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INNOSON: Court Set Aside Order Sanctioning GTB’s Scheme To Transmute to GTB Holdco

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The Federal High Court, Lagos Judicial Division has been asked to, among others, set aside its ex parte order sanctioning GTB’s scheme to transmute to Guaranty Trust Holding Company PLC; and to stay further recognition of Guaranty Trust Holding Company Plc. as a financial or non-financial holding company and or as a legal entity until it pays its total outstanding judgment debt of Thirty Two Billion, Eight Hundred and Seventy-Five Million, two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo (N32,875,204,984.38) to Innoson Nigeria Ltd.

This was contained in a Motion-on-Notice brought before the court by counsel to Innoson Nigeria Ltd, Chukwuebuka I Okolo Esq of McCarthy Mbadugha & Co. seeking an order of the court to discharge and set aside the ex parte order granted to Guaranty Trust Bank Plc. on 16th of June 2021 and to set aside every step the bank took pursuant to the said ex parte order.

The counsel further sought an order of the court to stay further recognition of Guaranty Trust Bank Holding Company Plc. as a financial or non-financial company and or as a legal entity.

GTB, in an abuse of court process obtained an ex parte order from the Federal High Court, Lagos Judicial Division on 16th of June 2021 to proceed with the registration of GTB HOLDCO beam despite its knowing that an application for injunctive orders by Innoson Nig Ltd in Suit No: FHC/EN/CS/161/2020 is at all material time pending in FHC Enugu Division to restrain it from transmuting to a Private and or a Financial Holding Company until it pays over N32Billion judgment debt it owed Innoson.

Recall that in November 2020, Innoson Nigeria Ltd sought an order of perpetual injunction restraining the Corporate Affairs Commission from deregistering GTB as a public limited liability company and re-registering it as a private limited liability company until GTB pays the total outstanding judgment debt of N32,875,204,984.38.

While the case in the Enugu Division of Federal High Court is still pending, GTB against its corporate governance rules and in a classical abuse of court process filed and got an exparte order from Federal High Court, Lagos Division and without disclosing to the court that the subject matter of its application is already subjudice because injunctive orders have been sought in Suit No: FHC/EN/CS/161/2020, as well as the subject matter of this pending in the Enugu Division of Federal High Court, to restrain GTB from proceeding with the said scheme both in a pending interlocutory and in the substantive suit already served on GTB and they have filed a memorandum of appearance and other processes in the suit.

Innoson has therefore asked the Federal High Court to set aside and discharge the ex-parte order it granted GTB and a further order to stay further execution of the 16th of June 2021 order it granted it and also an order of the court to stay further recognition of Guaranty Trust Bank Holding Company Plc. as a financial or non-financial company and or as a legal entity.

It is unfortunate that GTB has refused to pay over N32Billion judgment debt to Innoson Nig Ltd arising from suit Nos: FHC/L/Cs/603/2006 and No. FHC/Cs/139/2012 respectively.

It is interesting to state that no court in Nigeria has set aside the decisions of these judgment debts against GTB even though GTB has appealed both decisions even to the Supreme Court; rather the decisions have been affirmed by the appellate courts in Appeal Nos. CA/I/258/2011, SC.694/2014, and in CA/E/288/2013 in which till date GTB has refused to obey the Court of Appeal’s order that it pay the judgment debt subject of this particular appeal into an interest-yielding account.

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African Leaders Launch the African School of Governance (ASG) Initiative

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Professor Kingsley Moghalu - Africa
Professor Kingsley Moghalu

The African School of Governance Foundation (ASGF) has established the African School of Governance (ASG) graduate institution designed to offer world-class public policy education, research, and engagement programs. 

Prominent African leaders have come together in this landmark step, as the initiative is set to transform the continent’s leadership landscape by meeting the diverse needs of leaders across Africa.

The ASG aims to address the continent’s pressing governance challenges by equipping emerging leaders with the mindsets, skills and knowledge required for effective leadership in Africa’s future. The initiative brings together visionaries committed to creating a sustainable governance model rooted in African realities.

A Collective Leadership Vision

The ASG initiative was founded by H.E. Paul Kagame, President of Rwanda, H.E. Hailemariam Desalegn, former Prime Minister of Ethiopia (both co-founders of the ASG Foundation) in consultation with other African leaders, academicians, and philanthropists dedicated to improving governance across the continent.

ASG is supported by the Mastercard Foundation as part of its Young Africa Works strategy, which aims to enable 30 million young Africans, 70 percent of whom are women, to access dignified and fulfilling work opportunities by 2030.

ASG will be led by esteemed independent governing board members, chaired by Makhtar Diop, Managing Director of the International Finance Corporation (IFC) and former Minister of Finance and Economy of Senegal, and including Donald Kaberuka, former President of the African Development Bank, Hajer Gueldich, Professor at the University of Carthage, Kishore Mahbubani, former Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, and Francis Gatare, CEO of the Rwanda Development Board.

The ASG Foundation has appointed Professor Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria and a distinguished scholar and academic, to be the inaugural President of ASG.

The collective vision of ASG’s leadership is to create an institution that offers world-class education in governance and public policy while promoting home-grown solutions to Africa’s unique challenges and opportunities.                   

Speaking on the launch, H.E. Hailemariam Desalegn commented: “The time is ripe for an institution rooted in Africa’s needs and aspirations. The African School of Governance will be a hub for nurturing purpose-driven leaders equipped to tackle the continent’s greatest challenges and opportunities, combining Africa’s uniqueness with international best practices. This is not just an educational institution, but a movement towards sustainable African leadership.

Tackling Africa’s Development and Governance Challenges

Africa’s rapid economic growth, increasing global influence, and evolving governance structures present unprecedented opportunities and challenges. From post-pandemic recovery to climate adaptation, the continent’s policymakers face complex and urgent issues that require skilled leadership.

ASG aims to meet this critical need, by developing current and future leaders who can address these challenges through a shift in leadership mindsets, governance, and sustainable development to drive long-term, meaningful change across the continent.

Academic Excellence and Tailored Programs

ASG will offer a comprehensive suite of academic programs designed to meet governance, leadership, and policy deficit across Africa. These include the Master of Public Administration (MPA) and the Executive Master of Public Administration (EMPA) programs, which are tailored to mid-career professionals and senior executives, respectively. 

ASG will also provide specialized Executive Courses aimed at enhancing specific leadership skills for professionals. Additionally, the Young Leaders Program (YLP) and Senior Leadership Fellowship (SLF) will cater for high-potential undergraduates and seasoned professionals nearing the end of their careers, ensuring that ASG supports leadership development at every stage.

ASG’s curriculum will be distinguished by integrating African historical, political, and socio- economic contexts. By grounding students in African realities, the institution will equip diverse leaders to navigate the continent’s complex governance challenges while drawing from global best practices.

Innovative Research and Policy Engagement

In addition to its educational offerings, ASG will play a critical role in advancing governance through its dedicated research centres. These include the Centre for Home-Grown Innovations in Policy and Governance, the Centre for African History and Leadership, the Centre for Trade and Regional Integration, and the Centre for Technology and Effective Delivery. 

These research hubs will focus on generating evidence-based solutions tailored to African governance challenges, helping policymakers design and implement effective policies and strategies.

ASG’s commitment to policy engagement is equally robust, with plans to actively engage with governments, civil society, and private-sector stakeholders. Through policy labs, incubators, and collaborative partnerships, ASG will translate its research into actionable policy solutions that promote good governance and sustainable development across the continent.

Leadership and Governance Structure

As the inaugural President of ASG, Professor Kingsley Moghalu, a globally recognised leader in public policy and governance, will steer the institution towards its ambitious goals.

Professor Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has held senior positions in the United Nations system for 17 years and taught at prestigious institutions such as Harvard, Oxford, and The Fletcher School at Tufts University. 

He is also the author of several books, including the critically acclaimed Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter.

Makhtar Diop, managing director of the IFC and Chair of ASG’s Board, said: “We are excited to welcome Kingsley Moghalu as President of the African School of Governance. His sterling track record of leadership in international and national policymaking institutions, academia, and his thought leadership influence, will help make ASG a transformative graduate school and develop a new generation of purpose-driven leaders with the skills and mindsets to help Africa address the challenges of the 21st Century.”

Professor Moghalu will be responsible for steering and shaping ASG’s academic vision, delivering learning programs that reflect the complex governance challenges facing Africa today. Under the guidance of the Governing Board, he will focus on recruiting top-tier African faculty, fostering academic excellence, and positioning ASG as a hub for intellectual and policy innovation.

The establishment of ASG is a powerful expression of a clear vision on the part of the founding leaders,” Prof. Moghalu said in response to his appointment. “I share this vision of a transformed Africa driven by competent leadership and governance, and I am honoured to have been tasked with leading ASG’s critical contribution to making that vision a reality.”

Strategic Partnerships

ASG is supported by the ASG Foundation, a not-for-profit foundation, that exists to help mobilize funding and manage its endowments, as well as give strategic guidance to the institution and support related initiatives for the development of African leaders.

The establishment of ASG is supported by strong strategic partnerships with other world-class institutions, including the Lee Kuan Yew School of Public Policy at the National University of Singapore, and the Mastercard Foundation.

Pan-African Initiative with Global Reach Headquartered in Kigali, Rwanda, ASG is set to become a Pan-African institution with a global influence. Its mission is to build leadership capacity that transcends borders, ensuring that African voices are not only heard but lead the charge in global governance discussions.

ASG’s partnership with institutions such as the Lee Kuan Yew School of Public Policy at the National University of Singapore further reinforces its commitment to providing a world-class education that draws from both African and international expertise.

This announcement marks a significant milestone in Africa’s governance journey. Through the collective efforts of its founders and partners, the institution will help to nurture the leaders that Africa needs to tackle the challenges and opportunities of the 21st century.

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Kingsley Adonu’s Journey: A Tale of Hard Work and Dedication in the Telecom Industry

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In the fast-paced world of telecommunications, success is often attributed to those who demonstrate exceptional dedication and hard work. Kingsley Adonu’s remarkable journey stands as a testament to these qualities, paving the way for him to become a valuable partner with MTN, a leading global telecommunications company.

Adonu’s story begins with a humble background, where he cultivated a strong work ethic from an early age. His relentless pursuit of excellence caught the attention of industry leaders, setting the stage for a career marked by determination and resilience.

One of the key factors that propelled Adonu to success was his unwavering commitment to learning and staying ahead of industry trends. He immersed himself in the dynamic world of telecommunications, acquiring the knowledge and skills needed to navigate the rapidly evolving landscape. Adonu’s continuous pursuit of knowledge not only enhanced his expertise but also positioned him as a visionary in the field.

As he climbed the career ladder, Adonu faced numerous challenges, but his tenacity and commitment to overcoming obstacles set him apart. His ability to adapt to changing market dynamics and capitalize on emerging opportunities made him a standout professional in the telecom sector.

Adonu’s pivotal moment came when he aligned his efforts with MTN, a global telecom giant known for innovation and cutting-edge technology. Recognizing Adonu’s track record of hard work and dedication, MTN saw a valuable partner in him. The partnership marked a significant milestone in Adonu’s career, opening doors to new possibilities and avenues for growth.

The success of Adonu’s collaboration with MTN can be attributed to his strategic vision and innovative thinking. As a partner, he played a crucial role in steering the company toward continued success, contributing to its expansion and influence in the telecommunications market.

Kingsley Adonu’s journey serves as an inspiration for aspiring professionals in the telecom industry. His story underscores the importance of hard work, dedication, and a passion for continuous improvement. Adonu’s ascent to becoming an MTN partner is a testament to the transformative power of perseverance and a relentless pursuit of excellence in the dynamic world of telecommunications.

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Meet Kingsley Adonu

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In the dynamic world of entrepreneurship, there are visionaries who not only navigate the business landscape but redefine it. Meet Kingsley Adonu, the Founder and Chief Executive Officer of the SMobile Group, a conglomerate that stands as a beacon of excellence and diversity in the global business arena.

Kingsley Adonu is a visionary entrepreneur and the Founder of the SMobile Group, a conglomerate synonymous with excellence and diversity. As the Chief Executive Officer, he has steered the group to remarkable heights, overseeing a spectrum of businesses that span across Telecommunications, Oil and Gas, Real Estate, Hospitality, Water Production, Agriculture, Technology, E-commerce, Energy, Sports, Entertainment, Education, Health, Logistics and Financial Services, with branches extending globally to UK, USA, China, South Africa, and Canada.

Under Kingsley’s astute leadership, SMobile Group has emerged as a major partner for MTN, evident in the impactful presence of the SMobile brand in the telecommunications landscape. His strategic insights and forward-thinking approach have positioned the group as a dynamic player in multiple industries.

Beyond the boardroom, Kingsley Adonu is a dedicated philanthropist, committed to making a positive impact in communities. His philanthropic efforts extend beyond business, reflecting a deep-seated belief in the responsibility of successful individuals to contribute meaningfully to society.

Kingsley’s influence is not confined to national borders; he has actively participated in numerous international telecom conferences, further enriching his understanding of global industry trends and fostering valuable connections with industry leaders worldwide.

With an unwavering commitment to excellence, Kingsley Adonu continues to inspire and lead the SMobile Group towards new horizons, blending business acumen with a passion for positive societal change.

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