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First Bank Tussle: Otedola Finally Breaks Silence

By
Bayo Bernard
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0

By James Orji

Business Mogul Femi Otedola has laid to rest suggestions that he’s interested in the job of Hassan Odukale, the Chairman of First Bank Nigeria Holdings, FBNH.

Otedola, one of the most successful businessmen in the country has reportedly being eyeing the control of the first generation bank, after he became the single largest shareholder of the bank, by acquiring over seven per cent of its shares.

He became the single largest shareholder after acquiring 7.57 per cent with N44.8 billion in the bank’s shares.

The issue became a tussle between him and Odukale, a former managing director of Leadway Insurance who also owns a substantial stake in the commercial bank, before regulators in the financial sector such as the CBN, SEC and PENCOM waded in.

But speaking on the issue on Wednesday, Otedola who after having a successful run in the oil and gas sector, moved into Power generation where he alongside his partners invested over $1 billion in the Geregu Energy Group, said his motive for investing in the bank was being misconstrued.

According to him, he decided to invest in First Bank because of its future potential as one of Nigeria’s leading banks, and not to take it over as being wrongly peddled.

Mr. Femi Otedola, the single largest shareholder in FBN Holdings, the holding company of First Bank, has said he is not interested in serving as chairman of any of the two entities.

Otedola said, “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 speculations is not to become chairman of the bank or its Holdco. Moreover, I am in semi-retirement.”

He stated further that his position as “the single largest shareholder doesn’t mean I must necessarily hold a position in the bank.

“I believe in allowing competent people run institutions in a professional manner and to the benefit of all the stakeholders. That is an institution with world-class corporate governance structure and a strong performing management that creates value and guarantees returns in form of dividends and capital appreciation”

Six days ago, the dynamic businessman who also have substanstive investments in the real estate sector, in a notice to the group managing director of FBN Holdings said he has acquired controlling shares in the bank.

He said in the notice that “I have recently acquired additional shares in FBN Holdings Plc (the Company) which has brought my total stake to 7.57 per cent of the issued shares capital of the Company,” Mr Otedola said in the letter.

“Section 120 of the Companies and Allied Matters Act requires that I give notice in writing o the Company stating amongst other things, the particulars of the shares held by me or my nominees by virtue of which I am a substantial shareholder.”

The breakdown of his shares in the bank indicates that Otedola now total 2.717 billion units, Mr Otedola holds 210 million directly, 1.989 billion through Calvados Global Services Limited, 170 million through Primrose Global Concept, 175 million through Shetland Global, 120 million through Wells Properties and 53 million through Impetus Synergy.

How Gunmen Killed Prominent Community Chief In Ondo

By
Ayodele Oni
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Elewere Tunde Ilori

By Ayodele Oni

Details of what led to the death of a prominent Chief in Owo, Ondo state have began to unfold as the Olowo of Owo, Oba Ajibade Ogunoye, said he had issues with a family over land matters.

Chief Elewere Tunde Ilori was shot dead Wednesday evening at his farm by  gunmen.

According to the Monarch, who was receiving a Government delegation, Chief Elewere had a complaint about another family in respect of a farmland. They were dragged to a Committee to look into the matter.

“I raised a team of chiefs to go and do the inspection of the land and their report seemed to favour Chief Elewere.

“I raised another team again and they went there today. This evening, someone called me and said that I should call the Chiefs that there are reports of possible attack.

“Chief Elewere was very dear to me, very close and very loyal. He carried his Chieftaincy very well.

“We are appealing to the Government to please dig deep so that we will find those behind this ugly incident. I thank the Governor for his swift response and condolences.

“I thank Mr Governor profusely for sending this powerful team. I was talking to him on phone and he showed his concern over this bad occurrence. He told me about his resolve to bring the culprit to book.

The delegation, led by the Deputy Governor, Mr Lucky Ayedatuwa, commiserated with the Olowo and entire community on the death of the Chief.

The Deputy Governor, while delivering the Governor’s message, informed the Olowo of the resolve of Governor Rotimi Akeredolu to leave no stone unturned in ensuring that the culprits are brought to book.

“The Governor sent us to come and commiserate with you. It is so painful. In your kingdom, the deceased was one of the most revered Chiefs. We are here to pay our condolence. The Governor said we should assure you that we will not leave any stone unturned to ensure that the culprits are brought to book.”

CBN Boosts Wheat Production With N41bn

By
Bayo Bernard
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0
CBN Gov Emefiele

By Fola James

The Central Bank of Nigeria governor, Godwin Emefiele has disclosed that the federal government is poised to end wheat importation in the country. As part of this initiative, the CBN Governor said the apex bank has set aside N41 billion for the wheat production in the country.

Emefiele said the apex bank’s intervention is expected to save the country $2 billion spent on importing five million metric tons of wheat annually through the intervention.

Nigeria currently produces 63,000 metric tons of wheat, less than one per cent of what is being consume locally.

Under this arrangement, the CBN has selected Heritage Bank to disburse the funds to farmers across the country for the expansion of Wheat Seed Multiplication Project, as part of the CBN’s Brown Revolution Initiative, in commencement of dry season farming. Over 150,000 farmers will benefit from this arrangement, Emefiele said, adding that the bank’s Anchor Borrowers Programme has paid off considering the increased production in major grains such as rice and maize.

According to him, the project will cover 15 states across the country with more than 180, 000 hectares of land ready to be cultivated.

Emefiele said “Wheat is the third most widely consumed grain in Nigeria after maize and rice. It is estimated that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria,” he said.

“This enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation. This has made wheat the second highest contributor to the country’s food import bill.”

“Given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise. This can only intensify pressure on the country’s reserves unless we take a decisive step to grow wheat locally”.

NIMASA Rallies Minister Against Illegal Fishing On Nigeria’s Waters

By
Bayo Bernard
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0
Bashir Jamoh

By Tosin Olatokunbo

The Nigerian Maritime Administration and Safety Agency, NIMASA has sought partnership with Federal Ministry of Agriculture to curb illegal, unreported and unregulated, IUU fishing activities in Nigerian waters.

Director General of NIMASA, Dr. Bashir Jamoh who enlisted the additional support recently at a meeting with the Minister of Agriculture, Dr. Mahmood Abubakar, described IUU as threats to source of livelihood of legitimate fishing investors also decried exposure of the marine environment to avoidable pollution through such unlawful activities.

Jamoh explained that aside fighting piracy, sea robbery, oil theft and other maritime vices, the Deep Blue project which enjoys full support of President Muhammadu Buhari also aims at preventing unlawful commercial activities like unregulated fishing in our waters.

According to the DG, NIMASA’s eyes are also focused on preventing marine pollution which threatens aquatic life and jobs of trawler operators who have the requisite permits from the Federal Ministry of Agriculture and Rural Development to embark on commercial fishing.

The DG who also sought closer working relationship with the agricultural ministry, urged the minister to key into the Deep Blue project considering the array of benefits it holds for agricultural investors in the marine environment.

He said the partnership became imperative considering the supervisory role being played by the Agric ministry on fishing activities. Jamoh explained that “We have been experiencing illegal fishing in our waters and the ministry assigned with the responsibility of issuing certificates of approval to conduct fishing especially in commercial quantity, is the Ministry of Agriculture.

“We resolved to collaborate, cooperate, coordinate and communicate with each other in terms of the legality and illegality of fishing in our own waters by the international community and the minister assured us of support

On the ministry’s readiness to work with the agency Expressingthe minister said “We have the Department of Fisheries and also the Quarantine Agency. We are very much ready, to put together a formidable team that would work with the Deep Blue project and we have the capacity of experienced staff that can participate and bring additional push to the project.

“We are aware of some of the issues concerning illegal fishing and already the ministry and department officials are doing something about that. I can assure the DG that we will get that put together soon”, the minister said

Under the Deep Blue project, whose maritime security assets were commissioned by President Buhari earlier in the year, the nation’s waters are expected to be protected from degradation due to pollution, exploitation and illegal fishing by unlicensed local and foreign operators.

Odili: Suspects Granted Bail; Five, At Large

By
The Source
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Justice Mary Odili home Invaders

By Gideon Njoku

Fifteen suspects arrested in connection with the inexplicable invasion of the home of a Justice of the Supreme Court, Mary Peter-Odili, were on Wednesday, December 15, at about 8.30 pm, granted bail to the tune of five million Naira, and two sureties each. However, pending when they will fulfill the bail conditions, the Judge, Hon Justice Nkeonye Evelyn Maha, ordered that they be remanded at the Kuje Correctional Centre.

The only female among them, Hajiya Maimuna Maishanu,  was remanded at the Suleja Correctional Centre.

In an 18 Count Amended Charges filed before a Federal High Court, Abuja,  on December 14, the Inspector General of Police, arraigned them in the afternoon of December 15, 2020.

The suspects were arrested following the infamous invasion of Justice Peter-Odili’s home on October 29, 2021.

They said they were there as members of the Assets Recovery Unit, under the office of the Attorney General of the Federation and Minister for Justice, Abubakar Malami, SAN.

They had obtained a search warrant signed by a Magistrate, Emmanuel Iyanna, following a petition, allegedly, to the Economic and Financial Crimes Commission, EFCC, by a self-acclaimed whistle blower, Aliyu Umar Ibrahim.

Ibrahim, in the alleged petition, said he has information that millions of money in foreign exchange were in the Justice’s home.

Iyanna was to revoke the search warrant within hours, claiming he was deceived into granting it. Lawrence Ajojo, who led the team to Justice  Peter-Odili’s home, was found to be a fake DSP.

Arraigning the suspects before the Court, the Police said they were engaged in an unlawful invasion of Justice Peter-Odili’s home after cunningly obtaining a search warrant from a Magistrate Court.

The Police told the Court that the suspects, falsely claiming to be working for a fake Assets Recovery Unit under the Federal Ministry of Justice, invaded Peter-Odili’s home with forged documents and forged Identification cards.

The prosecution said they were there to extort and harass the Odili family.

All the 15 suspects pleaded not guilty to the charges against them. Their individual Lawyers, thereafter, asked for bail for them on liberal terms.

But the prosecuting Police Lawyer, CSP Mathew Amosun, while not against the bail, asked that it be granted them on stringent terms.

Justice Maha stood down the case for two hours, and on return, said there was no reason not to grant them bail.

Five suspects, including two soldiers, are at large. Those arraigned in the case marked  FHC/ABJ/CR/436/2021, were: Assistant Superintendent of Police, ASP Mohammed Yahaya, fake DSP, Adjodo Lawrence (aka, Ola Ojo), Michael Diete-Spiff, Barristers Akex Onyekuru and Igwe Ernest, as well as a Journalist,  Stanley Nkwazema.

Arraigned, also were: Bayero Lawal ( aka, Director, EFCC), Hajiya Maimuna Maishanu, Ayodele Akindipe (aka Herbalist), Yusuf Adaiu (aka godson to Peter Odili), Bashir Musa, Shehu Jibo, Abdulahi Adamu, and Abdulahi Usman said to be an Immigration Officer.

The case has been adjourned to January 12, 2022.

The seige on Justice Peter-Odili’s home sparked a national outrage, with every security agency denying knowledge of it.

Attorney General of the Federation and Minister for Justice, Abubakar Malami, also denied knowledge of it.

However, Lawrence Adjojo, while admitting he is a fake DSP, claim he is a Consultant to Malami, a claim Malami vehemently denied.

Fast Rising Nollywood Actor, Kabiri Fubara, Dies Of Cancerous Tumor

By
Akinwale Kasali
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Kabiri Fubara

By Akinwale Kasali

Nollywood, has been dealt another blow, following the death of fast rising Nollywood Actor, Kabiri Fubara.

The movie star was said to have died of large mid-stage kidney tumor/cancer in Dubai, United Arab Emirates where he was receiving treatment.

Breaking the news of the actor’s death, his sister, Aya Eneli, via her Twitter page on Wednesday, December 15, 2021, wrote:

“My brother, Karibi Fubara, has joined the ancestral realm. I’m devastated, but not hopeless. He lived fully and with joy. Left a great body of work. Will be a powerful ancestor. I love you, #ChiefBlack. I do not own the rights to this song,”

Until his death, Karibi Fubara was a Nollywood actor who rose to prominence after starring in ‘Before 30.’

He went on to star in several movies including God Calling, Quam’s Money, Castle and Castle, Royal Hibiscus Hotel and Smart Money Woman.

In 2020, the movie star took to his Instagram page where he revealed how he found out he had a large mid-stage kidney tumor/cancer.

Also, another family member, Kalanne Fubara, shared the sad news on social media Wednesday evening.

“He was a warrior, now he’s an angel in heaven,”  Kalanne wrote.

The “God calling” actor was married to popular Nollywood fashion entrepreneur, Yolanda Okereke.

They tied the nuptial knot in 2019.

M.I. Okpara’s First Son, Nnawuihe Dies

By
The Source
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0
Michael Opara

By Charles Igbo

For the family of the late Premier of the  defunct old Eastern Region, Michael Okpara, popular as M.I.  it is yet another mourning period, this time of a younger person.

While preparations are on for the funeral of the family’s matriarch, and former First Lady of the Eastern Region, Lady Adanma Okpara, slated for December 18, 2021, M.I. and Adanma’s first son, Nnawuihe, passed on in the United States of America where he resided with his family.

An Aeronautical Engineer, Nnawuihe was said to be coordinating activities for his mother’s funeral when he took ill.

The cause of his death, which has devastated and destabilized the family, is not yet public, but this medium gathered that he had been suffering from an undisclosed illness.

He was married with three children, and died aged 71 years.

Abia; Police Arrest Greedy Man For Masterminding The Abduction, Gruesome Murder Of His Wife

By
The Source
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0
Greedy Man

Operatives of the Nigeria Police Intelligence Response Team (IRT) have arrested four (4) suspects in connection with the abduction and gruesome killing of Mrs Nneka Nwanyi-Sunday Emeh Kalu who was earlier reported missing and later found dead in a cassava farm on 29th August, 2021 in Ngugworo Community in Nguzu Edda in Afikpo South, Ebonyi State.

The suspects arrested are; Irem Ifeanyi Mbah, Igwe Anya Chima, Okorie Okam and Emeh Kalu– the husband of the deceased and the principal suspect. The suspects are within the age bracket of 25 – 40yrs and all native of Nguzu Edda village in Afikpo South Local Council Area of Ebonyi State.

According to Police Spokesman, CP Frank Mbah,  Investigations into the death of the victim followed  complaint received from the people of Ngugworo community, Ebonyi State, a border town to Abia State where the victim resided, when the decomposing body of the late Mrs Kalu was discovered in their community. The discrete investigations carried out by the Police team led to the arrest of the four suspects.

Investigations by the Police team revealed that Emeh Kalu – the husband of the deceased, in a bid to fraudulently and hastily ‘inherit’ his wife’s numerous assets including landed property, houses, money in bank and thriving business, etc, procured the services of five (5) other criminal elements to stage the abduction of his wife by luring her to meet him at a junction to pick up somethings for the house. Investigations further revealed how the criminals strangled her to death after obtaining necessary information on the whereabouts of title documents and other relevant papers of her possessions. 

Efforts are being intensified to arrest other suspects and persons indicted in the matter with a view to concluding the investigations.   

The Force, while condoling the family of the deceased for the unfortunate loss, enjoined families and relatives to be their “brother’s keeper” and provide prompt information to the Police that would assist in proactively containing crimes and all forms of gender-based violence.  

Police to Get 20% Salary Increase, Says FG

By
Uche Mbah
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0

By Uche Mbah

The Federal Executive Council, Wednesday, approved a 20% salary increase for members of the Nigerian Police Force, this Magazine has learned.

Recent reports that the Nigerian Police may not receive their salary for November and December sparked an uproar, especially in social media, forcing the Federal Government to come out with a rebuttal.

But in a chat with State House correspondents Wednesday, the

Minister of Police Affairs, Muhammad Dingyadi, after the Federal Executive Council meeting, said the increase will take effect from January 2022.

He, also, said the upward review became necessary due to the issues raised during the #EndSARS protests in October 2020.

He did not mention payment of November and December Salaries but insisted the raise is meant to boost the morale of the force.

This is not the first time such promises have been made to the Police. They are never fulfilled.

Imo: Again, Gunmen Kidnap Another Traditional Ruler

By
The Source
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0
Unknown Gunmen

For the umpteenth time, gunmen have kidnapped traditional Ruler in Imo State, making the Natural Rulers the most endangered group in the State.

This time, it is the turn of His Royal Highness, Eze Aloysius Igwe, the Traditional Ruler of Umuezeala Ama Autonomous Community in Ehime Mbano Local Government Area.

The Eze was kidnapped on Wednesday, December 15, within his Community, reportedly, at the Nkwo Umuezeala market square.

Reports say his abductors, driving a small bus, double-crossed his car, as he was waiting to pick his wife who had gone to a meeting around the area.

They whisked him away in the bus.

Eze Igwe is the fifth Traditional Ruler to be kidnapped in the State within one month,

One of them, the Traditional Ruler of ihitte Ihube, Eze Paul Ogbu is still in the custody of his kidnappers. Three were released.

While the Traditional Ruler of Atta, Njaba LGA, Eze  Edwin Azuike was kidnapped  on December 9, killed, and his body dumped in his car, and  parked at a market square.

He was the third Traditional Ruler to be killed in the LGA and the State  within three months.

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