Aura by Transcorp Hotels, the online platform for booking accommodation, food and experiences has said a couple stand a chance of winning a free night staycation to celebrate Valentine’s Day when any of them spend up to N100,000 on the platform. The Company, a subsidiary of NGX-listed Transcorp Hotels Plc., stated this at an event on Thursday where it hosted some of its stakeholders.
The promo requires users to book accommodation, order food, or book experiences worth at least N100,000 during the promo period, to qualify for a draw where two winners would emerge. Throughout the promo period which ends on January 30, 2022, users of Aura can also enjoy discounts of up to 25% on selected accommodation, food and experiences.
“Aura is committed to providing people with unique homes and hotels when they are away from home. The platform is also set up to help users order great food at restaurants close to them and find things to do to make every moment memorable. This promo is our way of encouraging more people to experience Aura as we continue to spread happiness by creating memorable experiences through all our touch points,” said Ifeoma Okafor-Obi, Business Development Director (Aura) at the event which held at Metro Apartments in Lagos, one of the apartments listed on Aura by Transcorp Hotels.
Aura provides a great selection of exquisite properties at the best prices, carrying out verification on all listings on the platform to ensure that guests are choosing from the right pool of options, and in keeping with the known high standards of the parent company Transcorp Hotels Plc. The hospitality company, which also owns Transcorp Hilton Abuja and Transcorp Hotels Calabar, has continued to expand its excellent hospitality services, with a world-class event center that can seat close to 4,000 guests expected to be completed in 2022. The company’s property in Calabar is also being upgraded to sustain the quality of services the hospitality brand is known for.
Aura by Transcorp Hotels supports official travel, relocation, or staycation, ensuring that employees of corporate bodies are well rested and focused on delivering business results. Companies that have Sales Representatives who are always on the move have found Aura by Transcorp Hotels to be a key partner, with guaranteed access to verified apartments that ensures the comfort and safety of their staff.
“There are carefully selected restaurants as well as personalized chef experiences on demand for corporate meetings and events. We also have an array of refreshing day experiences as well as packages for corporate retreats and strategy sessions,” Okafor-Obi added.
In addition to the impressive features offered by Aura, guests can rest assured that they are fully covered if they ever get involved in an accident whilst in an Aura apartment. This insurance feature is provided in partnership with digital insurance companies, Heirs Insurance and Heirs Life, and it guarantees the protection of the lives and properties of guests, ensuring that they have a truly memorable Aura experience without fears or worries.
Commenting on the significance of Aura by Transcorp Hotels, Mrs. Dupe Olusola MD/CEO, Transcorp Hotels Plc. explained that the recently launched business is the piece that completes the puzzle for the company, as it seeks to offer wholesome luxurious experiences to guests beyond its well-known properties in Abuja or Calabar.
“Our brands are individually distinctive and collectively powerful. We have consistently delivered world-class guest experience and excellent services across all our touch points, and impressive value to stakeholders. This is what users of Aura by Transcorp Hotels will also continue to enjoy. I encourage people to exploit the ongoing promo by Aura by Transcorp Hotels to have a great experience at a discount, and also stand to win a free staycation on Aura,” Mrs Olusola said.
“2022 will be a very exciting year for us at Transcorp Hotels Plc., as some of the projects we have been working on will come to life this year. One such is our Lifestyle Center which will be located in Ikoyi and will combine the traditional functions of a shopping mall with some of the best leisure amenities you can find anywhere,” Mrs. Olusola added.
To get access to unique accommodation, food and localised experiences listed on Aura, users have to register at aura.transcorphotels.com. They can also download Aura by Transcorp Hotels on Google Play and Apple App Store.
OPERATION HADIN KAI: DECISIVE BLOW, AS TROOPS NEUTRALIZE BHT/ISWAP TERRORISTS IN BIU ATTEMPTED INFILTRATION
Troops of Sector 2 Joint Task Force(JTF) North East(NE) Operation HADIN KAI(OPHK) have dealt decisively with Boko Haram(BH) and Islamic State West Africa Province(ISWAP) terrorists, who made frantic attempt to infiltrate the ancient town of Biu, Borno State.
The criminal elements met their Waterloo, when the gallant troops of 231 Battalion and 331 Artillery Regiment swiftly routed them in a failed incursion at Maina Hari village in Biu on Saturday15 January 2022.
In the intense battle, troops unleashed superior fire power on the terrorists, neutralizing five BH/ISWAP terrorists, compelling others to withdraw in disarray..
The gallant troops also captured from the terrorists, one gun truck, one Deshka M Anti Aircraft Gun, one HK 21 Machine Gun, one Rocket Propelled Grenade Bomb, 137 rounds of 12.7mm Anti-Aircraft Rounds amongst others. Troops are currently in pursuit of the fleeing terrorists.
ONYEMA NWACHUKWU
Brigadier General
Director Army Public Relations
TROOPS OF OPERATION SAFE HAVEN RESCUE THREE KIDNAPPED STUDENTS OF PLATEAU STATE POLYTECHNIC
Three students of Plateau State Polytechnic kidnapped yesterday Wednesday 12 January 2022 have been rescued
unhammed by troops of Operation SAFE HAVEN deployed at Barikin Ladi.
The trooos deployed at Nding Sesut a remote community in Barikin Ladi noticed an unusual movement of persons during patrols. Troops immediately conducted cordon and search in the general area that led to rescue of the three students at an abandoned poultry farm. The victims have since been united with their families.
Manhunt to apprehend the suspects is still on going.
While commending the vigilance and efforts of the troops, the commander Operation SAFE HAVEN, Major General Ibrahim Ali has commended the law abiding citizens who provided credible information to the security agencies.
He reiterated his resolve to make Plateau state a difficult terrain for criminals to operate.
Marwa Applauds NAOSRE As Operatives Nab Skit Maker, Others In Lagos Raids
The Chairman and Chief Executive Officer of the National Drug Law Enforcement Agency, NDLEA, Brigadier General Mohamed Buba Marwa, ret’d, has applauded the supportive role of the National Association of Online Security Reporters, NAOSRE to his administration in the year 2021.
Speaking during an interactive session with NAOSRE President, Comrade Femi Oyewale Wednesday afternoon, Marwa noted with satisfaction that NAOSRE has been an integral part of the agency’s struggle to exterminate the activities of illicit drug agents.
“With NAOSRE, there has never been a dull moment. We appreciate the leaders and members for their patriotic supports of our activities in NDLEA,” he stated.
However, Marwa who spoke through his director of publicity, Mr. Femi Babafemi sought further co-operation in the year 2022.
He stressed that President Muhammadu Buhari’s commitment to make Nigeria a choice country to foreign investors can only be actualized when the media plays its noble role and key into NDLEA’s fight against illicit drugs and its peddlers.
He emphasized that NDLEA’s struggle to reduce the demand and supply of illicit drugs across the length and breadth of Nigeria is a task for all patriotic Nigerians including the media.
Earlier, the NAOSRE President commended the efforts of the agency. He urged Marwa and his men to deploy more technologies in its operations.
In his overview, Oyewale projected a positive outlook in the year 2022. He reassured NAOSRE’s continuous support to security agencies so that the critical objective of a safer Nigeria can be achieved.
Meanwhile, operatives of the National Drug Law Enforcement Agency, NDLEA, in the early hours of Wednesday, January 12, arrested a skit maker, Sunday Joshua, popularly known on social media as De-General, following the raid of a notorious drug joint at Orchid Estate, Lekki area of Lagos state.
Acting on credible intelligence, narcotic officers stormed the drug joint in the estate, where three suspects were arrested with illicit drugs including 200 sachets of 225mg Tramadol and 1.5kilograms of cannabis Sativa. In the course of the operation, some persons including the suspected dealer ran away with bags suspected to contain exhibits.
A trail showed they ran into a house located at 2B Saula Akinlolu way, Orchid estate, which is the residence of 22-year-old Sunday Joshua (aka De General). The young men started to make noise to prevent a search. The operatives introduced themselves as officers of NDLEA and submitted themselves for search before entry. This was done and a search was conducted.
The search led to the recovery of drug exhibits including cannabis sativa; Tramadol 225mg, and some paraphernalia for drug use. This was after the suspect had requested to record on video the search, which the officers out of sense of civility allowed. The video trending on social media was the moment the suspect and his friends decided to disrupt the bid to conduct a search of the house.
In his confessional statement in custody, the suspect admitted ownership of the drugs recovered from his house.
The report classifies Wema Bank as number three in SME Banking, this is three-places higher than the bank’s 2020 classification.
Wema Bank has been consistent in her drive to support the growth and development of SMEs in the country. The bank has initiated several financial and advisory support programs to boost SMEs, some of which include: Single digit loans for women, uncollateralized loans for SMEs, quarterly SME webinars, access-to-market initiatives, and a plethora of other advisory and support services
In the last one year, Wema Bank pioneered the establishment of the first bank-led SME business school in the country, aimed at boosting critical knowledge and capabilities for SMEs at no cost to beneficiaries. The business school which enjoys the support of Frankfurt School of Finance and Management, Germany, has reputable consultants and organizations such as Ernst & Young, MTN, Microsoft, Google, Agusto, etc. facilitate at the program.
The KPMG survey ranked banks using the six pillars of customer experience excellence, including integrity (being trustworthy and engendering trust), resolution (turning a poor experience into a great one) and expectations (managing, meeting and exceeding customer’s expectations. The others were empathy (understanding the customer’s circumstances to drive deep rapport), personalization (using individualized attention to drive emotional connection) and time and effort (minimizing customer effort and creating frictionless processes).
In a statement on the survey report, KPMG said, “This year’s leaders show digital banking excellence and have adapted well to higher transaction volumes and complaints.”
Commenting on the bank’s KPMG ranking, the Managing Director/CEO, Wema Bank, Ademola Adebise, said it was an affirmation of the bank’s commitment to the growth and well-being of SMEs as critical contributors to the economy.
He said, “At Wema Bank, we recognize SMEs as an important part of the economy, and we are always on the lookout for their well-being. We are happy that the SMEs acknowledge our contributions, hence our ranking”
Speaking further, he stated that recognitions such as this are an invitation to do more. He therefore gave the bank’s unwavering commitment to intensifying its support to SMEs in year 2022.
Recall that in 2020, Wema Bank received the SME Bank of the year award from Business Day and in 2021, the bank has again received this recognition from KPMG as a customer experience leader in the banking industry. This is definitely a bank to lookout for in 2022.
The KPMG Nigeria Banking Industry Customer Experience Survey has been held annually for the last 15 years with the 2021 edition themed “Changing Customer, Changing Priorities”.
FIRSTBANKCONVENES NIGERIA ECONOMIC OUTLOOK WEBINAR FOR 2022, SETS THE TONE FORDELIBERATIONS ON CONTINUED ECONOMIC RECOVERY AND BUSINESS IMPACT
FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its “Nigerian Economic Outlook Webinar” convened to reflect national and global economic trends that shaped 2021, whilst forecasting the economic outlook of 2022.
The virtual event themed “A rearview look at 2021, lessons learnt-Outlook 2022” is scheduled by 1 pm on Thursday, 13th January 2022 via Zoom meeting. Click on the link https://firstbanknigeria.zoom.us/webinar/register/WN_zrF8VViyTp6wnzED_3IpWw to register and participate in the event. Registration is Free!!!
The webinar aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts to stay informed and knowledgeably empowered to make the right decisions in their socio-economic activities in2022 which will be impacted by the micro and macro-economic activities of the country.
With Nigeria’s economy projected to grow by 2.7% in 2022 as predicted by The International Monetary Fund (IMF) based on an expected recovery in crude oil prices and production, Nigeria will see economic activities normalizing. Key economic activities to watch out for in 2022 include the Global Market trends, removal of subsidies, and floatation of the Naira. However, recoveries in the oil sector and maximization of the e-Naira could help keep the parallel market in check.
Bismarck Rewane, the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited and the event’s keynote speaker will lead deliberations at the event. Other speakers are Ini Ebong, Executive Director, First Bank of Nigeria Limited Treasury and International Banking; Opeyemi Agbaje, Chief Executive Officer (CEO) of RTC Advisory Services Limited, Olaitan Martins, Group Executive, Transaction Banking and Augustine Uddin, the Chief Economist, FirstBank.
Since the outbreak of Covid-19 over two years ago, the global economy has witnessed viral economic shocks that adversely affected socio-economic activities. These have left many individuals and businesses struggling to stay afloat amid the economic downturn. As a leading financial inclusion services provider in the country, FirstBank has remained committed to providing products, services and initiatives that have been crucial in mitigating the adverse effects of Covid-19 on individuals and households.
Speaking on the event, the Group Head, Marketing & Corporate Communications of FirstBank, Ms. Folake Ani-Mumuney said ‘being woven into fabric of the society for over 127 years means that we provide value, support and innovation–driven solutions for our stakeholders regardless of the challenges of the pandemic. Our commitment to nation-building is anchored partly on our thought leadership role designed to relentlessly drive growth and scale for all through engagements that showcase versatile subject matter experts endowed withexpertise, knowledge and valuable insights. The webinar provides a platform for cross fertilization of ideas and opportunities to learn and grow. Nigeria is a country rich in human and natural resources and these have helped in the reforms and resilience reflected in the economy in 2021′.
The COVID 19 pandemic brought disruption and challenges and largely Nigeria adopted measures to contain it. The pandemic also provided opportunities for rebuilding and facilitating economic transformation to close the gap with the rest of the world. These include innovations in information technologies (IT) which have been critical to ensuring business continuity and productivity among firms that have re-designed their work processes as well as telecommunications and payment systemsin the e-commerce sub-sector.
Whilst many of the current government policies are aimed at absorbing the shocks induced by the pandemic, it is important to note that an economy that seeks to recover and build resilience should be one that focuses on innovation and creativity in driving its goal.
The event is for everyone as discussants will have the economic outlook for 2022 dissected so participants are knowledgeably equipped to make the right decisions thereby better planningtheir business and financial activities.
Excitement as Emirates Super Jumbo Lifts Real Madrid For Spanish Super Cup
Real Madrid is all set for their epic match against Barcelona. The Emirates A380 emblazoned with the blue Expo 2020 “mobility” livery lifted one of the most popular clubs in global football all the way from Madrid, Spain, to defend their title at the Spanish Super Cup semi-finals on July 12.
Onboard this special charter flight, guests and players from the Spanish club experienced the airline’s signature inflight services to rest and unwind in complete comfort ahead of their much-anticipated match.
This included exquisite onboard gourmet meals and full flatbeds with premium bedding in First and Business Class, over 4,500 channels of the latest movies, TV shows and music on Emirates’ ice inflight entertainment system, and Emirates’ famous shower spa at 40,000 ft. above ground.
Emirates’ friendly and professional crew ensured the well-being of all onboard, with enhanced health and safety measures and the observance of protocols such as the wearing of masks.
Emirates is the world’s largest operator of the iconic double-decker A380 aircraft which attracts excitement from aviation enthusiasts and plane spotters wherever it flies. Customers also love the Emirates A380 experience for its spacious cabins and award-winning inflight products in all classes.
Since 2011, Emirates has been Real Madrid’s official main sponsor, bringing together two of the world’s most globally recognised brands in aviation and football.
With a global fan base of 500 million, the Spanish Club has established itself as a major force in sports, and has consistently played in the top division since its inception.
As the world’s largest international airline, Emirates continues to connect Real Madrid with fans and spectators from every corner of the globe, through various events that create moments of inspiration and joy.
THE OSINBAJO, TINUBU COMPARISON BY AYO OLADELE PETERS
It is implausible that either the Vice President, Professor Yemi Osinbajo or his handlers are unaware of the several obviously sponsored articles and other forms of indecent propaganda in both the traditional and social media projecting the competition for the All Progressives Congress’ 2023 presidential ticket as one between Osinbajo and the National Leader of the APC, Asiwaju Bola Ahmed Tinubu.
Virtually all these write ups deliberately seek to de-market and portray Asiwaju in bad light while painting Osinbajo in rosy colors as the best candidate to succeed President Muhammadu Buhari. That nobody within the Vice President’s camp has called these mischievous and shadowy characters to order is most unfortunate given Osinbajo’s well known antecedents as a protege of the former governor of Lagos State under whom he served for eight years as Commissioner for Justice and Attorney General as well as Tinubu’s undeniable role in his ascendancy to Nigeria’s number two position in 2015.
One of such feature articles in a recent edition of a national newspaper had the title, ‘Osinbajo, Asiwaju: The Race to Make or Mar APC’. It is of course legitimate for Osinbajo to seek to succeed his boss as the next President of Nigeria. But his handlers should sell his supposed aspiration on its own merit rather than seeking to compare the VP’s suitability with his former boss, mentor and benefactor in such a way as to impugn the latter’s image and credibility. If they have chosen such a tack without anyone from the VP’s camp to call them to order, then it is only right to meet them on their own turf on the basis of logic and facts. For instance, the write up in question dwelt at length on what it described as Osinbajo’s loyalty to Buhari during his tenure as Vice President as one factor qualifying him not to only succeed his boss but also for the latter to be favorably disposed towards him. This is an emotional argument.
Yes, loyalty is a commendable quality in politics and every other sphere of life. But it is not by itself either a necessary or sufficient condition to qualify anybody to succeed in a critical leadership position particularly at this delicate period in Nigeria’s political evolution. And since his publicists are wont to compare Osinbajo’s suitability to lead Nigeria come 2023 with that of Tinubu, it is pertinent to ask in what way the Vice President has demonstrated loyalty and commitment to Buhari, the APC or Nigeria better than Asiwaju. Tinubu’s key roles both in the formation of the APC and the emergence of Buhari as President in 2015 are well documented and incontrovertible. Even President Buhari has consistently and publicly acknowledged this on a number of occasions. Yet, after the APC’s victory at the polls in 2015, some elements within the party for their own selfish reasons sought to draw a wedge between Buhari and Tinubu.
They did everything to distance Tinubu from the administration and alienate him from the President personally with some degree of initial success. It is no secret that Tinubu had negligible impact on or influence in the administration for at least the first phase of Buhari’s first term. Yet, Tinubu never took this personal. Given his own political acumen and leadership experience, he knew the kind of complex environment and tremendous pressure under which Buhari was operating. He never hesitated to publicly commend the President’s positive sides and achievements while also offering advise on solutions to some of the knotty challenges confronting the administration. This was at a time when many ethnic champions were playing divisive politics and seeking cheap popularity by whipping up sectional emotions. Asiwaju never resorted to this even when he was subjected to all kinds of blackmail by some mischievous elements in the South West. His support for and loyalty to Buhari and the APC has been rock solid.
It was obviously in realization of this that President Buhari personally chose Tinubu to lead and coordinate the campaign for his second term re-election in 2019. The issue of loyalty can thus not be plausibly and credibly raised as a factor that gives Osinbajo and edge over Tinubu. The article under reference also posited without the slightest scintilla of logical or empirical analysis that Osinbajo enjoys better broad support across regions in the country as well as among the youths and the middle and educated classes. These are at best untested assumptions and unproven assertions.
Widespread political support across the component parts of a complex polity like Nigeria is a function of a politician’s political structures and encompassing network. Political structures are not impersonal organizational machines. They are made up of teeming numbers of people, of personal relationships and bridges forged by a politician over time. Ever since his emergence as a Senator representing Lagos West in 1991 with the highest number of Senatorial District votes in the country, Asiwaju has not looked back. He has consistently and continuously expanded his personal friendships, group networks and cross-regional bridges over the last three decades. Without any equivocation, it can be safely said that, no politician in Nigeria today enjoys his kind of committed friendships and relationships across ethnic, regional, religious and even partisan divides. This kind of attribute and asset does not come by sitting in the quietness of your abode, feathering your nest and pursuing your personal interest. It is a function of hard work, sacrifice of time, resources and energy as well as commitment.
The attempt to portray Osinbajo as having an edge in popularity with youths as well as the middle and professional classes over Tinubu cannot fly. It is a pathetic non-starter. No political leader in this dispensation has encouraged, empowered and inspired youths to participate in politics and occupy as well as excel in public office like Tinubu. The increase in the number of Local Governments in Lagos State from 20 to 57 under Tinubu, for instance, provided opportunities for scores of youths to experience leadership training at the grassroots level. The number of talented young people identified by Tinubu, offered public appointments and who are now accomplished leaders in their own right is innumerable. Professor Osinbajo himself is one talented professional who was identified by Tinubu and given an opportunity to serve Lagos State with distinction in his area of specialization – law.
It is noteworthy that Tinubu also backed Osinbajo with the appointment of a Solicitor General and Permanent Secretary in the Ministry of Justice, the immensely gifted Mr Fola Arthur Worrey, who was also critical to the successes of the Lagos State Ministry of Justice under Osinbajo. We will recall that at one of the Asiwaju Tinubu’s birthday colloquiums, the governor of Edo State, Mr Godwin Obaseki, who delivered the toast, publicly stated that it was Tinubu who spotted him in the private sector and encouraged him to offer his services in the country’s public life. Beyond politics, there are numerous young, middle class professionals across diverse spheres of the private sector whose careers have been encouraged, promoted and boosted by Tinubu.
Osinbajo enjoys the clout and influence of public office as Nigeria’s Vice President. Anywhere he goes across the country, he will naturally be accorded the protocols and welcome attached to the office. This does not of course mean that he does not have his own admirers and supporters. But Tinubu since his exit from office as governor of Lagos State 15 years ago in 2007 has held no public office. The unprecedented admiration, friendship and loyalty he enjoys across the country today is thus not a function of the aura of public office and the sycophancy it breeds. This speaks volumes of the man, his character, his leadership qualities and the enduring nature of his relationships.
J Martins, Daddy Showkey to Perform at Tribute to Our Troops Concert
The Defence Headquarters wishes to inform the general public to watch the live broadcast of the “Tribute to our Troops Concert” showing on DSTV Channel 197 and GOTv Channel 29, Saturday
15 January 2022 by 8pm.
The Tribute to our Troops Concert which would hold at the Mogadishu Military Cantonment football field will feature many artistes, including J Martins and Daddy Showkey to celebrate troops of the Armed Forces in the frontline.
The concert which is in commemoration of the 2022 Armed Forces Remembrance Day Celebration will no doubt boost the morale of the troops towards suppressing enemies of our dear Nation.
Thank you all for supporting the Armed Forces of Nigeria.
WAP MAIGIDA
Air Commodore
Acting Director Defence Information
Double Dealing is the Real Reason Seplat Sack Austin Avuru
The last appears not to have been heard about the removal of Mr. Austin Avuru as a Non-Executive Director of Seplat Energy Plc. by the Board of the company, as emerging facts show that the businessman had in March 2020 acquired interest in another oil firm, Chappal Petroleum Development Company LTD, as a founding shareholder and Director even while holding sway as the Chief Executive Officer (CEO) of Seplat, but failed to declare same.
Avuru equally accepted an appointment as Chairman of Chappal Petroleum Development while still holding the position Non-Executive Director of Seplat, which he did not also declare to the Board of the latter.
Both amounted to a conflict of interest in connection with Seplat’s business, especially in its planned acquisition of some Nigerian assets in which ExxonMobil Corporation has interests.
The establishment of the undeclared conflict of interest, which is considered both unethical and inimical to the business interests of Seplat, it was further gathered, led to the resignation of Mr. Xavier Rolet as an Independent Non-Executive Director of Seplat.
It is recalled that Seplat had in a 23rd December 2021 corporate filing to the Nigerian Exchange Ltd. (NGX) announced that its Board had on 22nd December 2021 terminated Avuru’s appointment as Non-Executive Director of the company.
According to Seplat’s Director, Legal and Company Secretary Edith Onwuchekwa, the action was hinged on “breaches of the company’s corporate governance policies and his fiduciary duties”.
“In line with Seplat Energy’s Memorandum and Articles of Association, Platform Petroleum Limited has been asked to nominate a candidate for his replacement on the board, and a further announcement will be made in due course,” the statement read.
However, in a swift reaction, Avuru, through his lawyers rejected the sack, saying it not only breached due process, but also an attempt to tarnish his reputation.
In a statement by Osaro Eghobamien and Folabi Kuti, Perchstone & Graeys, the law firm representing the embattled oil entrepreneur, said the action was aimed at “damaging his hard-earned reputation” relaying on “fictitious allegations”.
Although the law firm’s statement instructively admitted that Avuru had taken a dignified position on the issues leading ‘ill-advised action’ by him, it did not give details of the said “ill-advised action’.
It described Seplat’s action as a “dramatic summersault”, given its alleged January 9, 2021 letter “urging our client to act with confidentiality”, which the law firm said was customary to its client’s “impeccable character”.
It is recalled that Austin Avuru, who is a co-founder of Seplat, had retired CEO of the company on July 31, 2020, but remained on the Board of the Company as a “Non-Executive Director (as appointed in October 2020) until December 22, 2021 when the appointment was terminated by Seplat’s Board over what it described as “breaches of the company’s corporate governance policies and his fiduciary duties”.
The meat of the matter
By the provisions of the Companies and Allied Matters Act (CAMA) 2020, directors owe fiduciary obligations to their company. They are duty bound, among others, to promote the success of the company for the benefit of its members, avoid conflict of interest, declare interest in any proposed transaction, and, in fact, exercise their powers and discharge their duties honestly, in good faith and in the best interests of the company. They are equally expected to exercise that degree of care, diligence and skill, which a reasonably prudent director would exercise in comparable circumstances.
Specifically, Section 305 of CAMA 2020 provides: “A director of a company stands in a fiduciary relationship towards the company and shall observe utmost good faith towards the company in any transaction with it or on its behalf.
“A director shall act at all times in what he believes to be the best interests of the company as a whole so as to preserve its assets, further its business, and promote the purposes for which it was formed, and in such manner as a faithful, diligent, careful and ordinarily skilful director would act in the circumstances”.
Section 306 provides: “The personal interest of a director shall not conflict with any of his duties as a director under this Act.
“A director shall not—(a) in the course of management of affairs of the company, or (b) in the utilisation of the company’s property, make any secret profit or achieve other unnecessary benefits”.
Also, Section 308 provides: “Every director of a company shall exercise the powers and discharge the duties of his office honestly, in good faith and in the best interests of the company, and shall exercise that degree of care, diligence and skill which a reasonably prudent director would exercise in comparable circumstances.
“Failure to take reasonable care in accordance with the provisions of this section is a ground for an action for negligence and breach of duty”.
Likewise, the Nigerian Code of Corporate Governance (NCCG) 2018, makes it mandatory for a Managing Director (MD)/CEO to declare any conflict of interest.
“The MD/CEO should declare any conflict of interest on appointment and annually thereafter. In the event that he becomes aware of any potential conflict of interest at any other point, he should disclose this to the Board at the first possible opportunity. Actions following disclosure should be subject to the Company’s Conflict of Interest Policy”, it states clearly.
However, a search at the Corporate Affairs Commission (CAC) shows that Chappal Petroleum Development Company Ltd., which was incorporated in 2020 with a registered office at No. 12, Oluwole Street, Lekki Phase 1, Lagos, and with N10 million authorised share capital divided into 10 million shares of N1 each, has Austin Avuru as a founding Director.
Section C of the incorporation document (Particulars of First Directors and their Consent Act) names Avuru Ojunekwu Augustine, male, born on August 17 1958 and with international passport number B50004012 as number one on the list. The other founding Director is Imevbore Victor Ohozie.
Also, the form containing names and addresses of subscribers dated February 21, 2020 has Avuru, Imevbore, and SLG Chemicals Ltd as the shares subscribers.
One of the major worries, however, is that Avuru was still the CEO of Seplat at the time and both Chappal and Seplat operate in the same industry. The other, according to available documents, is that he was appointed the Chairman of Chappal, while still a Non-Executive Director of Seplat. Even more worrisome, is that both companies were competing for assets in which ExxonMobil has interest. Chappal’s bid for the said asset has been well reported in the media.
Following the discovery of the undeclared conflict of interest, Seplat instituted an enquiry where Avuru had on December 1, 2020, reportedly admitted his conflict of interest in Seplat’s business, especially in the proposed acquisition of some Nigerian assets in which ExxonMobil Corporation has interests. He equally allegedly confessed on the same day to his appointment as Chairman of Chappal as well as to Chappal’s invitation by ExxonMobil Corporation for discussions and likely access to their database in respect of the said assets it intended to dispose.
The Board was therefore said to have been very peeved by the fact that Avuru had already acquired interest in Chappal as a Director and founding shareholder in March 2020, which was nine clear months as at the December 2020 enquiry and while he was also the CEO of Seplat. He was also serving as Chairman of Chappal while serving as Non-Executive Director of Seplat
Seplat Board was particularly miffed by the fact that he failed to declare his conflict of interest to the company while he sat Seplat’s highly strategic meetings, including meetings where the bid for the ExxonMobil Corporation assets, which Chappal was also biding for, were discussed.
This is therefore seen as flagrant corporate espionage and breach of trust, Seplat conflict of interest policy, Nigeria Code of Corporate Governance (NCCG), Securities and Exchange Commission (SEC) Code, and provisions of CAMA 2020. This is so because whereas Avuru knew that Seplat where he was a Non-Executive Director at the time was equally interested in the assets, he participated in Seplat Board’s discussions relating to Seplat’s bid for the assets in spite of his clear conflict of interest, which he did not declare.
Besides, as a company that enjoys a standard listing on the London Stock Exchange’s Main Market, Seplat is obliged to voluntarily conform with the United Kingdom’s Code of Corporate Governance (“UK Code”) to which it had committed ab initio.
Just as the NCCG, by the provisions of the UK Code, it is expected of directors of Board to maintain highest ethos and integrity and comply with the company law of in their operations.
Meanwhile, the development took a major tool last year as Mr. Rolet, an Independent Non-Executive Director of Seplat, stepped down, citing personal reasons without giving details.
In a notice signed by the Seplat’s Director, Legal and Company Secretary, Mrs Onwuchekwa, and filed with the Nigerian Exchange Limited (NGX), the company said: “The Board of Seplat Energy Plc today announces that Mr. Xavier Rolet, KBE, an Independent Non-Executive Director (“INED”), has decided to step down from the Board of Seplat Energy effective 11th November 2021 for personal reasons.’’
However, sources say Rolet’s resignation was not unconnected with what individual members of the Board see as a major betrayal of trust. The ExxonMobil Corporation asset is a major one that could further raise the profile of the company if successfully bided for, but have been seriously jeopardised.
Shell and ExxonMobil Corporation lead the International Oil Companies (IOCs) seeking to divest from their onshore and shallow water assets in Nigeria. The American oil giant, which boasts of over 100 oil platforms in Nigeria is also seeking to divest from upstream assets not only in Nigeria, but equally in the US Gulf of Mexico, the UK North Sea, Vietnam, Chad, Equatorial Guinea, Germany, Malaysia, Indonesia, Romania, and Azerbaijan to raise USD25 billion by 2025 from such divestments.
Whereas Seplat had last December confirmed through Chief Financial Officer (CFO), Emeka Onwuka, the company’s bid for ExxonMobil assets in conjunction with a partner, media reports are rife that ex-Seplat Non-Executive Director, Avuru had launched a rival bid for the ExxonMobil licenses.
