Godman Akinlabi, Leadership coach has launched the Godman Akinlabi Enterprise Development Fund to bridge capital access gap for entrepreneurs.

This initiative followed a recent report by the International Trade Centre (ITC) that the vast majority of Nigerian SMEs remain underfunded, with only 15 percent able to access formal credit.

Akinlabi who unveiled the fund in commemoration of his 50th birthday celebration in Lagos, stated that the fund, initially endowed with N50 million would financially empower faith-based entrepreneurs, drive innovation, and champion sustainable business practices.

He disclosed further that the fund was a realisation of a long-held vision to raise leaders who will build profitable enterprises, transform industries, and inspire tangible change.

“I believe true leadership is not just about personal success but about creating platforms for others to thrive. This Fund is that platform: a vehicle to empower courageous, faith-driven entrepreneurs to break barriers, innovate boldly, and redefine the future of business,” he added.

The fund will offer seed capital ranging from N250,000 to N2,000,000 for small and early-stage businesses, as well as growth capital of up to N5,000,000 for enterprises with proven potential. Beneficiaries will also receive mentorship and strategic guidance to ensure they are well-equipped to navigate business growth.

“By equipping individuals with resources, mentorship, and opportunities, we are not only creating economic prosperity but also fostering a legacy of leadership and positive impact that will reverberate across generations,” he reckoned.

Also held on the sidelines of the launch of the fund was an exclusive leadership lecture featuring renowned thought leader, Leke Alder.

Akinlabi remarked that the lecture underscores the importance of visionary leadership, ethical governance, and strategic innovation in creating a sustainable and prosperous future.

Nigerian Exchange Ltd. (NGX) All-Share Index and Market Capitalisation appreciated by 1.80 per cent each, to close the week at 105,451.06 and N64.303 trillion respectively.

Theses are against 103,586.33 and 63.166 trillion posted last week.

Consequently, equity investors gained a total of N1.137 trillion for the week under review.

Similarly, all other indices finished higher with the exception of NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas.

Also, NGX Industrial Goods which depreciated by 6.91, 0.08, 1.11, 0.17, 0.34, 0.34 and 0.26 per cent respectively, while the NGX ASeM closed flat.

Meanwhile, a total turnover of 4.698 billion shares worth N85.043 billion in 72,562 deals was traded this week by investors on the floor of the Exchange.

This was in contrast to a total of 2.618 billion shares valued at N69.742 billion that exchanged hands last week in 47,953 deals.

The Financial Services Industry measured by volume led the activity chart with 3.470 billion shares valued at N40.791 billion traded in 34,364 deals: thus contributing 73.86 and

47.97 per cent to the total equity turnover volume and value respectively.

The Services industry followed with 407.032 million shares worth N2.226 billion in 4,996 deals.

Third place was the ICT Industry, with a turnover of 237.680 million shares worth N3.628 billion in 5,280 deals.

Trading in top three equities namely, Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc, measured by volume accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals.

These contributed 35.74 per cent and 24.50 per cent to the total equity turnover in volume and value respectively.

Also, 51 equities appreciated in price during the week, lower than 82 equities in the previous week.

Thirty-nine equities depreciated in price higher than 18 in the previous week, while 62 equities remained unchanged, higher than 52 recorded in the previous week.

Multiverse Mining and Exploration Plc led 50 other advanced equities on the gainers’ table by 53.42 per cent to close at N12.35 per share.

Sunu Assurances also led the 38 other declined equities on losers’ table by 36.52 per cent to close at N7.30 per share.

Looking ahead, analysts at Cowry Asset Management Ltd., predicted bullish momentum at the equity market to persist in the coming week.

The analysts said this would be supported by anticipation of fourth quarter 2024 unaudited financial results and preparations for the dividend earning season.

They noted that positive sentiment is likely to prevail as stocks continue to reach new historical highs, bolstered by favourable market valuations and outlooks.

“Nonetheless, we advise investors to focus on fundamentally sound stocks to maximise returns amidst the ongoing rally,” the analysts said. (NAN)

Culled from NAN

As the case between Citadel Oracle Concept Limited and Zinox Technologies returns to court, a document from the Federal Inland Revenue Service (FIRS) has put a lie to the claim under oath by Benjamin Joseph, CEO of Citadel, that he was not aware of the contract executed by his company at FIRS.

It will be recalled that Joseph, in his statement on oath in suit No: LD/4335/2014 in the High Court of Justice, Lagos State, dated 28th June, 2019, averred that his company, Citadel, did not execute any contract with FIRS and that he was not aware that a contract had been awarded to Citadel.

In his deposition under oath, Joseph claimed that Citadel “did not at any time execute any contract for the FIRS and neither did the 2nd defendant (Princess O. Kama) who is its agent in respect of the contract it bid for with the FIRS deliver/release any documents to the Claimant (Citadel) indicating that the contract it bid for, or any other contract was awarded to it by the FIRS or any other body.”

However, a letter from the FIRS addressed to the chamber of Afe Babalola & Co dated 11th February 2014 (FIRS/PD/GDS/2559) and signed by one Idrissa Kogo, Head Legal Department, stated: “Contrary to your client’s claim that they knew nothing about the execution of the contract awarded to them and that they did not receive any payment for the execution of the contract, our record reveals otherwise.

“Your client instructed FIRS through a letter dated 13th December 2012 to deal with Princess O. Kama (Your client’s agent) in relation to the contract. Through three separate letters dated 20th December 2012, your client instructed FIRS to pay to the client’s account with Access Bank plc.

“Please note that FIRS acted in compliance with your client’s instruction and with due diligence,” the FIRS letter stated.
The FIRS letter was a response to inquiry by Afe Babalola Chamber, lawyers to Citadel Oracle Concept Ltd and its MD, Mr. Benjamin Joseph, at that time.

Spokesman for Zinox, Mr. Chimezie Orisakwe, when contacted, confirmed the letter, stressing that the document from FIRS was actually in response to inquiries by the chamber of Afe Babalola SAN, who was Joseph’s first lawyer.

“Mr. Joseph had been presenting the story in a manner that portrays him as the victim in a business relationship, but it was apparent that he did not give full disclosure to the chamber of Afe Babalola, who had to write the FIRS to get a proper brief on the matter.

“I want to believe that the disclosure from FIRS which rubbished all the depositions of Joseph and exposed him as a perjurer must have informed the withdrawal of the highly respected Afe Babalola from the case. Interestingly, this letter has already been filed in Suit No. LD/4335/2014, the civil case at the Lagos State High Court.

“More curious is that Mr. Benjamin Joseph, in his Witness Statement on Oath in the said civil case, admitted that he gave the corporate documents of Citadel Oracle Concept Ltd and a letter of authorisation to Princess Kama, his staff, dated 13th December 2012, in respect of the FIRS contract.

“This, therefore, contradicts his present claim that his corporate documents were forged to open the bank account”, Mr. Orisakwe added.

The Zinox spokesman expressed shock that Femi Falana would include Zinox in his purported fiat/charges, even when the company has nothing to do with the transaction or allegations.

He said: “Zinox has never been invited by any investigative agency, including the police and the EFCC, on the so-called allegations.

“There is no report either by the police or the EFCC or any investigative agency where the name of Zinox was mentioned as a suspect.

“There is no judgment or ruling of any court where Zinox was mentioned as having anything to do, whatsoever, with the transaction or the allegations, the basis of the fiat/charges.

“Mr. Leo Stan Ekeh, the Chairman of Zinox, has never made any statement to the police in the course of any investigations and has never been mentioned in any court proceedings or judgment as part of any investigations relating to these allegations.”

Orisakwe cited instances in which Mr. Joseph lost the case and its allied suits. In a petition/case Mr. Joseph reported since 2013 and for which the Inspector General of Police charged him for false information in charge no.CR/216/16, the Zinox spokesman said Mr. Joseph was unable to prove his case.

He recalled that in another case filed by the EFCC at his instance against his partner, Princess O. Kama, in charge no. FCT/HC/CR/244/2018, Honorable Justice Danlami Z. Senchi of the FCT High Court (as he then was), dismissed as false all the allegations made by Benjamin Joseph, and imposed the sum of N20 million as damages against him for false petitioning in relation to these same allegations.

The Zinox spokesman alleged that the current charges said to have been filed by Falana on the basis of a fiat from the Attorney General is the third in a row as he had earlier filed charge no.CR/469/2022, which was struck out by Honourable Justice C. O. Oba of the FCT High Court, by an order dated 8th November 2022.

“He filed the same charges before Honorable Justice A. S. Adepoju of the FCT High Court, and the charges were, once more, struck out by the Honourable Court on 19th March 2024, with Honorable Justice Adepoju holding that: ‘This matter was brought in dead, extinct and should be confined into the dustbin of history…I hold that the instant suit is an abuse of the process of court and it is hereby struck out accordingly,’ Orisakwe said.

He expressed shock that a “learned Senior Advocate in the person of Femi Falana, would, yet, proceed to file the same charges before Honourable Justice A. O. Ebong of the FCT High Court in charge no. FCT/HC/CR/985/24 in November 2024.”

According to the Zinox spokesman, “It is very clear that the deliberate intention for instituting this new charge by Femi Falana SAN, to include the name of Zinox and its Chairman and other persons who were never part of the investigations, is to embarrass them, harm their reputation, and thereby damage their businesses.”

Meanwhile, when the case came up on 9th January 2025, the lawyers to Zinox and Technology Distributions filed Preliminary Objections boldly challenging the jurisdiction of the court over the case and the appearance of Falana, on the ground that the purported Fiat was legally wrongful and defective, and ought not to have been granted to Mr. Femi Falana SAN, in the first place.

This, thus, robs the court of jurisdiction because the case is brought on the basis of the Fiat, and if it is shown that the Fiat is defective and invalid, the court cannot exercise its jurisdiction over the case.

In the light of this development, Mr. Falana asked the court for an adjournment to enable him respond to the Preliminary Objections. The court consequently adjourned the case to 3rd March 2025, to hear the Preliminary Objections and any other pending application.

From a legal perspective, the issue of jurisdiction must first be determined by the court before any other step can be taken in the case, including the plea of the defendants.

This was the reason for the absence of the defendants in court on the said 3rd March 2025, especially as the individual defendants were yet to be served the court papers.