Billionaire businessman, Femi Otedola, has moved do douse fears of direct running of First Bank of Nigeria (FBN), amid the controversy of his owning the largest single shares of the nation’s premier banking concern.
Apparently in an attempt to lay to rest speculations that are rife in the public over the issue, Otedola, told reporters on Wednesday at the ExecuJet Private terminal in Lagos that his recent acquisition of shares in FBN Holdings was purely an investment decision.
“Being the single largest shareholder doesn’t mean I must necessarily hold a position in the bank. I believe in allowing competent people to run institutions in a professional manner and to the benefit of all the stakeholders.
“That is an institution with a world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation.”
Stressing that the major focus of any good investor is to see opportunities where others did not, he a argued that he was convinced that FBN Holdings had a bright future, is strong, solid, and would remain a dominant player in the Nigerian financial services sector.
Hear him: “I am simply an investor who saw an opportunity in the financial institution and decided to take advantage of it through the investment I have made. My interest, contrary to speculation, is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”
Posted by Editor | 16 December 2021, 11:51am
Why poor Nigerians can’t eat bread anymore – bakers *Storm Lagos Assembly in protest
Premium Bread Makers Association of Nigeria (PBAN), stormed the office of the Mudashiru Obasa, Speaker of the Lagos State House of Assembly , Alausa, armed with a protest letter over the rising price of baking materials.
They claimed that high costs of ingredients and multiple taxes had made their business too expensive to run, leading to the astronomical increase in the price of bread and other confectionery, to almost double.
Lamenting the ugly situation that had hit their business with low sales and almost zero profit, they also bemoaned the increases in the price of flour and other ingredients, apart from hikes in the prices of other items such as electricity and cooking gas.
At Obasa’s office on Friday, PBAN, told the Speaker that one million jobs of their members may be lost unless the “unbearable intimidation and harassment by state agencies’’ is stopped.
President Emmanuel Onuorah and General Secretary Emmanuel Onyoh, who led the delegation PBAN to hand a letter to Obasa, pleaded with him to help stop multiple levies from agencies and harassment by the police, while listing other challenges threatening the survival of the bread industry in the state.
These in include: Multiple monitoring of bakeries by ministries, agencies, and parastatals
- Harassment of delivery van drivers by Vehicle Inspection Officers (VIOs), and Lagos State Traffic Management Agency (LASTMA) officials
- State agencies repeat motoring done by the officials of the National Agency for Food & Drug Administration (NAFDAC), Standard Organisation of Nigeria (SON), and Federal Ministry of Labour and Productivity, et cetera.
PBAN named the state agencies to include:
- Lagos State Ministry of Environment
- Lagos State Safety Commission
- Lagos State Ministry of Transport (State Carriage)
- Lagos State Environmental Protection Agency (LASEPA)
- Lagos State Traffic Management Authority (LASTMA)
- Lagos State Fire Service
- Lagos State Inland Revenue Service (LIRS)
- Lagos State Emergency Management Agency (LASEMA)
- Councils and Local Council Development Associations (LCDAs)
- Lagos State Signage and Advertising Agency (LASAA)
- Daily ticket toll charged by councils and LCDAs
- Mid-year rates demanded by councils and LCDAs
- Police harassment and extortion of money from bread delivery drivers
Impact on business
PBAN said these hassles have reduced operational capacity to below 50 per cent, led to low staff retention, and a drop in employee tax to the government.
“The likely loss of job/business by over 500,000 bread distributors is imminent and this will further affect a lot of living conditions of their families,’’ it stressed.
It urged Obasa “to use your good office to save our businesses from collapse and prevent over one million people in Lagos State under our employment (inclusive of bread distributors) from becoming jobless and being pushed back into already saturated unemployment market.’’
PBAN appealed to the government to, among others,
- Use one consolidated agency to oversee bread business instead of multiple agencies
- Tell the police to stop the harassment, intimidation and seizure of the vehicles of bread distributors
- Make Lagos State Employment Trust Fund (LSETF) World Bank grant and loans available to bread bakers as employers of labour.
Posted by Editor | 17 December 2021, 03:04pm
Why Supreme Court upturned Innoson’s victory against GTB
Posted by Editor | 17 January 2022, 04:18pm
The Supreme Court will now hear the appeal of Guaranty Trust Bank (GTB) against N2.4billion judgment given in favour of Innoson Vehicles Manufacturing, an automobile company, which it initially dismissed on technicalities, saying it was “misled” to have reached its earlier conclusion.
A federal high court in Ibadan, Oyo state, had ordered GTB by way of Garnishee order absolute — one of the options open to a judgment creditor to enforce a judgment made in its favour, to pay N2.4 billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation.
Dissatisfied, the bank had appealed the high court’s verdict up to the apex court, which on February 27, 2019, dismissed the bank’s appeal and affirmed the judgment of the federal high court.
But the bank secured a major relief, when the apex court, retrieved its earlier judgement, following an application it filed seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.
Delivering judgment on Friday, a five-member panel of justices led by Olukayode Ariwoola, held unanimously that the Supreme Court erred when it erroneously dismissed GTB’s appeal marked: SC/694/2014.
In the lead judgment written by Tijani Abubakar but read Abdu Aboki, the court held that it was misled by its registry, which failed to promptly bring to the notice of the panel that sat on the case on February 27, 2019, that GTB had already filed its appellant’s brief of argument.
The supreme court stated that if the panel hearing the case on February 27, 2019, had been informed of the availability of the appellant’s brief of argument, the judgement would not have been issued.
Relying on Order 8 Rules 16 of the Supreme Court Rules, the apex court held that it has the power to set aside its decision in certain circumstances, like any other court.
According to the panel, some of the circumstances to do so includes when the parties obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.
“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant,” the court held.
“It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.
“It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on the 27th February 2019 that the appellant had indeed filed its brief of argument.
“This is a case deserving of positive consideration by this court. Having gone through all the materials in this application, therefore, I am satisfied that the appellant/applicant’s brief of argument was filed before the order of this court made on the 27th of February 2019 dismissing the applicant’s appeal.
“The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds.”
The court then set aside its previous ruling and ordered that the appeal marked: SC/694/2014 “be relisted to constitute an integral part of the business of this court until its hearing and determination on the merit.”
BREAKING: Dangote remains Africa’s richest man *Rabiu, Adenugo in *See full list
Aliko Dangote, has maintained his position of Africa’s richest man, for the 11th year running, according to Forbes, a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.
While Dangote, tops the list another Nigerian businessman mogul, in the business of cement and sugar, same as Dangote, owner of the soon to become largest refinery in Africa, occupies the fifth position on the list.
Forbes used stock prices and currency exchange rates from January 19, 2022 to measure the net worths.
Billionaires from seven African countries made the list, including South Africa and Egypt, which has the highest numbers with five each followed by Nigeria with three billionaires.
See the list:
1 Aliko Dangote $13.9 B 64 cement, sugar
2 Johann Rupert $11 B 71 luxury goods
3 Nicky Oppenheimer $8.7 B 76 diamonds
4 Nassef Sawiris $8.6 B 61 construction, investments
5 Abdulsamad Rabiu $7 B 61 cement, sugar
6 Mike Adenuga $6.7 B 68 telecom, oil
7 Issad Rebrab $5.1 B 78 food
8 Naguib Sawiris $3.4 B 67 telecom
9 Patrice Motsepe $3.1 B 59 mining
10 Koos Bekker $2.7 B 69 media, investments
10 Strive Masiyiwa $2.7 B 60 telecom
12 Mohamed Mansour $2.5 B 74 diversified
13 Aziz Akhannouch $2.2 B 61 petroleum, diversified
14 Michiel Le Roux $1.7 B 72 banking
15 Othman Benjelloun $1.5 B 89 banking, insurance
15 Mohammed Dewji $1.5 B 46 diversified
15 Youssef Mansour $1.5 B 76 diversified
18 Yasseen Mansour $1.1 B 60 diversified
Posted by Editor | 25 January 2022
PDP, APC suffering consequences of social injustice – Anyim
Lagos court orders prison remand of Olaleye, 57, over child defilement case
Ikpeazu takes battle to criminals in Abia *You’re ‘police most friendly Governor’ – IG
BREAKING: Sorry, you can’t contest 2023 election, Atiku tells Tinubu
BREAKING: Jonathan behind G-5 *Atiku moves to beg ex-President
BREAKING: Behold the new naira! Buhari, Emefiele speak *Ritual now five-yearly
News2 days ago
Rufai, Arise TV star threatens to sue Reno *Contradicts Tinubu’s letter from Chicago varsity
News1 day ago
BREAKING: Court sends IG to prison
News1 day ago
Udom: I won’t lead campaign if I wasn’t sure of Atiku’s victory *I’ll prostrate before Wike, others
Sports1 day ago
BREAKING: Senegal powers into Round of 16 in Qatar
News14 hours ago
Murder of Kaduna LP woman leader: Shocked, Obi speaks! *Says, our resolve unbroken
News1 day ago
Negative post on Buhari’s wife: He needs urgent medical attention – NANS
News1 day ago
APC seeks public funding for Tinubu campaigns, launches Crowdfund App in Lagos
News13 hours ago
Again, APC blames Obi over ‘fake’ Tinubu’s White House photo with Biden