According to a top official of the anti-graft agency, Okonkwo’s arrest became pertinent, as the recently-uncovered $72.8 million is domiciled in Fidelity Bank when Okonkwo served as the financial institution’s Managing Director (MD).

The arrest of the First Bank chairman is, therefore, part of the ongoing investigations of the former minister, who is being probed for siphoning public funds during her time in office.

“Okonkwo, who is currently the Chairman of First Bank Holding, alongside others, had earlier been grilled over a sum of $153m and $115m by the commission.

“Okonkwo is currently being detained by the EFCC over the whereabouts of the new $72.87 million,” the anti-graft agency’s Spokesman, Wilson Uwujaren, said in a statement.

The involvement of First Bank chairman with Diezani

According to the EFCC, the former minister had embezzled $153 million from the Nigerian National Petroleum Corporation (NNPC), and stashed it in three banks in the country, including Fidelity Bank.

Futher uncovering the activities surrounding the siphoning of the public funds, the EFCC said Okonkwo, who headed Fidelity Bank at the time Diezani intended to divert the money, helped her take delivery of it, and kept $40 million with the former Executive Director, Public Sector Accountant of First Bank, Dauda Lawal.

EFCC stated that Okonkwo did this to conceal the source.

The post First Bank Chairman Nnamdi Okonkwo Arrested appeared first on Business News in Nigeria.

Unmask NG had reported that Otedola, in a bid to become the bank’s chief, acquired a large percentage of shares, such that his acquisition surpassed those of Oba Otudeko and Oye Hassan Odukale combined.

This publication understands that Otudeko and Odukale were First Bank’s largest shareholders, with 1.5% and 1.03% holdings respectively, prior to Otedola’s acquisition.

With his acquisition and as disclosed by First Bank, Otedola now holds a 5.07% stake, which was disclosed as the single-largest shareholder.

Earlier Disclosing Otedola has its largest shareholder, First Bank, after claiming it was not in the known about Otedola’s latest shares acquisition, released a statement that reads: We refer to our communication to the market dated October 22, 2021, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the shareholder.

“This morning, October 23, 2021, fbn holdings plc received a notification from apt securities and funds limited, that their client, mr. otedola olufemi peter and his nominee, calvados global services limited have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

“Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07%.”

But in a surprise turn of events, First Bank, in a statement seen by Unmask NG, has it that Otedola’s declaration as its single-largest shareholder was erroneous, and Hassan-Odukale owns its largest stake with 5.36%.

Meet Hassan-Odukale

• As seen on First Bank’s website, Hassan-Odukale was an Executive Director of Leadway Assurance Company Limited.
• His executive management experience spans over 21 years and includes Asset Management, Finance, IT and Life Insurance Operations. He has a keen disposition to evaluating proposals as well as forming IT strategy and direction which are beneficial to the Bank’s Board.
• Hassan-Odukale also sits on the board of Total Health Trust Limited and other Leadway Assurance Subsidiaries.
• He is happily married with a child. He loves playing tennis, reading and seeing new places.

The post First Bank: Meet Hassan-Odukale, The Man Who Beats Otedola To Be Largest Shareholder appeared first on Business News in Nigeria.

Unmask NG had reported how Otedola acquired a large percentage of shares that surpassed those of Oba Otudeko and Oye Hassan Odukale combined.

This publication understands that Otudeko and Odukale were First Bank’s largest shareholders, with 1.5% and 1.03% holdings respectively, prior to Otedola’s acquisition.

With his acquisition, the celebrity billionaire now holds a 5.07% stake in First Bank, which is the largest owned by a single entity in the bank.

Experts predict spike in First Bank’s shares

Bisi Bakare, the President of the Pragmatic Shareholders Association of Nigeria (PSAN), said Otedola’s acquisition implied a struggle for control of FBN Holdings and its subsidiary, First Bank Nigeria Limited.

“This is likely to impact the price of the stock in the coming days and weeks,” she said.

The Chief Executive Officer of Enterprise Stockbrokers, Rotimi Fakayejo said he expects a rise in the demand for the shares of FBN Holdings.

“Definitely a rise in share price would occur. I see a situation whereby proxy accounts held by some of the directors will be converted to direct holding,” he said.

Noting that the company would soon release its financial statements for the third quarter of 2021, Fakayejo said a positive result would be a catalyst to sustain the growth in the company’s market value.

A research analyst at Atlas Portfolios Limited, Olaide Baanu, also said his outlook for FBN Holdings was largely positive.

“Firstly, with the sell-off of Oba Otudeko’s stake to Otedola, the bank’s non-performing loans will reduce. Also, the sale of Airtel Africa Plc, of which FBNH is among those with high stakes, will provide more cash for investments,” he said.

According to him, irrespective of who owns a controlling interest in the company, whether Otedola, Odukale, or any other major shareholder, FBN Holdings retains good fundamentals.

The post Experts Predict First Bank’s Future As Femi Otedola Becomes Largest Shareholder appeared first on Business News in Nigeria.

This development came after the financial institution released a statement that said the report published on Unmask NG that has it that Otedola had become a major shareholder in the bank after securing the acquisition of a large number of shares, might not be true as it could not confirm it.

First Bank, in the statement seen by this publication, advised the investing public not to take the report seriously, as it had no idea that Otedola had secured a large number of shares.

But in a surprise turn of events, in less than 24 hours after publishing the statement, First Bank released another, stating that Otedola indeed acquired a large percentage of shares that surpassed those of Oba Otudeko and Oye Hassan Odukale combined.

Unmask NG understands that Otudeko and Odukale were First Bank’s largest shareholders, with 1.5% and 1.03% holdings respectively, prior to Otedola’s acquisition.

With the latest development, Otedola now controls a 5.07% First Bank stake.

Read below how First Bank confirmed Otedola as its largest shareholder

We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.

Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company
is now 5.07%.

The post First Bank Finally Confirms Femi Otedola As Its Largest Shareholder appeared first on Business News in Nigeria.

The report, which was culled from Newsrand, has it that Otedola was setting himself up to become the single largest shareholder of First Bank, as now owns a significant number of shares of the financial institution after acquiring a large number of shares through his proxies and investing vehicles.

In a statement addressed to investing public, First Bank made it known that at the moment, it has no idea the highly-revered billionaire is its majority shareholder, as it promised to notify the appropriate agencies and authorities whenever it received any notice of significant shareholding by the shareholders and its registrars.

Read the First Bank’s statement seen by Unmask NG below

The attention of FBNH has been drawn to media reports of today, Oct. 22, purporting that a certain individual has acquired a significant shareholding interest in FBN Holdings, making him the majority shareholder in the company.

As a listed company, the shares of FBN Holdings are publicly traded, and the sale and acquisition of shares are expected in the normal course of business.

The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.

FBN Holdings Plc will always notify the appropriate agencies and authorities whenever it receives any notice of significant shareholding by the shareholders and the company’s registrars.

Should shareholders and stakeholders be worried about Otedola’s imminent takeover of First Bank?

Going by the statement from First Bank, it is obvious that the celebrity billionaire is up to something, as it wasn’t an outright denial of the widely circulated acquisition by this publication.

However, while Otedola’s plans for First Bank had not been made known to the investing public yet, Unmask NG understands that he has the full backing of the Central Bank of Nigeria (CBN) and other regulatory bodies, all thanks to his precedents.

In view of how he successfully turned around Forte Oil and then sold it to its new owners, and his acquisition of Geregu Power Plant during the 2013 privatisation of the power sector, Otedola has a bankable pedigree going for him. And as a result, the news about his takeover of First Bank has influenced the significant increase in the company’s share price on Nigerian Exchange Group (NGX).

How First Bank’s shares traded so far in 2021

Going by available data on the Nigerian Exchange Group (NGX), First Bank experienced its best performance in Q4 so far this year (2021). This was as investors renewed their interest in the bank, improving its investability while they set off a price bubble this month (October).

Between January and September, First Bank market value only appreciated by 12.5 percent, a development that reflected the dampening mood of the Nigerian bourse triggered by the Central Bank of Nigeria’s (CBN) reopening of the OMO market and increased interest to lure investors back.

Throughout the period under review, First Bank’s shares were sluggish, as they traded between N7.15 per unit and N7.55 per unit on Tuesday, September 28. But a day after, the financial institution’s stock appreciated, and traded N8.05 per unit of share.

The post First Bank: We Have No Idea Otedola Is Our Major Shareholder appeared first on Business News in Nigeria.

According to a source who disclosed this development on a condition of anonymity, the energy tycoon is acquiring a lot of shares in recent times.

“Otedola has been buying shares from First Bank lately, and it’s quite surprising to see him doing that. In view of the way things are, I think he might soon be announced as the bank’s chairman,” the source stated.

Newsrand, a publication from which this report was culled, could not verify this claim at the time of filing this report, but considering the recent events in the financial institution, Otedola might be the First Bank’s next chairman.

Just recently…

Some short position investors sold their shares, a development that led to stakeholders losing N34.10 billion.

Amongst the stakeholders that recorded losses in their investments, is the former chairman, First Bank, Oba Otudeko, who had a total of 537.9 million shares (5.89 million direct shares and 532.07 million indirect shares).

He lost N511.07 million from his investment in First Bank, which dwindled to N6.32 billion on Monday, October 18, from the N6.83 billion of last week Friday.

In a similar vein, the Group Managing Director, U.K Eke, who accounts for 102.37 million direct shares in First Bank, lost N97.25 million, as his investment plunged to N1.202 billion from N1.300 billion.

First Bank’s share price significant appreciation

Going by available data on the Nigerian Exchange Group (NGX), First Bank experienced its best performance in Q4 so far this year (2021). This was as investors renewed their interest in the bank, improving its investability while they set off a price bubble this month (October).

Between January and September, First Bank market value only appreciated by 12.5 percent, a development that reflected the dampening mood of the Nigerian bourse triggered by the Central Bank of Nigeria’s (CBN) reopening of the OMO market and increased interest to lure investors back.

Throughout the period under review, First Bank’s shares were sluggish, as they traded between N7.15 per unit and N7.55 per unit on Tuesday, September 28. But a day after, the financial institution’s stock appreciated, and traded N8.05 per unit of share.

The post Is Femi Otedola Buying Shares To Takeover First Bank? appeared first on Business News in Nigeria.

While the Central Bank of Nigeria (CBN) secured court approval to restrict the protesters’ accounts, the protesters can now appeal against the court ruling.

“To freeze forthwith all transactions on the under-listed 20 accounts on the list annexed to this application as Exhibit A and all other bank accounts of the defendants/respondents for a period of 180 days pending the outcome of investigation and inquiry currently being conducted by the Central Bank of Nigeria,” the CBN request to freeze the protesters’ bank accounts read.

The request was however granted by the presiding judge, A.R. Mohammed, on Wednesday, November 4, 2020, but the judge gave a 90 days period, which means that with presentation of a good cause after the expiration of the 90 days, the court can renew the restriction period.

But, the affected individuals and company can now appeal against the court ruling.

The document signed by the judge partly read: “It is however directed that the 90 days freezing order when it lapsed, may be renewed upon good cause shown by the applicant.

“It is also directed that any person, whether artificial or natural, that is affected by this order may apply to the court to have his grievance or complain heard by the court.”

Meanwhile, Access Bank had been sued for a sum of N100 million over the freezing of the account of Gatefield Nigeria, due to the company’s involvement in #EndSARS.

According to Gatefield Nigeria, Access Bank had restricted its account since Thursday, October 15, 2020, based on the directive of the CBN.

The post What #EndSARS Protesters Need To Do To Retrieve Their Frozen Accounts appeared first on Business News in Nigeria.