Fraud And Corruption Found At Glanvill Enthoven, Shareholders Shortchanged
The civil Society Network Against Corruption (CSNAC) declared that it has acquired an appeal and confirmation that there have been insider dealings and a gross misappropriation of budgetary assets connected with Glanvill Enthoven Nigeria.As indicated by a request created by CSNAC administration in the organization, in full consciousness of the guiltiness of their activities, misused shares of the organization and manufactured documentation which impeded shareholders in Oyo, Ondo, Ogun, Osun, and Ekiti States.
As indicated by the CSNAC articulation, "there is adequate proof of Fraudulent Acquisition of the implied 40% Shares of GEN by UIB Ltd or UIB Nigeria Ltd skimmed by Chief Tunji Omisore" and "a planned demonstration of fabrication and mimic of United Insurance Brokers Ltd of UK in the said Shareholders' assentions."
The full articulation is underneath:
eighth August, 2016
Acting Chairman,
Monetary and Financial Crimes Commission
5, Formella Street, Off Adetokunbo Ademola Crescent
Wuse II
Abuja.
Dear Sir,
RE: COLLUSION, MANIPULATION AND INSIDER DEALING IN THE MIS-APPROPRIATION OF GLANVILL ENTHOVEN and CO NIGERIA LTD EQUITY SHAREHOLDING – DELIBERATE SHORT CHANGING OF THE OWNER STATES OF OYO, ONDO, OGUN, OSUN and EKITI STATES
Common Society Network Against Corruption (CSNAC) is a coalition of more than hundred and fifty Anti-debasement associations whose essential point is to helpfully battle defilement overwhelmingly and to guarantee the successful observing of the different Anti-join organizations in the battle against defilement and contribute towards the enthronement of straightforwardness, responsibility, fidelity and aggregate duty in the battle to destroy defilement in Nigeria.
This Network has gotten a request from casualties of criminal misappropriation of shares, fabrication and debasement executed by administration Staff of Glanvill Enthoven and Co Nig Ltd and researched the affirmations and affirmed their veracity. As indicated by our discoveries, in 1957, the Western Region Government through National Bank Ltd consolidated Glanvill Enthoven and Co Nig Ltd (GEN) as an Insurance Brokerage Company in Nigeria with 50/50 Equity possession with Glanvill Enthoven London, UK as the Technical Partner. Glanvill London was consequently gained by Jardine Lloyd Thompson (JLT Risk Solutions) who assigned NIB Investment (W.A.) (NIBI) to speak to her enthusiasm for GEN. That remote holding was then regarded as JLT/NIB Shares in GEN
Amid Indigenisation Decree in the 1970s, National Bank gained extra holding to end up 60/40 dominant part proprietor. In the same 1970s, saving money control guided banks to strip from responsibility for and Insurance business organizations. As an aftereffect of this, the 60% possession in Glanvills was exchanged to Odua Investment Company Ltd (OICL).
From that point subsequently, OICL kept on assigning Directors to serve alongside the chosen people of NIBI as Directors on the Board of GEN. OICL been claimed by the 5 South West Owner States normally populate the Board of Glanvill with people designated by the Owner States Governments and regularly one of them serves by pivot as Non Executive Chairman of the Board.
Interesting DEVELOPMENTS LEADING TO GLANVILL OWNERSHIP MIS-APPROPRIATION
Lamentably, the Management of OICL drove by the Group Managing Director based at Cocoa House, Ibadan was seen to have incapable oversight association with the Board and Management of GEN. A portion of the archives demonstrate GEN where they have 60% controlling value being viewed as an Associate Company and there are showed instances of challenge of reporting relationship and subordination by GEN Management and Board with OICL Management and Board.
It is such control vacuum that permitted OICL selected Non Executive Chairman and Directors at GEN in the 2000's to wrongly accept Executive powers and guide the organization for individual advantages. JLT Risk Solutions in 2004 chose to pull back its 40% Ownership from GEN adding up to 6 million shares. OICL paid N16.26m for these shares to JLT Risk Solutions' named Agent – David Garrick and Co (Appendix 1 – FCMB Bank Draft of 1 Sept 2004, Official Receipt and Acknowledgment Letter dated 7 September 2004).
This activity gave OICL 100% Ownership and Consideration paid is EVIDENT. One Chief Tunji Omisore was the OICL designated Chairman of GEN at the season of this exchange. It was later known not that Chief Omisore in 2003 was included in subterfuge activity to offer JLT Shares in GEN to an obscure purchaser for which the then OICL GMD sent a letter dated 20 November 2003 to JLT separating OICL from such illicit move (Appendix 2).
LOSS OF GEN OPERATING LICENSES IN OCT 2015 AND DEVELOPMENTS SO FAR
The administration of GEN drove by Mr Francis Akinola (MD) and Mr Akin Onifade (Executive Director) at the yearly termination of the three working licenses of Glanvill Enthoven – General, Reinsurance and Life and Pension on 30 June 2015 neglected to petition for recharging inside the statutory 90 days finishing 30 September 2015. The reports were documented on 16 October 2015 and NAICOM (National Insurance Commission), the controller slid on them by REVOKING every one of the licenses.
OICL and GEN Boards in this manner released from administration that administration that was presently inadmissible to NAICOM because of careless loss of the licenses in February 2016 and selected another Managing Director that continued in May 2016.
GEN administration have petitioned for re-enrollment as stipulated by NAICOM in May 2016 yet the applications had numerous inquiries from the Regulator. OICL and GEN were asked for to give full revelation about the Shareholders of GEN, their CAC Share Ownership and Promoters, their Directors and Profile and in addition Shareholders' line of business.
Stun FINDINGS THAT BORDERS ON MIS-APPROPRIATION OF THE COMMON PATRIMONY OF THE SOUTH WEST
By the current CAC Forms C02 and C07, the Owners of GEN are :-
Odua Investment Co Ltd – 55%
UIB Limited - 40%
Glanvill Staff Trustee - 5%
Taking into account this, we have taken a gander at gave proof and found that UIB Nigeria Ltd RC No. 491828 enlisted on 4 September 2003 (Appendix 3) is the organization on Corporate Affairs Commission's records. There was additionally a United Insurance Brokers Nigeria Ltd with RC 3085 that is currently DELISTED.
There are sets of Agreements found and checked on as underneath Appendixes 4 - 7 :-
Update of Understanding dated 3 January 2006 Signed amongst OICL and United Insurance Brokers Limited, an Insurance Brokerage Company enlisted with Lloyds of London and having its key spot of business at 69, Mansell Street, London, E18AN, England
Shareholders Agreement dated 3 January 2006 Signed amongst OICL and United Insurance Brokers Limited, an Insurance Brokerage Company enrolled with Lloyds of London and having its essential spot of business at 69, Mansell Street, London, E18AN, England Technical Partnership Agreement dated 6 January 2004 Signed amongst GEN and United Insurance Brokers Limited, an Insurance Brokerage Company enlisted with Lloyds of London and having its central spot of business at 69, Mansell Street, London, E18AN, England Service Agreement dated 3 January 2006 Signed amongst OICL and GEN
Our Findings:
There is adequate proof of Fraudulent Acquisition of the implied 40% Shares of GEN by UIB Ltd or UIB Nigeria Ltd coasted by Chief Tunji Omisore as there is neither a provision for thought in the Shareholders' Agreement nor any confirmation of installment for the 40% Shareholding.
There is a planned demonstration of fraud and mimic of United Insurance Brokers Ltd of UK in the said Shareholders' assentions. Though this is a London based Company, the signatories on the different understandings are Nigerians out of which Chief Tunji Omisore and a Prince Kole Aderemi marks can be distinguished. Likewise, there are purposeful endeavors to clone the official letterheads of United Insurance Brokers Ltd (UIB UK) – See Appendixes 8 - 11
There is Collusion, Acquiescence and Insider Dealing by GEN and OICL administration in the execution of the implied offer Transfer exchange in the Shareholders' Agreement.
Our requests:
Free examination of claims and archives contained in this appeal.
Welcome All OICL GMDs and Company Secretaries and GEN MDs and Company Secretaries from 2003 to Date to clarify their part in (an) above and all Established instances of Insider Dealing with respect to OICL and GEN Staff ought to be Diligently Prosecuted.
Arraignment of each one of those included in the criminal change and procurement of shares and profits from GEN and fabrication in UIB letterheads.
UIB Ltd or UIB Nigeria Ltd to surrender 40% Share wrongfully gained including Board positions to OICL.
UIB Ltd or UIB NIGERIA Ltd to discount all Dividends, Technical Fees, Directors Fees and different Emoluments and Benefits so far gathered and return resources of GEN in the ownership of any of the UIB delegated Directors since the initiation of the Fraud.
Denial of UIB Nig Ltd, UIB Ltd and United Insurance Brokers Nig Ltd part responsibility for and its Subsidiaries.
Convey the renouncement as in (e) above to all Regulators (e.g. NAICOM, CAC, FRCN).
CSNAC is in this manner by this appeal requesting your brief and dire examination and activity on this matter. We thank you for your typical comprehension and collaboration.
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