Monthly Archives: March 2017

Zenith Basketball League Dunks Off April 10 In Abuja

The 2017 Zenith Bank Basketball League has been scheduled to start on April 10 in Abuja with the financial institution committing N35m to the sponsorship of the competition.

The Deputy Managing Director of the bank, Ebenezer Onyeagwu, on Tuesday at the Zenith Corporate headquarters in Lagos told newsmen that contributing to the development of the basketball game over the years was a delight to the organization.

Onyeagwu said: “We take sports seriously and that is why we have been with basketball for this long period. It is a delight that many of the players have developed to represent Nigeria at international competitions and that is a success story for us.

“There have been testimonies of players discovered through the league who are now playing abroad. This has given us joy that the initiative we started from humble beginning has grown to become a very big league.

“We will continue to support the initiative, we have already signed on for the next three years, for as long as we see the continued professionalism there, we don’t see reason why we will stop the relationship because you don’t stop a winning team. We believe our collaboration is a winning one and our youths have now got commitment and we can only but make it bigger.”

The President of the Nigeria Basketball Federation, Tijani Umar, however thanked the sponsors for having faith in the federation.

“It is not very easy for partnership to be together for so long, I really want to thank Zenith Bank for standing by us for the past 13 years till this moment. I was privileged to be a board member when it all started in 2005 and remarkably, it has been moving from strength to strength.

“In the eight years God has given me the opportunity to lead the board, it has blossomed, and today, I am part of the success story of the Zenith Bank’s sponsorship of the national women basketball league.

When we started, we have five teams competing, but after 13 years, we now have 18 teams competing which shows how far we have gone.”

Oando Topshot’s Wife, Ego Boyo Becomes IWS President

On Tuesday, 14th of March 2017, the Lagos Preparatory School in Ikoyi, Lagos, the International Women’s Society (IWS) held its 60th Investiture and conferment of Mrs. Ego Boyo as President.

The investiture ceremony which was compered by Jasmine Tukur (IWS Programmes Secretary) and Ifeoma Williams (Image Consultant), celebrated women who are doing extraordinary work and changing lives through a photography series that was displayed around the venue. The event was a “call to arms” to young women to embrace charitable service whilst pursuing their careers.

The new president Mrs. Boyo in her acceptance speech talked about the importance of women, children and youth affairs, “this year, our focus is strengthening existing partnerships with individuals or organisations that have a focus on women, children and youth affairs, as well as building new alliances. Therefore, we are planning to open our event calendar to allow for more meaningful collaborations.” she said.

The crème de la crème of the Nigerian society graced the event, they were; Mr. Mofe Boyo -DGMD Oando and husband of the new president, Oba Adedotun Gbadebo- Alake of Egbaland, Oba Rilwan Aremu Akiolu- Oba of Lagos, Omoba Abiola Dosunmu- The Erelu Kuti of Lagos, Mr. Wale Tinubu- CEO Oando Plc, Mrs. Toyin Saraki- Founder-President of Wellbeing Foundation Africa (WBFA) and wife of the Senate President, Senator Daisy Danjuma, Ms. Mo Abudu- CEO EbonyLife TV, Mrs. Bola Adesola- MD Standard Chartered and chairperson of the event, Dame Abimbola Fashola- Former First Lady Lagos State, Princess Sarah Sosan- Former Deputy Governor Lagos State, Ms. Nike Osinowo- Former Beauty Queen, Mr. Supo Shasore- Former Attorney General, Lagos State, Mr. Asue Ighodalo of Banwo & Ighodalo and Chairman Sterling Bank and his wife Mrs. Ifeyinwa Ighodalo- MD/CEO DOii, Dr Jeff Nnamani- ED Total Fina Elf, Hon Justice C A R Momoh- Former Chief Judge Edo State, Chief Sena Anthony, Chris Ubosi- MD Classic FM & wife Ijeoma Ubosi, Actors Richard Mofe Damijo, Rita Dominic, Susan Peters, Ufuoma McDermott, Kemi ‘Lala’ Akindoju and Eucharia Anunobi, Fashion Designers Lanre DaSilva Ajayi and Deola Sagoe. IWS trustees Chief Mrs. Funke Arthur-Worrey, Mrs. Ekua Abudu, Mrs. Sicily Jacob, Mrs. Amina Ahmadu, Mrs. Sonja Ally as well as past presidents and members.

Other dignitaries included Mrs. Derin Agbaje, Mrs. Nkiru Anumudu, Ms. Grace Osime, Ms. Ruth Osime, Mrs. Adesuwa Onyenokwe and many more.

Fun highlights of the day included performances by Singers Chee who sang a powerful version of “I’m Every Woman” by Whitney Houston and Emma Nyra who performed her new single title “Love Vs Money” and a spoken word performance by Bikiya Graham-Douglas titled “Wait”.

Shareholders Hail Zenith Bank’s N507.9 Billion Earnings

Shareholders of Zenith Bank Plc yesterday hailed the management and board of the bank for an impressive performance for the year ended December 31, 2016.

The shareholders who spoke at the Annual General Meeting (AGM) in Lagos said the gross earnings of N507.997 billion recorded in 2016, up from N432.535 billion in 2015, was highly commendable considering the challenging operating environment.

They were also highly impressed with the profit before tax of N156.748 billion recorded in 2016, which showed a significant jump above the n125.616 billion in 2015.Similarly, profit after tax rose from N105.531 billion to N129.65 billion.

The elated shareholders approved the final dividend of N55.573 billion for the year, which translates to 177 kobo per share.

Addressing the shareholders, Chairman of the Zenith Bank Plc, Mr. Jim Ovia said despite the challenging operating environment, the bank was able to fully exploit the available opportunities to post the impressive results.

According to him, in line with its commitment to delivering superior returns to its much-valued shareholders, the bank ensured that a good chunk of the profit is set aside for them.

“In this regard, we have declared and paid you an interim dividend of 25 kobo per share in the course of 2016 financial year. We hereby propose a final dividend of 177 kobo per share. This brings the total dividend for the year ended December 31, 2016 to 202 kobo per share as against 180 kobo per share paid the previous year,” Ovia said.

He stated that even in the face of a very challenging operating environment, Zenith Bank has maintained its culture of outstanding performance and industry leadership.

“As a bank, we are monitoring developments both in the local and global economy and applying pragmatism and dynamism as appropriate. Our strategy and approach to the pursuit of financial inclusion and sustainability gives us a lot of competitive advantage to explore even new frontiers in the market,” he said.

Speaking in the same vein, Group Managing Director/Chief Executive Officer of Zenith Bank, Mr. Peter Amangbo said as an institution of well-primed people, the bank relied on a its pool of exceptional staff to make sound and timely decision and addressed issues in a manner that anticipated developments and demonstrated excellent understanding of the dynamics of the market and economy in 2016.

He assured that “We shall continue to demonstrate extraordinary commitment to our customer s while maintaining focus on all the areas fundamental to adding value to our partnership.”

Looking ahead, he said although 2017 will come with its challenges, and opportunities, “but I am confident that our determination, resolve and rare commitment to customer s well as our adaptive ability will ensure resounding results.”


The Deputy Managing Director, Zenith Bank Plc, Mr. Ebenezer Onyeagu, yesterday restated its unwavering commitment to empowering youths in Delta State through sports development.

Mr. Onyeagu spoke at a press briefing preceding the opening ceremonies of the maiden Zenith Bank Delta Principal’s Cup in Asaba-the Delta State Capital.
Onyeagu said the gesture was to fulfill its social corporate responsibility, adding that the bank has a bias for youth development.

According to him, Zenith Bank’s passion for youth empowerment programmes has seen it intervene in areas like ICT, and sports development, adding that in the last twelve years the bank has “singlehandedly sponsored and supported female basketball league nationally”.

High Court Orders Former Naval Chief Ezeoba To Forfeit N1.8b To Federal Government

A Federal High Court in Lagos in Nigeria’s southwest zone has ruled that a limited liability company, Acquila Leasing Limited, should temporarily forfeit N1.825 billion found in the company’s account to the Federal Government.

The Economic and Financial Crimes Commission, which obtained the forfeiture order on behalf of the Federal Government, alleged that the sum was part of a total of N2.387 billion diverted from the coffers of the Nigerian Navy by a former Chief of Naval Staff, Admiral Dele Ezeoba (retired). Mr. Ezeoba headed the Nigerian Navy between 2012 and 2014.

An EFCC prosecutor, Rotimi Oyedepo, filed an ex-parte application for temporary forfeiture of the funds before Justice Muslim Hassan. The application invoked Section 17 of Nigeria’s Advance Fee Fraud and Other Related Offences Act No. 14 of 2006 as well as Section 44(2)(k) of the 1999 Nigerian Constitution.

In the filing, Mr. Oyedepo urged the court to urgently grant the forfeiture order in the interest of justice. Justice Hassan granted the order and gave 14 days for Chuka Onwuchekwa and his company, Acquila Leasing Limited,as well as any other party interested in the money to appear before him to give reasons why the fund should not be permanently forfeited to the Federal Government of Nigeria.

Justice Hassan adjourned the case till March 29, 2017 for any interested parties to appear before him.

The EFCC’s application listed Onwuchekwa and Acquila Leasing Limited as the first and second respondents. An affidavit of urgency sworn to by an operative of the EFCC, Adamu Usman, said Mr. Ezeoba was investigated following an intelligence report. He disclosed that the anti-grant agency analyzed information and determined further investigation was warranted.

According to Mr. Usman, information obtained by the EFCC from Mr. Ezeoba on June 21, 2016 revealed that the N1.825 billion was proceeds of crime “fraudulently diverted from the Nigerian Navy under the leadership of Ezeoba.”

The EFCC alleged that Mr. Dele Joseph Ezeoba used the name of the first respondent, Acquila Leasing Limited, to open a fraudulent account in order to disguise funds he laundered from the Navy. The commission added that, in a desperate bid to further disguise and conceal the illicit source of the funds, Mr. Ezeoba entered into a Memorandum of Understanding to buy shares of Acquila Leasing Limited from Mr. Onwuchekwa, the company’s managing director.

According to the EFCC, “the said shares of Acquila Leasing Limited [were] worth N2.378, 000,000.” The commission remarked that, out of the N2.378 billionembezzled by Mr. Ezeoba, only N1.825 billion had so far been recovered via drafts in favor of the Federal Government of Nigeria.

7 Years After Owner’s Assasination, Kunle Adeagbo’s Royal Cedar Hotel Under Locks

In Pablo Nurada’s poetic line, Nothing But Death ‘…death arrives among all that sound, like a shoe with no foot in it, like a suit with no man in it, comes and knocks, using a ring with no stone in it, with no finger in it…’ thus explains the dilemma of the dead as it comes to late socialite, Kunle Adeagbo whose business has come to ruins just 7 years into his demise.

The late Adeagbo’s Royal Cedar hotel at the high brow Alalubosa GRA in Ibadan was the best hospitality haven in the ancient city when it was opened.

It was the only hotel then in the city that placed a 2million naira per night charge on its well furnished Presidential suite which once housed VIP guests like Redeemed Church General Overseer, Pastor Enoch Adeboye, the First Lady, Dame Patience Jonathan amongst many other prominent guests of the hotel.

That explained the style, connection and wealth of the owner who was killed in Lagos by unknown gunmen.

The hospitality haven is claimed to have been badly affected by the death of its owner who went under bad management and closed down business few years after his demise.

Papermacheonline’s photographer, Tunde Ayanda visited the once bubbling Royal Cedar and saw an edifice standing on its old glory.

Part of the building which still has the air conditioners in place was falling off as the main gates leading to the building were all under locks and key.

Insiders hinted that a massive fraud rocked the hotel which led to the closure and the ousting of its management.

Sahara Boss, Tope Sonubi Celebrates Low Key 50th Birthday

Sahara Boss, Tope Sonubi Celebrates Low Key 50th Birthday

exactly three months after a principal partner in Sahara Energy, Tonye Cole held Lagos spellbound with a 50th birthday celebration that people are still talking about, another Director of the oil company, Tope Sonubi also lighted up the Lagos scene some days ago as he threw a private party to also celebrate his golden age.

The Banana Island, Lagos home of the Sonubis was the location of the party where guests were thoroughly screened by stern looking security guards who were employed by the celebrant to maintain the private status of the gig.

A source that was present at the pool-party squealed to papermacheonline in a baffled gesture ‘these guys don’t know any recession, you need to see how much they spent’ that gave an insight to what guests witnessed at the party.

The party was handled by comedian, Koffi and planned by Ibidun Ighodalo’s Elizabeth R event management company

written by :Tunde Ayandatope sonubi