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THE VISIONARY TRAILBLAZER: DR. ISRAEL OVIRIH’S MULTIFACETED LEGACY IN ECONOMICS, PRIVATE EQUITY, AND GOVERNANCE BY CHINEDU NSOFOR

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THE VISIONARY TRAILBLAZER: DR. ISRAEL OVIRIH'S MULTIFACETED LEGACY IN ECONOMICS, PRIVATE EQUITY, AND GOVERNANCE BY CHINEDU NSOFOR

THE VISIONARY TRAILBLAZER: DR. ISRAEL OVIRIH’S MULTIFACETED LEGACY IN ECONOMICS, PRIVATE EQUITY, AND GOVERNANCE

BY CHINEDU NSOFOR

 

In the realm of economics, private equity, and governance, there exists a luminary whose name resonates with innovation, strategic acumen, and a relentless pursuit of excellence – Dr. Israel Akpoghene Kayode Ovirih. His indelible mark on these domains paints a portrait of a visionary leader, a serial entrepreneur, and a stalwart of governance, carving a path few dare to tread.

 

 

THE VISIONARY TRAILBLAZER: DR. ISRAEL OVIRIH'S MULTIFACETED LEGACY IN ECONOMICS, PRIVATE EQUITY, AND GOVERNANCE
BY CHINEDU NSOFOR

 

 

With an illustrious career over thirty years ago, Dr. Israel Ovirih’s journey began as an economist, navigating the intricate tapestry of global financial markets. Armed with an astute understanding of economic dynamics and an insatiable curiosity, he swiftly ascended the ranks, spanning 1990 through 2023, leaving an indelible mark at each juncture.

 

 

 

 

 

 

His foray into private equity was nothing short of groundbreaking. Establishing himself as a trailblazer, Dr. Israel Ovirih founded a pioneering firm that redefined investment paradigms. Armed with a keen eye for emerging markets and a knack for identifying hidden gems, his firm soared to unprecedented heights, setting benchmarks in the industry.

However, it wasn’t solely his success in private equity that solidified his legacy. Dr. Israel Ovirih’s entrepreneurial spirit spurred him to traverse uncharted territories, birthing multiple ventures across the globe that epitomized innovation. Some of these innovations include his co-Chair of Equity and Angels Club, a part of Garden City Premier Business School, Port Harcourt. He co-founded Natiowide Finance Incorporated of Florida, a part of Nationwide Equipment USA; co-founded CBA Capital Company Limited, an Investment Banking Boutique based in Mauritius. CBA was founded in collaboration with Eric Knudsen, founder of Cross Border Financial Services UK – Cross Border boutique has mastery of global financing with global ECAs including the US Export Import Bank (“US EXIMBANK”) amongst others. He is a Non-Executive Director at Africa’s first Cash-Reward-as-a-Service (CraaS) company – CashToken Rewards Africa Limited as well as Chaiman and Founder of the Africa-first-commercial-3D-Printing Tech Company – 3DMakery.com. His ventures were not just business endeavors; they were bold strokes on the canvas of progress, harnessing technology, sustainability, and financial policy in equal measure.

Beyond the corridors of commerce, Dr. Israel Ovirih’s influence extended to governance, where his sagacity and strategic foresight found a new arena. His induction into Governing Council of his alma mater – Ekiti State University, Ado-Ekiti. His appointment is a testament to his unwavering commitment to the steering of educational institutions, with people of like-minds towards sustainable growth, ethical practices, and visionary leadership.

The confluence of Dr. Israel Ovirih’s roles as an economist, private equity magnate, and governance luminary wasn’t merely a coincidence; it was a seamless orchestration of his holistic approach towards fostering a better world for possibilities and excellence. His endeavors were underscored by a profound belief in leveraging economic prowess for societal welfare, transcending mere financial gains to sculpt a legacy steeped in ethical responsibility and societal upliftment.

Amid accolades and plaudits, Dr. Israel Ovirih remained grounded, ever-committed to fostering the next generation of leaders. His mentorship programs, educational initiatives, and philanthropic endeavors served as pillars nurturing budding talents and fostering a more equitable future.

In essence, Dr. Israel Ovirih’s saga is not just one of professional triumphs; it is a narrative woven with the threads of visionary leadership, ethical stewardship, and a relentless pursuit of a world where prosperity, innovation, and compassion coalesce seamlessly.

As the annals of history unfurl, Dr. Israel Ovirih’s name shall stand tall, an embodiment of transformative leadership, inspiring generations to dream bigger, aim higher, and carve paths to redefine the very fabric of progress itself.

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Alleged debt: Firm prays Court of Appeal to quash order on takeover of property By Ifeoma Ikem

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Alleged debt: Firm prays Court of Appeal to quash order on takeover of property

By Ifeoma Ikem

 

 

Algrain Foods Limited and its managing director, Chief Anthony Obidulu, have approached the Court of Appeal in Lagos seeking to upturn the verdict of two high court judges empowering a receiver-manager, Emmanuel Adeyeye Oyebanji, SAN, to take over the company for alleged indebtedness.

The appellants are praying the appellate court to set aside the judgement delivered by Justice H.R. Shagari of the Federal High Court, on February 23, 2018, in a suit between CSL Trustees Limited, First City Monument Bank (FCMB) and the Central Bank of Nigeria vs. Algrain Foods Limited and Obidulu.

In another separate appeal, the firm and its managing director are praying the appellate court to set aside the ruling, decisions and orders of Justice A. Lewis Allagoa of the Federal High Court, Lagos Division, made on October 18, 2021.

Justice Allagoa had ruled that the receiver-manager, Oyebanji, had the legal right to take possession of the appellants’ property due to the agreement between the parties in the credit facility offered the company.

However in its ground of appeal, the company and Obidulu held that the lower court judges erred in law, stating: “There is before the trial court evidence of non-compliance with section 392(1), 396(1) and 397(1) of the Companies and Allied Matters Act, Cap. C. 20, Laws of the Federation of Nigeria 2004, by the receiver-manager appointed by the respondents that requires a mandatory service of statutory notice of appointment of receiver-manager and his remuneration on the registrar-general, Corporate Affairs Commission, and the first defendant/appellant, respectively, by the receiver-manager forthwith and or immediately after his appointment as required by the Companies and Allied Matters, Cap. C. 20, L.F.N. 2004, which was not complied with.
“The learned trial court totally misconstrued the practical effect and application of Section 392(1), 396(1) and 397(1) of the Companies and Allied Matters Act. Cap. C. 20, L.F.N. 2004, when he failed in his duty to countenance that the category of abuse of court process was not closed and any failure to adhere to the stipulation of the law in initiating administrative and or legal proceedings as in the instant case before approaching the court for a remedy even where a cause of action has accrued is an abuse of the process of court.

“The trial court’s interpretation of the operative words of Sections 392(1), 396(1) and 397 (1) of the Companies and Allied Matters Act. Cap. C. 20, L.F.N. 2004, read together is perverse and its misinterpretation and misapplication has led to a serious miscarriage of justice and a perverse decision.”

Meanwhile, lawyer to Algrain Foods, Aloy C Ezenduka, has raised the alarm that the receiver-manager has continued to take away the company’s property despite the fact that the case is still on appeal.

“Now, the government said before anybody can access that loan facility, you choose a bank and it has to be a bank for that particular facility and the bank should have access of the N400 billion; so, any money that is given out, you get a rebate from that fund. Instead of FCMB to do the needful, the bank went to the man’s factory, saw that he was producing noodles, saw that he had very efficient working system with low overhead, so they wrote in that they were going to sponsor the man’s business 100%.

“Instead of giving the man an order of N100 million working capital, on their own, they said they wanted to give the man N350 million; but at the end of the day, they only gave the man N100 million from the facility and never gave the man the other tranche of money

“When the auditors worked on the account, they found out that (the bank) collected more than N100 million from CDMU and they only gave the man N100 million. Meanwhile, they passed it through the man’s account, a lot of money illegally passed through his account. Maybe he had an inefficient accounting system. They were using the man’s ignorance to rip him off. It was when I came into the picture after the man was not satisfied with what the former man was doing after he refused to do comprehensive study. We did all these and found out that they were owing the man.

“When I got into the matter, I found a new case asking the court to discharge or nullify the receiver-manager because, by the time he was appointed, the so-called facility was not due for payment. His six-month activity was supposed to expire in 2016, but Oyebanji was appointed receiver-manager in 2016. If you add the one year moratorium they gave, it would have ended in July 2017 and by that time they had already taken over the factory.

“So, these were the issues we raised in the lower court. The lower court didn’t want to listen to us. The court just raised three issues and said we should address the court on that and called mood against us. We appealed that decision.

“The court told them, based on the question they brought for determination, that they had right and debenture to take possession and to sell without saying how much they can collect.

“Assuming the man was owing N350 million, then you now sell over N20 billion worth of assets for N350 million worth of debt, is that not criminality and stealing?

“In the case that brought Oyebanji to possession, they were saying it was based on mispresentation of material facts. It was not a bad debt and they have not called in the guarantee certificate, and the facility is 80%, principal and interest. So, from beginning to the end there was an intention to rip this man, to take over his factory, dissipate his asset and dupe him.

“This is a typical example with Nigerian banks and borrowers but, unfortunately for them, the Court of Appeal, in one of the appeals, the file that concerns Oyebanji, gave me permission to bring the document they were concealing. That document shows the fraudulent nature of the entire transaction.

“Immediately the court gave me the ruling that allowed me to furnish the documentary evidence, which is the certificate of guarantee, Oyebanji started moving material parts of the factory, between 1am and 3am every day.”

Ezenduka has asked the Inspector-General of Police, Kayode Egbetokun, to investigate his senior colleague, Emmanuel Oyebanji, SAN, for alleged sale of his client’s assets worth N20 billion.

Ezenduka, in a petition dated January 7, 2024, noted that Oyebanji, who was appointed as receiver-manager by CSL Trustees Limited on behalf of First City Monument Bank, following a N350 million loan dispute, allegedly converted, stole and sold the assets belonging to Obidulu and his company, Algrain Foods Limited, located at 15/17, Canal Avenue, Canal Estate, Okota, Lagos.

The petitioner said the actions of Oyebanji and FCMB were reprehensible, as four court cases, two at the Appeal Court in Lagos (CA/L/CV/1021/2021 and CA/L/CV/1024/2021) and two at the High Court of Lagos State, were pending and trial ongoing.

He said the cases at the High Court of Lagos State were instituted by Obidulu against Oyebanji, his law firm and FCMB, for trespassing over his property, alleging that despite the pendency of the suits, the defendants were discretely stealing and selling assets, comprising vehicles, heavy machinery and goods kept in the warehouse worth billions of naira.

The petitioner accused the defendant of acting on “a purported judgement on appeal that claimed that FCMB was owed N350 million, when an audit report had shown that the company was not indebted to the bank or anyone.”

However, Oyebanji has dismissed the allegations as fallacious and a deliberate attempt at misrepresenting facts, noting that the sale of the properties was backed by court judgements.

“It is total fallacy and complete misinformation that the receiver has been stealing the assets of Algrain Foods but, rather, the assets were legally disposed of by virtue of the judgement.

“There is no judgement or order from the Court of Appeal reversing the judgement of the Federal High Court,” Oyebanji said.

Moreover, FCMB’s group head of communication and branding, Mr. Diran Olojo, denied any looting by the bank, saying, “t is not possible for a serious organisation like FCMB to loot a company. There is a receiver-manager who is backed up by the law to recover debt. The debt recovery does not concern FCMB. Besides, everything that the receiver-manager is doing is backed by the law.

“The case is in the courts. Let the complainant wait for the decision of the court. FCMB is a serious organisation and would not be involved in petty things.”

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Apostle Suleman Set To Celebrate Wife, Reverend Lizzy Suleman’s Birthday Feb 28

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Apostle Suleman Set To Celebrate Wife, Reverend Lizzy Suleman’s Birthday Feb 28

Apostle Suleman Set To Celebrate Wife, Reverend Lizzy Suleman’s Birthday Feb 28

 

 

 

It is time again come Wednesday 28th of February, 2024, for a woman of faith, Reverend (Mrs.) Johnson Suleman, to mark her birthday. Making the moments a unique one is her husband, Apostle Johnson Suleman, who is leaving no stone unturned to celebrate her on a pleasantly awesome note.

 

Apostle Suleman Set To Celebrate Wife, Reverend Lizzy Suleman’s Birthday Feb 28

 

 

The Scripture says when two people agree to love, loyalty and commitment to their relationship becomes a virtue. This has been the guiding light in the marital life of Apostle Johnson and Reverend Lizzy Suleman. Apart from sharing cakes and spoiling her with gifts, Apostle Suleman regularly celebrates her heartthrob like a special partner in the work of God that she really is, with heartfelt wishes that reflect her faith and inspire her on her special day. He has always shown her with all he has how much she means to him and encourages her to continue walking in God’s path.

 

Reverend Lizzy Suleman is not just a wife for the kitchen, she also partners to do amazing things for God and His Kingdom, standing by and holding the hands of her husband in the work of ministry. It is the reason she is described in his note as ‘most expensive gift any man could ever ask God for as wife’. He has also promised to celebrate her in a more beautiful manner than he ever had done.

 

Meeting her future husband, Apostle Suleman, was love by divine. She says the timing was divinely perfect meeting a man with similar passion for God; when the focus was fully on the fundamental basis of Christianity. Having an enduring marriage is the joint responsibility of both the husband and the wife. Reverend Lizzy Suleman says her marriage is faultless because she shares the right ideas and understanding with her husband to make things work. She believes it is the responsibility of the woman, a pastor’s wife especially, to submit her mission to her husband’s mission to become submission and then be able to drive the marriage vehicle well.

 

Describing her husband’s merits, Reverend Lizzy says Apostle Suleman is a man that represents simplicity and redefines modesty. By prophetic standards, she gushes, he is an apotheosis of prophetic reverence and veneration. She says he is modest in speech and humbler in his deeds, his dressing and still far simple in how he addresses serious issues. “He is my Papa, a great man of God, a colossus in the ministry of heaven. He is not just a pastor; he is a life coach to the congregation, the world and his family. I respect and love him. And I thank God for that. Also, all my aspirations and ambitions are in what God has destined for me and in the assignments given to my husband. We are alive to pursue the assignments faithfully, spiritually and logically. We believe God for a safe landing at the end,” she declared.

 

As she rolls out the drums next Wednesday, Reverend Suleman vows to continue to use the grace of the celebration to extend spiritual care and share humanitarian gestures among members of her hubby’s ministry, Omega Fire Ministry, and Nigerians in general.

 

As a way to show appreciation to God for the opportunity of another eventful year, she has given out clothes and food to thousands of people, including the widows. On her birthday occasions, she has blessed people with the cash sum in millions; she has paid school fees of indigent students worth millions and has visited orphanage homes with expensive gifts. These, she says, are just a fraction of what she plans to do next to glorify God.

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

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WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Ogun State House of Assembly Committee on Public Accounts and Anti-Corruption, led by Hon. Damilare Bello today continues with its sittings with a clarification that the invitation extended to the former Commissioner for Information and Strategy, Abdul-Waheed Odusile and the SSA to the Governor on Media, Emmanuel Ojo was not an indictment but rather to seek clarifications on the audit report of the Ministry.

 

 

 

 

 

 

 

 

WE HAVE NO ALLEGATION OF FRAUD AGAINST EX- COMMISSIONER, OTHERS, OGUN ASSEMBLY CLARIFIES INVITATION

 

 

 

 

 

 

 

 

 

 

 

Hon. Bello issued the clarification today during the Committee’s meeting with the officials of the State Hospitals Management Board at the Assembly Complex, Oke-Mosan, Abeokuta.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Committee Chairman in company of other members including Honourables Musefiu Lamidi, Dickson Awolaja, Wahab Haruna, Yusuf Amosun, Folawewo Salami, Lawal Samsideen and Waliu Owode noted that the sitting was not meant to witch- hunt but to put the various Ministries, Departments and Agencies of Government on their toes in the prudent management of government resources.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He recalled that at the last sitting of the Committee, there was a misinformation in some sections of the media insinuating fraudulent practices, cautioning that the Committee had not indicted anyone but merely considering issues raised in the audit reports with a view to addressing them.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He stated, “on Monday at our last sitting, there was a misinformation that this Honourable House has indicted the ex- Commissioner and the SSA (Media), we have not indicted anyone. We have only used the media to invite them for clarification on the Auditor General reports in line with our constitutional responsibilities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It is important to note that the this House has no reason to witch-hunt anyone. We are only making sure the people see our Governor working alongside with the legislators with the right procedure to achieve all the Government lofty policies and programmes”, he stated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He urged the public to disregard the scandal rumour, saying not everything found on the media space might be the right picture of things coming from the Assembly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He called on Heads of MDAs to work together with the Assembly in blocking all leakages and help promote accountability and transparency in the running of government in the State.

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