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Emefiele: Medical Tourism Puts Huge Strain on Foreign Reserves

By
Mosali Edunosa
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Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has stated that medical tourism places a significant strain on the country’s foreign reserves, and that all measures must be made to reduce these enormous costs.

On Friday, Emefiele made the announcement at the opening of the Duchess International Hospital in Lagos.

He also stated that the CBN has boosted its healthcare intervention from N100 billion to N200 billion in order to save foreign cash spent on medical tourism and to meet demand.

Professor Yemi Osinbajo, the Vice President, also spoke at the event, urging increased private sector participation in the healthcare sector to combat medical tourism and medical human capital flight.

According to Emefiele, “Medical tourism put a huge strain on our foreign reserves and more importantly, for every $1 billion allocated to medical treatment abroad, there is less than $1 billion that could be available to other critical sectors of our economy.

“As part of this effort, the CBN led by a select private sector stakeholders supported COVID-19 through CACOVID and in a bid to further drive the recovery of our economy. Monetary policy recognised that while the interventions in our manufacturing sector is essential it is also essential, we continue to give support to the medical sector of our country.

“When intervention on COVID commenced, CBN set aside N100 billion to support the healthcare sector, but upon rise in demand, we have disbursed N107.7 billion, supporting 114 healthcare projects which include medical diagnostics, pharmaceuticals, dental services, eye clinics both private and public hospital just to mention a few.

“We had taken up N100 to support but the monetary policy has said we should move it further up to N200 billion. We would continue to do whatever can be done to support healthcare”.

He therefore called on banks improve on loan facilities to the healthcare and also called on members of the organised private sector to invest in the sector.

On his part, Osibanjo said, “The standards and personnel at this hospital is comparable to anywhere in the world and reversing medical tourism by delivering high standards of care would go a long way by using the most advanced technology and treatment to give the fastest most convinent access to the best medical expertise available anywhere in the world.

“With investments like this seeking high quality medical personnel we can even reverse the trend of doctors leaving the country. the reasons for thier leaving are obvious, better renumeration, better facilities.

“Private sector investments in high quality healthcare services offering top compensation for its personnel could possibly create an attractive proprosition to reverse the trend. so the only way that we can ensure that people stay is obviously is to reward thier services and i think that this is a good way to start.he added.”

Meanwhile , the Group Managing Director of Access Bank Plc, Mr. Hebert Wigwe said, “I do hope such hospitals reverses medical tourism the country. For all private sectors participants take a cue from this, we need many more of this.”

Also, the Chairman Reddington Hospital Group, Dr. Adeyemi Onabowale, noted that one of the major problems with healthcare in Nigeria is Inadequate funding provided for both the public and the private sector this needs to be addressed.

He also added that the true cost of healthcare anywhere in the world is phenomenal with the depreciating currency. Healthcare funding should be bench against a stable currency.

Timi Frank Fires Back at Malami Over Terrorism Charges Leveled Against Kanu, Igboho

By
Ola Akinola
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…Says Allegations Are Nothing More Than Propaganda

On Saturday, former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, criticised Attorney-General of the Federation and Minister of Justice, Abubakar Malami, for accusing Nnamdi Kanu and Sunday Adeyemo of terrorist activities (Igboho).

Malami’s claims, according to Frank in an Abuja statement, were not only false, but also extremely selective and high-wired propaganda geared at gaining selfish political objectives.

He questioned why Malami, as the Federation’s chief legal officer, chose to have a demeaning press conference to address matters that were already being heard in Nigerian and Benin Republic courts of competent jurisdiction.

He claimed Malami was just trying to cover up the Federal Government’s illegal, ethnically prejudiced, and nepotistic arrest and trial of Kanu, the outlawed Indigenous People of Biafra (IPOB), and Igboho, the Yoruba Nation Separatist Agitator.

He stated that the current administration’s impunity towards citizens is the same reason why certain zones of the country are clamoring to leave the Nigerian union.

While the Federal Government is furious with Kanu and Igboho over alleged terrorist activities, Frank, the United Liberation Movement for West Papua (ULMWP) Ambassador to East Africa and the Middle East, said the government has failed and neglected to arrest and prosecute Boko Haram terrorists, bandits, and their sponsors operating in the north.

He bemoaned the fact that, more than a month after handing over the identities of six Nigerian terrorist financiers to the Federal Government, the UAE has refused to investigate, arrest, and prosecute them due to their religious connections and the region of the country from which they hail.

According to him, the UAE has listed Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan, and Surajo Abubakar Muhammad as alleged financiers of terrorism from Nigeria.

He emphasized that neither Malami nor any Nigerian security agency had briefed the press or reported any type of Federal Government inquiry, arrest, or prosecution of those on the aforementioned list.

Frank said: “Is it not laughable that Malami has blamed Igboho for financing terrorism in the North and Kanu for the hijack of the #EndSARS protests and attendant mayhem unleashed in Lagos last year?”

He described the recent arraignment of Nnamdi Kanu at the Federal High Court, Abuja, when lawyers, media and prominent Nigerians were denied access to the court which consequently intimidated the Judge and where the operatives of the Department of State Services (DSS) assumed the role of complainant, prosecutor and judge in their own case as a charade and show of shame on the part of the Federal Government.

He added that , “Malami told reporters at the press conference that Nnamdi Kanu is being prosecuted for his statements that led to killings and destruction of property both in the South East and in Lagos but when Buhari incited killings and destruction of property in the North through his “dog and baboon will be soaked in blood…” statement in 2012, in reference to the 2015 general elections, who prosecuted him?”

He challenged Buhari and Malami to name members of the National Assembly they have accused of sponsoring Nnamdi Kanu and Sunday Igboho to prove the veracity of their claims just like the Government of the UAE has made public the names of those financing terrorism in their country, Nigeria and others.

He called on Malami in particular and the Muhammdu Buhari-led administration in general, to stop spreading hatred, causing division and attempting to instigate and provoke mutual distrust and animosity between the South West and the South East through lies and disinformation.

He called on the international community to take cognizance of the lip service being paid to the fight against terrorism in Nigeria by the Federation Government and the witch-hunt it has continued to unleash on members of the opposition political parties and individuals with dissenting opinion from the Southern part of the country like Kanu and Igboho.

He,however, called on Nigerians to dismiss Malami’s half-truths against Kanu and Igboho and to continue to demand for fairness, justice and equity as bonafide citizens.

He also called Nigerian leaders in the South to speak out and condemn Malami’s statement as they are capable of inciting violence in the country.

While also calling on the international community to disregard the pre-arranged outcome from the trial of Nnamdi Kanu and Sunday Igboho due to the obviously unfair and hushed trial being conducted against them by the Federal Government.

Gunmen Storms Abolongo Correctional Facility In Oyo, Free Prisoners

By
Roland Edet
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Suspected gunmen stormed one of the Nigeria Correctional Service’s (NCS) institutions in Oyo State,

The Abolongo correctional service in Oyo town was reportedly stormed by gunmen on Friday evening, according to reports.

During the attack, the gunmen reportedly released all of the facility’s inmates.

On Saturday, it was learned that the attackers stormed the facility around 10 p.m. on Friday.

The assailants allegedly used grenades to gain entrance and free the prisoners.

When contacted, Olanrewaju Anjorin, the state spokesman for the Nigerian Correctional Service (NCS), confirmed the attack to journalists on Saturday.

In a phone discussion with media on Saturday morning, Anjorin stated that the agency’s senior executives were on their way to examine the extent of the damage.

According to him, “Yes. It has been confirmed that the attack actually happened.

“And right now, the comptroller of Nigerian Correctional Service (NCS) and other top officers are assessing the situation.

“But, I can confirm to you that the incident actually happened”.

Train Bomb : FG Vows To Go After Bandits

By
Ekaette Ibuot
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…Resumes Operations On Kaduna-Abuja Route

The Minister of Transportation, Rotimi Amaechi, announced on Friday that the Abuja-Kaduna rail service would reopen today, Saturday, October 23, 2021, following the completion of track repairs after suspected bandits blew up parts of the rail track on Wednesday.

During an assessment of the repair work at the explosion site, the Minister also revealed that the Federal Government has stepped up its efforts to apprehend the culprits of the heinous crime.

According to him, the Ministry is in discussions with the Department of State Services (DSS), the Chief of Army Staff, the Police, and other security authorities to guarantee that the bandits are apprehended.

He said; “The government is already working to apprehend the bandits. When I get to Abuja tomorrow, I will see the DG SS and the Chief of Army Staff. We eill find the people.

“The repair work is completed. What is significant is that the repair was done by our Nigerian engineers and completed in record time.

“They moved in today and finished today and by tomorrow, we expect that the first train will run by tomorrow.

“What this has done to us is that it will fasten the procurement process of the digital sustem that we want to put in place.

“It had gone to cabinet two weeks ago and it was returned, so we will represent tit to cabinet to ensure that we get approval so that we can install digital security network.

“The essence of the digital secutity system is to enable us when there is an impact on the rail. There is a sensor, when people cross the rail or do anything, we will be able to know and we will be able to forestall this kind of attack”.

He continued; “We will get the Police to be involved so that they will be here before we install the digital security system.

“I am happy that our people fixed it. I am not happy that the security breach took place but what it has done is that it has shown that we actually have the capacity to fix our rail. The essence of this is to make sure that by the time you leave, we should start gradual process of constructing our rail. However, the lady engineer was able to fix it, she and her colleagues will be able to do more like track laying and poseinly track construction but we have to test them gradually.

“I had to come here physically today to ascertain the damage. We want to assure the public that beyond the physical presence of police and deployment of military along this track, i have just told the MD NRC to get us a rail bus that will be on patrol regularly on the track so that we can see what is happening even before the train takes off.

“That will be the measire we will putnin place before before the digital system is installed. The system will let us know anytime there is breach in security or anything and we will respond before rhe train comes and we may stop the train before coming and it will be end to end.

“It will be deployed on Abuja-Kaduna and Lagos-Ibadan corridor” he stated .

FCTA Perm Sec flags Off Training For 1,950 Employees

By
Toyin Adebayo
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The Federal Capital Territory Administration (FCTA), Permanent Secretary, Mr. Olusade Adesola, has flagged off another batch of 2021 training on Information Communication Technology for 1,950 employees of the Administration, in keeping with the FCT Administration’s commitment to continually improve its staff competencies and productivity.

Mr. Adesola said the exercise underscored the importance the FCT Administration, led by FCT Minister Malam Muhammad Musa Bello and Minister of State, Dr. Ramatu Tijjani Aliyu, places on the need for training and retraining of its workforce, while flagging off the 2021 staff training programme at FCTA ICT Laboratory in Abuja.

It would be recalled that the Permanent Secretary officially off the first batch of 2021 training for around 60 Administration officials at the Public Service Institute of Nigeria, Kubwa, about a month ago.

The FCT Administration, according to the Permanent Secretary, is ready to ensure that every member of its personnel is skilled in the use of ICT equipment and is appropriately empowered to conduct administrative procedures and functions digitally.

He went on to say that Information Communication Technology (ICT) has unquestionably become the fastest, most up-to-date, most important, and widely used innovative tool and skill in the twenty-first century, and that it will continue to be the central, most penetrating, and directional influence for centuries to come.

Mr. Adesola further stated that the globe has evolved into a global village as a result of the widespread use of ICT.

Individuals and corporate organizations have resorted to utilizing the power and operations of digitalize devices and operating systems, stressing that more chores and problems are performed and solved now than ever before.

The Permanent Secretary went on to say that ICT has improved communication by making it more effective, faster, and smoother.

ICT has enabled businesses to become more digital and global.

He went on to say that ICT is rapidly replacing paper work as a veritable platform for communication and transactions in both the public and private sectors.

Mr. Adesola also believes that the rise of ICT will improve every element of people’s lives and official functions, including health management, media, public education, security, clerical, administrative, monitoring and evaluation, and many others.

As a result, he advised all FCTA employees to embrace technology, noting that the Administration is continually modernising its daily routine activities and operations, as it interacts with Ministries, Departments, and Agencies on a regular basis (MDAs).

In his welcome presentation, Mr. Udo Samuel Atang, Director in the Office of the Permanent Secretary, urged participants to take the exercise seriously because the Administration will evaluate their performance at the conclusion of the training.

He said, “The training program has been meticulously arranged into twelve streams with 163 people per batch, every week, dovetailing into 12 weeks, with participants selected from all of FCTA’s Secretariats, Departments, and Agencies.”

Malam Bashir Mohammed, the Director of Human Resource Management, said he was certain that the training had equipped the FCTA personnel to go digital in the course of their official duties.

Engr. Abubakar D. Aliyu, Minister of Power, has directed that the Zungeru power plant be completed as soon as possible

By
Roland Edet
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The Minister gave the directions while receiving consultants and contractors who paid him a courtesy call in his office on Friday, according to Odutayo Oluseyi, Deputy Director and Head of Public Relations Unit.

Messrs. CNEEC-Sinohydro collaboration is the contractor for the 700MW Zungeru Hydroelectric Power Project’s Engineering, Procurement, and Construction (EPC).

The Minister assured the contractors of the Federal Government’s determination to overcome the problems they experience in performing their tasks, including concerns about security, COVID 19, cost adjustment due to excess work outside the contracted sum, and the delay in money delivery by China Exim Bank.

Aliyu also informed the contractors about the Ministry of Power’s efforts, via the Ministry of Finance, to resolve the issue of opening an escrow account in a commercial bank, as required by the Subsidiary Loan Agreement with Exim Bank of China, which contradicts the government’s current policy of transferring government accounts in all commercial banks to the Treasury Single Account (TSA).

While praising the contractors’ presentation, the Honourable Minister urged them to reach the project’s December 28, 2021 deadline, promising them that all obstacles to its completion would be addressed.

Earlier in his presentation, Dr. JBO Adewumi of Coyne et Bellier (Tractebel) / Decrown consultancy firm stated that the project’s overall percentage of completion is estimated to be around 90%. He asked for a swift resolution to the issues raised.

The Zungeru hydroelectric facility is located on the Kaduna River, 8 kilometers upstream from its confluence with the Gumna River in Niger State’s Rafi Local Government Area. This is around 20 kilometers northeast of Zungeru, 25 kilometers southeast of Tegina, 43 kilometers northwest of Minna, and 77 kilometers downstream of the Shiroro power plant.

Alleged $4m Bribe: Focus On Campaign, Leave INEC Alone CUPP Urges Parties

By
Ola Akinola
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The Coalition of Political Parties (CUPP) has urged politicians to focus on campaigns rather than frivolous claims against the Independent National Electoral Commission (INEC).

The CUPP has concluded, after a comprehensive examination, that the charges are baseless and a fiction of the imagination of the elements that spread the news, and has urged security authorities to stay on top of their game.

In a statement issued by its spokesman, Ikenga Ugochinyere, CUPP also asked the 18 political parties contesting the election to concentrate their campaigns on the major issues that affect the people of Anambra.

The statement reads: “The attention of the Coalition of United Political Parties has been drawn to the allegation of $4 million bribe against top officials of INEC and a political party involved in the election.

“Utilizing its very vast network of sourcing and verifying information, the Coalition has after all investigation come to the unassailable conclusion that the allegations are false and a figment o the imagination of the elements who spread the news.

“Had that news had even the tiniest atom of truth in it, Nigerians would have been sure that the CUPP would not rest until the officer(s) involved was punished and the right things done.

“It is against this background that we call on the 18 political parties involved in the election to focus on their campaigns on the major issues which are germane to the people of Anambra and leave frivolous allegations against the commission so that it can do its job of conducting a free and fair election where the votes of Ndi Anambra will count.

“Every eyes should be on INEC to ensure the correct things are done but spreading Fake News and throwing up false allegations are not allowed as part of the game.

“When CUPP makes allegations against officials, it is only because they are true and factual.

“In the past few weeks, there have been allegations and counter allegation by at least two political parties each accusing the other of compromising INEC.

“These types of accusations have become a regular pattern every time there is an election. CUPP notes that recently in Edo, just before the gubernatorial election, same counter claims were made but the election turned out to be one of the best in recent history with the deployment of sophisticated technology that frustrated the rigging plots of political actors.

“This pattern of distraction must stop as it tends to cast aspersions on the integrity of elections no matter how clean they were conducted and dampens the morale of staff and ad hoc staff, who put there lives on the line to ensure that this constitutional process goes on unhindered.

“It is in the light of the above that we call on all security agencies involved in the election
process to be on top of their game and not partake in any action inimical to the freeness
and fairness of the election but rather guarantee the security and safety of voters,
officials, observers and indeed any person in Anambra State for election duty.”

FG To Use Technology In All Aspects Of Nigeria’s Economy

By
Mosali Edunosa
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0

The federal government has stated that it will use innovation and technology in all sectors of the economy to accelerate the country’s development.

The guarantee was given by Dr. Ogbonnaya Onu, Minister of Science and Technology, during the unveiling of the ministry’s new logo, vision, and mission statement on Friday in Abuja.

Agriculture, water resources, transportation, construction, health, education, sports, defense and security, financial management, and the fight against corruption, among other sectors, would be influenced by technology from now on, according to Onu.

He stressed that if Nigeria is to get respect and recognition in the international community, all stakeholders must work together with the government to establish a robust economy based on science, technology, and innovation.

Nigeria, he argued, needed to transition from a commodity-based economy to a knowledge-based economy powered by innovation.

According to him : “For our dear nation to continue to have influence in our sub-region, the continent and the world, we must always plan to have a strong economy.

“This means that our dear nation must intensify efforts in diversifying the economy away from total reliance on crude oil.

“Nigeria since our political independence in 1960, has never faced this type of challenge as we are now facing.

“Many countries are trying to move away from the use of fossil fuels. Also, there are countries in Africa and other parts of the world including Brazil, who have discovered crude oil deposits.

“This means that we need to take very urgent steps, as a nation, to prepare for a period when crude oil will not have the importance that it now has in the world.

“We should never forget that some other commodities, had in the past suffered the same fate that crude oil will suffer in the near future.”

The minister , however, underscored the need to re-strengthen and reposition the ministry to deliver on its new mandate and meet the needs of emerging technological advancements of this century and beyond.

Speaking on the essence of the new logo, vision and mission statement introduced by the ministry, Onu said it has become imperative in order to achieve technological revolution in the country.

The new vision of the ministry, according to him, is “To be the foremost National Science, Technology and Innovation Establishment in Africa, comparable with the best in the world.

The Mission statement is
“Total deployment of Science, Technology and Innovation (STI) in achieving sustainable knowledge-based economy for the nation.

“The logo takes into consideration the FMSTI’s desire for Nigeria to move away from relying entirely on a resource-based economy but to work hard to catch up with the most developed Science, Technology and Innovation nations.

“Hence our actions, plans, programmes, policies and Initiatives will be will be revolutionary in nature.”

Earlier, the Minister of State for Science, Technology and Innovation, Mohammed Abdullahi, said the rebranding of the Ministry would enable it focus more on current technological trends such as nano-technology, smart space technology, biotechnonolgy and diverse new technological trends.

Abdullahi explained that the repositioning and rebranding of the Ministry would fast track the developmental agenda of the present administration as well as shore up the nation’s Gross Domestic Product(GDP).

In his welcome remarks, the Permanent Secretary in the Ministry, Mr. Edet Akpan, observed that said the rebranding of the Ministry would bring to the fore the ingenuity of Nigerian professionals, scientists and innovators to solve contemporary global issues such as COVID-19 pandemic and security issues currently bedevilling the country and the world at large.

Akpan while commending the leadership of the Ministry for their cutting-edge innovation and leadership, he said that the rebranding of the Ministry would be a spring for Nigeria’s industrial growth and development.

Secondus Warns PDP Against Holding Its National Convention

By
Ola Akinola
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0

…Says Preparation In Violation Of Court’s Order

The possibility that the Peoples Democratic Party’s (PDP) National Convention will not take place as planned arose yesterday, when the party’s suspended National Chairman, Prince Uche Secondus, warned against conducting it on October 30th and 31st, 2021.

Secondus stated that any preparations for the convention amounted to contempt of court while his case was still pending at the Court of Appeal, promising to use the courts to overturn any decision, action, or measure taken at such a Convention.

The secondus role was declared in a letter to the interim Chairman of the party, Yemi Akinwonmi, dated October 21, 2021.

According to a letter written on behalf of Secondus by his lawyer, Tayo Oyetibo, the PDP “will be embarking on a collision course with the court if it proceeds to hold the National Convention before the hearing and determination of the Application.”

The letter reads in bits; “Should such contumacious conduct of holding the National Convention before the hearing and determination of the Application be embarked upon by the Party however, we shall not hesitate to bring the full weight of the law against all national officers of the Party that are responsible for such conduct of contempt of court.

“we would on our part, swiftly take steps to invoke the jurisdiction of the court to nullify any decision, action or step taken at such Convention.”

The letter drew attention of PDP to the fact that as a result of the judgment delivered by the High Court of Rivers State whereby Prince Uche Secondus was, inter alia, restrained from performing the functions of the office of National Chairman of the PDP, an appeal has been filed and entered against the judgment at the Court of Appeal, PortHarcourt Judicial Division.

The letter said: “In addition, an Application on Notice has been filed in which Prince Uche Secondus is seeking, inter alia, the following orders:

“An order of injunction restraining the PEOPLES DEMOCRATIC PARTY, the 6th Respondent herein, whether by itself, its officers, servants, agents and or representatives from holding or conducting its National Convention scheduled for 30th and 31st October 2021 or any other date, pending the hearing and final determination of this appeal.

“AN ORDER that the parties to this appeal, Particularly the Appellant/Applicant and the Respondent (Peoples Democratic Party) shall maintain the status quo ante as at 22 August 2021, when Appellant/Applicant was occupying the office of National Chairman of Peoples Democratic Party, pending the hearing and final determination of this appeal.” 

In the letter, Secondus explained that the application has since been served on Akinwonmi and other Respondents in the appeal.

He lamented that “notwithstanding the service of the Application for injunction, it has come to the Notice of our client that the PDP and its officers continue to prepare to hold the National Convention on 30 and 31 October 2021”

The letter drew attention to the fact that, “where a suit is brought to enjoin certain activities of which the defendant has notice, the hands of the defendant are effectually tied pending a hearing and determination even though no restraining order or preliminary injunction be issued.”

The letter further said that “the conclusion to be drawn from all the cases is that after a defendant has been notified of the pendency of a suit seeking an injunction against him even though a temporary injunction be not granted, he acts at his peril and subject to the power of the court to restore the status wholly irrespective of the merits as they may be ultimately decided.

“The general practice is that on application for an order for interlocutory injunction, all activities affecting the res are automatically terminated as a mark of respect to the court before whom the application is pending. …if…parties to the suit senselessly rush their tortious trespassory activities…in the spacious belief that that would promote their unfounded claims to the res. Nothing can be farther from the truth. Such heedless posture is, to say the least, a fragrant disrespect to the court. It clearly, in my opinion amounts to intransigence for a party against whom an order for injunction is sought to intensify his interference with the res.

“The court cannot be hoodwinked by such impropriety of unlawful acts in relation to the res….Nor can the person in such disrespect be allowed to take advantage of his default and flagrant intransigence.”

Billionaire Investor, Femi Otedola Now Dominant Shareholder In First Bank

By
Nnenna Nwankwo
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0

Femi Otedola, a billionaire businessman, has taken over First Bank of Nigeria Plc with his recent acquisition of about N30 billion worth of shares, making him the bank’s single largest shareholder. He had a humongous loan portfolio of N192 billion in 2012 via his then Zenon Petroleum and Gas Ltd, which was eventually passed on to the Asset Management Company of Nigeria.

This always means that, as the largest shareholder, he owns the most voting shares and, as a result, has the most authority over the bank’s direction.

The shares of FBN Holding, one of Nigeria’s tier one banks, were purportedly mopped up by an entity headed by Femi Otedola, a millionaire investor and charismatic personality.

According to various people familiar with the transaction, Otedola’s controlling ownership of FBN Holding Company, which owns Nigeria’s oldest bank, First Bank, is about to be inverted after months of cautious and meticulous purchases of the company’s shares on the Nigerian Stock Exchange’s floor.

According to our sources, Femi Otedola has become the bank’s main shareholder, with an announcement expected in the coming days.

For months, the billionaire investor and turnaround specialist known for taking over African Petroleum and turning it into a dominant player in the downstream space of the oil and gas sector has been scooping up shares of the bank, gradually increasing his ownership and surpassing any other single shareholder’s ownership.

According to our information, Mr. Otedola has been buying bank shares through a company called Calvados Global Services Ltd.

There’s also a chance that Mr Otedola’s other vehicles were scooping up shares as well.

FBNH now has 34.7 billion shares floating freely, indicating that it is held by a diversified group of investors.

This makes it simple to buy shares on the stock exchange.

According to FBN Holdings’ most recent audited financial statements, no shareholder owns more than 5% of the banking behemoth.

According to our sources, Mr. Otedola now owns over 5% of the bank through proxies and investment entities, putting him in position to become the firm’s single largest shareholder.

Shares of FBNH have been scooped up over the last 6 months, according to our sources, when the share price was just above N7.

However, rumors of an impending takeover began to circulate among traders, driving the bank’s stock price above the N8 ceiling by the end of September.

Traders with knowledge of the transaction claimed off-market block purchases in the hundreds of millions of units, however it was not immediately clear who was behind the buy.

As the rumors spread in October, FBNH’s stock price soared to N12 per share, a gain of 69 percent in just two weeks.

When it became evident that Mr Otedola was behind some of the major purchases, most of the demand for the stock turned bullish, according to traders who spoke on the condition of anonymity.

Investors, according to one trader, perceive his probable takeover of the bank as a positive indication, noting the same enthusiasm that accompanied Forte Oil’s stock price gain of over 1000 percent in 2013, making it one of the best-performing stocks of the year.

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