Friday, May 14

Tag: Shareholders

Jeff Bezos sells $2 billion worth of his Amazon shares
News

Jeff Bezos sells $2 billion worth of his Amazon shares

Amazon boss Jeff Bezos has sold nearly 2 billion dollars worth of his shares in the online retailer this week, filings from the US Securities and Exchange Commission showed on Wednesday. Bezos has sold Amazon shares several times recently. In February and November 2020, he parted with shares worth a total of more than 7 billion dollars. The 57-year-old founded Amazon in 1994 and is still the largest individual shareholder in the company. Amazon was recently valued at 1.65 trillion dollars. Bezos himself is thought to be the richest man in the world, according to Forbes and Bloomberg Billionaires. He has an estimated wealth of more than 190 billion dollars. Bezos plans to give up his position as Amazon’s chief executive in the third quarter of this year and will become ...
Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele
Business

Oba Otudeko Rebuffed My Pleas On First Bank Crisis – Emefiele

The Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele has revealed how boardroom guru and major shareholder with the First Bank Nigeria Limited, Dr. Obafoluke Otudeko spurned his calls and pleas not to interfere with the running of the bank by engineering the removal of its managing director/Chief Executive Officer, Dr. Adesola Adeduntan. According to the CBN Governor, Otudeko, a major shareholder controlling about 10 percent of First Bank, rebuffed his calls and also refused to pick the calls of 2 other major shareholders of the Bank, sought to intervene. “I spoke to Mr. Oba Otudeko, he refused to grant my request. I had to call two of his fellow major shareholders to call him to ask the board not to take such decisions without the approval of the CBN. He refused to pi...
Premier League Referees to Make Changes to VAR
Sport

Premier League Referees to Make Changes to VAR

  Premier League teams have been informed by refereeing chiefs that they will come up with a plan to “change and improve” the Video Assistant Referee (VAR) system ahead of next season, the UK Times reports. VAR is being implemented for the second year in England’s top flight. However, it has been marred by controversial incidents. Clubs were told at a Premier League shareholders meeting on Thursday, that changes would be passed on to officials, so that they could work on them this summer. The plan will revolve around consistent decision making and marginal offsides. The referees and match officials have been accused of lacking consistency as it concerns red cards and penalty calls. Similar incidents have been officiated differently, which has caused frustratio...
My Bank. My Wife and The New Social Order
Lifestyle

My Bank. My Wife and The New Social Order

Let me first out myself. I am a former Employee of FCMB. I worked there for a bit in the securities trading arm, CSL. CSL is a legendary institution that continues to be the corner piece of the Nigerian Capital Market. I was the Head of Local Business. One thing that attracted me to the firm was its legacy. Its founder, Chief Subomi Balogun was a hero of sorts to young Stockbrokers like myself. He had built the institution from his boot straps to the behemoth it is today with over 50,000 Shareholders. My first day at work, I was taken in a ride by the then Managing Director Ladi Balogun on his way to a meeting with Aliko Dangote and in those few minutes he perfectly situated the values that drove the institution. Ethical standards and integrity were the words he kept repeating as...
African leaders back Adesina, say no nation has veto power over AfDB
News

African leaders back Adesina, say no nation has veto power over AfDB

  At least 15 African leaders Friday said they were “concerned” by the allegations against the president of African Development Bank Akinwunmi Adesina and insisted that no nation would be allowed to control the 56-year-old institution. Those who signed the statement included former Nigerian presidents Olusegun Obasanjo and Goodluck Jonathan, whom Adesina served as agriculture minister, Ghana’s John Kuffour, former Malawian President Joyce Banda and former Liberian leader Ellen Johnson-Sirleaf. Tunisia’s Mohamed Marzouki, Tanzania’s Benjamin Mkapa and former Ethiopian Prime Minister Hailemariam Desalegn also signed the statement. “No nation, regardless of how powerful, has a veto power over the African Development Bank, and no nation should have such power,” the African...
English Premier League Set out full plans on Completing Season
Sport

English Premier League Set out full plans on Completing Season

The English Premier League (EPL) on Friday set out detailed plans on completing the 2019/20 football season. The English top-flight League also disclosed that no decisions were taken at the shareholder’s meeting via video conference, but all 20 clubs reaffirmed their commitment to finishing the campaign. DAILY POST had reported that the Premier League is currently suspended indefinitely, with nine matches remaining due to the Coronavirus (COVID-19) pandemic across the globe. “At a meeting of Premier League’s Shareholders on Friday, clubs discussed possible steps towards the resumption of the 2019-20 season, when it is safe and appropriate to do so,” EPL statement read. “It was reiterated that the thoughts of all are with those directly affected by the Coronavirus outbreak. ...
Coronavirus Crisis Forces UK Banks To Axe Billions In Payouts
News

Coronavirus Crisis Forces UK Banks To Axe Billions In Payouts

Britain’s banking sector on Wednesday scrapped billions of pounds (dollars) in shareholder dividends and share buybacks after the Bank of England requested the move to boost liquidity and help cope with the coronavirus crisis. The British central bank said in a statement that its Prudential Regulation Authority division had asked lenders to stop the payments until the end of the year. It also said it expected them not to pay any cash bonuses to top staff. In response, Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, Santander and Standard Chartered all stated that they will scrap dividends and not pursue buybacks. “The PRA welcomes the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020, and to ca...
Facebook and Twitter Decline Pelosi’s Request to Delete Video of her Tearing Trump’s Speech
News

Facebook and Twitter Decline Pelosi’s Request to Delete Video of her Tearing Trump’s Speech

Social media giants Facebook and Twitter have declined US Speaker Nancy Pelosi's request to delete a video of her tearing up her copy of Trump's speech at the State of the Union Address on Tuesday. The speaker's office demanded that Facebook remove the video posted online by President Donald Trump, which was edited to make it appear like she ripped the speech even as Trump saluted a Tuskegee airman in the audience. The video, labeled "Powerful American stories ripped to shreds by Nancy Pelosi," was posted on both Trump's Facebook and Twitter before 6 p.m. Thursday. Trump has more than 72 million followers.   Facebook and Twitter in response, refused to delete the videos, citing different reasons. Andy Stone, a Facebook spokesman said "I can confirm for you that ...
Premier League Announces Changes to Summer Transfer Window
Sport

Premier League Announces Changes to Summer Transfer Window

Premier League clubs have agreed to move the summer transfer deadline to the beginning of September. The window in England has closed 24 hours before the new season kicked off for the last two seasons. However, clubs feel they will benefit from a longer window, to sort out transfer business. With August 31 being a Bank Holiday, the window will close 5pm on Tuesday, September 1 this year. This ensures England is now in sync with the rest of Europe. “At a shareholders’ meeting today, Premier League clubs voted to adopt a change to the summer transfer window closing date for season 2020/21. “This will move the closing date back to the traditional point at the end of August/early September. “The 2020 closing date will therefore be 17:00 BST on 1 September (31 August 20...
Court Takes Decision on Sale of 9mobile
News

Court Takes Decision on Sale of 9mobile

A Federal High Court in Ikoyi, Lagos, on Wednesday dismissed a suit filed by Spectrum Wireless Communications Limited against Emerging Markets Telecommunications Services (EMTS), owners of 9mobile, challenging the sale of the company. NAN reports that the court, Presided over by Justice CJ Aneke, in a ruling on the preliminary objections filed by counsel to EMTS, upheld that the defendant’s prayers in Suit No. FHC/L/CS/153/2018 that there was no direct shareholding relationship between Spectrum Wireless and EMTS, thereby vesting on Spectrum the right to sue EMTS to protect its alleged shareholding in EMTS. The Court also upheld the defendant’s position that there was no privity of contract between EMTS and Spectrum as Spectrum was not a shareholder in EMTS and could not...
Diamond Bank And Access Bank Merger Approved By Shareholders
News

Diamond Bank And Access Bank Merger Approved By Shareholders

Diamond Bank Plc (“Diamond Bank”) and Access Bank Plc (“Access Bank”) today announced the approval of their merger by shareholders of Diamond Bank and Access Bank, respectively. Shareholders of both entities have voted in favour of the Scheme of Merger, as outline below, paving the way for the completion of the transaction.   The Central Bank of Nigeria (CBN) and the Securities Exchange Commission (SEC) had earlier, granted Approvals-in-Principle for the respective Scheme of Merger of both banks. Subject to final regulatory approvals, including the High Court Sanction of the Scheme, the combined business will start operating on April 1st, 2019. “I’m delighted that the shareholders of both companies share our vision and have supported this merger. The merge...
Stakeholders reach final decision on Access, Diamond Banks merger
News

Stakeholders reach final decision on Access, Diamond Banks merger

Shareholders of Access Bank Plc and Diamond Bank Plc, on Tuesday, unanimously approved the merger of both financial institutions aimed at creating a formidable force. The News Agency of Nigeria (NAN) reports that the shareholders gave the approval at an Extraordinary General Meetings (EGMs) of both banks held in Lagos. Mr Herbert Wigwe, Access Bank Chief Executive Officer, told the shareholders at the EGM that the merger with Diamond Bank enables Access Bank to acquire a bank with 17 million retail customers and the most viable mobile payment platform. Wigwe said that the expected revenue and cost synergies were material and promises significant long term value. Wigwe said the bank, after the merger, would attract more opportunities such as trade finance from international part...
Expect better performance in real estate sector in 2019 — Experts
News

Expect better performance in real estate sector in 2019 — Experts

Going by the improvement in the nation’s microenvironment and the positive projections for 2019, the real estate sector is expected to ride on the back of these and other strides it ought to make, and put in a better performance in the year 2019. Though the sector had been generally sluggish in 2018 because of the lull in the nation’s economy, real estate experts are of the opinion that the sector will experience better performance this year because of signs of improvement in the economy and the expected political and economic stability in the country after the general elections in Nigeria in February. They say because more stable investment is real estate, politicians and those with money looking for viable business ventures to invest in, will channel their money into real estate se...
UBA Approves Financial Accounts, Set for Dividend Declaration
News

UBA Approves Financial Accounts, Set for Dividend Declaration

Shareholders of United Bank for Africa (UBA) Plc are expecting the announcement of a final dividend for the 2018 financial year. This followed the approval of the bank’s financial statements for the year ended December 31, 2018. In a notification to the Nigerian Stock Exchange (NSE), UBA said its Board of Directors last Monday approved its financial statements and payment of dividend to shareholders, subject to the approval of the Central Bank of Nigeria (CBN). “We shall provide the details of the results and dividend payments as well as related corporate actions to the Exchange upon the approval of the accounts by the CBN,” the bank said in the notification signed by Group Company Secretary, Mr. Bili Odum. Market operators and shareholders are highly optimistic that UBA will ...
Femi Otedola Set to Acquire the Upstream Of Forte Oil
News

Femi Otedola Set to Acquire the Upstream Of Forte Oil

Femi Otedola is set to acquire the upstream business of Forte Oil Plc. and its power generating business Amperion Power Distribution Company Limited. The company made this known in a notice to shareholders published by the Nigerian Stock Exchange (NSE). According to the company, shareholders had last year authorised a restructuring that will see Forte Oil sell its upstream and power businesses, as well as its downstream business in Ghana AP Oil&Gas Ghana Limited. “A public tender sale process was commenced to attract interested potential investors to participate in the divestment opportunity,” the notice reads, Adding, however, that a review of the process showed low interest from investors, especially for Amperion Power which was priced lower than the company expected. Oted...
CBN vs MTN: In Conclusion
News

CBN vs MTN: In Conclusion

                 MTN It was the night of Christmas Eve when the whole house was still and even the drop a pin could be heard. But the bigwigs at the Central Bank of Nigeria and mobile network operator MTN were concluding the long-drawn out matter of the latter’s remittances and they both released statements. It was at the peak of Christmas, so it would probably have been missed by a few people. While the difference in the perspective of both organisations was remarkable, what was clear from both versions is that the matter had been resolved and MTN would no longer be required to reverse its historical dividend payments to its shareholders. However, the CBN maintained that the proceeds from the preference share private placement were irregular because they were based on Cer...
Publish Your Shareholders, Shehu Sani Tells Etisalat, Keystone Bank
Politics

Publish Your Shareholders, Shehu Sani Tells Etisalat, Keystone Bank

The Peoples Redemption Party member representing Kaduna Central Senatorial District in the National Assembly, Senator Shehu Sani, has challenged the management of the communications giant, Etisalat, and Keystone bank to publish the list of their shareholders without further delay. The senator through his verified Twitter handle on Friday said such action by the management of the two organisations would put a stop to the controversies surrounding their ownership. The Atiku Campaign Organisation had through one of their spokespersons, Buba Galadima, alleged on Wednesday that families, associates, and cronies of President Muhammadu Buhari, were the largest shareholders in the two firms. But Sani said the immediate publication of the firms’ owners, would also save the President,...
Access, Diamond Banks Sign Agreement to Merge
News

Access, Diamond Banks Sign Agreement to Merge

Access Bank Plc and Diamond Bank Plc yesterday ended months of speculations over their future when they finally agreed to merge, signing a Memorandum of Agreement, which if approved by the Central Bank of Nigeria (CBN) and the Nigerian Stock Exchange (NSE), would move Access Bank, the principal partner, from number four to number two or number one in the nation’s banking hierarchy, if the current growth trajectory of Access Bank is maintained. THISDAY confirmed last night that the boards of the two banks met at about 7PM, yesterday and passed the resolutions agreeing to merge subject to regulatory and shareholder approvals. A reliable source close to the merger talks told THISDAY emphatically, “The deal is done, what is left is for the Central Bank of Nigeria to stamp its seal of appro...
Shareholders Approve CCNN, Kalambaina Cement Merger
News

Shareholders Approve CCNN, Kalambaina Cement Merger

  Kalambaina Cement Sokoto on Thursday announced its merger with the Cement Company Of Northern Nigeria (CCNN). Briefing journalists after an extra-ordinary general meeting of the shareholders, the Chairman of the company, Alhaji Abdulsamad Rabiu, who also doubles as the chairman of CCNN, said the deal would involve highly technical and complex infusion of the two companies. To that end, the company has obtained an exparte summons from the Federal High Court. Rabiu added that with the merger, the shareholders have a lot to benefit when the deal is approved by the Securities and Exchange Commission (SEC). According to him, it would give room for the company to expand as well as enhance optimum production and its exportation capacity. He stressed that with Sokoto as a ...
Shareholders Laud NAICOM’s Cancellation Of Insurance Recapitalisation
News

Shareholders Laud NAICOM’s Cancellation Of Insurance Recapitalisation

Shareholders on Monday commended the National Insurance Commission (NAICOM) over the cancellation of the Tier Based Solvency Capital recapitalisation. NAICOM The shareholders under the aegis of the Independent Shareholders Association of Nigeria (ISAN) said the cancellation of the recapitalisation bid by NAICOM was a welcome development and a sign of respect for the rule of law. Mr Moses Igbrude, ISAN Publicity Secretary, told the News Agency of Nigeria (NAN) in Lagos that it was a welcome development that the regulator toed the path of law. NAICOM on Nov. 23 announced the cancellation of the Tier Based Solvency Capital policy for the underwriting sector with immediate effect. The commission gave this notice in a circular to all insurance companies on ‘Withdrawal of circula...
Mark Zuckerberg Says He Won’t Step Down As Facebook Chairman
News

Mark Zuckerberg Says He Won’t Step Down As Facebook Chairman

Facebook Chief Executive, Mark Zuckerberg is pushing back against calls for him to step down as chairman and hopes to continue working with his longtime chief operating officer, Sheryl Sandberg.   Zuckerberg made the comments in a recent interview with CNN where he addressed the controversies pertaining to the social-media giant. He said stepping down as chairman in the near term is “not the plan” after some big shareholders proposed to push him out of that role following a string of management missteps.   According to Facebook’s latest proxy, his share of the voting power among Facebook investors was 59.9%, meaning shareholders can’t force him out, according to Dow Jones Newswires. Zuckerberg called Sandberg an “important partner” who is overseeing Facebook’s efforts...
Shareholders Back A Proposal To Remove Mark Zuckerberg As Chairman Because He Mishandled Several High-Profile Scandals
Scandals and Rumours

Shareholders Back A Proposal To Remove Mark Zuckerberg As Chairman Because He Mishandled Several High-Profile Scandals

Several public that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals. According to a report by NBC, state treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June. The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position. "Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent that's why we're demandin...
Shareholders May Lose Over N10 Billion To Skye Bank’s Takeover
News

Shareholders May Lose Over N10 Billion To Skye Bank’s Takeover

With the recent takeover of Skye Bank Plc by Polaris Bank, following the inability of the owners of the bank to shore up the capital of the distressed bank, shareholders are now at the risk of losing an estimated N10.69 billion, being the value of the shareholders’ fund. The shareholders, who spoke in an interview with The Guardian, amid lamentations, noted that while retail investors were still grappling with N83 billion loss of investment occasioned by the sale of the three nationalised banks- Keystone Bank Limited; Mainstreet Bank; and Enterprise Bank, they are currently faced with another dilemma arising from the sale of the Skye Bank. According to them, one of the reasons why retail investors had shown apathy to the Nigerian stock market since the meltdown in 2009, was becau...
Eni & Shell: Italian Court Convicts Two In Nigeria Oil Corruption Case
News

Eni & Shell: Italian Court Convicts Two In Nigeria Oil Corruption Case

A Milan judge on Thursday sentenced two men to four years in prison in the first ruling of a corruption case involving oil giants Eni and Shell in Nigeria, a judicial source said. The judge also ordered the seizure of millions of dollars and Swiss francs from the pair, who acted as go-betweens in the attribution of Nigerian oil exploration rights worth hundreds of millions of dollars. Nigerian Emeka Obi and Italian Gianluca Di Nardo had requested an accelerated trial, which took place behind closed doors and allowed for lighter penalties if they were found guilty. The main trial of Eni and Shell for corruption opened in Milan in the spring. Both oil companies deny any wrongdoing. Italian magistrates suspect the two oil groups used bribes to obtain rights in 2011 to OPL245, an offshor...
Premier League Managers Back Transfer Window Change
Sport

Premier League Managers Back Transfer Window Change

Premier League clubs will vote next month on a proposal to ensure the transfer window closes before the season starts, with the plan already winning the backing of several managers. A vote will take place at the Premier League shareholders meeting on Sept. 7 and clubs from the lower divisions in the English Football League are set to follow suit next month. Currently, the window closes on the last day of August but the Premier League season began on Aug. 11 with the lower divisions kicking off a week earlier. Burnley manager Sean Dyche said the current system can seriously disrupt the work of a manager and his team. “You don’t want to start the season and lose three of your players when you’re three games into the season. That could be really hard to take. And that happens,” he...
Yahoo, Verizon Deal Set To Close June 13
News

Yahoo, Verizon Deal Set To Close June 13

Yahoo shareholders voted Thursday to back the sale of the company’s internet business to Verizon, clearing the way for the deal to close June 13. The California internet pioneer said approval came at a vote held at a special meeting of stock owners. Verizon’s internet division AOL and Yahoo will be combined into a unit called Oath. Tech news website Recode reported this week that as many as 1,000 jobs could be shed as redundant positions get eliminated at combined AOL and Yahoo operations. A price cut early this year kept Verizon on track to consummate the purchase of Yahoo’s internet business, and share the costs from a pair of epic hacks that threatened to derail the deal. Yahoo slashed the price of its core internet business by $350 million. Under revised terms of the ...
Appeal Court Orders CBN To Account For Cecilia Ibru’s Assets
News

Appeal Court Orders CBN To Account For Cecilia Ibru’s Assets

The Court of Appeal, Lagos division, on Monday affirmed the 2012 verdict of a Federal High Court, Lagos, ordering the Central Bank of Nigeria (CBN) to disclose the total value of cash and assets recovered from the former Managing Director of the defunct Oceanic Bank of Nigeria, Mrs. Cecilia Ibru. The High Court had ordered the apex bank to disclose the whereabouts of the money and property. It also directed the CBN to disclose what part of the cash has been returned to Oceanic Bank and its shareholders. The ruling followed a suit filed by a Lagos-based lawyer, Mr. Chuks Nwachkwu, on behalf of Mr. Boniface Okezie, a shareholder of Oceanic Bank. The lawyer, in an affidavit filed before the court, averred that Mr. Okezie had asked the apex bank to make the information available ...
Banks Refuse Naira Payment From Etisalat Nigeria
News

Banks Refuse Naira Payment From Etisalat Nigeria

According to reports by Reuters News Agency, banks are refusing Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira. They are proposing that and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalize it instead, a source said. A banker with knowledge of the negotiations told Reuters News Agency that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira to overcome hard currency shortages on Nigeria’s interbank market. “Etisalat is asking for us to convert the dollar component to naira but banks don’t want that option and have told them to talk to their parent to settle the loan,” the source said, adding that regul...

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