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Otedola acquires ₦18.9bn shares to regain position as biggest shareholder in First Bank

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Last Updated on June 21, 2024 by Fellow Press

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

This became possible after he purchased the group’s shares valued at N18.9 billion.

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

With this, the number of shares recently acquired totalled 863,180,810.

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

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ASUU to embark on strike in two weeks if FG fails to honour agreements

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Last Updated on June 29, 2024 by Fellow Press

The Academic Staff Union of Universities, ASUU, has declared that it would embark on strike in the next two weeks if agreements with the Federal Government are not met.

The Zonal Coordinator of ASUU, Calabar Zone, Comrade Happiness Uduk, said this while addressing a press conference and protest organized by Calabar Zone of ASUU, at Abia state University, Uturu Main Campus.

She said that various agreements between the union and the Federal government were yet to be honoured, leaving the academic staff and educational sector at large in deplorable condition.

She listed the issues to include no salary increment, salary arrears, poor funding of universities and non-payment of Earned Academic Allowances, among others.

The union rejected the Integrated Personal and Payroll Information System (IPPIS) and the introduction of Treasury Single Account (TSA) in Abia State University, Uturu, and also condemned the victimisation of members of ASUU in Ebonyi State University (EBSU).

It expressed regrets that monthly wages of lecturers have been rubbished by the high cost of living in the country.

ASUU also rejected the Federal Government’s loan package for Nigerian students, warning that it would enslave the students.

“Universities would be shut down for academic activities in the next two weeks. Please take the message to them,” Uduk said.

Also speaking, the Chairman of ASUU in Abia State University, Dr Chidi Mba rejected the Treasury Single Account.

Mba, who said the lecturers are owed between 11 and 14 months salaries, also complained that salaries of some workers were slashed.

The ASUU Chairman called on the Abia State government to increase the funding for the school.

Calabar Zone of ASUU comprises of seven Universities namely University of Calabar, University of Uyo, Alex Ekwueme University, Abia State University, Ebonyi State University and Akwa Ibom State University.

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Yahaya Bello requests Transfer of N83b fraud case to Kogi

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Yahaya Bello

Last Updated on June 27, 2024 by Fellow Press

Yahaya Bello, the immediate former Governor of Kogi State, has requested the transfer of the Economic and Financial Crimes Commission (EFCC) case against him to Kogi State.

Bello’s legal team argues that since the alleged offence was committed during his tenure as governor, it is only fitting for the case to be heard in Kogi State.

The former governor is expected to be arraigned at the Federal High Court in Abuja, today, on alleged fraud charges totalling N82 billion.

The EFCC will be prosecuting the case on behalf of the federal government.

The arraignment is listed as number 7 on Justice Emeka Nwite’s cause list.

However, it remains uncertain whether Bello will appear in court as promised.

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