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Otedola acquires ₦18.9bn shares to regain position as biggest shareholder in First Bank

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Last Updated on June 21, 2024 by Fellow Press

Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

This became possible after he purchased the group’s shares valued at N18.9 billion.

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

With this, the number of shares recently acquired totalled 863,180,810.

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

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Minimum Wage: Let’s cut our coat according to our clothes, Tinubu tells labour

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Last Updated on July 12, 2024 by Fellow Press

President Bola Tinubu says a new minimum wage will be fixed after reviewing the “structure” of the wage bill.

Tinubu spoke on Thursday while addressing the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) during a meeting at the State House, Abuja.

Tinubu told the labour leaders that his administration prioritises the welfare of workers, adding that “society depends on the productivity of happy workers”.

“You have to cut your coat according to the available cloth. Before we can finalise the minimum wage process, we have to look at the structure,” Ajuri Ngelale, presidential spokesperson, quoted Tinubu as saying in a statement.

“Why must we adjust wages every five years? Why not two? Why not three years? What is a problem today can be eased up tomorrow.

“There is much dynamism to this process if we are not myopic in our approaches.

“We can take a surgical approach that is based on pragmatism and a deep understanding of all factors.”

On his part, Joe Ajaero, NLC president, said things are difficult for Nigerian workers, adding that there must be a balance between the living wage and the minimum wage.

Festus Osifo, TUC president, said the rising inflation in the country has eroded the value of the naira.

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Tinubu appoints Jega on Livestock Reform committee

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Last Updated on July 10, 2024 by Fellow Press

President Bola Tinubu has offered a fresh appointment to former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega.

The appointment was announced when Tinubu inaugurated the Presidential Committee on Implementation of Livestock Reforms at the presidential villa in Abuja, on Tuesday/

He named Jega as co-Chairman of the Committee established to address obstacles to agricultural productivity and open up new opportunities which benefit farmers, herders, processors, and distributors in the livestock-farming value chain.

President Tinubu emphasized that the implementation of the reforms will require the collective efforts of members of the committee, drawn from the public and private sectors, state governors, and all Nigerians.

“From here, I will appeal to everyone to remove every iota of partisan politics from this. I will assume the chairmanship of the committee as President and appoint Professor Attahiru Jega as my deputy or co-chair.

“This is not about politics; this is about opportunity. This is about our nation. While I may be absent, Jega will preside and continue to promote our objectives,’’ the President said.

Inaugurating the committee in the Council Chamber at the State House, the President thanked the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje for his efforts in assembling experienced and reputable experts to ensure the activation of opportunities in the livestock sector.

“When we have great opportunities in our states, why should Nigerians continue to experience conflicts?

“With the calibre of people that are here, this presents a unique opportunity also to delineate and establish a centric ministry called the Ministry of Livestock Development. It will give us the opportunity so that our veterinary doctors can have the necessary access to research and cross-breed. We can stop the wanton killings,’’ President Tinubu stated.

The President noted that the traditional method of livestock farming will need to be reviewed and repositioned with the support of stakeholders, which include state governments, in order to open up new opportunities for growth and prosperity.

President Tinubu said the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN), will ensure the removal of all legal obstacles to the implementation of the reforms, while the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani will provide support with automation.

“Modern technology is available to us. We are ready to work. I said at the beginning, with you, all of you, the solution is here, and we must run with it. Any law that might inhibit the promotion and actualization of our objectives, the Attorney-General is here, please give it a priority; and the Minister of Budget and Economic Planning is here; create a budget for it to grow, and the Minister of Finance is here as well to work out the money,’’ the President stated.

The President also said the reforms will be comprehensive and collective, urging the support of all stakeholders.

“We need to provide the incentive to enable Nigeria to finally take advantage of livestock farming; dairy products and cold-chain logistics collectively offer substantial commercial and economic advantages. We have seen solutions and opportunities. With these adversities that have plagued us over the years, I believe that prosperity is here – in your hands.”

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