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Niger military junta ignores ECOWAS, names new prime minister

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Former economy minister Ali Mahaman Lamine Zeine has been appointed as the new prime minister of the Niger Republic by the coup’s organisers.

On Monday, August 7, a military junta spokesman released the information.

Lamine Zeine most recently served as an economist for the African Development Bank (AfDB) in Chad. Lamine Zeine previously served as the minister of economy and finance for a number of years in the administration of former president Mamadou Tandja, who was overthrown in 2010.

The Economic Community of West African States (ECOWAS) decided to schedule another meeting to discuss the Niger crisis, which prompted the junta to select Zeine.

The Niger junta was given a seven-day deadline by the Economic Community of West African States (ECOWAS), which included the possibility of military intervention, to reinstate ousted President Mohamed Bazoum.

On Monday, August 7, ECOWAS Chairman and President Bola Tinubu sent a notice of the upcoming meeting in Abuja.

A new Extraordinary Summit of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) has been called to discuss the political situation in the Republic of Niger, according to the announcement. President Bola Ahmed Tinubu, President of the Federal Republic of Nigeria and Chairman of the Authority, was the person who issued the announcement. The Summit will take place on August 10, 2023, in Abuja.

“During the Summit, the ECOWAS Leaders will take into consideration and discuss the political environment and recent developments in Niger.”

Why Senate drop El-Rufai, Danladi, Okotete as ministers

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Yesterday, the Senate decided not to approve the nomination of Stella Okotete from Delta State, Nasir El-Rufai, a former deputy governor of Taraba State, and Sani Abubakar Danladi as members of the proposed Federal Executive Council (FEC).

President Bola Tinubu’s other 45 ministerial nominees received confirmation.

At the conclusion of yesterday’s session, Godswill Akpabio, President of the Senate, announced that the three individuals, whose names were withheld, were awaiting security clearance.

In order to meet the Constitution’s 60-day deadline, Tinubu had to submit the names of 28 nominees to the Senate by July 27, 2023.

Later, he sent another set of 19 and then two more after Mariam Shetty, a candidate from Kano, was replaced.

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TETFUND: Echono’s needless distractions and the way forward

Nine former governors as well as current National Assembly members are among those who have been confirmed.

Additionally, it supported the nomination of Bunmi Tunji-Ojo, a serving member of the National Assembly from Ondo State who was the subject of allegations last week that he had falsified his National Youth Service Corps (NYSC) certificate.

Ojo was defended by some senators who spoke to Senate Correspondents, who identified him as one of the young people the President had identified and nominated.

Tunji-Ojo, who presided over the House Committee on NDDC in the 9th Assembly, led an investigation that resulted in a number of changes to the Commission and forced the Buhari administration to form a new NDDC board.

Festus Keyamo, a former minister of state for labour and employment, is also among the confirmed nominees. Earlier, lawmakers had opposed Keyamo’s nomination due to what they perceived to be unparliamentary behaviour.

Sources did, however, confirm that el-Rufai might have been dropped as a result of numerous petitions against him, including those concerning security and alleging “toxic comments” he made in public that were contrary to “national interest.”

According to a source, there are also allegations against him that he is unreliable and only accepted the ministerial position to advance his bid for the presidency in 2027. He is also viewed as someone who will work against Tinubu’s bid for a second term. He is not a dependable politician in whom Tinubu can have faith.

However, some of President Tinubu’s “wise men” may have felt that his competence and ability to complete any task he was given overcame their political concerns.

Investigations into Okotete’s case revealed that she might have been entangled in a power struggle between Chief James Ibori, a former governor of Delta State, and some APC leaders in Lagos who backed her nomination.

It was learned that Ibori had insisted on former Delta State Peoples Democratic Party (PDP) governorship aspirant David Edevbie as the state’s nominee for a ministerial position, in addition to the NYSC and higher education certificates that petitioners were using to fight against her nomination.

The outcome of the primary caused Ibori and Edevbie to leave the PDP and work for APC candidate and former senate deputy president Ovie Omo Agege, who lost the election. Edevbie lost the primary to incumbent governor Sheriff Oborevwori.

The source stated: “Although Okotete’s certificates have become a problem, Benson Idahosa University has confirmed that she attended the school; however, NEXIM bank, where she worked, has some outstanding issues that need to be resolved. Edevbie is probably going to take her place.

She is also a native of the Delta Central Senatorial District, just like Festus Keyamo, a ministerial nominee who was recently confirmed and the governor of the state.

TETFUND: Echono’s needless distractions and the way forward

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By Yemi Itodo

In recent months, a section of the Nigerian media has been awash with reports protruding the Executive Secretary of the Tertiary Education Fund, TETFUND, Arc. Sonny Echono (OON), into public searchlight in a scathing and damning manner.

The reports purveyed by some faceless groups chiefly through propaganda in few online media, accused Echono of contract racketeering, undue placement of jobs, contract padding and embezzlement to the tune of trillions of Naira (in just one year in office).

Anyone who is acquainted with Echono’s antecedents would reckon that the allegations are laced with falsity. Before he was appointed the Executive Secretary of the Tertiary Education Fund, TETFUND, in March 2022 by the immediate past president, Muhammadu Buhari, Arc. Sonny Echono already acquired a reputation as an unblemished and accomplished technocrat.

Throughout his 35 meritorious years in the Federal Civil Service where he rose to the pinnacle as Permanent Secretary, he has never been roped in any corruption allegation or scandal. It is on record that Echono is one of the few Nigerians to have rejected tenure elongation.

Since Echono’s appointment as Executive Secretary of the Tertiary Education Fund, TETFUND, was well-deserved, given his academic accomplishments and wealth of experience as former President of the Nigerian Institute of Architects and Permanent Secretary, Federal Ministry of Education, the blackmailers could not go their usual route of nepotism and under qualification shouts. So, they resolved to harass and intimidate the innocent man with allegations of corruption in a bid to hold him to ransom.

On May 27, 2023, a faceless group called New Nigeria Movement, in a petition published on SaharaReporters website, asked the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate Echono over “alleged employment racketeering and corruption in office.”

The group in the petition to the then “president-elect” Bola Tinubu and signed by one Abah Okorie, demanded that the Executive Secretary should “account for all funds received and how they were disbursed since his coming into the Fund.”

While these petitions have the handwriting of hired pen thugs, it is, however, important to make some clarifications for the benefit of unsuspecting members of the public.

The appointments or employments they were referring to were the appointments of 46 traditional rulers as Chancellors of Federal Universities and other tertiary institutions across the country. One of such was the appointment of Oba of Benin, Oba Ewuare 11, as Chancellor Bayero University, Kano; Tor Tiv, HRM Prof. James Ayatse, as Chancellor, University Of Benin; Obi of Onitsha, HRM Ofala Nnaemeka Alfred Achebe, as Chancellor, Ahmadu Bello University, Zaria; Etsu Nupe, HRM Alhaji (Dr.) Yahaya Abubakar, as Chancellor, Obafemi Awolowo University, Ile-Ife; and Alake of Egbaland, HRM, Oba Aremu Gbadebo, Chancellor, Alex Ekwueme University, Ndufu-Alike, Ebonyi State; which is the custom of any government, in honouring the traditional institution and creating unity amongst many ethnic backgrounds.

Also, contrary to the group’s claim that TETFUND was “established to mobilise funds to advance scholarship at the tertiary education level,” the Fund is not responsible for sponsoring undergraduates. Rather, it is charged with supporting academicians in tertiary institutions to further their studies both within and outside.

It is obvious, from the above postulations, that the group rushed into making the allegations driven by malicious intent rather than facts or making genuine attempts at understudying the constitutional provisions or modus operandi of the Fund as contained in the Act establishing it.

Similarly, in a letter dated July 11, 2023, another group under the auspices of Lawyers United Against Corruption (LUAC), issued a five-day ultimatum to the Executive Secretary of TETFUND, Arc. Echono to resign, “over his alleged complicity in massive corruption, contract fraud, procurement racketeering and abuse of office.”

In the letter signed by one James Oladunjoye Esq., National Provost of LUAC, and published in a reputable online medium on July 16, 2023, the group claimed “Our private investigation reveals that but for your close relationship with the former Education Minister, Mallam Adamu Adamu the Economic and Financial Crimes Commission (EFCC) as well as Independent Corrupt Practices and Other Related Offences Commission (ICPC) would have since arrested and commenced your prosecution for complicity in many of these unwholesome activities.”

The arrogance of the so-called lawyers was not only laughable, but ridicule of the legal profession. They gave Echono an ultimatum to resign, without even an investigation. This screams the handiwork of desperate ‘charge and bail’ lawyers driven by avarice and prejudice? or perhaps, over zealously charting the objectives of their paymasters.

Again, somewhat, a serving House of Representatives Member sponsored a motion for TETFund to be investigated from 2011 to 2022. On the 5th July 2023, the Reps subsequently passed a resolution to investigate TETFUND over N2.3tr misappropriation since 2011, even though Echono came to power as Executive Secretary barely one year ago, the probe was targeted at him.

This resolution of the House was tensely reported and widely published. It was even more viral than when the House passed the 2023 Appropriation Bill. The Reps swiftly set up an ad-hoc committee led by Hon. Oluwole Oke, to conduct an investigative hearing which the committee did within two weeks.

But Echono appeared on the 19th July 2023, and dazzled the House panel and the entire Media which had set up their camera to further report an alleged corruption. The Reps were greeted with bewilderment that, rather than embezzling the Fund’s money (as alleged), Echono said it was the Federal Government which was owing TETFUND N323bn it borrowed from the Fund.

The Executive Secretary denied the allegations of mismanaging the funds, amongst other sundry baseless allegations, noting that the federal government borrowed N371.3 billion from the agency but has only refunded N48 billion so far.

“To date, total borrowing is over N371 billion. But the total repayment to this date is about N48 billion. Last year N12.8 billion was given to us; this year, another 12.89 billion was given to us. They are just paying. God knows how long this will take to defray the principal amount,” Echono said.

However, the Committee’s Chairman, Rep. Oke, while reacting to the comments by Arc. Echono, said the committee was not out to witch-hunt anyone but rather to get to the root of the matter.

But it is commendable that Echono responded promptly to the House Committee’s invitation despite the short time frame and did not feign sickness to snub the invitation nor orchestrate any drama to avoid being probed as we have witnessed in recent years. His action is a pointer to a man without skeletons in his cupboard.

Then in a twist of fate, the same group of lawyers who have been sponsoring malicious publications on some sections of media to malign Arc. Sonny Echono, came out last week to apologise to the TETFund boss, saying that they were misled. This is akin to the military’s ‘tactical manoeuvring’.

In a letter of apology addressed to Echono, the group said their findings revealed that the TETFund boss “is an accomplished technocrat who has recorded tremendous achievements within a short period of steering the ship of the Fund”, adding that “his stewardship exemplifies transparency and excellence”. They conceded to the fact that, in their acrobatic dexterity, they really generated smoke where there was no fire and pleaded his forgiveness.

The letter reads in part: “We, therefore wish to sincerely apologise through this medium for any embarrassment, emotional trauma, and mental stress our misguided position may have caused you. Rather than generate smoke where there is no fire, LUAC has chosen to support and collaborate with TETFund under your leadership in any possible way to ensure that it delivers the core mandate of using funding alongside project management for the revitalisation, restoration, and consolidation of tertiary education in Nigeria.”

Despite their apology, I would like to use this medium to call on the Department of State Security (DSS), to investigate the activities of the illegal group called Lawyers United Against Corruption (LUAC). The House of Representatives’ Committee too, should not limit its investigation on the activities of TETFUND, based on the sponsored motion which led to the hearings; the Lawmakers owe Nigerians the duty to thoroughly investigate the source of the petitions which have thus far, culminated into the motion on the floor of the House, with the view of saving many dedicated public servants from the hands of merchants of blackmail and distractions.

The LUAC only apologised probably, since they saw that they could not blackmail Arc. Echono into negotiating with them with money or contracts. Only God knows how many Heads of agencies they may have defamed in the past that has led to their removal. Not forgetting that some Heads of Agencies, out of fear of scandals, may have succumbed to the proposals of groups like LUAC.

The security agencies should probe and prosecute those notorious in suffocating and armtwisting innocent public servants, most especially the LUAC, who would not allow them breath; to serve as deterrence to other serial blackmailing rings whose duty is to soil the names of public officials who have refused to give in to their demands for ransom. Also, this would instill confidence in law-abiding public officials who are being bullied by such groups.

Despite the blackmails, Nigerians and stakeholders in the education sector continue to pour encomiums on Echono. Recently, the Executive Governor of Zamfara State, HE Dauda Lawal paid a courtesy visit to the Tetfund boss after Jummat service on Friday, July 28, 2023.

Echono has been able to achieve so much in barely one year in office despite all the distractions from headless blackmailers sponsored by disgruntled elements. His one-year performance scorecard shows that he is one of the best Executive Secretaries of the Fund.

Under his leadership, the Fund in December 14, 2022, unveiled a group of 71 academics (broken into teams), and selected across the nation’s tertiary institutions to undertake research in various fields under TETFAIR (TETFund Alliance for Innovative Research). TETFAIR is set to confront some of Nigeria’s educational challenges head-on, with home-grown innovations, ventures, job creation and would spur a constant stream of foreign exchange earnings in the near future.

Moreso, TETFund recently commenced the “Employability Benchmarking Programme” in Nigeria’s tertiary institutions in active collaboration with the International Finance Corporation (IFC), and other partners, as a way of tackling the composite challenges of unemployment (33%); youth unemployment (42.5 %) and youth underemployment (21%), as lately put out by the National Bureau of Statistics.

Echono has been able to achieve these and more under one year. He, therefore, deserves the support of every well-meaning Nigerian to transform the country’s tertiary education system.

Moving forward, Nigerians would be wise enough to identify any malicious allegations against the Executive Secretary of TETFund and continue to support him to succeed for the overall good of our tertiary educational institutions.

(Itodo, Chairman of National Assembly New Media can be reached via itodoyemi@gmail.com)

Lagos, Poland discuss trade alliance

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The Lagos State Government has stated that it is willing to work with the Polish government to find ways to improve both the state’s and the country’s overall economic activity and development.

The Polish Ambassador, Joanna Tarnawaska, paid the Lagos State Governor, Mr. Babajide Sanwo-Olu, a courtesy visit on Monday at the RoundHouse in Alausa, Ikeja.

In order to work with various Polish companies for the overall development of Lagos State and Nigeria, Sanwo-Olu stated that the state was prepared to collaborate with the Polish government through its Ministry of Commerce, Industry, and Cooperatives.

The governor was represented by Dr. Obafemi Hamzat, the deputy governor, who welcomed the ambassador and her team on the governor’s behalf. The governor expressed confidence in the partnership because “there is at the federal level a government that is ready to listen and work on moving the country forward economically and financially and in all sectors of the economy.”

We are excited to collaborate with you, he said. Here in Lagos is your head of trade. We’ll see what we can do and perhaps work with Poland’s various businesses through our Ministry of Commerce, Industry, and Cooperatives.

“I read that you are producing goods with comparable quality to those made in Germany, but at lower prices, so it makes sense for us to work with you. In this situation, we will make sure to elevate both Nigeria and our economic activities.

In her remarks, Tarnawaska stated that the Republic of Poland had very positive diplomatic ties with Lagos State and hoped to expand those ties to include trade.

AfroBasket MVP honour exhilarates Okonkwo

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Amy Okonkwo, a forward for the D’Tigress, is honoured to have been named the 2023 FIBA Women’s AfroBasket’s Most Valuable Player.

After defeating Senegal 84-74 in the Women’s AfroBasket final on Saturday in Kigali, Rwanda, Okonkwo significantly contributed to Nigeria’s victory.

Nigeria’s victory made them the second team in FIBA Women’s AfroBasket history to claim four straight championships.

Along with Cierra Dillard (Senegal), Jannon Otto (Uganda), Sika Kone (Mali), and Tamara Seda (Mozambique), Okonkwo was the team’s star player for the All-Star Tournament.
Okonkwo emerged as the D’Tigress’ heart and soul throughout Nigeria’s unbeaten streak (5-0) in the Rwandan capital Kigali, averaging a team-high 17.2 points while chipping in 8.2 rebounds each game.

She eventually made history by becoming the first Nigerian woman to record two double-doubles (Murjanatu Musa had one).

The 26-year-old responded to receiving MVP awards by saying, “We have a coach who believes in us. It encourages us to persevere in the face of difficulty.

So, we were aware that we were in control of our fate. Even after Senegal returned, we were aware that we had to act and stick together, and we succeeded in doing so. This past summer, I was performing in Mexico, so I’m grateful for the chance to lead now. I also had the chance to serve as team captain.

“I reassured myself that I had nothing to lose by going to Kigali. And winning MVP is a tremendous honour.

Rena Wakama became the first female head coach to win a Women’s AfroBasket championship as a result of Nigeria’s success.

“We were down by 10 or 12 points against Mozambique. They pleaded with me as I gazed into their eyes, “Coach, we’re not going to lose this game..” The coach said, “And they rallied to win.

“For me, that was the turning point. My year has been very demanding. The biggest trophy of them all was this one, which I asked God to use as a sign.

Exactly 20 years have passed since D’Tigress’s first victory in Africa, which occurred in Maputo, Mozambique in 2003.

Amotekun captures kidnapping suspect luring girl with N50

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Mumini Oseni, an ex-convict, was detained in Osogbo, the capital of Osun State, for luring a girl with N50 in an effort to kidnap her.

The suspect was reportedly previously convicted of armed robbery when he was apprehended by the Amotekun Corps men in Osogbo’s Obanisola Street.

When the victim raised the alarm and her mother noticed, forcing the suspect to make an attempt to flee the scene, Oseni was apprehended.

However, Amotekun agents who responded to the distress call caught him before he could flee the area.

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The Osun Amotekun Corps Commander, Brig.-Gen. Bashir Adewinmbi (retd.), confirmed the arrest in an Osogbo statement on Monday. He said, “The operatives of Amotekun arrested the culprit in Osogbo while trying to kidnap a young girl around Obanisola Street, Powerline area, Osogbo and the young girl raised the alarm which attracted the mother of the girl and the neighbours.

“The Amotekun Olorunda Command received a complaint, and agents immediately went to work. He was caught right away. Mumini Oseni admitted to performing the act under cross-examination. He was previously incarcerated for armed robbery.

The police have “received the suspect for further questioning and prosecution.”

Obaseki disputes impeachment plot, says Shaibu planning APC defection

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Godwin Obaseki, the governor of Edo State, said on Monday that there was no plan to remove Philip Shaibu as his deputy.

However, the governor pointed out that Shaibu’s move to ask a court to block his alleged impeachment was preventative in light of his alleged intention to defect to the All Progressives Congress.

The governor claimed that the deputy governor had been actively negotiating his way into the APC with senior actors at the national and state levels while the Edo North leaders were visiting Benin City. He added that he was close to finalising plans to defect to the APC.

Let me state for the record that I am not aware of any plot or scheme to remove the Deputy Governor, Comrade Philip Shaibu, from office, Obaseki said. I looked as well and found that there was no such plan.

So, I’m shocked and disappointed by the court action that was taken. I’m attempting to evaluate the decision made by the deputy governor to whom I granted considerable discretion in carrying out his duties. Therefore, it is shocking that he would act in this manner.

Obaseki claimed that Shaibu never brought up his desire to become governor.

“When we last discussed my successor following the House of Assembly election, I did advise patience and state that our goal should be to successfully complete all projects that we have started. We won’t have the support of the people for my successor until we handle this properly.

“I think this is a preemptive action on his part to get a court order, keep his ticket, and go to another party. It’s unfair to our party, in my opinion. Such a crisis is not necessary. I’ve been receiving calls from all over the world, and it’s kind of sad that a member of an administration would harm the administration for his own personal gain.

Obaseki stated, “Naturally, I should be disappointed,” but he wasn’t angry.

In the meantime, there was no mention of the alleged impeachment attempt against Shaibu at the state Assembly on Monday.

The legislature postponed the meeting until the following Monday, August 14.

But an Edo North group, led by former House of Assembly Speaker Kabiru Adjoto, spoke to journalists on Monday and accused Shaibu of humiliating the locals.

Adjoto claimed that the group was unable to remain silent about the state’s recent political events without expressing their shock at the situation.

The self-inflicted rift between our governor, Godwin Obaseki, and our son, Rt Hon Comrade Philip Shaibu, the deputy governor of Edo State, has been something we have watched in complete disbelief’, he said. The Afemai race is a very diligent, patriotic, and devoted one.

“We recall that our two illustrious sons, Reverend Peter Obadan and Mike Oghiadomhe, who served as deputy governors, cooperated with their superiors and exhibited the loyalty that the Afemai race is renowned for.

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“We are shocked and embarrassed by the actions of Deputy Governor Shaibu in his foolish attempt to rule the state in any way possible.

“Mr Godwin Obaseki has shown more generosity than any other governor in Nigeria by burdening our son, the Deputy Governor, with the most duties, including those related to sports, internal revenue, the boundary committee, and immunisation, to name a few. This has led to the nickname “the busiest Deputy Governor in Nigeria” for him.

“The legal action is not only speculative, but also unfounded, embarrassing, and highly offensive. We are coming out today to apologise to the state governor for this unfortunate incident and to distance the Afemai people from this poorly thought-out action.

Musa Ebomhiana, the deputy governor’s chief press secretary, declined to comment when he was contacted for comment because he was out on medical leave.

Jakande formed Banana Island, did not give himself plot of land

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Despite the fact that Banana Island was founded during the Alhaji Lateef Jakande government, the family of the late former governor of Lagos State has claimed they do not own a single parcel of land on the island.

Speaking at the inaugural Lateef Jakande Annual Memorial Lecture on Monday at the Sheraton Hotel in Ikeja, Lagos, Jakande’s son, Seyi, discussed his late father’s family life and claimed that as governor, Jakande did not make any particular provisions for his family.

Under the direction of its President, Eze Anaba, the Nigerian Guild of Editors organised the lecture with the theme “Lateef Jakande: The Man, His Journalism, His Politics.”

In addition to serving as the first President of the NGE and a former journalist, Jakande also held the positions of Minister of Works under the Sani Abacha military administration and governor of Lagos State from 1979 to 1983.

People often question whether Jakande even has a wife, Seyi added, adding that his father was selfless in establishing Lagos. Even so, does he have kids? Will we get our DNA tested, I had to say to my sister.

“Despite everything Alhaji Jakande accomplished during his tenure as Lagos’ governor, neither his wife nor son received any funding or gifts from him. She (his wife) stayed at the Ilupeju home with Jakande. When you first became governor of Lagos, you claimed there was no money in the city, yet you constructed homes and schools, I once asked my father.

He claimed that Jakande had the idea to build what is now known as Banana Island while he was a minister.

“He (Jakande) returned to his thinking space and pondered our next move. The concept for the Banana Island was theirs. In their capacity as Minister for Works, they filled the canals to capacity, sold them to the wealthy, earned income, and funded the housing project.

“Once more, Banana Island had no sand, according to Baba. It was merely water. He founded Banana Island, gave it life, and filled it with sand, yet not a single grain was given to his beloved wife or any other family member.

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Seyi demanded during the occasion that the Lagos
State University at Ojoo be renamed after Jakande, claiming that his father was the institution’s inspiration.

“I want Governor Sanwo-Olu to revisit the discussion (of renaming LASU after Jakande),” the man continued.

Sikirat Jakande, Dr. Adeboye, and Jakande’s wife and daughter were all in attendance.

Jakande’s life, according to Deputy Governor of Lagos State Obafemi Hamzat, who attended the occasion in place of Governor Babajide Sanwo-Olu, was a reflection of humanity with several examples of beneficial effects.

General Ike Nwachukwu (retired) and Olusegun Osoba, a former governor of Ogun State, were also in attendance. Governor Dapo Abiodun of Ogun was represented by Kayode Akinmade, a consultant and a former commissioner in Ondo State.

Along with many other members of the media business, Garba Shehu, the former spokesperson for the late President Muhammadu Buhari, was present.

Please tell this story:

 

FBN shareholders object to AGM’s suspension and call for government action

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In an effort to prevent the financial institution from holding its annual general meeting as scheduled, several shareholders protested on Monday outside First Bank of Nigeria Holdings’ Lagos headquarters.

Minority shareholders assembled in front of the offices, displayed signs, and requested that the organisation be let to fulfil its legal obligation to host AGMs.

Following the acquisition of the controlling interest by a company connected to billionaire businessman Oba Otudeko, there has been a dispute over the ownership of FBN Holdings.

Mukhtar Mukhtar, chairman of the Trusted Shareholders’ Association, spoke on behalf of the protesting shareholders and expressed disappointment in the attempt to prevent the AGM from taking place.

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“We are here at the First Bank office to express our displeasure, our discontentment, and our rejection of the attempt by some shareholders to prevent the Annual General Meeting of First Bank from taking place and from preventing the consideration of some very important resolutions for the development of the bank,” he said.

These shareholders have petitioned the court to prevent First Bank from raising capital in the same manner as other banks and to prevent the appointment of certain directors to the bank’s board. The AGM is unlawful, as those who have sought a judicial halt to it are aware. AGMs are required by law.

In a notice published in July, FBN Holdings stated that, subject to shareholder approval at the Annual General Meeting scheduled for this month, it sought to raise new capital through a rights issue. The lender stated that it planned to raise money by issuing 8.974 billion ordinary shares at a price of 50 kobo each.

Mukhtar also demanded that the Nigerian Stock Exchange, Securities and Exchange Commission, and Central Bank of Nigeria intervene in the ongoing struggle for the lender.

“The regulators, including the Securities and Exchange Commission, Nigerian Stock Exchange, and Central Bank of Nigeria, should get involved in this issue,” he stated. They are aware that AGMs are required by law.

We are aware that First Bank’s management wants the AGM to take place and to consider all of the resolutions, but some shareholders have made it impossible for them to do so. The Nigerian economy significantly and strategically depends on the First Bank of Nigeria. It’s a bank that needs room to expand. The regulators’ silence in this situation is illogical.

“We’ll keep organising protests and signing petitions. How can authorities remain silent while a few people demand ransom from a bank with First Bank status? With this circumstance, the regulators cannot act in a nonchalant manner any longer. They need to exercise some control. The regulatory authorities must take action because we cannot afford to let First Bank fail.

FBN Holdings had also mentioned in its notice of the AGM that it will put up two newly appointed directors for approval by shareholders.

Femi Otedola, a millionaire businessman who was named Director on July 9, 2023, and Samson Ariyibi, the Executive Director for Finance, Investment, Management and Oversight, who was appointed on October 21, 2022, are among the directors.

ASR Africa donates 25 vehicles to NDLEA, others

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As part of its assistance for security operations across the country, the Abdul Samad Rabiu Africa Initiative announced grants to Nigerian security agencies and the donation of 25 state-of-the-art operating vehicles to the National Drug Law Enforcement Agency.

ASR Africa announced the donation in a press release made on Monday.

The Nigerian Navy, the Nigerian Air Force, the Nigerian Army, the Nigerian Security and Civil Defence Corps, Customs, the Nigerian Immigration Service, the Department of State Services, and the Nigerian Correctional Service were also recipients of the Security Sector Support grant.

While handing the paperwork and keys to the Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (retd.), the Managing Director of ASR Africa, Ubon Udoh, stated that the foundation was giving back to society in order to restore the dignity and lives of Africans.

“We are delighted to be here,” he remarked. I’d want to begin by thanking you and your staff for all of your efforts in making this day a reality. This demonstrates your drive and determination to complete the transfer in a timely manner.”

In his remarks, Marwa expressed gratitude to the organisation and promised to make good use of the given automobiles.