First Bank

Friday, May 27, 2022

Femi Otedola to Earn N951mn Dividends from 7.57% First Bank Stake

Billionaire, Mr. Femi Otedola, who has accumulated a 7.57% equity stake in FBN Holdings (FBNH) Plc will earn an estimated N951 million as dividends from his FBNH shares.

Otedola’s direct and indirect holdings of FBNH the parent company of First Bank amounted to 2.717 billion shares in December 2021.

FirstBank Bounces Back to its Leadership Position, Delivers a Fantastic Performance in 2021

As financial market analysts continue to digest the 2021 financial results of the FirstBank Limited, which they say reflect the return of the banking conglomerate to its leadership position, Festus Akanbi writes that the regime of strong fundamentals which the robust performance represents is in tandem with the ongoing restructuring being midwifed by the current board and management of the company


The Nigerian investing community was held spellbound earlier in the week when FBN Holdings Plc released its much-awaited 2021 financial statements to the public, showing a stellar performance, especially in its banking subsidiary, First Bank of Nigeria Limited, which is said to be indicative of its strong recovery from its hitherto dwindling financial position.


Dangote still Africa’s Most Admired Brand for 5 Consecutive Years

The Pan-African and fully integrated conglomerate, Dangote Industries Limited (DIL) has again emerged as the most Admired Brand in Africa for the year 2022, for its leadership position in driving quality brands across the continent. 

Dangote won awards in 8 different categories, on Wednesday at the venue of the award presentation organised by a renowned organisation Brand Africa in Lagos. The other awards include: Most Admired Nigerian Brand, West Africa’s Most Admired Brand that symbolises African Pride; West Africa’s Most Admired African Brand, and Most Admired Nigerian Brand in Africa, among others. 

Thursday, May 26, 2022

Banky W losses primary hours after he was declared winner

The latest report has suggested that the popular Nigerian-American singer and aspirant on the People’s

Democratic Party, PDP, Olubankole Wellington, popular as Banky W, has lost his party’s ticket in Eti-Osa federal constituency, Lagos hours after he was declared the winner.

According to an earlier report, Wellington polled a total of 28 votes to beat his opponent to the PDP’s ticket.


Emefiele’s withdraws from Presidential bid on Buhari’s order, says source

Fresh facts have emerged on why the Governor of the Central Bank of Nigeria, Godwin Emefiele, withdrew from the presidential race.

Sources say Emefiele withdrew the case based on his agreement with the President, Major General Muhammadu Buhari (retd ), that he should continue his job as CBN governor and forget the Presidency.

Wednesday, May 25, 2022

Why I lost PDP primary in Kogi -Dino Melaye

Former Senator, Dino Melaye, has blamed gang-up against him for his loss at the primary to elect the senatorial candidate for Kogi West on the platform of the Peoples Democratic Party.

Yusuf beat Melaye in the re-run election to pick Kogi West Senatorial ticket on the platform of the Peoples Democratic Party.

The election, held on Monday, had ended in deadlock as both aspirants scored 88 votes respectively.

However, during the runoff election on Tuesday, Yusuf scored 163 votes while Dino Melaye scored 99 votes, denting Melaye’s hope of returning to the Senate in the 10th National Assembly.

The Returning Officer, Stephen Onoji, announced the result on Tuesday. 

Tuesday, May 24, 2022

EFCC storms Rochas Okorocha’s Abuja residence to arrest him

Operatives of the Economic and Financial Crimes Commission, EFCC, on Tuesday stormed the residence of former Imo State Governor, Rochas Okorocha, to arrest him in connection with an investigation. 

According to Channels TV, the anti-graft agency’s operatives stormed the residence of the former governor in the Maitama area of the Federal Capital Territory (FCT).


Saturday, May 21, 2022

APC Presidential Race: Amosun and the Surprise Strategy to emerge as flag bearer


Since the formal declaration of the formal governor of Ogun State, Senator Ibikunle Amosun to run for the President of the Federal Republic of Nigeria, the move has not only changed the political calculation of who will fly the presidential ticket of the ruling All Progressives Congress (APC) but has generated controversy on whether he is just a pretender, with the ambition to seek re-election to the Senate or a contender for Nigeria’s highest political office.

But Amosun has not kept anybody in doubt that he has all it takes to slug it out with other 27 presidential aspirants of the party and emerged as the candidate of APC.

For those, who have been following the political trajectory of the former governor, he is not a push over in the Nigerian politics, especially in the internal politics of the ruling party. Apart from being among the few that has the ears of President Muhamadu Buhari, many are of the opinion that some eminent Nigerians across the six geopolitical zones are routing for his candidacy.

Wednesday, May 18, 2022

Dangote Cement grosses N413.2bn revenue in first 3 months

In the first three months of the 2022 financial year, Dangote Cement has recorded a 24.2 percent increase in its revenue and an 18 percent increase in its profit after tax for the same period.

Unaudited results for three months ended 31st March 2022, showed revenue of N413.2 billion and a profit after tax of₦105.9 billion.

Analysis of the cement giant’s three months results indicated that Dangote Cement sold a total volume of 7.2Mt of cement across the group with Nigerian operations accounting for 4.8Mt while the rest of Africa did the balance of 2.4Mt.

Tuesday, May 17, 2022

The Lagos Visionscape Garbage Scandal and Attempts at a Cover-up

It is perhaps a scandal that Lagos taxpayers are still paying for the misadventure called Visionscape some four years after the controversial waste management firm unceremoniously exited operations in the state.

The Lagos State Government in its capacity as the Sponsor/co-obligor on Visionscape’s N28.47 billion of 5-year bonds issued at 17.5 percent, and due in 2022, has been making monthly payments of N713.7 million into its irrevocable sinking fund accounts backing the bond.

The fund is then used to settle semi-annual coupon payments of N4.28 billion due to Visionscape bond investors such that all Visionscape debt service obligations have been met by Lagos since 2018, sources tell MoneyCentral.

Friday, May 13, 2022

Muazu Babangida Aliyu’s trial: How N2b Ecological Fund Was Diverted to Fund Election Campaign - Witness

The trial of a former Niger State Governor, Muazu Babangida Aliyu, and two others, Tanko Beji and Umar Nasko, continued before Justice Mikail Aliyu of the Niger State High Courton Thursday, May 12, 2022, with the eleventh prosecution Witness, PW11, Bala Muhammed, concluding his evidence-in-chief.

The trio is facing prosecution by the Economic and Financial Crimes Commission, EFCC, for criminal breach of trust and diversion of the ecological funds to the tune of Two Billion Naira.

First Bank Violates Listing Rules with Delay in Filing FY 2021, Q1 2022 Results

First Bank of Nigeria is Violating stock market listing rules with the unprecedented delay in filing its Full Year (FY} 2021 and First Quarter (Q1) 2022 financial results.

FBN Holdings Plc the parent company of First Bank of Nigeria has notified the Nigeria Exchange Limited and investing public that it was unable to file and publish its Unaudited Financial Statements (Q1, 2022) for the first quarter ended March 31, 2022, by April 30, 2022, as required by the Rules of the NGX.

Wednesday, May 11, 2022

Buhari tells Amaechi, Malami, other appointees to resign

Nigeria President Muhammadu Buhari has directed that all members of the Federal Executive Council (FEC) running for elective offices submit their letters of resignation on or before Monday the 16th of May, 2022.

Nigeria information and culture minister Lai Mohamed disclosed this on Wednesday during the Federal Executive Council meeting.

Monday, May 9, 2022

Amstel Malta takes centre stage at AMVCA opening gala

The eight-day line-up of events for the eighth edition of the Africa Magic Viewers’ Choice Awards (AMVCA) flagged off on Saturday, 7 May, with the headline sponsor of the Awards, Amstel Malta taking centre stage with an exquisite showcase of Afrocentric style and finesse. 

The Marketing Manager, Nigerian Breweries PLC, Elohor Olumide-Awe, in her keynote address stressed that Amstel Malta’s core objective of headlining the AMVCA is “to consistently build bridges and enable opportunities for the most active segment of Africa’s ever-growing population.” 

Friday, May 6, 2022

ABCHEALTH, UNAIDS sign partnership MOU for Improved Healthcare industry in Africa


The Joint United Nations Programme on HIV/AIDS (UNAIDS) and the African Business Coalition for Health (ABCHealth) have signed a Memorandum of Understanding (MoU) to partner on joint initiatives that will improve access to quality healthcare across Africa.

The MoU was signed by Dr. Erasmus Morah, UNAIDS Country Director and Dr. Mories Atoki, ABCHealth Chief Executive Officer on Thursday, May 5, 2022, in Lagos Nigeria. It covers the areas of cooperation which captures UNAIDS’ strategic priorities as articulated in its Global AIDS Strategy 2021-2026 as well as ABCHealth’s strategic priority of leveraging partnerships to drive sustainable development in Africa’s health space.

Thursday, May 5, 2022

Maradona's 'hand of God' World Cup jersey auctioned for $9.3 million

The jersey worn by Argentina football legend Diego Maradona when scoring twice against England in the 1986 World Cup, including the infamous "hand of God" goal, was auctioned for $9.3 million, a record for any item of sports memorabilia, Sotheby's said Wednesday.

Maradona, regarded by many as the greatest player of all time, died of a heart attack in November 2020, aged 60.

Wednesday, May 4, 2022

Gov Abiodun’s ex-aide pleads guilty to $350,000 fraud in US

Abidemi Rufai, a former Senior Special Assistant to Ogun State Governor, Dapo Abiodun, has pleaded guilty to his role in a $350,763 heist in the United States.

The 45-year-old Rufai pleaded guilty on Tuesday in US District Court in Tacoma to charges that he used stolen Social Security numbers and other personal data to file $350,763 in fake claims for pandemic unemployment benefits in 2020.

US Attorney’s Office in Seattle as says Rufai pleaded guilty to stealing benefits from other states, as well as another $250,000 from other federal programmes.

From 2017 and 2020, Rufai filed fraudulent claims for $1.7 million in federal tax refunds, of which $90,877 was paid out.

Tuesday, May 3, 2022

Allegation of sloppy mode of operation and fraudulent activities trails GT Bank

Nigerians took to social media on Tuesday morning to criticize GT Bank over its alleged ‘sloppy mode of operation and fraudulent activities.”

Some of the complaints also include excessive charges on transactions and late notifications.

Below are some of the complaints seen on Twitter.

Monday, May 2, 2022

Several trapped as 3-storey building collapses in Lagos

A three-storey building located at 32, Ibadan Street, Ebute Meta, Lagos has collapsed.

The Lagos State Fire and Rescue Service announced the accident via its Twitter handle @LagosRescue Sunday night.

“An alert of the collapse of a three storey building by 32 Ibadan Street, Ebute Meta was received at 21:48 hours, Sunday, @LagosRescue at the scene.,Rescue ongoing,”


Sunday, May 1, 2022

How MTN's Chief Sales & Distribution Officer, Adekunle Adebiyi of sexual harass female employees

 MTN Nigeria’s female employees have accused the company’s Chief Sales & Distribution Officer, Adekunle Adebiyi of sexual harassment.

The employees under the aegis of ‘The Anonymous Whistle Blowers’ claimed that Adekunle Adebiyi is a sexual predator.

The female employees in a series of emails and documents sent to MTN Group’s headquarters in South Africa between April 2021 and February 2022 accused him of threatening to fire such ladies if they did not comply with his requests.

The mails reads thus; “We are writing because the man, Adekunle Adebiyi, who heads sales, is a dangerous threat to your company. We wish men like Adekunle Adebiyi will not destroy MTN Nigeria.”

“You left a monster and sexual predator to continue in office but after one year, we can no longer be silenced by his continued intimidation.”

“Many of us became victims of his boastful abuses and direct punishments. Three persons resigned in S&D through his intimidations and threats.”

“Kumar Abubakar, a resourceful Senior Manager, was fired by him and Amina, his GM in the North, on trumped-up charges because Kumar knows all their fake and forged gross connections, numbers and sales figures. They know he would expose them to forensics.”

“Sales conferences are always his grounds for his sexual escapades where he uses his front and power to lure young innocent MTNNers levels 1, 2, 3, vulnerable girls into sex.”

“Your sexual harassment policy is not protecting levels 1, 2 or 3 or young girls. They are victims of Adekunle Adebiyi’s sexual harassment. They can’t talk or report him because they will lose their jobs. We have many cases reported to close friends instead of HR because they don’t trust HR.”

“His bribery and corruption with NIMC Nigeria, collecting money from vendors through his fronts and flooding MTN Nigeria with his family and friends as SIM registration agents have continued.”

“Adekunle is a bad egg. His corruption is beyond imagination. One of our anonymous members shared a message from him to a finance staff member compelling them to pre-pay a vendor for a big contract, so he can collect his bribes upfront.”

“He gives contracts to vendors abroad at higher costs because of money they want to collect as bribes. Procurement staff and Finance team know this but could not report until some of them joined this “whistleblower” group. Yet they are still afraid because our jobs are threatened by these men who work for Adekunle.”

“Check the employments of his many relatives, especially of Ekundayo Fatoki, Customer Acquisition Manager. He failed interviews but Adekunle and his cohorts brought him in re-conducting the interviews two times or more times.”

“The two ladies he sexually harassed are now afraid, too, to come with proof because our jobs are not safe. We are scared and our lives are at risk. Adekunle and his cohorts are powerful and can exterminate us if they have to.”

“Two board of directors are his men. Cyril Ilok, head of forensics, is his womanising and drinking partner, who will never allow all the petitions from the staff to go through investigations.”

“He takes bribes from vendors and settles his “boys and girls” in all the units he carries out fraudulent activities, including procurement. Four years ago he fired Daniel and Bukola because they know his secrets about fraudulent activities in all the procurements deals for MTN.”

“The people had videos of when his fronts collected the money as bribes unfortunately, they were threatened and fired. The two former staff members are still alive if you want to investigate.”

“He virtually uses his fronts and his friends to pitch all the works for customer acquisitions, supplies of MTN airtime and merchandising from the time he was acting as sales and distribution executive till now, money running into billions of naira.”

“He can continue to tell lies to Enzo Scarcella, the Group Chief Consumer Officer, his team or Jens in South Africa or even the COO in Nigeria; we know he is a fraudulent man with figures.”

“He has boasted to vendors and trade partners as long as Cyril Ilok and Karl Toriola are in MTN Nigeria, nothing will happen to him.”

“As at today, MTN Nigeria has over eight court cases of former trade partners Adebiyi removed or terminated their appointments in manners that left a lot to be desired.”

“Fire or remove Adekunle Adebiyi before you pay another fine or get into Nigeria’s murky waters.”

“How much does he earn as an executive in MTN that he bought a house in Manchester, UK, including the big school he built for his wife in Lagos.”

– Source SaharaReporters