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Approved!Femi Otedola Gets Nod To Purchase Forte Oil Power Assets

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If you are one of those wondering what would be the next business move of Forbes-listed Billionaire, Mr Femi Otedola, we can tell you authoritatively that his first acquisition will be in the power industry.

Yes, the amiable yet shrewd and forward-thinking business mind has just recieved the approval of shareholders to enter into negotiation to purchase the power assets of Forte Oil Plc.

Since the divestment of his majority shareholding from Forte Oil, speculations were rife and the rumour mill has been agog but Otedola, who likes cooking his business dishes silently away from the prying eyes of the media, has just taken the first of many steps in his new direction.

According to a Forbes Africa Report ” Last December, Otedola sold his controlling stake in Forte Oil to Prudent Energy, a local trading firm, at a value insiders say was in the region of hundreds of millions of dollars – a significant premium to its market value at the time. In an effort to restructure the company, the new owners opted to divest its power generating and upstream services businesses in order to focus on its core oil marketing business.

“Forte Oil subsequently put out a public tender to sell the power asset, but the tender received low interest and pricing proposals that did not meets its expectation.

“Otedola, 56, submitted a bid for the power unit, which was reviewed by management and an independent adviser. On Thursday, at an Extra-Ordinary General Meeting (EGM) of the firm in Lagos, shareholders gave an approval to Forte Oil’s board of directors to enter into talks with Otedola to acquire Forte Oil’s power unit.

“The decision was arrived at by a voting process which saw 90.9% of the shareholders approve that Forte Oil may enter into discussions with Femi Otedola or his investment holding companies in connection with the assets to be divested although subject to an independent valuation on fair value.

“In compliance with the Nigerian Stock Exchange (NSE) rules relating to board meetings and General meetings of Issuers, Otedola and his companies – Zenon Petroleum and Gas Limited and Thames Investments limited, which still own some Forte Oil shares, were excluded from voting at the EGM.

“In 2013, Amperion Power Distribution Company Limited, Forte Oil’s power subsidiary, paid $132 million to acquire the 414-megawatt Geregu power plant under a government-led privatization scheme meant to confront decades of chronic power outages in Nigeria. In December 2017, Forte Oil invested close to $100million to increase the generation capacity of the plant from 414-megawatt to 434-megawatt of electricity. A spokesperson for Otedola confirmed to this reporter that the Nigerian businessman divested from the oil marketing business in order to focus on the power generation and distribution business, and is aggressively shopping for reasonably priced assets in Nigeria.

Forte Oil’s share price jumped 10% on Friday to N29.7 (8 cents) on news of shareholder approval for the deal”

Otedola who is applauded in Nigerian business circles for his penchant to play by the rules has been known to walk away from juicy deals over propriety issues.

 

 

 

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KFC Reacts As FAAN Shuts Down Its Operations in Lagos Airport

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The Management of Kentucky Fried Chicken (KFC) has reacted to the Federal Airport Authority of Nigeria (FAAN)’s move to shut down its branch at the Muritala Muhammed Airport, for violating laws protecting the rights of people with special needs.

The action was confirmed through a statement released on Thursday by FAAN’s Director of Public Affairs and Consumer Protection, Obiageli Orah.

The official statement, titled ‘FAAN shuts down KFC outlet at MMIA,’ highlighted that the closure was in response to the outlet’s breach of the Lagos State law on People with Special Needs, specifically referencing Part C, Section 55 of the General Provisions on Discrimination.

Responding to the development, KFC posted on its official X account that it opposes bias and discrimination, stressing that the incident did not reflect its standards.

The organisation disclosed that it had embarked on efforts to address the situation and urgently implemented sensitivity training for all its employees.

The statement read, “KFC is unwavering in our stance against bias or discrimination in any form, with inclusivity and respect as non-negotiable pillars of our values.

“However, this recent incident has underscored the pressing need for immediate action. We have embarked on efforts to address the situation and extend apologies and deeply regret the frustration and distress experienced by our guest.

“In response, we are urgently implementing sensitivity training for all our employees. This incident is not reflective of our standards, and we will act swiftly to rectify it.

“We are actively exploring solutions to equip our team members and establishments better to ensure that every guest feels genuinely welcomed and that we deliver empathetic customer service that proactively addresses the diverse needs of each guest.”

KFC had during the week, denied Adebola Daniel, son of former Ogun State Governor, Gbenga Daniel, access to their facility at the Muritala Muhammed International Airport  because of his disability.

Daniel had recounted his experience at the KFC outlet of the airport in a series of tweets posted on Wednesday via his X handle, @DebolaDaniel.

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Ezekiel Bolarinwa Ajayi: Mentor, Philanthropist Revels at 80

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By Eric Elezuo

The ancient town of Ile-Ife was agog weekend, when Professor Ezekiel Bolarinwa Oladele Ajayi, a renowned educationist, accomplished mentor and elder brother of veteran journalist, Dele Momodu, pulled all the stops to mark a resounding entry into the octogenarian club, celebrating his 80th birthday with fanfare, pomp and class.

The event, which attracted family members, colleagues in the academic world, friends and well wishers, was another testament in the expression of influence, clout and connection.

Held at the Rock Rehoboth Cathedral in the centre of Ile-Ife, the event brought out the best in the Stanford trained PHD holder, as beamed with contagious smiles, absorbing accolades from a crowd of well wishers and dignitaries, most of whom traveled half  way across the world to felicitate with the newest octogenarian.

A lavished reception followed after heartfelt prayers were said for the celebrant flanked by his wife of many years, children and grandchildren. The reception witnessed guests savoring the best of continental and local delicacies as well as dancing happily to the old school tunes.

The highpoint of the event was the cutting of the gigantic cake by the birthday boy around whom were dotting family members.

As guests expressed their profound, hearty and sincere congratulations towards the octogenarian, whose event changed the landscape of Ife, many recalled how they have come a long way from their very humble beginning in Gbongan Olufi.

Fondly called Ladele, Prof Ajayi was born on March 23, 1944 in Gbongan, Osun State, where he had his earliest beginnings.

He statted his education at the Saint Paul’s School Gbongan, before moving on to Saint Judes School, Ebute Metta, and later to Saint Stephens School, Ile-Ife, where he completed his primary education.

After his elementary education, he was admitted into the Government College lbadan, where he was described as having  ‘passed out in exceedingly bright colours’. As many that knows him has confirmed that Prof Ajayi was a walking encyclopedia, and vibrated with intelligence while at school.

It was not therefore, surprising that he later proceeded to the United States of America, after his secondary education, where he attended various prestigious Universities including Stanford University. It is worthy of note that all his appearances for university education were on different scholarships. It was also at Stanford that he bagged his PhD honours.

On the completion of his PhD programme in Stanford, Prof Ajayi was recruited by the University of Ife, as it was then known, before its transmutation to Obafemi Awolowo University, where he later became a Professor of Physics, a position he jealousy guarded until retirement from active classroom duties.

According to a very close family member and confidant, Bola Adeyemo, who spoke glowingly about their fond relationship, Prof Ajayi “also became active in things of God. Like a proverbial gold fish, he has been recognized as a Pastor. Ladele played a mentoring role in the final years of school for my twin daughters who both graduated from the medicine program in the same University.

“The mutual fondness between Ladele and I remains very much intact. Ladele and l share common ancestry. His father who was the Otun Olufi of Gɓongan was a much older cousin to my mother and was fondly referred to as baba mi ile ASORO. They both had the same tribal marks. Ladele can be classified as belonging to the royal class as his father was the OTUN OLUFI while his mother was the daughter of the ÒOSA, first class chief in Gbongan.”

A life of Prof Ajayi without a mention of prolific publisher of the Ovation brands,  Chief Momodu, remains incomplete. It is worthy of note that apart from both sharing the same mum as siblings, the Prof was instrumental in shaping and mentally mentoring Momodu on the path of education. His 80th birthday was a reminder of how it used to be in times past as it marks a form of reunion for the Ajayi extended household.

Among those who attended were his daughter, Kemi Ajayi-Ingram, who flew in all the way from the United States of America, with her entire family; his niece, Yejide Ajayi among a host of others.

We wish the ebullient octogenarian a splendid birthday, and many ore years of splendid celebrations.

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Easter, Ramadan: Adeleke Releases March Salaries, Pension, Palliatives, Approves Promotion for Personnel

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Osun State Governor, Ademola Adeleke, has approved the release of salaries, pensions and palliatives for the month of March for all public servants in the state, as well as approved the promotion of service personnel due for promotion from 2023.

Adeleke’s show of love for the entire workforce, is in spite of the fact that the State allocation from the Federation account is yet to be released, according to a statement signed by the governor’s spokesperson, Mallam Olawale Rasheed.

The Head of Service, Mr Samuel Ayanleye Aina confirmed the approval of the March salaries, pension and palliatives, noting that the fast tracked approval covered all categories of state and local government employees including tertiary institutions in the State.

“I can confirm that Mr Governor has approved the March salaries, pension and palliative wage awards, including the usual payment of the outstanding half salary for retirees under the contributory pension scheme yet to obtain their bonds. Mr Governor requested for the file and granted immediate approval.

“Any moment from now, alerts will be landing in our peoples’ accounts. This is a preemptive step on the part of Mr Governor to meet the needs of our people”, the Head of Service explained.

Governor Adeleke who has been hosting inter faith leaders at the Government House said he approved the early payment to ease the burden of the workers ahead of the Easter period.

“As I wish muslim and christian faithfuls blessed fasting season, the early payment is a gesture of support for workers whose welfare remains the number one priority of our administration”, the Governor noted.

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