{"id":70117,"date":"2019-10-25T19:13:48","date_gmt":"2019-10-25T18:13:48","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=70117"},"modified":"2019-10-25T19:13:48","modified_gmt":"2019-10-25T18:13:48","slug":"saving-setraco-this-is-about-inu-umorus-not-khalafs","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/saving-setraco-this-is-about-inu-umorus-not-khalafs\/","title":{"rendered":"SAVING SETRACO: THIS IS ABOUT INU-UMORUS, NOT KHALAFS"},"content":{"rendered":"

By Sufuyan Ojeifo<\/p>\n

A series of salacious stories were recently published by several online
\nnews portals about plots by a Lebanese engineer, Said Khalaf, to annex
\nSetraco Nigeria Limited (SNL).\u00a0 Khalaf\u2019s alleged gambit was not only
\nto shortchange the progenies of the late Alhaji Inu Umoru, the principal
\npartner of the 41-year old business, who passed on in 2009, but also to
\nensure, as alleged, the company goes under in the event the take-over
\nplot fails.<\/p>\n

The allegations, supra, were some of the reinforcing themes of the media
\nnarratives. While I will not rehash the mind-boggling and questionable
\nfinancial transactions that reportedly bore the imprimaturs of Khalaf
\nand his cohorts, which, as rumor has it, plunged the indigenous
\nconstruction company into N17 billion-debt, since he (Khalaf) has yet to
\npublicly debunk the media reports, I will, no more than, add some
\npositive dimensions to the complex narratives around certain contending
\nissues.<\/p>\n

The first significant dimension is the decision by the new Chairman of
\nSNL and son of the legitimate principal partner, Chief Abu Inu Umoru, to
\nreposition the company and disentangle it from its orchestrated
\nindebtedness. His appointment of a Nigerian Finance Director, Mr. Zuberu
\nLee Obomeghie, an accounting egghead, to halt the occupation of the
\nstrategic office by a tribe of Lebanese, appointed by Khalaf, was a
\ncircumspect move.<\/p>\n

It was a measure of Chief Abu Inu Umoru\u2019s administrative savoire faire
\nthat produced magical results, thus leveraging the profile and fortunes
\nof the company. Deploying brilliance and experience honed in his many
\nyears of engagements with international organisations such as the Arthur
\nAnderson & Co., United Nations and United States Agency for
\nInternational Development\u00a0 (USAID), Obomeghie succeeded in exposing
\nfinancial scams and plugging fiscal leakages such that the N17 billion
\ndebts, orchestrated by Khalaf and co. through alleged manipulations of
\noverdrafts with the company\u2019s bankers, was cleared within two years of
\nhis finance directorship. Today, SNL has a clean balance sheet, charting
\nonce again the trajectory of profitability and, in fact, owing no bank.<\/p>\n

A new \u201cchancellor of the ex chequer\u201d is in the saddle, ensuring the
\nintegrity of the company\u2019s compte rendu is in pari materia with actual
\nincomes and expenditures. Now, that the position of Finance Director was
\nhitherto occupied by a Lebanese has cleared every doubt about the likely
\nconspiracy and complicity around Khalaf\u2019s role. As I had indicated
\nearlier, I would like to err on the side of caution as not to \u201charm\u201d
\nthe reputation of the Lebanese octogenarian.<\/p>\n

But certainly, this piece is not about Khalaf and his cohorts, but about
\nInu Umoru and his progenies. So guided, I will voyage into the past, to
\nreconstruct the neighborhood identity of the late Inu Umoru.\u00a0 This would
\nalign with what I knew while a student of Mass Communication at Auchi
\nPolytechnic, from 1985-87; and, to deconstruct his subsequent essences
\nof integrity in business in the national context and humaneness in his
\nsocio-political interactions.<\/p>\n

His persona resonated with the Auchi Polytechnic community before I got
\ninto the institution and while I was there. I understand it continued
\nuntil his death in August 2009. Inu Umoru was a successful entrepreneur
\nwith interest in Trading, Automobiles, Transportation, Hotels and Civil
\nConstruction businesses: and he was legendry for his philanthropic
\nworks. I recall how he occasionally became our talking-point in those
\ndays among colleagues in the Mass Communication class, for two
\nsignificant reasons.<\/p>\n

First, one of his children, Subedetu (we Anglicized it to Subedat) was
\nin my class. Her presence in the class constantly reminded us of her
\nfather\u2019s philanthropic acts towards the institution. Second, Inu
\nUmoru\u2019s contributions to the development of Auchi Polytechnic were
\nindisputable facts. Therefore, it was something of interest to connect
\nwith the charitable spirit of Inu Umoru through one of his offspring
\nwithin the walls of the same lecture room.<\/p>\n

However, one thing remains instructive: whereas Inu Umoru had no formal
\neducation, he loved education and ensured his children got the best of
\nit.\u00a0 A great family man and lover of children who was blessed with many
\nof them, he was compassionate, man-caring and God-loving.<\/p>\n

He was trustworthy and trusting. Because of his quintessential
\nindividuality and the magnitude of his eleemosynary acts, he was
\nconscripted to provide political leadership for Edo North Senatorial
\nDistrict, on Peoples Democratic Party\u2019s (PDP) platform. The late Chief
\nAnthony Akhakon Anenih was the project arrowhead. By that token, Inu
\nUmoru completed the tripod that then comprised the late Anenih as the
\npolitical leader of Edo Central and the late Dr. Samuel Osaigbovo
\nOgbemudia as the political leader of Edo South Senatorial District.<\/p>\n

What Inu Umoru lacked in Western education, he made up in native
\nintelligence. Wrapped in the profundity of his native intelligence was
\nan unusual self-restraint against taking undue advantage of others.
\nCoupled with that virtue was a generosity of spirit. He harboured and
\nexemplified the pristine nature that found anchorage in the divine. He
\nwas thoroughly a good man.\u00a0 The late Chief Anthony Anenih, to whom I was
\na media consultant at some intersection, attested to that aspect of Inu
\nUmoru\u2019s persona.<\/p>\n

In his business dealings with Khalaf, although, there were established
\nrules of the partnership, which he endorsed, from what I gleaned from
\nthose close to him, he decided to operate outside the rules to the
\nadvantage of Khalaf.\u00a0 For instance, notwithstanding he had 70 percent
\nshareholding to Khalaf\u2019s 30 percent, from the outset, before Khalaf
\nmade his moves and succeeded, allegedly by sleight of hand, in grabbing
\n60 percent, he had always insisted and ensured profits were shared
\nequally.<\/p>\n

But today, Khalaf who was the \u201cminority shareholder\u201d had, over time,
\nbecome the \u201cmajority shareholder\u201d. The 40 percent shares,
\npurportedly owned by Inu Umoru have spawned some complex narratives
\nbordering on the propriety of the procedure or otherwise of rejigging
\nthe share distribution. Indeed, the process of undercutting Inu Umoru
\nhad been on even while he was alive.\u00a0 I even learnt that when some
\npersons updated him on Khalaf\u2019s alleged dodgy stratagem and continued
\nproclivity towards shortchanging him, his usual response was that
\n\u201cOyinbo no dey lie\u201d, meaning \u201cWhite men don\u2019t lie\u201d.<\/p>\n

That encapsulates how trusting Inu Umoru was.\u00a0 But today, many would
\ndescribe his approach as na\u00efve. Regardless, he was able to preside over
\nthe SNL, sustaining it in business through the network of his national
\ncontacts, especially in government, despite the shenanigans of his
\nLebanese partner.\u00a0 It is to his eternal credit that Setraco did not
\ncollapse under the weight of insider abuses. It is also to his eternal
\ncredit that he left behind brilliant and industrious children who have
\nbeen able to keep the flag flying in the face of challenges.<\/p>\n

This is the story of the Inu Umorus who have rallied together behind
\nChief Abu Inu Umoru, the incumbent Chairman of SNL, to salvage the
\nindigenous brand and reposition it to become a stronger entity to
\ncontinue to take-off from the labour market 8,000 direct staff members
\nand 32,000 indirect employees.<\/p>\n

Over time, I\u2019ve met severally with some of the progenies of Inu Umoru.
\nI was Subedat\u2019s (now Mrs. Obomeghie) course-mate at Auchi. I had a
\nchance meeting with Mr. Hafizu Inu Umoru, a director of SNL; and yet
\nanother chance meeting with Chief Abu Inu Umoru, Chairman of SNL.
\nIndisputably, they are all chips off the old block – industrious,
\nhumane, unassuming and sedate. Significantly, what their father lacked
\nin terms of education, they all made up with their scholarly and\/or
\npedagogical dispositions.<\/p>\n

Through them, the legacies of their father are well appreciated and his
\npersona of generosity and goodness properly preserved. They mirror the
\nspirit of the man – a spirit that binds them in the battle to save
\nSetraco, which their father built on the foundations of integrity and
\nhumanity. It was this fact that made him invite the partnership of
\nKhalaf, without the Lebanese contributing a kobo, save his so-called
\nexpertise. Life is not always fair\u2026<\/p>\n

OJEIFO CONTRIBUTED THIS PIECE FROM ABUJA VIA
\nOJWONDERNGR@YAHOO.COM<\/a><\/p>\n

\"\" \"\" \"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

By Sufuyan Ojeifo A series of salacious stories were recently published by several online news portals about plots by a Lebanese engineer, Said Khalaf, to annex Setraco Nigeria Limited (SNL).\u00a0…<\/p>\n","protected":false},"author":1,"featured_media":70118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-70117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-opinions"],"yoast_head":"\nSAVING SETRACO: THIS IS ABOUT INU-UMORUS, NOT KHALAFS - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/articles-opinions\/saving-setraco-this-is-about-inu-umorus-not-khalafs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAVING SETRACO: THIS IS ABOUT INU-UMORUS, NOT KHALAFS - 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