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First Bank: Otedola, The Battle For Control Continues

By
Bayo Bernard
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By Fola James

The appointment of Ahmad Abdullahi as the new chairman of First Bank Holding Plc has opened a new vista in the battle for the control of the oldest commercial bank in the country. Abdullahi was appointed on Friday to replace Remi Babalola, a former Nigeria’s Minister of Finance who departed the bank unceremoniously.

The development comes barely one month after Nnamdi Okonkwo was appointed the Group Managing Director of First Bank Holdco

The bank did not give any reason for the exit of Babalola, who was appointed by CBN Governor Godwin Emefiele, early in the year to replace Mrs Ibukun Awosika following the botched removal of Dr Adesola Adeduntan as the managing director of First Bank Nigeria, FBN.

But the magazine learnt that the resignation of the former minister may not be unconnected with the emergence of Otedola as the single largest shareholder of the bank.

It was also learnt that Babalola was not forced to resign from the bank but “he decided to leave as a result of the new realities in the bank because he did not want to be caught up in the intrigues among major owners of the bank who are battling for the soul of the bank,” a top source in the bank told the magazine late Friday.

Femi Otedola
Otedola: His High Stakes Unsettle Nigeria’s Oldest bank

The source who craved anonymity, further informed the magazine that “the appointment of Abdullahi as chairman of Holdco is not unconnected with the ongoing restructuring of the bank as  a result of the recent development concerning its ownership.”

Even though the very reliable source failed to say whether the new appointee was nominated by the Otedola, the source explained that “the businessman has the power to nominate his proxies to the board of FBN and its parent company, following his acquisition of over seven per cent stakes in the bank recently as required by the law”.

On December 9, the business magnate wrote the management of the bank detailing his shares in the bank. Otedola said in the letter that his stakes in the bank include 210 million he holds 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.

“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.

“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 businessman said in the letter.

Few days after he wrote the letter, Otedola also told reporters in Lagos that he’s not interested in becoming the Chairman of the bank’s holdco as being wrongly speculated. He, however, did not say whether he will nominate persons to represent his interest in one of the nation’s most respected financial institutions.

Speaking on his reported quest to control the bank Otedola said, “as the single biggest stakeholder in the lender, the extant financial laws allow him to nominate persons of his choice into the two boards of the bank.

“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,” he said.

“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.”

“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,” the businessman said.

Meanwhile, the CBN has approved the appointment of Abdullahi as chairman and non-executive director of First Bank Holding Plc.

“The bank had been duly notified of the resignation of Babalola, as chairman of the company against the backdrop of contest by some significant shareholders for control of First Bank Holding Plc,” Osita Nwanisobi, CBN’s Director, Corporate Communications, said on Friday.

The apex bank also described Babalola’s resignation as the chairman of the company as regrettable, adding that the bank has made measured progress since the former finance minister become the chairman of First Bank holdco.

Omicron: Canada Lifts Travel Ban On Nigeria, Others

By
Uche Mbah
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Airport

By Uche Mbah

Canada, which recently imposed travel ban on ten African countries including Nigeria, has lifted the travel ban.

The ban was placed due to the alleged discovery of the Omicron Variant of Covid 19 in Nigeria

At a media briefing on Friday, Jean-Yves Duclos, Canada’s Minister of Health, announced the decision to lift the ban effective December 18.

Three weeks ago, the Canadian government banned 10 African countries following the detection of Omicron cases in those countries.

“While we recognise the controversial nature of such a prohibition, we believe it was a necessary measure to slow the arrival of Omicron in Canada and buy us some time,” Duclos said.

“Given the current situation, this measure has served its purpose and is no longer needed.”

Recall that the United Kingdom also lifted the Ban on Nigeria and others after some diplomatic backlash over the Omicron Variant of Covid 19.

The United Kingdom had earlier lifted the ban it placed on Nigeria and other countries. The ban was described but many people and groups as discriminatory of African Countries.

Uzodimma Mourns Ezeife’s Wife

By
The Source
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Hope Uzodimma

Governor Hope Uzodimma of Imo State has expressed shock over the news of the sudden passing of Mrs Njideka Ezeife. She was wife of former Governor of Anambra State and elder statesman,  Dr. Chukwuemeka Ezeife, Mrs. Njideka Ezeife.

Mrs. Ezeife, a former First Lady of Anambra State reportedly died after a brief illness in a hospital in the United States of America.

Governor Uzodimma in a statement by his Chief Press Secretary/Media Adviser, Oguwike Nwachuku, described Mrs. Ezeife’s death as sad and shocking.

He said her death has not only shattered her husband and immediate family members with whom she shared so much affinity,  but those who knew her closely as a hardworking, loving, caring wife, mother,  sister and friend.

Governor Uzodimma said Mrs. Ezeife led a life of service to God and humanity, using her exalted position as First Lady and regretted that the vacuum her death has created will be difficult to fill.

He prayed God, on behalf of his family and good people of Imo State, to grant her soul a peaceful repose and for Dr. Ezeife and his family in particular, the grace to bear the huge loss.

Akwanga, Former Minister, Dies

By
Uche Mbah
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Hussaini Zanwa Akwanga

By Uche Mbah

A former Minister of Labour and Productivity, Alhaji Hussaini Zanwa Akwanga has died, reports reaching this Magazine indicate.

He died on Friday, December 17, 2021.

The 77 year old reportedly died in his country home in Akwanga, Nasarawa State.

Akwanga was a Minister under former President Olusegun Obasanjo, but was relieved of his appointment later, by his boss.

Akwanga was once kidnapped and held captive for two days in 2017, long before kidnapping became a full fledgling  business which the government seems helpless to handle.

He has, reportedly, been buried according to Islamic rights.

2023: I look Forward To Going Back To My Farm, Says Buhari

By
Uche Mbah
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President Buhari of Nigeria

By Uche Mbah

Presidential spokesperson, Garba Shehu, has quoted President Muhammadu Buhari as saying he looks forward to going back to his farm in 2023 at the expiration of his tenure.

He said Buhari will do his best to take the Nation to the next level before the time comes.

Buhari reportedly made the statement in Istanbul, Turkey, as he marked his 79th birthday.

He is in Turkey to participate in the Turkey-Africa Partnership Summit, hosted by Tayyip Recep Erdogan, President of Turkey.

“I thought that being away from Abuja I will escape these things”, he said.

“The Guards Brigade had written to tell me what they wanted to do on this day. Now here you are doing this far away from home.

“I look forward to the year 2023 when I finish, to go home to take charge of my farm. Between now and that time, I will do the best that is possible to advance the interest of the Nation and its people, and carry out my duties as prescribed by the Constitution.”

University Don Says Nigeria’s Democracy Is Weak

By
Ayodele Oni
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Prof Jeremiah Omotola

By Ayodele Oni

A Political Scientist hàs observed that democracy in Nigeria, the way it is being practised, is very weak.

Prof Jeremiah Omotola, Deputy Vice Chancellor (DVC), Administration of Federal University, Oye, Ekiti (FUOYE), has, therefore, advocated urgent strengthening of Political institutions in the Country to ensure credible elections which would guarantee strong democracy.

He was delivering an inaugural lecture, titled “The Troubled Trinity: Elections, Democracy and Development in Nigeria”,  as part of activities marking the 5th and 6th combined Convocation ceremonies of FUOYE.

“The process of conducting the political parties’ internal affairs is fraught with deficiencies, they are nothing but undemocratic;  no internal democracy, and this makes the political parties fail as building blocks of democracy.

“Weak opposition parties currently in the Nigerian polity is identified as another issue against Nigeria having strong democracy.

“Opposition parties are largely and seriously fragmented and autocratic with the result that virtually all of them are incapable of providing alternative Government, when the foregoing issues are there weak democracy is inevitable.”

Prof Omotola pointed out that global bodies have scored Nigeria very low and adjudged its democracy as very weak saying that this development calls for concern.

“Weak democracy in Nigeria has led to so many problems such as unemployment, widespread poverty, uneven distribution of wealth and opportunities and lack of basic social amenities among others.

“Due to the shortcomings in the integrity of our elections, it is likely for Nigerians to have weak democracy.

“In my comparative research, I was able to find out that our democracy is still very weak and it is largely connected to the poor integrity and poor quality of our elections.

“Unless those weaknesses and contradictions are addressed, it is going to be extremely difficult for our elections to promote democracy and when democracy is not deep and strong, development is going to be faulty for years.”

The DVC also lamented gender inequality in the Political system in the country which he stated was not in tandem with democratic emancipation.

Prof Omotola identified gender inequality as an impediment to progress by preventing the provision of viable platforms for adequate representation. While observing that no country could survive without paying attention to gender equity in politics,

He gave statistics of the absymal performance and representation of women in the Nigerian polity since the emergence of democratic rule in 1999.

He stated  in particular that only seven women have dared to contest the Nigerian presidency since we began democracy and none of them have performed significantly well inspite of the fact that ours is a country that have a male versus female population ratio of 50:50, if not that women are even more than men in population.

He also lamented that of about 74 women who have contested Governorship polls in the country, none has won.

“In terms of symbolic representation in politics, women in Nigeria are far behind. This has made it very difficult for Laws that would favour the women to be made in the country.”

Another challenge facing democracy, he added has to do with the appointment of non professionals to handle conduct of elections in the country.

Prof Omotola cited an instance where a Vetinary Doctor was appointed as the national chairman of the nation’s Independent National Electoral Commission (INEC), adding that such development amounts to “a deficiency, a capacity gap.”

The University don, also pointed out that lNEC’s operations are being centralized to the detriment of federating states that should be allowed to have independent electoral bodies to cater for their peculiarities.

“We claim to practice a federation but all powers are virtually centralized at the detriment of the federating states. This makes INEC the only body conducting elections for all the states.”

He, therefore, suggested that INEC should be unbundled and made to delegate the conduct of elections and not centralize it.

“In terms of ideology, in Nigeria today, it is absolutely impossible to talk about differences in ideology of political parties as we have the same political gladiators in all the parties leading to easy cross carpeting and impeding their capacity to play the role of building blocks of democracy.”

On possible panacea to have strong democracy, the don advised that there was the need for urgent strengthening of Political institutions in the Country to ensure credible elections which would guarantee strong democracy.

The Professor of Comparative Politics, added that strong democracy, when achieved, would lead to meaningful growth and development for Nigeria.

He, therefore, urged the Federal Government to promote quality, free and fair elections that would build strong democracy.

He also recommended that government should give autonomy to the Independent National Electoral Commission (INEC), saying that autonomy and electoral administration must be handled by independent, professional and competent institutions.

Niger Clamps Down On Private Tertiary Institutions, Withdraws Operating Licences

By
Ayodele Oni
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Abubakar Sani Bello - Governor of Niger State

By Ayodele Oni

In its move to sanitize their operations, the Niger State Government has revoked operating licences and approval granted to owners of Private Tertiary Institutions in the state.

The decision will affect not less than 50 of such institutions, which include Polytechnics and Universities.

The decision was conveyed in a letter dated 17th December, 2021, and addressed to proprietors of all such  Institutions in the state.

It was signed by the Permanent Secretary of the Ministry, Dr Musa Abubakar Sadeeq.

The letter stated that: “The State Government is disturbed about the spate of contravention of stipulated rules and regulations governing the establishment and operations of Private Tertiary Education Institutions across the state.

“The State Government, through the Ministry of Tertiary Education, Science and Technology had earlier shown its magnanimity in granting provisional approval to many of such established Institutions pending the fulfillment of all requirements.

“None of the affected institutions have been able to comply.They  chose to abuse  the privilege of the provisional approval granted them by not conforming to the rules and regulations.

“The Niger State Government in her desire  to enforce the guidelines and maintain the standard  for the establishment of  Tertiary  Education in the State, has decided to revoke the earlier provisional approval.

“However, each Institution is required to reapply individually  for registrations and approval.

“And such institutions will be provided  with a revised set of prerequisite conditions which they are expected to comply with.

“The State Government wishes to appeal to all persons and  institutions to be law abiding as all is being done in the interest and sanctity of the  state education sector.”

But the Government’s action has come under severe criticisms. A couple of the Proprietors who spoke to The Source, pleading anonymity, accused the Government of insincerity.

They challenged the Government to mention one of the conditions Proprietors  did not comply with. Why did they not mention even one in their statement?, they asked.

They also accused the Government of not considering the impact “its badly thought out” action will have on the students.

It is all about money, they submitted.

One of them told us: “Instead of the Government to say it is looking for ways to raise money, it accuses us falsely, and jeopardises the future of students.”

2023 There May Be No Election – Attahiru Jega, Former INEC Boss

By
Akinwale Kasali
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By Akinwale Kasali

With less than 14 months to the 2023 General Election, former Independent National Electoral Commission, INEC, Chairman, Prof. Attahiru Jega, fears the election may not hold if the insecurity issue that has crippled several activities over the years in the country are not addressed soonest.

The former Electoral umpire warned that unless the insecurity challenges ravaging the country are adequately stopped, the 2023 general election may not hold.

Jega made this assertion in Ibadan, Oyo State Capital while delivering a keynote address at the Fourth Senator Abiola Ajimobi Annual Roundtable, and the 72nd posthumous birthday of the former governor of Oyo State, held at the Institute for Peace and Strategic Studies, University of Ibadan.

He lamented that the State of insecurity in the country is worrisome and devastating, urging the Party at the center, the All Progressives Congress, APC and President Muhammadu Buhari to address the situation in earnest as 2023 election fast approaches.

In commemoration of Late Ajimobi’s two Years remembrance, the Senator Abiola Ajimobi Resource Centre,  built by Senator Abiola Ajimobi Foundation in his memory, was inaugurated by Vice President Yemi Osinbajo.

Jega said security was very key to the conduct of any election whose outcome would be acceptable to parties involved.

According to him, insecurity which is ravaging the country poses a serious threat to the 2023 general elections, saying the threats must be effectively tackled to ensure the conduct of the elections.

Jega said, “Unless elections are conducted in an environment that is peaceful and secure, its integrity and even the legitimacy of the outcome of that election will be questioned.

“Security challenges undermine electoral integrity. It constrains or disrupts preparations and conduct of elections and it leads to partial or totally illegitimate electoral outcomes.

“As we look forward to the 2023 general elections, there is increasing apprehension that the pervasive insecurity situation in the country may present a formidable obstacle if not an obstruction to that election.

“If not appropriately and effectively mitigated, security challenges would pose the most serious danger to the integrity of the election process if it evens allows the election to be conducted.”

He added that the 2007 general election was regarded as the most flawed election in the country because security agents either worked at cross-purposes or worked for different masters.

However, wife of late Ajimobi, Florence, who is the president of SAAF, said the Resource Centre was donated as part of the contribution of the Foundation towards giving people access to quality education.

Speaking on the forthcoming 2023 Polls, she said, “Election security and good governance, as a theme, is intended to prepare the grounds for peaceful and proper elections in the country in earnest and substantially eliminate any impediment in our transition processes.

“Consequently, when the process of attaining public leadership status is effectively and transparently harnessed, a better managed country and citizenry emerge, to the delight and satisfaction of all who desire it and the disappointment of those who detest and sabotage it.

“The collaboration strongly believes that our country shall emerge stronger and compellingly more purposeful for its citizenry once the process of assuming leadership is further strengthened and the voice and choice of the people are truly reflected in the quality of managers and management which emanate from the renewed process”, the widow of Ajimobi said.

Prison Official Proffers Solution To Congestion As Ekiti CJ Frees 69 Inmates

By
Ayodele Oni
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0

By Ayodele Oni

The Controller of the Correctional Centre in Ado Ekiti, Mr. Olayemi Ojo, has revealed that the Centre has been overburdened by too many inmates.

Speaking while receiving the Ekiti State Chief Judge, Justice John Adeyeye, who was on a visit to the Correctional Centre, the Controller described the visit as timely as it would help resolving some of the challenges.

According to Mr Olayemi, the facility was designed to accomodate less than four hundred inmates but has  been over-stretched with about seven hundred inmates.

He urged the Chief Judge to encourage Magistrates to make use of Non-Custodial sentences, such as community services, as such will drastically help in decongesting  Correctional Centres.

The Controller promised to make his men available anywhere and anytime the need arises for such services and appealed to the Chief Judge to make the visit a regular exercise.

Justice Adeyeye, in his remarks, appreciated stakeholders in the administration of justice especially the Judges, Magistrates, Lawyers, Police and others for their patient and cooperation.

He urged the released inmates to be of good behaviour as the long hand of the law is awaiting anyone found disrupting the peace of the society.

During the visit, a total of 583 cases were reviewed –  11 females and 527 males. 45 inmates were released unconditionally, 19 were granted bail, four let off on the advice of the Director of Public Prosecutions, Mr. Julius Ajibare for having no case to answer, one struck out while three bail conditions were varied.

The Chief Judge, who was on his first official visit to the Nigerian Correctional Centre, Ado Ekiti, since assumption of duty in June, 2021, lauded the Controller and his men for keeping a clean and healthy environment, thereby making the facility more accommodating and conducive for the inmates.

There have been attacks on Correctional Centres in the country of recent, culminating in the escape of some of the inmates and destruction of facilities at the Centre.

Virtually all the Centres are overcrowded with inmates, with some of them accomodating double the number of inmates, leading, atimes, to outbreak of communicable diseases.

Occassional visits by Chief Judges and ceremonial granting of amnesty by Governors have had little or no impact on the congestion of the centres.

Oyediran Is New Ondo Commissioner Of Police

By
The Source
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Oyediran - Commissioner of Police

The Inspector-General of Police, IGP Usman Alkali Baba, has ordered the immediate posting of CP Oyediran Adesoye Oyeyemi to Ondo State Command as the new Commissioner of Police (CP) in- charge of the State. 

The posting follows the retirement of CP Bolaji Amidu Salami, the erstwhile Commissioner of Police in the State, having meritoriously completed the statutory years of service in the Nigeria Police Force.

The new Commissioner of Police, CP Oyediran, who was until this deployment the Commissioner of Police in charge of the Railway Police Command, was appointed into the Nigeria Police Force in 1990. He holds a BSc (Hons) in Psychology from the University of Ibadan. He has attended several tactical and leadership courses within and outside Nigeria including Strategic Leadership and Command Course (SLCC), Police Staff College, Jos; Strategic Action on Kidnapping and Hostage Taking (UN Senegal), amongst others. He has also served in various operational, investigative, and administrative capacities in Edo, Ogun, Oyo, Ebonyi, Akwa-Ibom States Commands.

The IGP charged the new Commissioner of Police to bring his vast administrative, operational and intelligence gathering experience to bear, in consolidating and improving on the achievements of his predecessor, towards ensuring increased public safety and security of lives and property in Ondo State. He further called on the Government and good people of Ondo State to give the new Police chief maximum support and collaboration in his new role.

His posting, according to CP Frank Mba, Force Spokesperson, is with immediate effect. 

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