‘Runsewe remains IPMAN president’

By Sulaiman Olanrewaju

From left, Mr. Kayode Adenigba, Acting
Managing Director, Lagos Airport Hotel;
Mr. Kees Van Maaswaal, Chief Operating
Officer, Golden Tulip International Hotels;
Prince Julius Adelusi-Adeluyi, Chairman,
Odu’a Investment Company Limited;
Fenna Fellrath, legal counsel to Golden
Tulip International Hotel; Mr. Adebayo
Jimoh, Group Managing Director,
Odu’a Investment Company Limited;
and Mr. Bola Jayeola, General Manager,
Business Development, Odu’a Investment
Company Limited, after the two
organisations signed a technical agreement
for the running of Lagos Airport and Premier
hotels held at the World Trade Centre
office of the Golden Tulip International
Hotel in Lousanne, Switzerland, recently.THE Independent Petroleum Marketers Association of Nigeria (IPMAN) Western Zone has described as unfounded, media reports that the National President of the association, Engr. Tunde Runsewe, has been removed by a pronouncement of a Federal High Court in Abuja.

A Nigerian Television Authority (N.T.A.) network bulletin last Thursday credited a report to the immediate past National Secretary of the Association, Mr. Tunji Adeniji, that the national president of the association had been removed by a pronouncement of the Justice Mayam Anenih of the High Court of the Federal Capital Territory, Abuja.

However, a press release signed by Alhaji Nurudeen Olarinde and Bola Adeleke, Chairman and Secretary, respectively of the Independent Petroleum Marketers Association, Western Zone Action Committee, described as ridiculous and absolute falsehood, the information disseminated through the Nigerian Television Authority network.

Giving an insight into the judgement of the court, the association submitted that the Hon. Justice Anenih of the High Court of the Federal Capital Territory only struck out the case, based on application of a notice of discontinuance before it.

“In the process of pursuing a case, restraining Mr. Tunji Adeniji and Alhaji Turaki from parading themselves as President and Vice president of IPMAN, respectively, it was discovered that the case before the Federal Capital Territory High Court was the same as the one before the Federal High Court, Abuja.

“What we did to pave way, for an effective prosecution of the case before the Federal High Court was to formally file a notice of discontinuance of the case at the Federal Capital Territory High Court. A notice was filed, last January and it has been granted.

“It was the case before the Federal Capital Territory High Court that was struck out, leaving the Federal High Court, Abuja as the court of trial of the case”, the release said.The association described as ridiculous, the deliberate falsehood to confuse members of the association and general public to believe that its national president had been removed.

“No court in Nigeria has granted judgment or any order in the case between Engr. Tunde Runsewe and his Deputy, versus Mr. Tunji Adeniji till date. For the avoidance of doubt, the case is still going on before Hon. Justice Kuewunmi of the Federal High Court, Abuja.”

The association, therefore urged its members, “to remain calm as its awaits a peaceful resolution of the present crisis, based on the supremacy of IPMAN constitution, the rule of law and due process.”

Deap capital to raise funds

Friday Ekeoba, Lagos

The Management of Deap Capital man agement and Trust Plc has concluded plans to return to the capital market to raise fund so as to further fortify its capital base in meeting business challenges in the industry.

Tentatively, the numbers of shares to be offered to the investing public is being put at about 1 billion units of ordinary shares. Although a price tag has not been fixed, market analysts are quick to add that the price would not be far from between N7 and N7.50 owing to the current price of N8.70 at which the company’s stock is being traded.

At the 5th Annual General Meeting (AGM) of the company, the first after its listing on the Floors of the Nigerian Stock Exchange (NSE), shareholders who gave thumb up for the offer were quick to add that following the performance of the company in the short space of five years of its operation, the offer will be successful.

Speaking at the AGM, the Chairman of the company, Chief Sylvanus Ezendu, said owing to challenges in the demands on the company’s subsidiaries huge funds would be needed to pilot the affairs of the company so as to achieve maximum returns on investment for shareholders.

He said, with the focused nature of members of the board of the company, shareholders would always have cause to smile at every financial end of the company. Responding to shareholders demand for dividend increase and reduction in the debt owed the company so as to allow for availability of working funds, Ezendu assured them of the company desire to improve on its payout, just as he informed them of plans to build the company’s head office in the 10 years time.

He noted that as a future plans of the company it intends in the next 18 months to embark on future territorial expansion to 5 additional locations in Nigeria with a view to take its service close to their client already in those locations. He noted that the additional funds from the capital market would enable the company build an understanding pool and support its issuing houses services.

Explaining the financial position of the company at the end of its financial end on 30th September 2007, the Chairman said the company’s Turnover grew by 159 percent to 454. 2 million while profit/(loss) After Taxation increased by 864 percent to N138.6 million compared with N14.4 million recorded in the corresponding year of 2006.

He added that, earning per share climbed to N14 as against N3 in 2006 even as retained profit (loss) carried forward in the year was N110.6 million as against a loss of N2.8012 million in 2006.