using his global platform, GLOEMI. Apart from hia books, he also contributes articles under the themes Adding Value and Food for Living through The Boss Newspaper and Pointblank.ng respectively, from where it is circulated across media platforms.

Henry is married to his sweetheart, and they are both blessed with a son, Chisom.

Congratulations on your latest achievement sir!