First Bank

Monday, April 6, 2020

Friday & Monday Declared Public Holiday

The Federal Government has declared Friday, April 10 and Monday, April 13 as public holidays to mark the 2020 Easter Celebration.

Gbadamosi, Former Gubernatorial Candidate In Police Net

Former gubernatorial candidate of the Action Democratic Party in Lagos State, Babatunde Gbadamosi is now in police custody.

This is

Actress Funke Akindele, Hubby Arraigned For Flouting COVID-19 Order

The Lagos State Police Command has taken Nollywood actress, Funke Akindele, and her husband, Abdulrasheed Bello popularly called JJC Skillz, to court for flouting the lockdown order in Lagos State.

Prudential Zenith Insurance Unveils Additional Benefits For Customers Affected By Covid-19 Pandemic

Following the launch of its Coronavirus (COVID-19) initiative, Prudential Zenith Life Insurance has announced some additional benefits

Tuesday, March 17, 2020

Zenith Bank! …Makes Shareholders Proud With N87.9Billion Dividend Payout

Shareholders of Zenith Bank Plc, on Monday, at the 29th Annual General Meeting of the Bank held at the Shehu Musa Yaradua Centre, Abuja unanimously approved the

Sunday, March 15, 2020

Saturday, March 14, 2020

Wednesday, March 4, 2020

Zenith Bank Retains Position As Most Valuable Banking Brand In Nigeria For The 3rd Year

Zenith Bank Plc, Nigeria’s leading financial institution, has again emerged as the Most Valuable Banking Brand in Nigeria in the recently released Banker Magazine Top

Thursday, February 27, 2020

Steps Minister Lai Mohammed, NTDC Boss Folly Coker Are Taking To Grow Tourism Industry

The Nigerian tourism industry is set for speedy development as the Ministry of Information and Culture, in synergy with the Nigerian Tourism Development Corporation (NTDC), is set to

Friday, February 21, 2020

Thursday, February 20, 2020

Court Orders Arrest Of 4 UBA Staff For Manipulating Bank Account & Diversion Of Millions Of Naira

The Federal High Court in Yenagoa, on Thursday, issued a warrant mandating the arrest of four staff of United Bank for Africa PLC (UBA) charged with

Wednesday, February 19, 2020

EFCC Investigators Continue Work To Build A Solid Case Against Access Bank CEO Herbert Wigwe

While the investigation of Access bank’s CEO and Group Managing Director, Herbert Wigwe, is being shielded from the public, it is alleged that this development could be connected to

Sterling Bank Staff, Wife Arraigned For Fraud

The Economic and Financial Crimes Commission, EFCC, Ibadan Zonal Office on Tuesday, February 18, 2020, arraigned an

Thursday, February 13, 2020

Tuesday, February 11, 2020

Sunday, February 2, 2020

CEO Wigwe Sells Off 28.86 Million Shares Of Access Bank

The Chief Executive Officer of Access Bank, Herbert Wigwe, has sold 28.86 million shares worth N292.82 million, which represents 2.33% of his stakes in the bank. The transaction was done through Trust Capital Limited, was made public in a notice filed at the Nigerian Stock Exchange.

What this means is that Wigwe had sold 6.81% of his stake in the financial institution, as he had sold a 4.48% stake on Friday. The bank disclosed in a notification of insider dealing, which was filed at the NSE on Friday, that is CEO sold 55.6 million ordinary shares, which he held indirectly.
Access Bank said in a statement that Wigwe held a total of 1.24 billion indirect shares as of April 2019. The indirect shares were made up of 537.73 million shares owned by United Alliance Company of Nigeria Limited and 702.56 million shares owned by Trust and Capital Limited.
The bank also said that 55.6 million shares were sold from Wigwe’s indirect holding through Trust and Capital Limited. It added that the number of shares sold was an aggregation of sales made on four different instances – 3.61 million shares on January 10, 20.14 million shares on January 13, 9.24 million shares on January 14 and 22.63 million shares on January 15.
Wigwe sold the shares at a price of N10.80 on January 10, N10.70 on January, 13, N10.56 on January 14 and N10.022 on January 15.
Out of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly. The additional 28.86 million shares were sold at N10.32 on January 16.

Friday, January 31, 2020

Customers In Tears, Funds Missing, Businesses Disrupted As FCMB’s System Crashes

The operation of the financial institution, First City Monument Bank(FCMB) is in shambles. gathered this development is as a result of the financial institution’s system collapsed.
Sources disclosed that

Tuesday, January 28, 2020

Billionaire Omokore Faces Fresh Charges In $1.6bn Fraud Case

The Economic and Financial Crimes Commission, EFCC on Monday, January 27, 2020, filed additional 15 criminal charges against Jide Omokore and others,

Friday, January 17, 2020

Controversy Over Buhari’s Daughter Hanan’s Use Of Presidential Jet Refuse To Go Away

What right do the children of the president have to use the presidential plane fleet? Some Nigerians think they do not deserve the privilege as controversy rages over the use of a presidential plane by Hanan,a daughter of President Muhammadu Buhari. Hanan was

Court Kicks Out Ifeanyi Ubah As Nigerian Senator

A Federal Capital Territory (FCT) High Court sitting in Abuja on Friday, January 17, sacked Senator Ifeanyi Ubah of the Young Progressives Party (YPP).
Senator Ubah was

Meet Dan Kunle, The Shadow Power In The Petroleum Industry & Most Trusted Aide Of Minister Timiore Sylva

There is no prevaricating the fact that Timipre Sylva is holding one of the most influential portfolios in the government of President Muhammadu Buhari;

Friday, January 10, 2020

EFCC Arrests Access Bank MD Hubert Wigwe

Access Bank MD, Herbert Wigwe Arrested by the Economic and Financial Crime Commission.

Wigwe was arrested by

With N1.3tn Capitalization, BUA Cement Now 3rd Largest Listed Company On Nigerian Stock Exchange

West Africa’s second largest Cement company, BUA Cement, today listed on the Nigerian Stock Exchange with a market capitalization of 1.2trillion Naira (USD3.3billion) bringing to conclusion, the merger between the BUA-owned cement entities, Cement Company of

First Bank Manager In Police Net For Fraudulently Using Multi-Million Naira Fund

A customer relationship manager with First Bank of Nigeria Limited, Kehinde Adewuyi, has been arraigned for allegedly converting the

NCAA Boss Segun Runsewe Jailed!

Justice Jude Okeke of an FCT High Court on Thursday sentenced Chief Olusegun Runsewe, Director-General of the National Council of Art and Crafts to prison for

Thursday, January 9, 2020

Massive Growth, Major Highlights Of Opportunities For Investors As Combined Entity BUA CEMENT - Obu Cement& CCNN - Is Listed On Nigerian Stock Exchange

The combined business entity known as BUA Cement – merged between Obu Cement and Cement Company Of Northern Nigeria (CCNN)will be listed on the Nigerian Stock Exchange today, Thursday, January 9, 2020.

The move which consolidates the cement holdings of BUA group in Nigeria is part of the group’s vision of unlocking ‘’the opportunities inherent in the business space in Africa for Africans by Africans through BUA’s strategic investments in key industries within Nigeria and across the continent’’.

.The listing of the combined business entity known as BUA Cement is one of the high points of the overwhelming votes by shareholders of CCNN and Obu Cement, at their general meetings, in favor of a merger on December 4, 2019. This was followed by approvals by the courts and regulators. 

Here are a few highlights from the merger which can also be extracted from the Scheme of Merger document found here – or on the Nigerian Stock Exchange Website

-          Merger Deal Size of about NGN1,185,252,392,100 (1.18trillion Naira) or USD3.29billion* (*USD1/NGN360)

-          Current volume of shares for total combined entity (BUA cement) is 33,864,354,060 total entity shares i.e. 13,143,500,966 CCNN shares + 20,720,853,094 shares of BUA OBU Cement Shares

-          Exchange ratio is 1:1 representing the number of CCNN ordinary shares to be exchanged for OBU shares

-          Date of transaction voting was 4th of December, 2019 with 99.93% of minority shareholders voting in favor of the merger. Listing date scheduled for 9th of Jan, 2020.

-          The new entity, BUA Cement, will be the second largest producer of cement in Nigeria by Volume with factories in Sokoto State, NorthEast Nigeria (2million mtpa) and Okpella Edo State, South South Nigeria (6million mtpa). A new 3million mtpa plant currently being constructed is scheduled to be operational in 2020 in Sokoto State.

-          BUA Cement also has the benefit of market leadership positions in its key regional markets of the North West, South South and SouthEast Nigeria due to its location and proximity to those markets . It also has a huge export market in Western Africa.