President Tinubu’s Appointed NELFUND Chairman, Jim Ovia Built Multi-million dollars James Hope University In Lagos

Jim Ovia, the philanthropic founder of Zenith Bank, has launched James Hope University in Lekki, Lagos. This multi-million-dollar institution is set to join the ranks of esteemed educational establishments, following in the footsteps of late Herbert Wigwe, founder of Access Bank, who was also committed to philanthropic initiatives in education through Wigwe University.

Recent reports surfaced after Nigerian social media user Alex Onyia posted a video showcasing the sprawling campus of James Hope University, emphasizing Ovia’s foray into the realm of academic mentorship. “Jim Ovia now owns a university. James Hope University. It’s situated in Lekki, Lagos,” Onyia stated in his post. This announcement has stirred excitement among those who recognize the importance of such initiatives for the country’s educational infrastructure.

James Hope University is set to officially commence its academic activities in January 2024. The university has received approval from the National Universities Commission (NUC) to offer various postgraduate degrees, focusing primarily on business courses. This reflects Ovia’s vision to equip students with the necessary skills to thrive in today’s dynamic world.

The university’s mission resonates with Ovia's overall philanthropic ethos: “to educate and inspire men and women to excel in every aspect of life, and to exert lasting positive impacts on the world.” This commitment not only aims to enhance the academic landscape of Nigeria but also seeks to nurture future leaders capable of making a significant difference in society.

Jim Ovia’s initiative as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND) mirrors the educational endeavors of other banking elites, boosting the conversation around the role of private institutions in Nigeria’s educational future. Herbert Wigwe's legacy lives on through his commitment to providing accessible quality education, a principle that Ovia seems to embody as he expands his philanthropic reach through the establishment of James Hope University.

As the educational sector continues to evolve, the arrival of James Hope University signals a promising shift towards a more robust higher education framework, addressing the pressing need for institutions that cater to the diverse academic aspirations of Nigerian youth.

The unveiling of James Hope University marks a notable contribution to Nigeria’s educational landscape, reinforcing the idea that leading figures in finance can significantly impact societal advancement through strategic philanthropic initiatives. As academic activities are set to begin in January 2024, anticipation grows for what this new institution will offer and how it will foster the development of future innovators and leaders.

With Jim Ovia at the helm as the founder and chancellor, James Hope University is positioned not just as a place of learning, but as a launchpad for aspirations and a catalyst for change in Nigeria's higher education system.

Zenith Bank Chairman, Jim Ovia admits fraudulent transactions begs billionaire oil tycoon, Femi Otedola out of court

The chairman of FBN Holdings and majority shareholder of Geregu Plc, Femi Otedola, and some of his companies have opted for an out-of-court settlement with Zenith Bank Plc, PREMIUM TIMES reports.
Otedola was involved in a legal dispute with the bank over alleged “fraudulent transactions” on his company’s accounts.
According to PREMIUM TIMES’ report, Court papers showed the Federal High Court of Nigeria, Lagos Division, where Mr Otedola and his companies filed the suit against the lender on 12 March, dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.
Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care and Mr Otedola were the plaintiffs, while Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited and Central Securities Clearing System Plc were the defendants.
According to a court document, Justice A.O. Faji discontinued the lawsuit after the counsel for the first to third defendants and the counsel for the plaintiffs asked for the matter to be dismissed, with the “counsel for the fourth defendant not objecting.”
Mr Otedola and his companies initiated legal action against Zenith Bank and the other defendants in March, claiming that the lender disposed of his shares in the bank without authorisation, manipulated the companies’ bank accounts and fabricated some documents to conceal the alleged crimes.
He accused the lender of wrongfully calculating his debts before selling them to the Asset Management Corporation of Nigeria (AMCON), which the bank set up to buy the non-performing loans in the books of banks to recover them thereafter.
Zenon had claimed that the letters of credit that led to the bad loans AMCON acquired were opened before the corporation took over the debt in December 2011. The company stopped operating the account after AMCON’s intervention.
PREMIUM TIMES added that according to a document, the overdue on Zenon’s account at the point AMCON took over the liabilities was N39 billion. Zenon said Zenith Bank offered the debt to the corporation at N49 billion. AMCON ended up paying the bank N44.1 billion for the debt.
Sources with knowledge of the matter told PREMIUM TIMES in May that Mr Otedola chose to take legal action against the bank after several failed reconciliation attempts. During the month, both parties held three meetings, none yielding the desired results.
“It is clear that Zenith Bank Plc is not sincere in resolving this issue out of court and as such a time-wasting exercise,” one of the sources said.
“At this juncture, we have resolved to pursue our claims via the judiciary, law enforcement, the CBN and the court of public opinion as we know that our claims are very genuine.”

According to a document detailing the deliberations of both parties at a meeting held on 20 May, Zenith Bank agreed to refund the N205 million it wrongfully debited to Zenon’s account with compounded accrued interest using a bankdraft.
Seaforce Shipping Company Limited, owned by the billionaire tycoon, said Zenith Bank presented some statements of account claiming that it owed the bank N5.9 billion as of February 2024. It added that Zenith Bank abandoned the claim after the company showed proof that Seaforce’s account was in credit as of 2018.
The online platform reports a source saying that Zenith Bank sold the 415 million shares that Zenon held in Zenith Bank for N4.9 billion in December 2010, noting that the shares were repurchased in the following month for N5.4 billion, triggering a net loss of N142.9 million.
He further disclosed that related transactions were carried out on Mr Otedola’s account, causing a net loss of N61.5 million and a combined loss of N205.4 million in both cases.
Isyaku Mohammed, the commissioner of police in charge of administration at the Force Criminal Investigation Department, summoned the managing director of Zenith Bank on 16 May over what he described as an alleged unauthorised debit to Zenon’s account.

Renowned financial expert, Femi Akingbe’s Fenchurch Group’s Directors Face Perjury Charges as Judge's Absence Stalls Arraignment

Fenchurch Group, a company chaired by renowned businessman and financial expert, Femi Akingbe has filed perjury charges against two directors by the inspector general of police.

This development has raised eyebrows in the business and financial sector, as the accused individuals are key figures within the company, known for their influential roles in shaping Fenchurch Group's operations.

The Inspector General of Police filed a two-count charge of conspiracy and perjury against Fenchurch Energy Nigeria Limited and its directors, Babafunsho Adeyemi (Group Chief Operating Officer) and Olufemi Bakare (Group Chief Executive Officer). The charges were filed before a Federal High Court in Lagos, alleging that the defendants conspired to commit perjury in February 2023.

According to the charge, the defendants allegedly made false statements in an affidavit to mislead the court, stating that the shareholding of the 1st Plaintiff/Applicant and Bastanchury Limited in the 1st Defendant had not been registered at the Corporate Affairs Commission, when in fact they knew this to be false.

The arraignment of Babafunsho Adeyemi and Olufemi Bakare, directors of Fenchurch Energy Nigeria Limited, was recently stalled due to the absence of Justice Daniel Osiagor, the presiding judge of the Federal High Court in Lagos. The Inspector General of Police had filed a two-count charge of conspiracy and perjury against the directors and the company.

The charges allege that the defendants conspired to commit perjury in February 2023 by making false statements in an affidavit to mislead the court. Specifically, they claimed that the shareholding of the 1st Plaintiff/Applicant and Bastanchury Limited in the 1st Defendant had not been registered at the Corporate Affairs Commission, when in fact they knew this to be false.

Fenchurch Group, led by Chief Femi Akingbe, has been a prominent player in the energy sector, with interests in oil and gas exploration, production, and marketing. Chief Akingbe, a seasoned businessman and financial expert, serves as the Chairman of Agusto & Co, the foremost pan-African credit rating agency, and holds various directorships in other companies, including Emerald Energy Resources Limited, Helios Tower Nigeria, and Academy Press Business Forms Limited.

His leadership and expertise have been instrumental in driving the growth of Fenchurch Group, with a focus on strict compliance with best practices and standards of good governance. However, the current allegations against the directors of Fenchurch Energy Nigeria Limited have raised concerns about the group's integrity and reputation.

[url] https://www.airwavesreport.com/news/renowned-financial-expert-femi-akingbe-s-fenchurch-group-s-directors-face-perjury-charges-as-judge-s-absence-stalls-arraignment[/url]

The case has been adjourned until May 20, 2024, pending the availability of Justice Daniel Osiagor. The defendants' legal team is expected to enter a plea and begin their defense against the charges.

The outcome of this case will have significant implications for Fenchurch Group and its leadership, as well as the wider business community in Nigeria. As the legal proceedings unfold, stakeholders will be watching closely to see how this matter is resolved.

https://www.airwavesreport.com/news/renowned-financial-expert-femi-akingbe-s-fenchurch-group-s-directors-face-perjury-charges-as-judge-s-absence-stalls-arraignment

Maplewood Estate Residents Demand Solution to Three-Month Entrance Closure
...Frustration Mounts as Abandoned Project Leaves Main Entrance Shut, Residents Call for Urgent Action

For three months, residents and motorists in Maplewood Estate have been facing undue hardship due to the closure of the main entrance, resulting from an abandoned project, our reporter report.

The situation has sparked widespread frustration and concern, prompting the Residents Association Maplewood Estate (TRAME) to urge the estate's management executive, led by Barrister Oseni Kehinde Akerele, to take immediate action.

The closure has forced residents to use an alternative route, which is not only inconvenient but also poses safety risks for pedestrians and motorists. The lack of access to the estate has caused significant unease among residents, who are worried about their safety and the impact on their daily lives.

TRAME members are demanding a swift resolution to the issue, emphasizing the need for the management to prioritize the concerns of the community.

"We understand that projects can face delays, but leaving the main entrance closed for three months is unacceptable," said a TRAME member. "We urge the management to take immediate action to reopen the entrance and ensure the safety and well-being of all residents."

The situation has caused significant distress and inconvenience to residents and motorists alike, and the community is hopeful that the management will prioritize their concerns and work towards a speedy resolution.

As one resident noted, "We just want to be able to enter and exit our estate safely and conveniently. We hope the management will listen to our concerns and take prompt action."

A motorist resident of the estate said

"I'm fed up with the constant repairs to my car's tyre due to the deplorable state of the alternative route. Twice in a short span, I've had to fix my tyre because of the potholes and rough road conditions. It's not only inconvenient but also a financial burden. I urge the management to reopen the main entrance and fix the roads to avoid further damage to our vehicles."

Another resident added that

"The closure of the main entrance has made my morning commute to work a nightmare. The alternative route is not only longer but also in a terrible state. I'm exhausted from navigating through the potholes and uneven roads every day. I hope the management takes our concerns seriously and reopens the main entrance soon."

While a School Student said

"since March, we've been using this alternative route, and it's been a real struggle. The roads are bad, and it's hard to get to school on time. We're tired of dealing with the inconvenience and hope that the management will fix the main entrance soon. We just want a safe and easy way to get to school and back home."

"The closure of the main gate has been a disaster for my business. I sell goods right here, close to the gate, and since it closed, my patronage has dropped significantly. Fewer people are passing through. This used to be the busiest part of the estate, with people stopping by my shop on their way in and out. Now, it's like a ghost town. I've had to reduce my stock, but I hope the management reopens the gate soon so I can get back to business as usual." - A Mallam shop owner.

The management executive has yet to comment on the situation, but residents remain hopeful that a solution will be found soon. In the meantime, TRAME continues to advocate for the rights of residents, pushing for a swift resolution to the issue and a safer, more convenient living environment for all.