Allegations of money laundering, tax evasion trail Rev. Mother Ajayi’s suspected ban from UK

Who is after Reverend Mother Esther Abimbola Ajayi, the General Overseer of Love of Christ (LOC) Generation Church, United Kingdom? This is the mind-boggling question that has been troubling many of her admirers and followers. The highly revered evangelist, preacher, motivational speaker and philanthropist has become a subject of derision among some Nigerians living abroad, especially in the United Kingdom, where her church is based. The church, which sources said is small, is reportedly located in Clapham, London. Sources disclosed that Iya Adura, as Rev’d Mother Ajayi is fondly called,…

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Rivers Crisis: Fubara vows to resist supporters arrest, holds security council meeting

Governor Siminalayi Fubara of Rivers State, on Tuesday, convened a high-level security council meeting with heads of security agencies. The security meeting, which took place at the Government House in Port Harcourt, the state capital, was in response to escalating political tension in the state following the expiration of the tenure of the local government chairmen in the state. The closed-door session focused on recent disturbances at local government secretariats and the overall security situation in the state. Addressing reporters after the closed-door meeting, Fubara said the meeting with the…

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June 12: MKO Abiola’s family on fire as Kudirat’s son accuses Simbiat’s son of incompetence and betrayal of father’s legacy

Abdulmumuni Abiola, a brother to Kola Abiola and son of the winner of the June 12, 1993 presidential election, the late MKO Abiola, has criticised the poor handling of his father’s legacies. He expressed his disappointment in the podcast MIC ON with Seun Okinbaloye, released Saturday night. He also blamed Kola, Abiola’s eldest son, who he said was in a position to hoist his father’s legacy but failed to do so. This is as he alleged that Kola, who could have carried on with his father’s struggle, was in a…

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Lagos Police rescues Fouani brothers

The Lagos State Police Command says the abducted Fouani brothers and two others have been rescued in Orugbo Iddo by men of the Marine Police. The spokesperson for the command, Benjamin Hundeyin, made this known via a text message on Tuesday. According to him, the brothers identified as Abbas Fouani, Youssef Fouani, and Amtal Fouani, who were abducted on June 14 around 6pm in Lagos were rescued last night. One of the brothers is the Managing Director of Fouani Nigeria Limited that specialises in electronics and is the sole distributor…

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UniBen’s fresh graduate beaten, raped to death by unknown assailants

A female student of the University of Benin (UNIBEN) identified as Adekolore Idowu Glory has been reportedly raped to death. Glory, 22, a recent graduate of the university, was said to have been beaten and raped to death at Iyowa Community, Benin City on June 13. In an X post, a user who identified as Glory’s brother said unknown men attacked her while she was on her way back home from school. Glory, who graduated in April this year, was said to have been processing her clearance when she was…

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Cholera Outbreak: These are what you need to know

Recently, the Nigerian government confirmed the outbreak of cholera in parts of the country, including Lagos State. Laboratory investigations and test results in Lagos have however confirmed that the current outbreak is associated with the Cholera subtype known as Serovars O1. The identified Cholera strain according to the Lagos State Health Commissioner, Akin Abayomi, is “highly aggressive and contagious, with the potential for widespread” concerns, heightened by the rainy season. As of Sunday, data provided by Mr Abayomi on his Instagram account revealed that the state had recorded 350 suspected…

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Lagos battling with highly contagious cholera strain -Health Commissioner

Dr. Akin Abayomi, the Lagos State commissioner for health, says the state government is battling a strain of cholera described as highly aggressive and contagious. On Sunday, Abayomi said Lagos has recorded 17 confirmed cases of cholera and 15 fatalities so far. He said laboratory investigation has confirmed the strain to be cholera sub-type O-1, adding that the subtype is associated with more severe diseases. On Monday, in a post on X, Abayomi said the identified strain is “highly aggressive and contagious, with potential for widespread dissemination”. Abayomi said through…

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Peter Obi’s pillar of support visits First Lady, days after wearing Tinubu’s styled cap

Former President Olusegun Obasanjo visited the first lady Oluremi Tinubu, in Lagos on Monday, on the occasion of the Eid-el-Kabir celebration. Busola Kukoyi, media aide to the first lady, shared the picture of Oluremi and Obasanjo in a post published on X. “Former President of the Federal Republic of Nigeria Chief Olusegun Obasanjo and the First Lady of the Federal of Nigeria Senator Oluremi Tinubu after receiving the Former President who came felicitating on the Sallah Celebration on Monday 17th June,” Kokoyi wrote on X. Former President of the Federal…

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You are not my son, Oba of Benin chides LP candidate, Akpata over wrong claim to the Palace

The Oba of Benin, His Royal Majesty Oba Ewuare II, has publicly corrected Labour Party gubernatorial candidate Olumide Akpata for claiming to be a “son of the Palace”. Akpata, during a recent meeting with the monarch repeatedly referred to himself as a “son of the Palace” in both English and the local dialect. The Oba, however, swiftly dismissed his assertions, explaining that he had instructed one of his chiefs to verify Akpata’s claims. He added that his investigation revealed that Akpata has no direct or distant links to the Palace.…

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Emir Sanusi holds dubar to Celebrate Sallah

The 16th Emir of Kano, Alhaji Muhammadu Sanusi II, held a Sallah durbar in Kano as part of activities marking the celebration of Eid el Malud. The action was in defiance of the ban by the Kano State Police Command banning the event usually held after the Sallah prayer due to the tension generated by the removal from office of Emir Aminu Ado Bayero and the re-installation of Emir Muhammadu Sanusi. The Emir had earlier led Eid prayer and sermon at the Kofar Mata Jumu’at mosque. The Eid prayer was…

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SEC warns Nigerians over Davido’s crypto token

The Federal Government has warned Nigerians against investing in the crypto token of music star, David Adeleke, better known as Davido. Last month, Davido announced the launch of the crypto token or memecoin inspired by himself. The digital currency, known as “Timeless Davido” ($DAVIDO), sparked excitement among the singer’s fans and supporters. Davido worked with the main blockchain platforms Phantom and Solana to complete the proposal. Initially, $DAVIDO skyrocketed, hitting a market cap of $10 million in four hours and gaining momentum on DEX Screener. The jubilation was however short-lived,…

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Why NPF rejected newly recruited constable list – Adejobi

The Nigeria Police Force (NPF) says the ongoing police constable recruitment was marred by alleged corruption and irregularities. In a statement released on Saturday, Muyiwa Adejobi, force spokesperson, said the NPF has dissociated itself from the recent list of successful candidates published by the Police Service Commission (PSC). The force spokesperson said the NPF had been “inundated with a series of complaints and allegations of corruption raised by unsuspecting candidates and stakeholders on the irregularities that marred the exercise most especially the disappearance of the names of screened candidates who…

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Finidi steps down as Super Eagles Coach

has stepped down as coach of the Super Eagles. This was made known by ex-Super Eagles media officer, Toyin Ibitoye in a post on X.com on Saturday. He wrote, “News just in. Finidi George #FinidiGeorge_FG has resigned from his #NGSuperEagles manager position.” The resignation follows the Nigeria Football Federation’s (NFF) decision to appoint a foreign coach to oversee him, despite his recent appointment in May. George, 53, took the reins after Jose Peseiro’s contract ended in February, having served as his assistant for 20 months. However, the team’s disappointing performance…

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Popular businessmen, Fouani brothers kidnapped in Lagos, boat found in Ikorodu as kidnappers demand $150m

Three brothers and members of the Fouani family, owners of Fouani Nigeria Ltd have reportedly been abducted in Lagos state. Fouani Nigeria Ltd specialises in electronics and is the sole distributor of LG, Hisense and Maxi products in Nigeria. The brothers, Abbas Fouani, Youssef Fouani and Amtal Fouani were said to have been abducted around 6pm on Friday. The were reportedly kidnapped while traveling on a boat from Apapa to Victoria Island. Details of the incident are still sketchy as at the time of filing this report. However, when contacted,…

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Deposed Emir, Bayero wins case against Kano govt, gets N10m for damages

Alhaji Aminu Ado Bayero the deposed Emir of Kano has defeated the Kano state government in a case of rights of movement and freedom to civil liberty instituted against the government. The Court upheld the rights of movement and freedom to civil liberty of the deposed Emir of Kano, Alhaji Aminu Ado Bayero and asked the Kano State Government to pay N10m damages to the 15th Emir. In his judgment, the Presiding Judge of the Federal High Court 3, Justice Simon Amobeda, on Friday, upheld the applicant counsel’s withdrawal of…

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Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion. The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who…

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FG declares Monday, Tuesday as public holidays

The Federal Government has declared Monday, June 17 and Tuesday, June 18, 2024, public holidays to mark this year’s Eid-el-Kabir festival. In a statement on Friday signed by the Ministry of Interior’s Permanent Secretary, Dr Aishetu Ndayako, quoted the minister, Olubunmi Tunji-Ojo, as congratulating all Muslim Ummah both at home and in the Diaspora on the occasion. Tunji-Ojo called on the Muslim Ummah to continue to imbibe the spirit of peace, kindness and sacrifice, as exemplified by Prophet Ibrahim (Peace be upon Him) and to also use the period to…

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FirstBank partners International Women’s Society to empower women

First Bank of Nigeria Limited has partnered with the International Women’s Society (IWS) to empower over 250 widows, in commemoration of the 2024 International Widows’ Day. The News Agency of Nigeria (NAN) reports that beneficiaries at the Lagos event, tagged “IWS Widows Feast and Empowerment Programme”, received various essential tools, equipment and grants. The items distributed were sewing machines, freezers, coolers, hair dryers, cake mixers, industrial cooking gas, generators, and freezers to help the widows establish and sustain their businesses. Ms Lande Atere, Chief Customer Experience Officer, FirstBank, said that…

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A failed attempt to trigger a run on banks

As market sentiment remains highly volatile and driven by news flow, banks liquidity levels can become vulnerable due to spread of inaccurate information. As Nigerian banks put finishing touches to their recapitalisation plans as directed by the Central Bank of Nigeria (CBN), industry watchers have seen how social media mercenaries and their hirelings are deliberating distorting the truth and pushing campaigns that spread false information which could result in deposit outflows from their targeted banks. Earlier this month when the Central Bank of Nigeria (CBN) revoked the banking licence of…

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Dangote refinery to upgrade fuel storage capacity, generating 1,500 megawatts power

The President of the Dangote Group, Alhaji Aliko Dangote, says it is expanding the storage capacity of his refinery by 600 million litres. This, according to him, will enable the refinery to have a storage capacity of 5.3 billion litres. The Dangote Petrochemical Refinery refinery currently has 4.78 billion litres of storage capacity for refined petroleum products. Dangote spoke at the Afreximbank Annual Meetings and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas on Wednesday. The billionaire alleged that international oil companies refused to sell crude oil to his…

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Tinubu to celebrate Sallah, holidays in Lagos

The President, Asiwaju Bola Ahmed Tinubu will depart Abuja, the nation’s capital, for Lagos on Friday, where he would celebrate the Eid-el-Kabir festival. In a statement on Friday by his spokesman, Ajuri Ngelale, Tinubu will observe Eid-el-Kabir in Lagos, where he will also spend the Sallah holidays. It added that the President will mark the occasion with prayers and reflection on advancing the transformation of Nigeria in line with his Renewed Hope Agenda. The Sultan of Sokoto, Sa’ad Abubakar, declared Sunday, June 16, as Eid-el-Kabir day after affirming that Friday…

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World Bank approves $2.25bn loan for Nigeria

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has announced that the World Bank has approved two financial support packages valued at $2.25 billion for Nigeria. Edun, in a statement issued by the ministry’s spokesperson, Mohammed Manga, said the loan approval was part of President Bola Tinubu’s ongoing efforts to stabilise the economy, reposition it for sustained and inclusive growth, and provide urgent support to the poor and vulnerable. He listed the approved loans to include $1.5 billion for the Nigeria Reforms for Economic Stabilization to…

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Akwa Ibom Gov., Umo Eno sacks Special Duties’ Commissioner

Akwa Ibom State Governor Umo Eno has relieved the Commissioner for Special Duties, Dr Bassey Okon, of his appointment with immediate effect. This was disclosed in a statement issued by the Secretary to the State Government, Enobong Uwah, on Monday, June 10, 2024. Uwah, who did not give reasons for the commissioner’s sack, directed him to hand over all state government property in his possession to the permanent secretary. NNPCL, NOSL begin oil production in Akwa Ibom He thanked Okon for the period he served Akwa Ibom State and wished…

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Alleged Sexual Harassment: HoS suspends Foreign Affairs’ Perm. Sec.

Mr. Folasade Yemi-Esan, the Head of Service of the Federation has ordered the suspension of the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Ibrahim Lamuwa, over alleged sexual harassment. The senior civil servant was accused of serial sexual harassment by a married female employee of the ministry, Simisola Ajayi. Ajayi accused in a petition dated May 29, 2024, and addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar. Ajayi, in the petition filed by her lawyer Femi Falana (SAN), said multiple instances of harassment allegedly by Lamuwa…

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2027: ‘I have no deal with el-Rufai’ -Akpabio

Godswill Akpabio, Nigeria’s Senate President has denied any intention to contest the 2027 presidential election alongside the immediate past governor of Kaduna State, Nasir El-Rufai. He made this known in reaction to posters circulating in some parts of Kaduna associating him with a political ambition ahead of the 2027 presidential election. A statement issued by the Senate President’s Special Adviser on Media and Publicity, Eseme Eyiboh, on Wednesday, June 12, 2024, read: “We want to state in very clear and unequivocal terms that Senator Godswill Akpabio does not have any…

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Tinubu names Tanimu Yakubu as DG, Budget Office

The President, Asiwaju Bola Ahmed Tinubu, has approved the appointment of Mr. Tanimu Yakubu as the Director-General of the Budget Office of the Federation. Yakubu’s appointment follows the expiration of the tenure of Mr. Ben Akabueze. The Presidency announced the appointment in a statement issued on Thursday, June 13, 2024. The new DG Budget Office, an accomplished economist, was Chief Economic Adviser to late President Umar Yar’Adua from 2007 to 2010. Yakubu was Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria from 2003 to 2007, and Commissioner…

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NDDC offers Heritage Bank’s head office, other assets for sale

The Nigeria Deposit Insurance Corporation has listed the head office in Lagos and branches of failed Heritage Bank across the country for sale in its role as liquidator of the bank. NDIC announced the sale of the bank properties numbering 48 and its chattel including vehicles, office equipment, plant, and machinery in another 62 locations across the country in an advertorial on Thursday. “The Nigeria Deposit Insurance Corporation in the exercise of its right as Liquidator of failed Deposit Money Banks hereby invites interested members of the general public to…

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Video: I only ‘dobale’ for democracy, Tinubu reacts to slip on June 12 anniversary

The President, Asiwaju Bola Ahmed Tinubu has reacted to the trending video of him tripping at Eagle Square in Abuja on Wednesday, saying democracy is worth falling for. Tinubu missed a step while climbing the vehicle for a parade at Eagle Square in Abuja during an event for the 2024 Democracy Day. But he quickly regained his balance and continued with the activities for the day. Speaking about the incident during a day to mark the day, Tinubu joked about the incident and said that he had only “dobale” –…

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Powerful oil mafia attempted to sabotage my refinery -Dangote

The chairman of Dangote Group, Aliko Dangote, has revealed that some local and international criminal organisations, which he described as “mafia”, made repeated attempts to sabotage his $19bn refinery project located in Lagos. Dangote while speaking at the Afreximbank Annual Meetings, likened the oil cartels to a mafia stronger than the drug mafia, hell-bent on maintaining their grip on the industry. “Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, are stronger than the mafia in drugs. I can tell you…

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Tinubu praises Tolarams Group for faith in Nigeria’s economy

President Bola Ahmed Tinubu has commended the Indonesian business conglomerate, the Tolaram Group, for believing in Nigeria and having absolute faith in her economy. Tolaram, which partnered Nigeria to build the Lekki Free Trade Zone and the country’s first deep sea port, has acquired Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc. According to an announcement at the Nigerian Exchange on Tuesday, 11 June, 2024, Tolaram will also enter into long-term license and royalty agreements for the continued production of the Guinness products and its locally manufactured Diageo ready-to-drink…

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MIPAD names Onyeali-Ikpe among Global Top 100 Trade Champions of African Descent Worldwide

Nigeria – In acknowledgment of her outstanding impact on global trade, Dr. Nneka Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc, has been recognized as one of the honorees in the 2024 Most Influential Global Top 100 Export and International Trade Edition. Themed, “Championing the Vision of Global Africa as a Unified Economic Block and Single Market,” the initiative which was announced on May 25, 2024 in celebration of Global Africa Day, lists several leaders in the global trade space of African descent, including the…

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How Emefiele disobeyed Buhari over Naira redesign -Ex CBN Director

Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has been accused of printing naira notes different from the design approved by former President Muhammadu Buhari. Ahmed Umar, a former director of currency operations at the apex bank, testified before a federal capital territory (FCT) high court in Abuja on Tuesday. Umar said the CBN Act requires that recommendations be made from the board of directors to the president for approval on the form of design and device in any currency. The witness told the court that the…

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Edo Gov., Obaseki at loggerheads with Oba of Benin over ban on Okaighele

The Edo State Governor, Godwin Obaseki, is on a collision course with the Benin monarch, Oba Ewuare, II after insisting that the ban on Okaighele (community youth leaders) activities in seven local governments in Edo South Senatorial district is still in force. The Oba of Benin Palace had on June 7, 2024, kicked against the ban by the Edo State Government. While addressing the Okaigheles who protested to Palace, Chief Osaro Idah, the Obazelu of Benin, who spoke on behalf of the monarch, had said Okaighele is not something that…

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FG warns of job loss, dire economic consequences as labour disowns agreement on minimum wage

The Federal Government on Wednesday admonished organised Labour to consider the broader economic implications of its push for an unrealistic higher national minimum wage. The Minister of Information and National Orientation, Mohammed Idris, who handed down the admonition, hinted that the N250,000 minimum wage demanded by labour could undermine the economy, lead to mass retrenchment of workers and jeopardise the welfare of Nigerians. However, the labour unions refuted President Bola Tinubu’s claims during his Democracy Day broadcast on Wednesday that an agreement had been reached on the new national minimum…

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$6bn Mambila Power Fraud: Witness narrates how Agunloye collected N5.2m from contractor

A prosecution witness in the ongoing alleged $6 billion Mambila Power Project fraud, by the Economic and Financial Crimes Commission has narrated how former Minister of Power and Steel, Dr. Olu Agunloye, received multiple transfers totaling N5.2 million from one Mr. Jide Sotirin, an employee of Sunrise Power and Transmission Ltd. An EFCC statement on Thursday via X noted that the revelation came during Agunloye’s trial before Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, where he faces seven-count charges bordering on official corruption and…

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Read Pres. Tinubu’s 2024 Democracy Day speech

The President, Asiwaju Bola Tinubu on Wednesday, delivered the 2024 Democracy Day speech, addressing a variety of issues affecting the country. Read the full text below: My fellow Nigerians, let me begin by congratulating all of us for witnessing the celebration of another Democracy Day today, the 12th day of June 2024. This year also marks our nation’s 25 years of uninterrupted democratic governance. Going through this passage was hard and dangerous. During the fateful six years that followed, we fought and struggled for our natural rights as human beings…

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Alleged Sexual Harrasement: Amb. Lawuma’s victim narrates ordeal

A married employee of the ministry, Simisola Fajemirokun Ajayi, had disclosed the excesses of the permanent secretary in a petition to the Minister, through her lawyer, Femi Falana (SAN). Ajayi urged Tuggar to investigate the permanent secretary. The petition titled, “Request For An Investigation Of Amb. Ibrahim Lamuwa’s Conducts Of Sexual Harassment At The Place Of Work, Abuse Of Office Official Intimidation And Discrimination,” was signed by Adebayo A. Oniyelu LP for Falana & Falana’s. While narrating how the Permanent Secretary has been harassing her, the counsel reminded the minister…

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Foreign Affairs minister Amb. Yusuf Tugar writes HoS over Perm Sec’s alleged sexual harassment of female staff

Ambassador Yusuf Tugar, Minister of Foreign Affairs, has written a letter to the Head of Service of the Federation, Folasade Yemi-Esan, wherein he alleged that his Permanent Secretary, Ibrahim Lamuwa, had sexually harassed a married female staff member of the ministry. In the letter dated May 27, Tuggar said he felt it necessary to write to her following the “gravity of the matter”, urging Yemi-Esan to handle it accordingly. The minister added that he would provide any assistance required for the head of service to discharge her duties. A married…

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Video: And the President slipped

The President Asiwaju Bola Ahmed Tinubu on Wednesday slipped while boarding the parade vehicle at the venue of the 2024 Democracy Day. The President had approached the vehicle shortly after he arrived at the Eagles Square, Abuja venue of the programme. The President stepped on the edge of his agbada and slipped, losing his footing momentarily as he was about to step into the vehicle. Tinubu quickly regained his balance and continued with the proceedings. The event at Eagles Square was part of a series of events to mark the…

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GTCO NOTICE OF PROPOSED OFFERING

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL LAGOS, Nigeria, June 11, 2024. This notice is issued in reliance on Rule 283 of the Rules & Regulations of the Securities & Exchange Commission, Nigeria. This notice does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus…

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Sanwo-olu elected S/West Governors’ Forum chairman

South West Governors on Monday, 10 June, 2024 elected Lagos State Governor, Babajide Sanwo-Olu, as the Chairman of Governors’ Forum. Sanwo-Olu’s election took place during a closed-door meeting in Lagos on Monday, 10 June, 2024 which was attended by all six governors from the South West States. He succeeded the late Ondo State governor Oluwarotimi Akeredolu who served as the forum’s chairman until his passing on December 27, 2023…

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Fidelity Bank leads trading as equities gain N324b

Fidelity Bank Plc was the most active stock on Monday, 10 June 2024 at the Nigerian stock market as a strong positive sentiment led Nigerian equities to a net capital gain of N324 billion in the first trading session of the week. The market opened with widespread positive sentiment as investors sought to lock into value stocks in the high-end sectors of oil and gas, construction and manufacturing. With three gainers for every loser, the market closed with average return of 0.58 per cent, equivalent to net capital gain of…

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N60k minimum wage too high -Nigerian Governors Forum

Governors of the 36 states of the federation have rejected the N60,000 minimum wage earlier proposed by the Federal Government. The Director Media and Public Affairs of the Nigeria Governors’ Forum (NGF), Hajiya Halimah Salihu Ahmed, disclosed this in a statement on Friday. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), on Monday embarked on an indefinite strike action after rejecting the federal government’s N60,000 offer as minimum wage. But they later announced that they would relax the strike action for one week to give…

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Autopsy reveals cause of Mohbad’s death

The autopsy report on the late singer, Ilerioluwa Aloba, popularly known as Mohbad, has revealed drug reaction as a possible cause of his death. According to The Cable, the autopsy and toxicology test, which were conducted at the Lagos State University Teaching Hospital, suggested the possibility of a fatal anaphylactic shock or drug reaction as the possible cause of Mohbad’s death. Anaphylactic shock is a severe allergic reaction that can be life-threatening. According to the report, the hospital retrieved samples of the late singer’s gastric contents, blood, bone marrow, liver,…

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Consumer Court fines Multichoice N150m, orders one month free DSTV/GoTV subscription to customers

The Competition and Consumer Protection Tribunal on Friday fined Multichoice Nigeria, the owners of DSTV and GoTv services, the sum of N150 million for disobeying its orders, which restrained the pay-TV company from increasing its monthly subscription pending the determination of the suit brought before it. The tribunal also ordered the pay-TV company to provide its Nigerian customers with a one-month free subscription to its DStv and GOtv packages. Recall that the tribunal had previously ordered Multichoice not to increase its subscription fees without proper notice, following a lawsuit filed…

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FIRSTBANK WINS 2024 BEST SME BANK IN NIGERIA AND BEST SME BANK IN AFRICA BY ASIAN BANKER AWARDS

Nigeria’s premier financial institution and financial inclusion services provider has bagged two awards: Best SME Bank in Africa and Best SME Bank in Nigeria at the highly converted Asian Banker Global Excellence Retail Awards 2024. The Excellence in Retail Finance Awards Programme, which includes the Global Excellence in Retail Finance Awards and The Annual Digital Bank Awards, is one of the most established awards of its kind, recognising exceptional innovation, leadership, management, and performance in the financial sector. The 130-year-old institution bagged these two awards because of its full suite…

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The Remarkable Journey of Access Holdings

This year marks 22 years since two young Nigerian bankers – AigbojeAig-Imoukhuede and Herbert Wigwe – bought a small, nondescript bank and turned it into one of the biggest financial institutions on the continent with footprint also established in Europe and Asia. It was on March 22, 2002, that the two walked into Plot 1669 Oyin Jolayemi Street, Victoria Island, Lagos, which was then the corporate headquarters of the bank to assume duty and full control as the Managing Director and Deputy Managing Director. The acquisition process had taken about…

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Fidelity Bank shops for N127.1bn combined offer to increase share capital base

Fidelity Bank Plc has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by way of a Rights Issue to existing shareholders and a Public Offer (the “Combined Offer”). The Combined Offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (“CBN”) on 28 March 2024. Overall, the Bank expects that the capital raised would support…

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IBEDC: How boardroom squabbles brought down a high flier

Although the Asset Management Company of Nigeria (AMCON) cited the indebtedness of Ibadan Electricity Distribution Company’s core investors, Integrated Energy Distribution and Marketing Limited (IEDM), to Polaris Bank as the reason for its takeover of IBEDC, the real cause of the company’s current quandary was the zero-sum game embarked upon by the two principal partners of the company. Sulaimon Olanrewaju reports. Barely two months after the Abuja Electricity Distribution Company (AEDC) was taken over by a bank sequel to its inability to live up to its debt repayment terms, the…

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Minimum Wage: Truce as FG offers to pay more than 60k, labour agrees to suspend strike

The Federal Government and organised labour have agreed on the fixing of a new minimum wage that is above N60,000. The agreement was reached at the end of a meeting held on Monday between leaders of the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), and representatives of the Federal Government. The Federal Government called the meeting after labour commenced an indefinite nationwide strike on Monday to demand a living wage. The Secretary to the Government of the Federation (SGF), Senator George Akume, who read the resolutions of the…

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