Shell Energy Entrepreneurs banner Yudala banner
Group petitions EFCC over alleged shortchanging of 5 South-West states by firm

By News Express on 14/08/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 901


The Civil Society Network Against Corruption (CSNAC) has urged the Economic and Financial Crimes Commission (EFCC) to urgently probe the activities of Glanvill Enthoven and Co. Nig. Ltd, over an alleged collusion and manipulation in its equity shares which was aimed at shortchanging the owner states of Oyo, Osun, Ogun, Ondo and Ekiti.

In a petition forwarded to the anti-graft commission and signed by the coalition's national chairman, Mr. Olanrewaju Suraju, the group urged the EFCC to investigate the allegations and confirm their veracity.
According to CSNAC, it has in its custody a petition from victims of criminal misappropriation of shares, forgery and corruption allegedly perpetrated by management Staff of Glanvill Enthoven and Co. Nig. Ltd.
It noted that it has investigated the allegations and confirmed their veracity.
“According to our findings, back in 1957, the Western Region Government through National Bank Ltd. incorporated Glanvill Enthoven & Co. Nig. Ltd. (GEN) as an Insurance Brokerage Company in Nigeria with 50/50 Equity ownership with Glanvill Enthoven London, UK as the Technical Partner. Glanvill London was subsequently acquired by Jardine Lloyd Thompson (JLT Risk Solutions) who nominated NIB Investment (W.A.) (NIBI) to represent her interest in GEN. That foreign holding was then treated as JLT/NIB Shares in GEN.
“During Indigenisation Decree in the 1970s, National Bank acquired additional holding to become 60/40 majority owner. In the same 1970s, banking regulation directed banks to divest from ownership of insurance and Insurance brokerage companies. As a result of this, the 60 percent ownership in Glanvills was transferred to Odua Investment Company Ltd. (OICL).
“From then thereon, OICL continued to nominate Directors to serve along with the nominees of NIBI as Directors on the Board of GEN. OICL been owned by the 5 South West Owner States usually populate the Board of Glanvill with persons nominated by the Owner States Governments and typically one of them serves by rotation as Non Executive Chairman of the Board.”
While stating that there were strange developments leading to Glanvill’s ownership misappropriation, the group said, "Regrettably, the Management of OICL led by the Group Managing Director based at Cocoa House, Ibadan was observed to have ineffective oversight relationship with the Board and Management of GEN. Some of the documents indicate GEN where they have 60 percent controlling equity being regarded as an Associate Company and there are manifested cases of contest of reporting relationship and subordination by GEN Management and Board with OICL Management and Board.
“It is such control vacuum that allowed OICL nominate Non Executive Chairman and Directors at GEN in the 2000’s to wrongly assume Executive powers and steer the company for personal benefits.
“This action gave OICL 100 per cent Ownership and Consideration paid is EVIDENT. One Chief Tunji Omisore was the OICL nominated Chairman of GEN at the time of this transaction. It was later known to OICL that Chief Omisore back in 2003 was involved in subterfuge action to sell JLT Shares in GEN to an unknown buyer for which the then OICL GMD sent a letter dated 20 November 2003 to JLT dissociating OICL from such illegal move (Appendix 2).”
Expressing some of its findings that border on the misappropriation of the common patrimony of the South-West, the group said it had looked thoroughly at provided evidence and found that UIB Nigeria Ltd.  RC. No. 491828 registered on 4 September, 2003 (Appendix 3) is the company on Corporate Affairs Commission's records. There was also a United Insurance Brokers Nigeria Ltd with RC 3085 that is now DELISTED.
CSNAC said its findings show that, “There is ample evidence of Fraudulent Acquisition of the purported 40 per cent Shares of GEN by UIB Ltd or UIB Nigeria Ltd floated by Chief Tunji Omisore as there is neither a clause for consideration in the Shareholders’ Agreement nor any evidence of payment for the 40 percent shareholding.
“There is a deliberate act of forgery and impersonation of United Insurance Brokers Ltd. of UK in the said Shareholders' agreements. Whereas this is a London based Company, the signatories on the various agreements are Nigerians out of which Chief Tunji Omisore and a Prince Kole Aderemi signatures can be identified. In addition, there are deliberate attempts to clone the official letterheads of United Insurance Brokers Ltd (UIB UK) – See Appendixes 8 -11.
“There is Collusion, Acquiescence and Insider Dealing by GEN and OICL management in the execution of the purported share Transfer transaction in the Shareholders’ Agreement.”
While demanding independent investigation of allegations and documents contained in this petition, the group urged the EFCC to invite all OICL GMDs, Company Secretaries, GEN MDs and Company Secretaries from 2003 till date to explain their role in (a) above and all established cases of insider dealings on the part of OICL and GEN staff should be diligently prosecuted.
Other demands are the prosecution of all those involved in the criminal conversion and acquisition of shares and dividends from GEN and forgery in UIB letterheads.
Other demands include, “Revocation of UIB Nig. Ltd, UIB Ltd. and United Insurance Brokers Nig. Ltd. part ownership of GEN and its subsidiaries,” among others.

Source News Express

Posted 14/08/2016 8:44:06 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Teachers, pupils celebrate as UNESCO World Book Capital...

FG set to begin disbursement of N90 billion...

Osun NUJ Correspondents’ Chapel Chairman turbaned as Osupa...

LG election: Lagos extends restriction of movement, stresses...

200,000 graduates to get FG’s jobs this month:...

Notorious Boko Haram leader, 18 other terrorists die...

Unknown assailants strangle elderly couple in Osun

Ebonyi bans masquerades from playgrounds, recreational centres

Super Eagles coach: Siasia commends NFF, backs Oliseh...

Okonjo-Iweala, NASS team engage Nigerian Diaspora on economic...

Edo Govt. explains ‘phased approach’ to address pensioners’...

NNPC raises alarm over fake oil lifting approvals...

 

Latest News 4 notorious kidnappers in police net OBJ, IBB institutionalised corruption in Nigeria — Senator Adamu •Demands OBJ’s prosecution NAFDAC prosecutes Lagos businessman over alleged sale of unregistered products Lawyer, 2 others remanded in prison for N155m property fraud 2019 Imo Guber: Deputy Governor’s kinsmen reject Okorocha’s son-in-law Corruption in oil sector must stop — Buhari CBN lifts foreign exchange market with $210m Lagos RRS mobile camera exposes 4 suspects UBA contactless cards hit industry high of three million Bishop Okpaleke’s resign not good for the Church, By Valentine Obienyem NiMet forecasts hazy and cloudy weather for today Produce my husband or face mass boycott of 2019 elections, Nnamdi Kanu’s wife tells FG

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (325,218 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (316,703 views) Shameless Genevieve Nnaji exposes breasts in public (253,327 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (207,937 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (194,246 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (186,919 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (162,372 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (145,706 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (139,933 views) Lagos plane crash: Journalist releases victims’ names (128,921 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (127,369 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (122,680 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business (2,895) Business Verdict (33) Columnists (803) Complaints & Requests (94) Enterprise & Opportunities (203) Entertainment (446) Features (548) Global Business Monitor (225) International (1,797) Interviews (143) Live Commentary (28) Love Matters (104) News (32,946) Opinion (883) Pidgin (10) Politics (4,507) Religion (680) Sports (1,436) Stock Watch (27) AMA & Al Jazeera Global Update

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement