News & Announcements

FBN Holdings Plc, the holding company of First Bank Nigeria Limited, has confirmed Mr. Tunde Hassan-Odukale as the single-largest shareholder.
The bank said with 5.36 percent equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with a 5.07 percent stake in the Group.

Both Odukale and Otedola are disclosed as the only two substantial shareholders, who have more 5% equity interest in FirstBank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX).
In a letter addressed to the Director-General of the Nigerian Exchange Limited, FBN Holdings notified the Bourse that Hassan-Odukale holds a cumulative of 5.36 percent of the Group, while Otedola holds a total of 5.07 percent, of the Group’s issued share capital.

While the letter may have been meant to be addressed to the Chief Executive Officer of NGX, the Exchange has since changed the designation of its leadership to Chief Executive Officer to reflect its private structure.
This suggests that there may have been more scheming behind the scene than mere disclosures of the two substantial shareholders, Odukale and Otedola, as disclosed by FBN Holdings.

There is no clarity as to the timing of the acquisition of the shares by Odukale and his related entities, especially as the disclosure of FBN Holdings in its financial statements for the period ending June 30, 2021, does not enlist Odukale as a substantial shareholder.

There may have been undue delay in the disclosure, which run ultra vires to relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and 10 days of acquiring such equity interest, according to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, respectively.

The letter was written by Seye Kosoko, the Company Secretary, was a response to the NGX’s request for clarification on the rationale for arriving at Odukale’s ownership, especially as holdings by entities like Leadway Pensure were added to its “cumulative stake” in the Group, even as Leadway Pensure is a pension fund administrator holding assets, including shares in companies, on behalf of the pension contributors, who are the ultimate beneficial owners of the assets.

In the letter, Kosoko, FBN Holdings defined “substantial shareholders” to mean “shareholders with 5% and above shareholdings”.
Last weekend, a rumble for the control of Nigeria’s oldest bank erupted with initial media reports saying Otedola had acquired a controlling stake in the bank.

Odukale and Otedola may have acquired substantial interests in FBN Holdings, neither of them has controlling interest yet, either from an accounting or statutory perspective.

While the bank initially said it had not been informed about Otedola’s significant acquisitions in its shares, it later confirmed the reports and indicated that he had actually amassed as much as 5.07 shareholding in FBN Holdings Plc.

The struggle may have just started and perhaps an indication of an eventful Annual General Meeting ahead for FBN Holdings.

Interestingly, the regulator, the Central Bank of Nigeria, seems to have been silent on the matter at this time, perhaps watching for more events to unfold.

The shares of FBN Holdings remain one of the most liquid counters on the NGX, with a total of 75.46 million units traded at a value of N898.01 million some 28.04 percent of the total N3.20 billion value of transactions conducted on the NGX for the da

A woman, identified only as Ebere, has succumbed to the injuries she sustained when her husband allegedly set their apartment ablaze during a fight. The incident happened on Ifesowapo Street, Asolo-Agbede, in the Ikorodu area of Lagos State.

JomogNews Nigeria gathered that the couple was at home when an argument ensued between them, which degenerated into a fight.
Out of anger, the husband allegedly locked Ebere inside the apartment and set it ablaze.

Ebere was said to be shouting and writhing in pain when her husband, who could no longer bear his wife’s cry, attempted to open the door. It was learned that as he opened the door, the intensity of the fire caught up with him.
The victim, who suffered severe burns in her hand, chest, and other parts of her body, was rushed to a hospital where she died. During a visit to their residence on Saturday, a neighbor, who spoke on condition of anonymity, said he was sitting at his passage when Ebere suddenly ran downstairs, sat on the floor, and wriggled in pain on October 9, 2021.

“We only saw that her hands were burnt; she was telling us to rush her to a hospital. So, we rushed her to the Aduraking Hospital and Maternity. It was when we got there that I discovered that her chest was also burnt. From there, she was referred to the Ikorodu General Hospital.

“The hospital used an ambulance to convey her to the Lagos State University Teaching Hospital, where she was admitted for treatment. After struggling for survival, she died a week after being hospitalized at LASUTH.
“Since then, we have not seen her husband. We learned that he was also burnt and was receiving treatment in another hospital. No one knew anything was happening until his wife rushed downstairs with burnt hands. I don’t know the cause of the fight, but I have been reading different stories online,” the neighbor said.

A Toyota Camry car reportedly belonging to Ebere’s husband was parked at the front of the couple’s residence.

A source in the area told our correspondent that the fight between the couple bordered on allegations of infidelity.
“The fire also affected the husband. His wife, who was inside the building, could not survive the injuries she sustained when she got burnt. It was the husband that used petrol to set their apartment ablaze,” the source added.
The state Police Public Relations Officer, CSP Adekunle Ajisebutu, said the case was not reported to the police.

He said, “I just called the Owutu Divisional Police Officer, and was told that no case of such was reported.”

The World Bank has blacklisted 18 Nigerian individuals and firms for engaging in corrupt practices, fraud and collusive practices in its 2021 the fiscal year 2021, a new report has revealed.
A list of debarred individuals and firms was presented in a new annual report titled World Bank Group Sanctions System FY21.
The debarments were made by the World Bank Sanctions Board, World Bank Chief Suspension and Debarment Officer and the African Development Bank.

The debarments made by AfDB were recognised by World Bank, making the affected firms to be barred under the cross-debarment policy.
Based on the World Bank Sanctions Board’s decision, Mr. Elie Abou Ghazaleh and Mr. Fadi Abou Ghazaleh, alongside their firm, Abou Ghazaleh Contracting Nigeria Limited, were debarred for six months for collusive practices.

Based on the decision of the World Bank Chief Suspension and Debarment Officer, a Nigerian firm, Swansea Tools Resources, was debarred for fraudulent practices for two years and 10 months.
Referred to under Sanctions Case No 651, it was disclosed that the firm misrepresented its past experience in its bid for a road maintenance contract.

The report read in part, “The SDO determined that the respondent, a Nigerian firm, engaged in fraudulent practices by misrepresenting its past experience in its bid for a road maintenance contract under state employment and expenditure project in Nigeria. The SDO imposed on the respondent a debarment with a conditional release for a minimum period of two years and 10 months. 

As a mitigating factor, the SDO considered the respondent’s limited cooperation with investigators, noting that the respondent produced documents and agreed to be interviewed but did not accept responsibility for the misconduct.”
Another Nigerian firm, Juckon Construction and Allied Services Nigeria Limited was debarred for corrupt practices for three years. Referred to under Sanctions Case No 649, it was disclosed that the firm made improper payment to a public official.
The report read, “The SDO determined that the respondent, a Nigerian firm, engaged in corrupt practice by making an improper payment to a public official in connection with the award and/or execution of two waste management and refuse collection contracts under a state employment and expenditure project in Nigeria. The SDO imposed on the respondent a debarment with a conditional release for a minimum period of four years.”

A Nigerian, Ms. Okafor Glory, was debarred for fraudulent practices for four years, while the firm involved, Unique Concept Enterprises, was debarred for five years for same reason.
Another Nigerian firm, Asbeco Nigeria Limited, was debarred for five years for corrupt practices.
The matter which involved Ms. Glory and the firm, Unique Concept Enterprises, was presented under Sanctions Case No 691.
It read in part, “The SDO determined that the respondents, a Nigerian firm and a Nigerian citizen, engaged in fraudulent practices by submitting false documents in connection with two refuse collection and disposal contracts under a state employment and expenditure project in Nigeria. In particular, the SDO found that: (i) the corporate respondent submitted a falsified income tax clearance certificate in its bids for the contracts; and (ii) both respondents submitted a falsified advance payment guarantee in connection with the execution of one of the contracts.

“The SDO imposed on the corporate respondent a debarment with a conditional release for a minimum period of five years. On the individual respondent, the SDO imposed a debarment with a conditional release for a minimum period of four years. As aggravating factors, the SDO considered that (i) the corporate respondent engaged in a repeated pattern of misconduct, and (ii) the individual respondent was the managing director of the corporate respondent.”
The matter which involved Asbeco Nigeria was presented under Sanctions Case No 675.

It read in part, “The SDO determined that the respondent, a Nigerian firm, engaged in corrupt practices in connection with an erosion control contract under an erosion and watershed management project in Nigeria. Specifically, the SDO found that the respondent (i) made a payment of N2m (approximately $12,000) to the project’s engineer to influence his actions in connection with the procurement and/or execution of the contract, and (ii) made a facilitation payment of N50,000 (approximately $160) to the project’s cashier to influence her actions in connection with the execution of the same contract.

“The SDO imposed on the respondent a debarment with a conditional release for a minimum period of five years. In determining this sanction, the SDO considered as aggravating factors the respondent’s (i) engagement in a repeated pattern of corrupt activity and (ii) interference with INT’s investigation, noting in particular that the respondent engaged in acts intended to materially impede the exercise of the Bank’s contractual audit rights.”

Based on the World Bank’s Sanctions Board Decision, A.G. Vision Construction Nigeria Limited was debarred for fraudulent practices and collusive practices for four years and six months.
Not included in the report is a recent debarment of a Nigerian consultant, Mr Salihu Tijani, who is a consultant for the National Social Safety Nets Project, a project designed to ensure cash transfers to poor and vulnerable households in Nigeria.
Tijani was barred for 38 months for engaging in corrupt practices.
Aside from the firms mentioned so far, there are some firms that were debarred by other multilateral organisations under cross-debarment, which makes them debarred by the World Bank.

Sangtech International Services Limited, Sangar & Associates (Nigeria) Limited, Mashad Integrated And Investment Co Limited, and Medniza Global Merchants Limited were debarred by the AfDB for two years under cross-debarment recognised by the World Bank.
ALG Global Concept Nigeria Limited, Abuharaira Labaran Gero, Qualitrends Global Solutions Nigeria Limited, and Maxicare Company Nigeria Limited were debarred by the AfDB for three years under cross-debarment recognised by the World Bank.

In his opening message in the report, the World Bank Group’s David Malpass stated that the bank had granted over $157bn to assist developing countries, as he emphasised the need for integrity and transparency standards in public finance.
“Since the beginning of the global pandemic, the World Bank Group has deployed more than $157bn in critical assistance to developing countries. The crisis has required us to be rapid and innovative in mobilising this historic support.

“Yet, for these resources to have the needed development impact on the hundreds of millions of people who live in extreme poverty, we must ensure that resources are used efficiently, effectively, and for their intended purposes. And that means remaining vigilant to the scourge of corruption and ensuring that we promote the highest integrity and transparency standards in public finance,” he said.
He further highlighted some of the consequences of corruption, which he said could be devastating.

Malpass said, “The negative impacts of corruption on lives and livelihoods are well known. Corruption diverts scarce development dollars from the people who need them most and corrodes the systems and services that are integral for reducing extreme poverty.
“Entrenched corruption also comes with greater economic costs for countries, as it distorts public expenditures and leads to inefficient allocations of financing away from productive investments toward rent-seeking activities. And corruption increases the costs of doing business and deters foreign investors from entering new markets.
“As the world moves toward recovering from the pandemic’s damaging impacts, these costs can also restrict the private sector, which plays an important role in revitalizing economic growth and development in our client countries,” he added.

Embattled popular Nigerian songstress, Tiwatope Savage aka Tiwa Savage has reportedly lost four endorsement deals after her $ex tape went viral.

It will be recalled that Tiwa Savage has been trending on social media after her sex tape was leaked into the public domain a few days ago.
Corporate organisations that signed Tiwa Savage on their products as ambassador have reportedly revoked their endorsement arrangements with the singer after her sex tape was published on social media.
The companies include Cadbury, a beverage brand, Pampers, a diaper company, Glo, a network provider, and one other.

This was said to have got to the singer as a piece of bad news “as she is yet to recover from the bad publicity occasioned by the controversial tape.”

South African ex-policewoman Nomia Rosemary Ndlovu has been found guilty of killing five relatives and her boyfriend at the end of a trial that got too many people in the country as a rude shock.

Indeed the incident was seen as unprecedented in the nation.
The six were murdered between 2012 and 2018, most with the help of a hitman, so she could profit from life insurance payouts.
The 46-year-old was eventually caught after a person she hired to kill her sister went to expose her to the police.

Ndlovu is due to be sentenced next month.
The woman was also found guilty of the attempted murder of her mother, Maria Mushwana, as well as insurance fraud after having pocketed an estimated 1.4m rand ($95,000; £69,000).

During the three-month trial, the prosecution revealed how she had systematically arranged life and funeral insurance for her relatives and got them killed.
The first person to be murdered was said to be her cousin, Witness Madala Homu, in March 2012. Then her sister, boyfriend, niece and two nephews were all killed.
Her last victim, Brilliant Mashego, died in January 2018.

In most cases, she reportedly hired hitmen to carry out the murders, but in 2013 she poisoned and strangled her sister Audrey Somisa Ndlovu herself.

The series of murders ended after she approached someone to kill another sister and the sister’s five children in March 2018.
The man she contracted informed the police, who then arranged a sting operation to record her talking about the plans, the Times Live news site reports.

Ndlovu was heard speaking about how she wanted the six to be burnt alive at home saying that she needed the money, Times Live says.
Throughout the trial, Ndlovu maintained her innocence, accusing many of the 50 state witnesses of lying.

But the prosecution produced evidence to show how she had been with most of her victims before their deaths and how she had benefited afterwards.
“The accused was either the last person to see them alive or the first to notice that they were missing,” state advocate Riana Williams was quoted by the AFP news agency as saying.

“She nominated herself as the beneficiary so as to cash in on life and funeral covers.”
The conclusion of the trial was regarded as justice for the victims by observers.

Adele Laurie is shattering the Spotify music app following countless streaming of her song from the audio music company app.

The British songwriter, whose last song was six years ago is currently rattling social media with her new single, “Easy on me”. According to Spotify, the song is record-breaking, streaming within twenty hours. And it is from her forthcoming album launch scheduled for 19^th November 2021. 

The audio company described it as a record-breaking comeback for the music star.

 Whose song in 2015, titled (25), topped the music chart and recorded the highest first-week sales in the U.S and was regarded as the fastest video to reach 1 billion views on YouTube channel.

While Daniel Ek’s Spotify also noted that Adele’s new singles are the most streamed song for a single day in recent time.

Adele, who is known for releasing songs in alliance with her age, also went through a divorce with her husband Simon Konecki in 2019 after seven years together, and they both had a son named Angelo. While reacting to the recent raves Adele, said: “I’m ready to finally put this album out”.

She would further describe it as her “ride or die throughout the most turbulent period of my life.”

After seventy-two days of being housed at the BBN Naija reality TV show Big Brother season 6, came to a classy end as Hazel Oyeye Onou,  aka “Whitemoney” beat Cross, Pere, Angel, Liquorose, Emmanuel, and twenty other housemates to bag a whopping sum of N90M ($219,100.71)

The ‘Shine Ya Eye’ edition of the BBN Naija show was keenly contested, and Whitemoney’s victory did not come as a surprise, according to most viewers taking into cognizance of the wide support he gained from his fans during the three months show

It would be recalled, that the first edition of the popular TV show was staged in 2006 and won by Katung Aduwakwey, and subsequently followed by Efe Ejeba (2017), Miracle Ikechukwu (2018), Mercy Eke (2019), and Laycon in 2020.

Incidentally, Laycon who also won the lockdown edition was on hand to perform at the live show to the admiration of the audience. 

It would be recalled, that WhiteMoney emerged winner in a keenly contested show by earning about 47% of the total vote counts monitored by Deloitte which is also the highest votes on Sunday evening with Liquorose emerging as the first runner up of season 6.

Sierra Leone Gospel industry is set to experience a new wave of change with the 

filming of a new music video for the song titled “Magnificat” by Dr. Williette James who also doubles as one of the Pastors, at the ‘Word of Faith Outreach Ministry’, Freetown, Sierra Leone.

The event recently took place at the Fourah Bay College multi-purpose hall commenced a with red carpet an assembly of some of Sierra Leone’s best gospel artists, family, Clergies, colleagues of Dr. Williette James, and particularly students of the Mass Communications department of (FBC) gathered to show support and sense of love to Dr. (Mrs.) James, with the filming of the video for her first musical song.

The song ‘Magnificat’ typifies hope for everyone ready to receive the word of God and put their trust in God to deliver them. Dr. James, revealed in a chat with La Fete, that the uniqueness of the song differentiates it from other music genres such as Classical, Opera, and contemporary styles of songs. As the song is laced with some African Caribbean beats.

When asked why it took her a long time to get her song out from the burner, DR Williette James, in her response said “I wanted to wait on the Lord for the right time and this is the right time”

While Dr. Kitty Fadlu-Deen, co-founder of Ballanta Academy of Music in Sierra Leone, a personal mentor and a voice trainer to Dr. Williette James described the gospel music debutant as a precious gem in the music industry and further stated that “Dr. Williette is an amazing composer and a performer with a wonderful voice and the song has a very special quality when you listen to it you are transported from one kind of music to another but it blended in such an amazing way”.

Dr. Williette James is married and she is blessed with three children. She is also a lecturer at the Fourah Bay College at the departments of Mass Communication.

The former Tennis court, kid sensation Serena Williams popularly known for her dexterity on the court and fashionable sportswear ensemble Serena Williams turns 40 in style and still possesses her natural beauty charm both on and off the court.

One could easily describe her as one of the most decorated queens of the tennis world, having twenty-three Grand Slam titles in her kitty.

The American-born star also possesses a keen eye for fashion as her style is typically fabulous and bold no wonder she founded her own clothing brand, “Serena”, with creative ensembles, which caught the eyes of many of her fans across the globe.

It is also recalled that Serena Williams is the first black female athlete to grace the cover of the prestigious Vogue magazine.

Oleksandr Usyk made good his promise to beat Anthony Joshua after the twelfth round incessant exchange of punches Anthony Joshua was finally dethroned and made to surrender his collection of belts to the new master of the boxing ring.

Both boxers went round after round while exhibiting theatrical movements’ movement, as they both tried to impose and outshine one another, unfortunately, the British world champion failed to rekindled the traits that made him once a genuine champion.

As he lost his crown through a unanimous decision that clearly shows the scores for a unanimous decision – 117-112, 116-112, and 115-113- And after a pulsating moment in the bout, it was obvious that Anthony Joshua required the attention of his corner to administer treatment to his battered eye.

At the end of the bout, Anthony Joshua was no longer his vivacious self upon arrival to the ground which was visited with roars from his supporters as they all looked sad for his defeat as Usyk put an end to his dominance as the heavyweight champion.