The attention of Sahara Energy Resource Limited (Nigeria) (“SERL”) and the entire Sahara Group has been drawn to a publication in the Guardian Newspaper of 11th April 2019 made by United Bank for Africa Plc (“UBA”) and their counsel pursuant to the ex parte order made by the Honorable Mr. Justice Liman of the Federal High Court, Lagos Division, in Suit No. FHC/L/CP/387/19 pursuant to a winding up petition in Suit No. FHC/L/CP/387/19.
Sahara has reviewed the publication and wish to comment as follows:
1. SERL is not indebted to UBA, has no outstanding facilities with UBA nor did it borrow any money from UBA in any loan transaction that is the subject matter of either the civil petition (FHC/L/CP/387/19) or the civil summons (FHC/L/CS/387/19 as advertised) that formed the subject of the ex parte order;
2. SERL did not grant a direct guarantee to UBA on any loan transaction that UBA could unilaterally enforce or sue on;
3. SERL and one of its affiliate companies, NG Power-HPS Limited sued UBA in Suit No. FHC/L/CS/236/19 at the Federal High Court, Lagos, on 13th February 2019, claiming a number of declarative and injunctive remedies relating to unorthodox methods employed by UBA in relation to its dealings with the Plaintiffs.
4. UBA, on 12th March 2019 sued New Electricity Distribution Company Limited and SERL along with two other institutions, First Trustees Limited and Ecobank Capital Limited in Suit No. FHC/L/CS/382/2019, by way of Originating Summons, claiming certain declarations and injunctions to which SERL has filed full and comprehensive response.
5. The suits in paragraphs 3 and 4 have been set down for hearing before the Federal High Court in Lagos on 30th May 2019.
6. While the above suits are pending and have been set down for hearing, UBA commenced a third suit on the 13th of March, 2019 and applied ex parte (without putting SERL on notice), following which it obtained an order ex parte to advertise its petition.
7. The petition was only served on SERL at about 12.25 p.m. on 11th April 2019 after it has been advertised as aforesaid.
8. Our lawyers have been duly instructed and have taken all necessary steps to ensure that the order is discharged or set aside as soon as practicable.
9. SERL and the entire Sahara Group will vigorously pursue and defend UBA’s petition to its logical conclusion with a view to dismissing the petition.
10. We assure our esteemed clients, bankers, suppliers, stakeholders and the general public that SERL and its legal team are taking all lawful steps to ensure that SERL interest is vigorously defended and SERL has implicit confidence in the Nigerian judiciary to resolve the matter and dispense justice between the parties.
11. SERL will provide periodic updates to its esteemed clients, suppliers and bankers as may be necessary on the outcome of steps being taken in connection with the suits.
– Sahara Group
COP28: Shelter Afrique secures grant from IsDBI to pioneer affordable housing products
Shelter Afrique, the leading Pan-African Housing Finance Institution, announced a collaboration with the Islamic Development Bank Institute (IsDBI) at the sidelines of COP28. The partnership aims to develop Islamic Housing Finance Products to respond to the growing demand for affordable and climate adaptive housing solutions across the continent.
The Pan-African Housing Finance Institution has sought this collaboration with the IsDBI to create tailored products in harmony with principles of responsible investing. This partnership is timely as several African countries are making notable progress in developing their Islamic finance markets, presenting untapped growth opportunities.
Shelter Afrique recognizes a gap in the availability of diversified financial products at scale. As a Pan-African Housing Finance Institution committed to innovation, Shelter Afrique views the development of Islamic finance products as a viable alternative financing model to effectively address Africa’s housing and urban development challenges.
Mr. Thierno Habib-Hann, Managing Director of Shelter-Afrique, expressed delight at the strategic significance of the program, stating, “We are thrilled to collaborate closely with IsDBI on this initiative. Rent to own schemes are natural products for islamic finance, hence will be leveraged to address the large housing gap. In addition, this collaboration aligns with our commitment towards a dedicated funding thematics dedicated to ‘Green financing and Islamic finance”.
Shelter Afrique’s continuous efforts to enhance its product offerings underscore its commitment to meeting the diverse needs of its clients and fulfilling its mandate of delivering affordable housing for all in Africa. The collaboration with IsDB, a multilateral development bank known for its impactful initiatives in member countries, positions Shelter Afrique to pioneer developing and delivering unique financial offerings and structures for housing infrastructure across the continent.
In his comments on the collaboration, Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute, said, “This partnership is part of our collective effort to promote inclusive and sustainable housing solutions through Islamic finance. The Technical Assistance provided by IsDBI aims to equip Shelter Afrique with the necessary tools to navigate the evolving landscape of affordable housing and urban development in Africa. We believe that through strategic collaborations like these, we can drive positive change and contribute to the continent’s socio-economic development.”
mediaReach OMD Nigeria Appoints Stephen Onaivi as New Managing Director
mediaReach OMD Nigeria Board of Directors has confirmed the appointment of Stephen Onaivi effective January 1st, 2024. Onaivi will become the managing director of the nation’s foremost media investment and management agency, known for its thought leadership and innovativeness. The Regional Chief Executive Officer of Omnicom Media Group West & Central Africa (OMG WeCA), Alaba Fadero, announced Onaivi’s appointment in Lagos.
According to Fadero, “Stephen’s appointment is the result of a careful succession planning and talent development program. He is expected to maintain OMD’s industry leadership and drive our regional growth strategy across the three critical global pillars of Client, People, and Capability.”
Onaivi is a homegrown, globally evolved professional who has been responsible for driving innovation across major brands, including Diageo, Airtel, Olam, Vodafone, Virgin Atlantic, Google, Uber, and GSK, to mention a few across the West and Central African region.
In addition to being the Managing Director of OMD Nigeria, he has a mandate to drive the OMD brand across West and Central Africa to enhance client value and ensure the seamless integration of OMD values, technology, and strategic processes.
Before his new appointment, Onaivi was the Managing Director of OMD Ghana, where he contributed to developing a multi-disciplinary, forward-looking media and advertising industry and serviced an array of national, multinational, and regional clients.
Reacting to his new appointment, Onaivi expressed confidence that the industry leadership and innovative strides of OMD Nigeria would be maintained under his leadership, stating, “We are proud of our thought leadership and pragmatic approach to providing value-driven services to our clients, and they should expect more with our team’s renewed commitment.”
According to Onaivi, key focus areas of OMD Nigeria will include innovation driven by technology and marketing science, the development of local talents, and enhanced strategic thinking to improve the agency’s value proposition to its clients.
Onaivi is a communication expert who has attended several management training courses and conferences from renowned business schools across the globe, including the Lagos Business School and London Business School. He is a keen golfer and a firm believer in the importance of community service. He is also the founder of the “Play with Stephen” golf tournament held annually in Accra, Ghana. The tournament leverages golf as a ‘passion point’ for key decision-makers to create awareness and support for Autism across Africa.