Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings and majority shareholder, has further increased his stake in the company to 13.15 percent.

According to a statement signed by the Acting Secretary, FBNH, Adewale Arogundare released by the Nigerian Exchange, NGX on Thursday, Otedola increased his stake after purchasing 534,094,407 shares at N30.00 per share between September 23 and 25.

The acquisition raised his interest in FBN Holdings from 11.67 percent (4,187,602,704 shares) to 13.15 percent (4,721,697,111 shares), worth N136.9 billion as of Wednesday.

It also expands the gap between Otedola and Barbican Capital Limited, FBN Holdings’ second majority investor with an 8.67 percent stake, which represents 3,110,400,619 shares, valued at N90.2 billion as of Wednesday.

Meanwhile, there has been contention over the exact shares Barbican Capital holds in FBN Holdings.

In a lawsuit (no. FHC/L/CS/1172/24) against FBN Holdings, Barbican Capital, owned by Oba Otudeko, claimed that about 5,386,397,202 units of shares representing 15.1 percent of FBN Holdings were acquired over the years and at different times.

Barbican Capital said its shares purchases and dates of issue, were adequately captured by Meristem Registrar and Probate Service Ltd, the financial institution’s appointed registrars, and further acknowledged in the Central Securities Clearing System (CSCS), which contained its value of shares with the bank.

In response, FBN Holdings said Barbican Capital only notified the financial institution on July 7, 2023, that about 4,770.269,843 units of shares were acquired.

FBN Holdings told the court that the Central Bank of Nigeria (CBN) was only able to verify 3,110,400.619 units of shares out of the 4,770,269,843 shares Barbican Capital claimed it acquired.

The Nigeria Football Federation, NFF, has confirmed Augustine Eguavoen will continue his role as Super Eagles interim head coach.

The executive committee of the NFF approved the recommendation of its

Technical and Development Sub-Committee to retain the services of the former international. 

Eguavoen will now take charge of the team in next month’s 2025 Africa Cup of Nations qualifying matches against Libya.

The 58-year-old steered the three-time African champions to a 3-0 defeat of Benin Republic and scoreless draw with Rwanda in Matchdays 1 and 2 earlier this month.

The former defender will also continue working with Fidelis Ilechukwu, Daniel Ogunmodede, Olatunji Baruwa and Tomaz Zorec.

Eguavoen will also take charge of the Super Eagles B team for the qualifying campaign for next year’s African Nations Championship, otherwise known as CHAN.

Edo State Governor-Elect Monday Okpebholo has said he is expecting a congratulatory message from the opposition Peoples Democratic Party, PDP, and its candidate in the just concluded gubernatorial election, Asue Ighodalo.

Okpebholo, who received his certificate of return from the Independent National Electoral Commission (INEC) on Thursday before visiting the Presidential Villa to meet with the President, Bola Tinubu, said he will govern as a servant-leader.

The All Progressives Congress, APC, candidate also revealed that he is ready to work with the opposition if they have useful ideas to add to the value of the state.

Okpebholo said, “For me, I’m coming as a servant to serve the Edo people. That is what is required of me, and that is what exactly I’m going to do. So very soon, you will see a lot of development coming up in Edo.

“We are going to employ teachers. We are going to renovate our schools…a lot will be happening over time. So with time, you recognise that a new dawn has happened. ⁣
⁣
“If they have an idea that is beautiful, that is acceptable by the people, then why not? My door is open to everybody.⁣
⁣⁣
⁣”They have to bear it. They have to wait. It has happened. If I had lost I would have borne it, and I would have, by now, congratulated the winner. So I’m expecting them to congratulate me.”

⁣Former Governor of the State, Adams Oshiomhole, who was part of the delegation to the Presidential Villa, said the state is now blessed with a governor the people can relate to easily.

Oshiomhole said governance is not necessarily building roads and schools but about a leadership that is compassionate and listens to the feelings of the people.
⁣
He said, “Only God can confer power. Man can make all the effort. If God chooses not to crown it, it will be in vain. So politicians campaign in vain, unless God campaign for you. And I think that is our case, and I am excited not only for the fact that we have reclaimed Edo state, almost in the same manner that we reclaimed it from PDP in 2007, before Obaseki took it away back from us. ⁣
⁣
“My joy is the fact that Edo people will now have a governor that they can hug, they can touch, they can feel, and the governor that will open the doors. Edo State people now have a governor that will not send pregnant women to jail on account of N20,000 fine by a mobile court and who might end up delivering inside prison. ⁣
⁣
“We have a man with compassion, with human feeling; because governance is not just about building roads and schools. It is that human touch; a governor with empathy, humble enough to recognise that public trust is not like a corporate Chief Executive.

“Corporate chief executive can behave the way he wants because he heads the business because it is his father’s money.⁣
⁣
“But with public trust, the vote of the labourer and the vote of the professor, the vote of the pauper, the beggar and the vote of the wealthiest person, one man, one vote is equal. And so we have a governor who understands this, and who went through this process just about a year ago, and his people entrusted him with the senatorial representation in Edo Central. And what is going for him is precisely what the other guys fail to understand. ⁣
⁣
“The fact that he’s at home with the ordinary man, is at home with the ordinary woman. He understand the challenges of the rural poor. So they are all excited now that they are back again with a governor that they can say, ‘this is my governor”.

Federal government employees will begin receiving the new minimum wage payment starting Thursday, September 26th.

Confirming the development, the Spokesperson for the Office of the Accountant-General of the Federation, Bawa Mokwa, told journalists on Thursday that employees under the federal government payroll can expect to receive notifications regarding their updated minimum wage salary payments from today.

However, Mokwa did not clarify whether the minimum wage would be disbursed along with any outstanding arrears.

 “Federal Government civil servants will start getting the new minimum wage from today(Thursday) this September 2024. What I can tell you is that the minimum wage salary payment is today I am not sure of the arrears,” he told Daily Post.

Naija News reports that Mokwa’s update comes shortly after the confirmation by Ekpo Nta, the Chairman of the National Salaries, Incomes and Wages Commission, on Tuesday regarding the government’s endorsement of an increase in the consolidated public service salary structure, known as CONPSS, in accordance with the Minimum Wage (Amendment) Act of 2024.

This development came after President Bola Ahmed Tinubu sanctioned a new minimum wage of N70,000 on July 18, 2024.

Following this, the Senate enacted the new minimum wage bill into law.

Ealier, the Federal Government, through the National Salaries, Incomes and Wages Commission (NSIWC), announced that the payment of the revised minimum wage officially begin from July 2024.

This was disclosed by the NSIWC Chairman, Ekpo Nta, during a press briefing held on Tuesday in Abuja.

Nta explained that the July start date aligns with when President Bola Tinubu signed the minimum wage bill into law after its passage by the National Assembly.

This announcement contradicts an earlier statement made by the Minister of State forLabour, Nkiruka Onyejeocha, who had claimed that the new wage would take effect from May 1, 2024.

The new decision means that only two months of arrears will be paid if the government begins disbursement by the end of October.

The announcement also confirmed the approval of the revision of the Consolidated Public Service Salary Structure along with other salary frameworks for federal workers.

Last week, the Committee on Consequential Adjustments in Salaries for civil servants met to discuss the new minimum wage structure and agreed to backdate the implementation to July 29, 2024.

Additionally, the committee, led by the Head of Civil Service of the Federation, Didi Walson-Jack, recommended that the previously discontinued wage award should be paid up until July 28, 2024.

The government reportedly considered the current economic situation in the country before reaching its conclusions.

However, the Nigerian Labour Congress (NLC) has rejected the July backdate decision, with NLC’s Head of Information, Benson Upah, expressing discontent, calling it “unfair and unacceptable.”

Similarly, the National Vice President of the Trade Union Congress (TUC), Timmy Etim, criticized the move, referencing Onyejeocha’s previous promise on May Day that the wage would take effect in May.

At the press briefing, Nta addressed these concerns, clarifying that the minimum wage will take effect from July 29, 2024, as this was the date when the President officially approved the bill.

Former President Goodluck Jonathan, on Thursday, denied sacking the Emir of Kano, Muhammad Sanusi as Governor of the Central Bank of Nigeria, CBN, for alleging that $49.8 billion went missing from the country’s coffers.

Jonathan said Sanusi was suspended because the Financial Reporting Council queried CBN’s expenditure and his tenure elapsed.

He said an international audit firm was employed to scrutinize the CBN and it was discovered that no amount went missing, contrary to Sanusi’s claim.

Jonathan spoke at the launch of the book, ‘Public Policy and Agents Interests: Perspectives from the Emerging World’, co-authored by former Minister of Finance, Shamshudeen Usman, who served as Minister of Planning under his government.

According to Jonathan: “Let me mention that I did not agree with some issues raised by one of the contributors. But I don’t intend to join issues because he is our royal father. And he is here.

“The one he raised that he was sacked because he blew a whistle that the Federal Government lost $49.8 billion is not quite correct. He was not sacked, he was suspended because the Financial Reporting Council queried the expenditure of CBN. And there were serious infractions that needed to be looked at. That was the reason.

“But somehow, the time was short. So before we finished, his tenure elapsed. Probably, he would have been called back.

“On the issue of $ 49.8 billion, till today, I am not convinced that the Federal Government lost $49.8 billion.

“And that year, our budget was $31.6 billion. So for a country that had a budget of $31.6 billion to lose about $50 billion and salaries were paid, nobody felt anything. The researchers that wrote this book need to do further research.

“And more so, when our revered royal father came up with the figures. First $49.8 billion, later $20 billion and later $12 billion. I don’t even know the correct one.”

The governorship candidate of the Labour Party in the just concluded election in Edo State, Olumide Akpata has claimed that members of his party sold out their votes to other political parties.

DAILY POST recalls that the Independent National Electoral Commission, INEC on Sunday announced Monday Okpebholo of the All Progressives Congress, APC, winner of the election conducted on Saturday.

The APC candidate polled 291, 667 votes to defeat his closest challenger and candidate of the Peoples Democratic Party, PDP, Asue Ighodalo, who also garnered 247,274 votes. 

Olumude Akpata, however, came a distant third with 22,763 votes.

Speaking on the election, Akpata who was featured in an interview on Channels TV blamed his failure on poverty, stating that his supporters and even LP members sold their votes.

Akpata, who described the situation as a tragedy, said the decision of the electorates to go for cash was a big lesson he learned.

He said, “Some of my supporters stayed at home but a large number of them sold their votes.

“What happened was a tragedy. Let us remove focus from Akpata and the Labour Party and interrogate our electoral process.

“Members of my party sold their votes. It is something that we must look into closely. They decided to go for cash. That was a big lesson to learn. I meant that if you think you know the people, you have to think again and look inward”.

The Nigerian Senate has approved a bill to establish the South-West Development Commission.

The bill seeks to address environmental, ecological, and other development challenges in the southwest region of Nigeria

SaharaReporters earlier reported that the House of Representatives had passed a bill for an Act to establish the South-West Development Commission.

This was contained in a statement issued by the Southwest Caucus of the House of Representatives, noting that the bill was aimed at addressing critical infrastructural, ecological, and developmental challenges in the southwest region.

According to the statement issued by the House of Representatives at the time, the bill would be transmitted to the Senate for concurrence.

"The Southwest Caucus of the House of Representatives is pleased to announce the successful passage of the ‘Bill for an Act to Establish the South West Development Commission (HB.283)’ by the House of Representatives on Thursday, June 6, 2024.

"The bill, which aims to address critical infrastructural, ecological, and developmental challenges in the Southwest region, will now be transmitted to the Senate for concurrence,” the statement said.

The Central Bank of Nigeria (CBN) has reviewed and approved the sale of foreign exchange (FX) to qualified bureau de change (BDC) operators at a rate of ₦1,590 per dollar.

Naija News understands that the latest action is aimed at addressing the demand for invisible transactions.

In a circular issued yesterday, titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,’ the CBN announced that it will provide $20,000 at the rate of ₦1,590 per dollar to each BDC.

The announcement was signed by the acting director of the trade and exchange department, W.J. Kanya.

The apex bank stated: “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market.

“To this end, CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.

“All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN

“Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.”

The Federal Republic of Nigeria has filed 16-count charges against former Kogi State Governor, Yahaya Adoza Bello, Umar Shuaibu Oicha, and Abdulsalam Hudu at the High Court of the Federal Capital Territory Abuja.

The charges, filed on September 24, 2024, in Case No: CR/7781, include conspiracy, criminal breach of trust, and possession of unlawfully obtained property. The case is pending before the High Court of the Federal Capital Territory Abuja.

Key allegations include conspiracy to commit criminal breach of trust involving N110.4 billion in 2016 and misuse of state funds to acquire properties, including No. 35 Danube Street, Maitama District, Abuja (N950 million), No. 1160 Cadastral Zone C03, Gwarimpa II District, Abuja (N100 million), and No. 2 Justice Chukwudifu Oputa Street, Asokoro, Abuja (N920 million).

Other properties allegedly acquired with misused funds include Block D Manzini Street, Wuse Zone 4, Abuja (N170 million), Hotel Apartment Community: Burj Khalifa, Dubai (Five Million, Six Hundred and Ninety-Eight Thousand, Eight Hundred and Eighty-Eight Dirhams), Block 18, Gwelo Street, Wuse Zone 4, Abuja (N60 million), and No. 9 Benghazi Street, Wuse Zone 4, Abuja (N310.4 million).

Additionally, the defendants are accused of transferring $570,330 and $556,265 to TD Bank, USA, and possessing unlawfully obtained property, including N677.8 million from BESPOQUE BUSINESS SOLUTION LIMITED.

Prosecutors include Dr. Kemi Pinheiro (SAN), Rotimi Oyedepo Iseoluwa (SAN), Hannatu Umar Kofarnaisa, Zeenat Atiku Bala, Abubakar Salihu Wara, Chinenye C. Okezie, Abbas O. Muhammed, Bilkisu Buhari Bala, and Suleiman I. Suleiman.

The charge sheet reads, “That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2023, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N950,000,000 for the acquisition of a property known as No: 35 Danube Street, Maitama District, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N100,000,000 for the acquisition of a property known as No: 1160 Cadastral Zone C03, Gwarimpa II District, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2020, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N920,000,000 for the acquisition of a property known as No: 2 Justice Chukwudifu Oputa Street, Asokoro, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N170,000,000 for the acquisition of a property known as Block D Manzini Street, Wuse Zone 4, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2018, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N100,000,000 for the acquisition of a property known as No: 1773 Guzape District, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2020, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N100,000,000 for the acquisition of a property known as No: A02/176 Block 488B, Lome Street, Wuse 1, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime between 2020, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N66,000,000 for the acquisition of a property known as No: 739 Aminu Kano Crescent, wuse 2 at No. 13 Citiscape-Sharriff Plaza, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2020, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N550,000,000 for the acquisition of a property known as No: 2934A Cadastral Zone A06 also known as No.1 Ikogosi Spring Close, Maitama District, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N650,000,000 for the acquisition of a property known as No: 1058, Measuring about 1450.77sqm in Cadastral Zone A08, Wuse 2 also Known as NO.2 Durban Street Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime 2022, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of Five Million, Six Hundred and Ninety Eight Thousand, Eight Hundred and Eighty Eight Dirhams for the acquisition of a property located at Hotel Apartment Community: Burj Khalifa, lying, being and situate at Plot 160, Municipality NO 345-7562, Sky View Building No.401, Floor4, Dubai U.A.E.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2016, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N60,000,000 for the acquisition of a property known as Block 18 (337) flat B Gwelo Street, Wuse Zone 4, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2017, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly used the total sum of N310,443,450 to tastefully renovate a property known as No: 9 Benghazi Street, Wuse Zone 4, Abuja.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $570,330.00 to account No. 4266644272 Domiciled with TD Bank, United State of America.

“That YAHAYA ADOZA BELLO, UMAR SHUAIBU ORICHA and ABDULSALAMI HUDU sometime in 2021, in Abuja, within the jurisdiction of this Honorable Court, whilst having dominion over the state’s treasury, dishonestly sent the total sum of $556,265.00 to account No. 4266644272 Domiciled with TD Bank, United State of America.

“That YAHAYA ADOZA BELLO sometime between 2017 and 2018, in Abuja, within the jurisdiction of this Honorable Court, had under your control the total sum of N677,848,000 unlawfully obtained from BESPOQUE BUSINESS SOLUTION LIMITED.”

Despite suffering a knockout loss in the fifth round of the IBF heavyweight showdown at Wembley on Saturday, former two-time heavyweight champion Anthony Joshua is set to earn significantly more than Daniel Dubois for the fight.

Reports from Sporty Salaries via GB News indicate that Anthony Joshua was guaranteed £6 million just for showing up, with potential earnings rising to an impressive £25 million depending on pay-per-view sales.

On the other hand, Dubois, who caused an upset by knocking out Joshua, is reported to have a guaranteed purse of £3.5 million, which could rise to £10 million.

The 34-year-old Joshua’s higher earnings are attributed to the attention and fan base he commands in the boxing world, despite the loss to his fellow Brit.

The fight reportedly drew a record crowd for a British boxing match, with Turki Alalshikh claiming an attendance of “more than 98,128” fans.

Following his fourth career defeat, Anthony Joshua took to his Instagram account to address his fans. In a video posted on Monday, he expressed gratitude to his supporters and emphasized his determination to continue fighting despite calls for his retirement.

He said, “We came up short, but we have got to look at all the positives, and that’s the mindset that we have to have—a positive one, always. Look at what we’ve achieved in the space of 11 years, and I want to thank everyone who’s been riding with me. What a rollercoaster journey! But you know what the problem is, is that it’s far from over yet.”

Meanwhile, Dubois’ victory has propelled him to the top of the heavyweight division, potentially setting up future fights with renowned boxers such as Tyson Fury and Oleksandr Usyk. Additionally, a rematch with Joshua is also a possibility.