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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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Follow Me to APC or Resign, Umo Eno Tells Appointees

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The Akwa Ibom State Governor, Umo Eno, says he has concluded plans to join the All Progressives Congress (APC) in no distant time.

He has reportedly mandated his commissioners and other appointees to either join him in the APC or resign if they are not comfortable with his decision.

A Government House source, who confirmed the development, said the governor broke the news during the State Executive Council meeting on Thursday.

The source, who pleaded anonymity, said Governor Eno warned his appointees that he had nothing to negotiate with them other than for them to follow him or leave.

The governor was quoted as saying, “Anybody who claims he is not aware of my intention to leave the PDP is still living in the 18th century.

“Apart from elected officials like House of Assembly members and Local Government Chairmen, I have nothing to negotiate with you.

“Let me tell you, anybody who believes that when I leave the PDP he will use the party structure to fight me is lying, because I will still control the PDP structure.”

Eno disclosed that he is in love with the leadership style of President Ahmed Bola Tinubu and, as such, would like to align with him.

The Peoples Democratic Party (PDP) Chairman in the state, Aniekan Akpan, could not confirm the development at the time of filing this report, as his lines were busy. However, the Director of the APC Media Network, Mr. Iniobong John, confirmed the news to journalists.

John said, “It is no longer a rumour. I think there are some confirmations that the governor is defecting to the APC. Though unofficial, I can confirm that the governor is joining our party sooner or later. No official date has been confirmed yet, but all plans have been perfected for his defection to our party.”

He described the proposed defection as great news for the APC in the state and for Akwa Ibom in general, adding that the state would now be better connected to the national power center.

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Glo Urges Girls to Focus on ICT for Future Careers

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Digital solutions company, Globacom, has advised young girls to dream big and never to be deterred in the pursuit of their dreams and aspirations, promising that the company would always be behind them to power their ambitions.

Adeboye Adeniji, Vertical Head, Financial Institutions and HNI at Globacom, shared this encouraging insight with a select group of secondary school students during the 13th edition of the Girls in ICT Day observance in Lagos. The event, which had students from various secondary schools in Lagos, was organised by e-businesslife Communications Limited.

She called on girls not to see themselves as users of technology service, but to see and envision themselves as creators, leaders, and innovators.

“At Globacom, we know that when girls have the tools, the training, and the confidence, there is no limit to what you can achieve. Whether you dream of becoming a software engineer, a robotics expert, a cybersecurity analyst, or even the next big tech CEO – it’s all possible”, she said.

Warning the girls not to be discouraged from pursuing their dreams, Adeniji advised them not to let “anyone tell you tech is ‘only for boys’. You are smart enough. You are strong enough. And you have every right to dream as big as you want”.

She counselled the students to “keep learning, stay curious, ask questions, and never be afraid to try, because the future of technology in Nigeria isn’t just being built in labs and boardrooms but in classrooms”.

She promised that Globacom, a wholly owned Nigerian brand, will always be ready to support the dreams and aspirations of young people in Nigeria. “We believe in you, we support you, and we can’t wait to see how you’ll change the world” she added.

The convener of the yearly event, who is also the CEO of E-Business Life Communication Limited, Mrs Ufuoma Emuophedaro, while welcoming the students and guests to the event, noted that the “world of ICT holds limitless possibilities. It is a realm where creativity knows no bounds, innovation thrives, and dreams are transformed into reality through lines of code and digital solutions. Yet, despite its vast potential, the representation of women in this field remains disproportionately low.”

She said her effort is geared towards challenging the narratives, breaking down the barriers, defying stereotypes, and paving the way for a “future where every girl, regardless of background or circumstance, feels empowered to pursue her passion for technology.

“That means ensuring that women and girls have equal access to leadership training, career development, scholarships, and fellowships. It means addressing gender bias and challenging societal norms and stereotypes that discourage girls from pursuing ICT careers,” she noted.

Apart from lectures, round table discussion and a quiz, the students from the various schools also demonstrated their prowess in developing obstacle-avoiding robots. Though they were not perfect at it, but their commendable efforts indicated the growing interests of young girls in ICT and science.

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Happy 65th Birthday Dear Egbon Dele Momodu

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By Dr. Seye Oyeleye

Happy birthday egbon, thank you for inspiring a lot of us over the years, your kindness, candour, bravery and unparalleled demonstration of empathy in many a situation, is indeed a lesson in leadership.

I celebrate you today and it is a privilege to have come across you more than a few times over the last 42 years starting from Oscas Ife as a coper😁 to becoming one of your early distributors of Ovation magazine out of your dockland office on westferry road. 😁

Congratulations Sir.

Dr. Seye Oyeleye is the DG, DAWN Commission

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