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FirstBank Shareholders Plot to Remove Otedola As Chairman

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The crisis in the leadership of First Bank Holdings of Nigeria worsened on Wednesday, as a group of stakeholders called for the removal of its board chairman, Femi Otedola, and non-executive director, Mr. Julius B. Omodayo-Owotuga.

The group, therefore, called for an immediate Extraordinary General Meeting (EGM) in the next 21 days in line with section 215 (1) of CAMA.

The group shareholders alleged that FBN has not known peace since the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, influenced Otedola’s acquisition of a significant amount of shares that led to his emergence as Chairman of FBN Holdings in January 2024.

According to the shareholders, with Otedola as Chairman, his personal staff, Omodayo-Owotuga at the Holdco, and yet another personal staff at the bank, Otedola has seized full control of the bank and does as he pleases.

Thus, with the private placement of N360 billion shares, other shareholders fear he would clearly have absolute control, expressing fears of disregard for corporate governance principles.

“This is to enable him (Otedola) to take full control during the proposed N360 billion private placement. But some of the shareholders are saying instead of a private placement for shares of the bank, it should be by right issue or public offer,” a source who doubled as a stakeholder said anonymously.

However, it was further alleged that Otedola’s preference for private placement is seen as a ploy to gain control and run the financial institution as his private estate.

In the last months, FBN Holdings has been a subject of battle over who holds the single largest share of the institution.

The battle for the soul of FBH is between Otedola and Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group.

First Bank Holdings, in its audited accounts for 2023, had put Otedola as the single largest shareholder with a 9.41 percent stake in the financial institution. Otedola, however, has recently increased his shareholding by massive acquisition of more shares. At the moment, his exact stake is unclear.

But data from the Central Securities Clearing System, CSCS, the widely accepted source for confirming share ownership, has Barbican Capital, which is affiliated with the Oba Otudeko-owned Honeywell Group, as the largest single shareholder with a 15.01 percent stake.

Records kept by the bank’s registrars, Meristem Registrars & Probate Services Ltd, also showed that Barbican Capital is the single largest shareholder with 5,386,397,202 shares (5.38 billion) as of May 23, 2024.

Consequently, Barbican Capital had sued FBN Holdings for wrongly stating its shareholding in its audited financial statement.

First Bank recently laid off about 100 senior staff members in a major organisational shakeup.

Reports had indicated that the bank’s top executives were asked to leave—as part of its corporate restructuring and repositioning plan for 2025—following the confirmation of Olusegun Alebiosu as FBN’s managing director (MD) and chief executive officer (CEO) in June last year.

There were also allegations that the exits were part of a concerted effort by Otedola to introduce new hands into several leadership positions in the bankm

Meanwhile, it is still unclear what the Security and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) would do in the wake of this CAMA-induced demand for an EGM called to remove Otedola and stop the private placement of the bank shares.

FBN has yet to issue any statement on the matter.

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Ex-Oyo Governor, Victor Olunloyo, Dies at 90

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A former governor of Oyo State, Dr. Victor Olunloyo, is dead.

According to a statement by his family on Sunday, he died a few days before his 90th birthday.

The statement titled ‘Victor Olunloyo goes home’ was signed by Oladapo Ogunwusi on behalf of the family.

It read, “With a heavy heart but gratitude to the Almighty, we announce the passing into glory of Dr. Victor Omololu Olunloyo, former governor of Oyo State, mathematician and engineer and renowned technocrat, a few days before his 90th birthday.

“The Balogun of Oyo and Otun Bobasewa of Ife, Dr. Olunloyo was first Rector, Ibadan polytechnic and first Rector, Kwara State Polytechnic among other notable appointments.

“His long record of service to the nation and humanity is a source of pride to his family and associates even as we come to grip with this devastating event.

“The Olunloyo family will appreciate the understanding of the press and the public as they commence efforts to give him a befitting burial.

“Even from everlasting to everlasting, He is God.”

About a year ago in April 2024, the rumour of the death of the elder statesman was reported by some news platforms.

But speaking with The PUNCH correspondent who visited his Molete residence in Ibadan, the state capital, he debunked the rumour, saying he was hale and hearty.

“I’m still here, not yet gone,” he declared then.

He also expressed worry over the rumour and asked who would live forever, stressing, “Those breaking death news and the person presumed dead will all die one day.

“I’ve been lucky. My father died at 42, while my mother died at 102. I’m 89. I’ve crossed the expected life age.”

The elder statesman also illustrated how the rumour of his death hit several news platforms on June 7, 2022.

He noted that the rumour mongers claimed that he died at the University College Hospital, Ibadan.

A few days later, the family issued a statement, declaring that he was not dead but suffering from old age ailment and asked Nigerians to pray for him to survive the health complications.

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Umahi Apologises to Tinubu, Lagosians, Denies Knowledge of Bridge Closure

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The Minister of Works, Senator Dave Umahi on Thursday, said the closure of Independence Bridge in Lagos for urgent rehabilitation of the collapsed retaining wall was made without his knowledge or authorization.

Umahi said this while apologising to Lagos residents and President Bola Tinubu for the disruption caused by the sudden closure of the bridge on Wednesday.

Umahi who spoke when he toured the bridge in Lagos said: ” Unfortunately, when the bridge was to be closed, I was not informed. It is very unfortunate because for a bridge to be closed, especially in Lagos, as has been the tradition, I should be informed as the minister.

“We should also have studied the implication of it even in an emergency situation. We would have deployed emergency evaluation of the implication of closing the bridge.”

Umahi warned that controllers of works and engineers would face disciplinary action if such an incident would happen again.

“I use the opportunity to warn all controllers and engineers all over the country. Never you close a road or close any bridge without running through the permanent secretary, who will seek for permission from the honourable minister of works,” he said.

The minister acknowledged the efforts of Lagos State Government in managing traffic flow during the closure.

He also took responsibility for the error, saying: “I take responsibility for it, even though I did not order it, but every action by any staff of the ministry of works, I take responsibility for it.”

Umahi said that the closure, which caused significant traffic congestion, was avoidable.

He said: “If we were to do this properly, there would have been a different kind of method deployed and it wouldn’t have necessitated the total closure.”

According to him, even if closure was necessary, it would have been done in a way that it would take three days: Friday, Saturday, Sunday, and necessary remedial work would have been put in place.

“What we are doing now is to restore the bridge temporarily within the next three days. By Sunday, this place will be totally open.”

He added that a permanent solution would be implemented after a two-week assessment.

“Then, after two weeks, we will look at the settlements, and then we will take out three days to put the permanent structure. That is what we are going to do,” he said.

The minister emphasised the competence of the contractor handling the project, Build Well.

“Build Well is a reputable company, and they have been restoring a lot of failures on our bridges in Lagos, some of them 53 years old.

“Some bridges’ spans have been lifted, especially Eko Bridge, Marina Bridge, and even the Lagos-Ibadan Bridge. They are also intervening in all of them,” he added.

The minister also said that the design of the bridge would be varied to address the emergency situation.

He said: ” The design will be varied according to the emergency situation we have on ground, and the contractor is going to cooperate with us.”

He pledged to personally oversee the restoration efforts, saying, “I am not going until the bridge is fully restored by Sunday, we will work day and night to restore it, and then we will evaluate it.”

The bridge was initially closed on April 1 for essential maintenance and rehabilitation works, with the government planning to complete the repairs by May.

NAN

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Communal Clashes: Adeleke Threatens Royal Fathers with Dethronement

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Osun State Governor, Senator Ademola Adeleke, has threatened stern state action against traditional rulers of Ifon, Erin Osun and Ilobu communities if they fail to sustain current peace, and de-escalate the crisis in their communities.

The Governor issued the warning against the backdrop of online reports that some faceless groups across the conflict areas are planning another round of attacks.

“In the midst of sallah celebrations, I got reports of some people planning another round of conflict around Ifon, Ilobu and Erin Osun towns. The security agencies have tightened surveillance to ensure no attacks take place.

“The security agencies are also speeding up the interrogation of key chieftains and actors in the conflict. I will remind top leaders of the towns that the peace undertaking they are signing are not for joke. They will be held accountable. There will be accountability before the law.

“The curfew we relaxed was on humanitarian grounds. As a compassionate government, we know many innocent people are suffering because of the evil agenda of a few elements across the conflict areas. Any attempt to exploit the adjustment of the curfew for renewed violence will be met with full re-imposition of the 24-hour curfew.

“Additionally, I will remove from office, any traditional ruler where violence recurs. This card is on the table. Royal fathers of each town must call their subjects to order. I will wield the big stick. Enough is enough”, the Governor was quoted as saying in the statement.

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