Television Nigerian

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.

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.

The results for the 2023 West African Senior School Certificate Examination (WASSCE) for school applicants will be made public, according to a Monday announcement by the West African Examinations Council (WAEC).

Out of a total of 1,613,733 applicants who took the exam, the examination authority stated that 262,803 individuals’ results are being withheld “due to reports of incidences of examination misconduct.”

When he made the statement in Lagos, Patrick Areghan, the Head of Nigeria’s Office (HNO) of WAEC, intimated that he would soon leave the testing organisation.
Areghan also reported an increase in the percentage of applicants that passed, with 1,361,608 candidates, or 84.38 percent, earning credit or above in at least five courses, whether or not they included English Language or Mathematics.

Additionally, 1,287,920 candidates—or 79.81 percent of all applicants—obtained credits in at least five disciplines, including English Language and Mathematics, with at least one credit.

Of the 1,601,047 applicants that took the exam in 2022, 76.36 percent earned credits or above in at least five subjects, including English Language and Mathematics.

At least eight states, including Niger, who have not yet paid in full for their candidates’ exam costs will have their subjects’ results withheld until they do so, according to the examination authority.

Governor Ademola Adeleke of Osun State has advised civil personnel to avoid a viral tweet about a new compensation scale.

Adeleke called the post’s information bogus.

On Monday, the Governor’s spokesperson Olawale Rasheed indicated that social media viral information was not from the state administration.

Rasheed said the governor cares about workers and will soon announce ways to mitigate the effects of subsidy removal on state residents, especially civil servants.

He also claimed the Governor is working on palliatives and will soon adopt them to help the people.

The statement says, “The Osun State Government has noticed a viral tweet about a new civil servant salary scale. The post is inaccurate and deceptive because it contains no State Government content.

Governor Ademola Adeleke has shown dedication to worker welfare since taking office and will disclose ways to mitigate the effects of subsidy removal on state personnel and the public.

Therefore, federal officials should disregard the viral post’s alleged new wage structure. Mischief makers strive to raise worker expectations and cause disaffection.

Governor Ademola Adeleke assures civil servants of his commitment to their wellbeing in keeping with the state’s economic reality.

Civil servants and the public should know that the Adeleke administration is working on palliatives measures that will soon be implemented to help them through this difficult time.

On Sunday, Governors from States having Borders with the Niger Republic visited President Bola Tinubu.

According to reports, the meeting took place at State House in Abuja as part of the President’s deliberations on the situation in Niger.

The governors in attendance were Ahmed Aliyu (Sokoto), Umar Namadi (Jigawa), Mai Malam Buni (Yobe), Idris Nasir (Kebbi) and Dr Dikko Radda (Katsina).

The Northern Elites have kicked against the planned onslaught against the military junta in Niger, while citing the likely consequence of such action on Nigeria.

Tinubu who doubles as Chairman of the Economic Community of West African States had issued a seven-day ultimatum to the military junta in Niger Republic to restore democracy by returning power to Mohammed Bazoum.

This led to quite a number of sanctions part of which resulted in the closure of borders with Niger, including an indefinite suspension of flight activities.

The president had written the leadership of the National Assembly to approve the deployment of military personnel to the troubled Niger.

The Senate however turned down the request while it asked Tinubu and other leaders of the region to tread with caution in addressing the political situation.

In a risky move, the governor of Edo State, Mr. Godwin Obaseki, is reportedly prepared to defy the Federal High Court’s ruling, which stipulated that all parties maintain the “Status Quo Ante Bellum” until the hearing scheduled for Thursday, August 10, 2023, barring any last-minute changes to the plan.

The impeachment attempt by the governor of Edo State, Godwin Obaseki, against his deputy, Phillip Shaibu, was temporarily halted by an order from Hon. Justice Ahmed Mohammed of the Federal High Court in Abuja.

According to impeccable insider information, an ambush intended to remove the judge from office has been planned for the early hours of Monday, August 7, in defiance of the temporary order.
It is said that the haste by the governor comes on the heels of his fear that the hearing adjourned till 10th August by the court may not favour his purported intension, hence the plan to hatch his impeachment process before the hearing date.
Remember how Phillip Shuaibu, the deputy governor of Edo State, went before the Federal High Court in Abuja to request that the impeachment proceedings against him be halted? The Inspector General of Police, the State Security Service, the Governor of Edo State, the Speaker of the Edo State House of Assembly, and the Chief Judge of Edo State are the first, second, third, fourth, and fifth defendants, respectively, in the lawsuit with the file number FHC/ABJ/CS/1027/2023.

In order to prevent the third, fourth, and fifth defendants/respondents or their representatives from starting an impeachment procedure against him, Shaibu is requesting an interlocutory injunction.
Additionally, he asked the court to enjoin the state’s governor or any other person acting under his command from harassing him and obstructing his ability to perform his duties as the state’s deputy governor.
In addition to the temporary order to maintain the status quo ante bellum, the defendants were ordered to show cause in another court decision issued on July 27, 2023. Any impeachment procedure is viewed by the law as a fruitless endeavour if the court’s rulings are not followed.