Home Blog

Otedola Deepens First HoldCo Holdings with Fresh N77.6 Billion Transaction

coic
-
0
Otedola Deepens First HoldCo Holdings with Fresh N77.6 Billion Transaction

Chairman of First HoldCo Plc, Femi Otedola, has further cemented his position in the financial services group after acquiring further shares valued at ₦77.6 billion in a fresh transaction executed through his investment vehicle, Calvados Global Services Limited.

First HoldCo’s regulatory filing indicated that Calvados Global Services Limited bought 706,131,179 ordinary shares in the company at ₦109.88 per share in a transaction that took place on the Nigerian Exchange Limited (NGX) on 22 July 2026. The filing described Calvados as a company connected to Otedola, who is a major shareholder and chairman of the financial group.

The acquisition also increases Otedola’s equity stake in First HoldCo and comes as the group pushes forward with its recapitalisation programme, consolidating his position as the company’s biggest shareholder. The deal also comes at a time of renewed investor interest in the lender, whose shares have jumped about 120 per cent since the start of the year, buoyed by improving financial performance and expectations around its plans to raise capital.
The latest investment came a day after First HoldCo became the first Nigerian banking stock to hit a market capitalisation of over ₦5 trillion during intraday trading on the Nigerian Exchange, indicating continued demand for the stock.

Read Also: Nwibubasa Alleges Fubara Chose Wike Over Rivers People

According to the company’s half-year financial results for the period ended 30 June, 2026, profit before tax increased by 83.5 per cent to ₦653.54 billion from ₦356.15 billion recorded in the corresponding period of 2025. The group’s second quarter performance was also positive with profit before tax rose to ₦332.42 billion, a 3.5 per cent increase from the estimated ₦321.12 billion it recorded in the first quarter and a 95.9 per cent increase from ₦169.67 billion reported in the second quarter of 2025.

Management said the improved earnings were due to better operating efficiency, improving asset quality, sustained growth in transaction banking and higher contributions from non-interest income businesses. The half-year performance has reinforced expectations that the financial group is entering a new phase of earnings growth after years of restructuring and strategic repositioning.

The details in the insider dealing notification showed that the transaction consisted of the purchase of 706,131,179 ordinary shares of First HoldCo Plc at ₦109.88 per share on 22 July 2026. The deal was done on the floor of the Nigerian Exchange Limited, Lagos. The notice identified Calvados Global Services Limited as a company connected to Otedola and described the disclosure as an initial notification of insider dealing.

Nwibubasa Alleges Fubara Chose Wike Over Rivers People

coic
-
0
Nwibubasa Alleges Fubara Chose Wike Over Rivers People

The African Democratic Congress (ADC) governorship aspirant in Rivers State, Dr Leloonu Nwibubasa, has accused the suspended Governor, Siminalayi Fubara, of surrendering to his predecessor, Nyesom Wike, and abandoning the people of the state after months of political confrontation.

In a statement during an interview, Nwibubasa said Fubara’s recent statement confirming his reconciliation with Wike was a betrayal of the Rivers people who stood by him through the political crisis.

He said the governor had built public goodwill by portraying himself as a leader bent on liberating the state from the political stranglehold of Wike only to return to the same political camp.

“Governor Fubara went into a negotiation with Wike and came back saying there is reconciliation and that he has returned things to his godfather; that was his surrender,” he said.

The people of Rivers supported Fubara because they believed that he was determined to protect the interests of the state, Nwibubasa said, recalling that the governor had repeatedly told residents that he would stand against political interference even at great personal cost.

He said, “The pain in what the governor did yesterday is the deceit, the long term deceit, which he has deceived not just his supporters but the people of Rivers State.”

Read Also: Falana Labels APC Consensus Primaries ‘Plutocracy,’ Raises Democracy Concerns

He also accused the governor of “abandoning the principles he once professed to champion” by adopting the ones he once denounced.

“It’s a pity that a man that leadership was entrusted to can turn 360 degrees in a moment of time and throw the people under the bus.”

The ADC governorship aspirant stated that Fubara had lost the moral right to lead, saying leadership is about consistency, vision and the confidence of followers.

if the governor himself has no place to go, because he has lost his capacity to lead, he’s just a governor, he’s no more a leader.”

Nwibubasa urged the people of Rivers to forge a new political path, saying the state must be freed from what he termed entrenched political control.

He also called on residents to shun leaders who, according to him, abandon the ideals they campaigned on after getting the backing of the public.

Falana Labels APC Consensus Primaries ‘Plutocracy,’ Raises Democracy Concerns

coic
-
0
Falana Labels APC Consensus Primaries ‘Plutocracy,’ Raises Democracy Concerns

Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has described the use of consensus by the All Progressives Congress, APC, to determine governorship primaries, particularly in Ogun State, as “extortion” and “plutocracy” that subverts democracy.

Falana spoke at the 8th Penpushing Annual Lecture held at Olusegun Obasanjo Presidential Library, Abeokuta on Thursday with the theme “Restoring Electoral Integrity: The Path to Good Governance and Public Accountability.”

For him transparent party primaries were a prerequisite for electoral integrity.

“Please, let’s stop kidding ourselves. “You have to start with the primaries if you are going to talk about electoral integrity,” he said.

He said the use of consensus arrangements denies party members the right to freely choose their candidates, even though the Electoral Act allows for both direct and consensus methods.

The SAN also expressed worries over what he called rising threats to Nigeria’s multi-party system, warning that deregistration of political parties and disenfranchising others from` elections could lead to political crisis.

Read Also:Ewor Claims Wike Ordered Fubara to Fire Rivers SSG and Chief of Staff

“Political exclusion has historically encouraged undemocratic forces to undermine democratic institutions across Africa,” said Falana.

He further condemned the monetisation of politics, citing the EFCC Chairman, Ola Olukoyede, who alleged that some governorship aspirants spent between N20 billion and N30 billion during primaries.

“How much are you going to spend in the real election if you are spending between N20 billion and N30 billion on a primary?” he asked.

“Such huge amounts couldn’t have been earned legitimately,” said Falana, adding that the practice encourages corruption and undermines democracy.

He called for urgent reforms to strengthen internal party democracy, curb the commercialisation of politics and preserve the integrity of Nigeria’s democratic process.

Ewor Claims Wike Ordered Fubara to Fire Rivers SSG and Chief of Staff

coic
-
0
Ewor Claims Wike Ordered Fubara to Fire Rivers SSG and Chief of Staff

Robinson Ewor, the former Acting Chairman of the Peoples Democratic Party, PDP in Rivers State, has disclosed that the sudden move by Governor Siminalayi Fubara to sack Rivers Secretary to the State Government, SSG and the Chief of Staff, were part of the terms of the agreement the governor had with the Minister of the Federal Capital Territory, FCT, Nyesom Wike.

It would be recalled that Governor Fubara on February 26, sacked the SSG Benibo Anabraba and Chief of Staff, Edison Ehie.

“The removal of the SSG and the CoS were as a result of the negotiations that were held between Wike and Fubara after the state of emergency declared in the state by President Bola Tinubu expired,” Robinson Ewor said on Thursday while featuring on Arise TV.

Read Also: Governor Makinde Embarks on Leave, Hands Over to Deputy

The former PDP acting chairman said the governor made many deals with the FCT minister “including the removal of the chief of staff and the SSG from office”.

He also alleged that the governor “agreed not to run for a second term during that negotiation,” accusing Fubara of allegedly misleading his followers.

The governor had on Tuesday announced that he had returned to Wike’s political fold, urging his followers to vote for the Minister’s anointed candidates in the forthcoming general elections.

Governor Makinde Embarks on Leave, Hands Over to Deputy

coic
-
0
Governor Makinde Embarks on Leave, Hands Over to Deputy

The State House of Assembly has approved the annual leave of Oyo State Governor, Seyi Makinde.

Makinde’s leave, it was reported, will allow the Deputy Governor, Bayo Lawal, to oversee the affairs of the state during the governor’s absence.

The leave began August 10 and will end September 11, a letter to lawmakers said. He is due to return to the office officially on September 14, 2026.

The approval was in accordance with the provisions of the Constitution of the Federal Republic of Nigeria, which requires a governor to notify the legislature whenever he intends to be away from office, after the consideration of a formal correspondence from Governor Makinde during plenary.

Read Also: Oriire Kidnapping: DSS Challenges Life Sentence, Demands Death Penalty

The letter of the governor was read at plenary by the Deputy Speaker of the House, Muhammed Fadeyi, who presided in the absence of the Speaker, Adebo Ogundoyin.

The request was granted unanimously by the lawmakers who expressed confidence on the seamless continuity of governance in the state under the deputy Governor.

The deputy governor becomes the Acting Governor and governs for the whole period of the governor’s annual leave.

In the letter, Governor Makinde told the Assembly that he would be going on his annual leave.

He asked the House for permission to allow the Deputy Governor to act for him during his absence.

The House, after the approval, declared that Deputy Governor Bayo Lawal would be in charge of the day-to-day administration of the state to ensure that government activities continue without interruption until Governor Makinde is back on duty.

The Deputy Speaker, who spoke after the approval, wished the governor a peaceful and refreshing leave. He said the legislature remained committed to sustaining cordial relations with the executive arm in the interest of the people of Oyo State.

Oriire Kidnapping: DSS Challenges Life Sentence, Demands Death Penalty

coic
-
0
Oriire Kidnapping: DSS Challenges Life Sentence, Demands Death Penalty

The Department of State Services, DSS, has said it will appeal the life jail term handed to three men arrested for their roles in the abduction of school pupils and teachers in the Oriire Local Government Area of Oyo State.

The secret police said it was unhappy with the verdict, saying the sentence was not commensurate with the crimes.

The DSS said the beheading of two teachers by members of the terrorist organisation involved in the abduction is a capital offence which should attract the death sentence.

Justice Salim Ibrahim on Thursday sentenced the men to life imprisonment after they pleaded guilty to belonging to Darul Salam, an affiliate of the Ansaru terrorist organisation; concealing information on the kidnapping; and inciting through religious ideology, it was recalled.

The convicts are Abdulrazak Umar, alias Abu Khalifa/Abu Khalid; Yunusa Musa, alias Yunusa Bin Musa; and Shamsu Adamu Sani, alias Abu Itisar.

Abdulrazak Umar, alias Abu Khalifa/Abu Khalid, pleaded guilty to counts 7, 8, 9 and 10, relating to training and instructing and encouraging members of a terror group in a particular religious ideology.

Read Also:Bago to Fulani Community: Speak Out Against Atrocities Committed by Your Brothers

The DSS dragged them to court on a 10-count charge bordering on kidnapping, concealment of information and terrorism-related offences contrary to Section 16(1) of the Terrorism (Prevention and Prohibition) Act, 2022.

According to the charges, the defendants, all of Niger State, knowingly concealed information on persons engaged in terrorist activity, engaged in kidnapping, and provided services through a messaging platform for the purpose of promoting terrorist training.

All three defendants received life sentences on Count 6. Abdulrazak Umar was sentenced to life imprisonment on Count 7, on Count 9 and on Count 10.

Last week, a Federal High Court in Abuja sentenced two senior commanders of the Ansaru terrorist group – Mahmud Muhammad Usman (Abu Bara’a) and his deputy Mahmud al-Nigeri (Mallam Mamuda) – to life in prison.

Bago to Fulani Community: Speak Out Against Atrocities Committed by Your Brothers

coic
-
0
Bago to Fulani Community: Speak Out Against Atrocities Committed by Your Brothers

Governor of Niger State, Umaru Mohammed Bago has called on the Fulani community to cooperate with security agencies in the fight against insecurity.

He condemned the failure of residents to report the presence of armed strangers in Fulani communities, warning that the activities of criminals were tarnishing the image of the community.

It was gathered that Bago made the statement while addressing members of the community in Minna.

The governor said, “Anybody that is kidnapped and released will say it is the Fulani that abducted them. Because of this there is no way people will not begin to resent you, advise your brothers who are in the forests to return and live peacefully within society, your brothers are killing people, yet no one has stopped you from grazing your cattle, farming or living in peace. But your brother has been out doing terrible things to innocent people. If they are not found, then you will be held responsible. ”You see Fulani carrying guns but you don’t tell the security agencies that these people are not our relatives and they have come to make trouble. We have lived with each other for many years and this is not right. It must end.”

Read Also: Yuguda Confirmed as AMCON Chairman by Senate

The governor also appealed to Islamic clerics who are publicly disagreeing to exercise restraint and avoid sermons that can incite tension or violence.

He warned that the Niger State government would not hesitate to take decisive action against any place of worship found propagating inflammatory sermons.

“If this does not stop, the government will close down any mosque that is found to be delivering sermons that incite the public,” he said.

The governor said the measures are aimed at strengthening security and preserving peaceful coexistence among all communities in the state.

Yuguda Confirmed as AMCON Chairman by Senate

coic
-
0
Yuguda Confirmed as AMCON Chairman by Senate

The Nigerian Senate has confirmed Lamido Yuguda as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

The confirmation came after the consideration and adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions, presented by its Chairman, Sen. Adetokunbo Abiru (Lagos East).

His nomination was submitted by President Bola Tinubu on July 9, 2026, and was followed by his confirmation as Chairman of the AMCON Board by the Senate.

Recall that President Tinubu had on August 21, 2023, written to the Senate to confirm the appointment of Lamido Yuguda Abubakar as Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON).

Senate President Godswill Akpabio read the request in a letter at plenary.

He said the nomination was in line with Section 10(1)(a) of the Asset Management Corporation of Nigeria (Establishment) Act, 2019, as amended.

“I am pleased to present for confirmation by the Senate the appointment of Mr Lamido Yuguda Abubakar as chairman of the board of the Asset Management Corporation of Nigeria,” the letter partly read.

Oriire School Abduction: Court Jails Kidnappers for Life

coic
-
0
Oriire School Abduction: Court Jails Kidnappers for Life

“Suspects in Oriire abduction sentenced to life imprisonment by Federal High Court Abuja.

The three suspects were sentenced for their participation in the abduction of students and teachers in Oriire Local Government Area of Oyo State.

They pleaded guilty to the charges preferred against them by the Federal Government and were convicted of concealing information about the masterminds of the attack.

The three defendants had previously pleaded guilty before Justice Salem Ibrahim of the Federal High Court, Abuja.

They were also accused of belonging to Darul Salam, which authorities described as an affiliate of Ansaru, a banned terrorist organisation in Nigeria.

The defendants confessed at their arraignment to have failed to disclose information about those alleged to have masterminded the kidnapping in the Oriire Local Government Area of Oyo State.

They pled guilty and that allowed the court to find them guilty of the charges.

Later, the court sentenced the three convicts to life imprisonment for their involvement in the incident.

The first and third defendants, Abdulrazak Umar and Shamsudin Adamu, also admitted to giving training and instructions to members of a WhatsApp group.

Read Also: Roll Call of Kingdom Generals: Private Jets Touch Down in Warri for Pastor Korede Komaiya’s Dreamland Dedication

The group, “The Oneness of Allah is the Foundation of Peace,” was said to have been used by the prosecution to incite members to carry out acts of terrorism.

Umar and Adamu confessed to the allegations in court.

The defendants also admitted to being members of Darul Salam, which the charges identified as a branch of the banned terrorist organisation Ansaru.

Umar also pleaded guilty to a second charge – engaging in gold mining without lawful authorisation.

The prosecution said he was illegally mining gold at streams in the Chaza area of Suleja Local Government Area of Niger State.

Roll Call of Kingdom Generals: Private Jets Touch Down in Warri for Pastor Korede Komaiya’s Dreamland Dedication

coic
-
0
Roll Call of Kingdom Generals: Private Jets Touch Down in Warri for Pastor Korede Komaiya’s Dreamland Dedication

Warri, Delta State, became the centre of Christian activity over the weekend as private jets carrying some of Nigeria’s most influential church leaders touched down at the Warri Airport for the dedication of Dreamland, Master’s City, the newly completed headquarters of Master’s Place International Church.

The high-profile gathering, hosted by the Senior Pastor of the church, Pastor Korede Komaiya, attracted thousands of worshippers and guests from within and outside Nigeria, transforming the oil city into a meeting point for renowned ministers of the Gospel.

Leading the roll call of prominent clerics who arrived for the event were Bishop David Oyedepo, Pastor Matthew Ashimolowo, Pastor David Ibiyeomie, Rev. Biodun Fatoyinbo, Pastor Poju Oyemade, Pastor Bolaji Idowu, Rev. Tony Akinyemi, Rev. Samuel Olubiyo, Pastor Yemi Davids, and several other respected Christian leaders.

The dedication coincided with the International Founders Conference 2026, making it one of the largest gatherings of Christian ministers and worshippers in Warri in recent years.

Speaking during the dedication ceremony, Pastor Komaiya described the completion of Dreamland, Master’s City as the fulfilment of a vision inspired by God.

“What began as a vision now stands as a reality. Today, we dedicate this landmark to God and mark the beginning of a new chapter of kingdom advancement, transformed lives and generational impact,” he said.

He also expressed appreciation to the visiting ministers for honouring the invitation despite their demanding schedules.

“We are grateful to God for the gift of men and for the lives that continue to impact generations through their ministries. To God alone be all the glory,” Pastor Komaiya added.

The newly dedicated complex, located at Master’s City, KM 3 Refinery Road, Warri, features two four-storey wings equipped with elevators, a central heating, ventilation and air conditioning (HVAC) system, and a state-of-the-art main auditorium built to international standards.

123...2,802Page 1 of 2,802
© Newspaper WordPress Theme by TagDiv