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Shareholders Tackle Otudeko For Alleged Plot To Scuttle FBN Holdings’ AGM



Shareholders Tackle Otudeko For Alleged Plot To Scuttle FBN Holdings’ AGM

…Call out SEC, and CBN for keeping mum

Monday’s protest by some shareholders of FBN Holdings over a false and contorted court order stopping the company’s annual general meeting originally scheduled for August 15, is an eye-opener to the festering stalemate on the company’s 2023 annual general meeting. For how long will the regulatory authorities in the capital market fold their arms in the face of the weighty allegations levelled by the aggrieved shareholders, Festus Akanbi THISDAY NEWSPAPER asks

From its half-year 2023 results, it is crystally clear that the current board and management of FBN Holdings Plc have successfully positioned the business conglomerate on the path of sustainable growth.

This is because, in defiance of the prevailing headwinds, which are making some other companies gasp for breath, FBN Holdings was able to post an impressive 231 per cent increase in its half-year profits for 2023 to N187.24bn compared to N56.602bn recorded at the end of June 2022.

The company which was listed on the Nigerian Stock Exchange on November 26th, 2012, closed at N17.70 per unit of its share on Wednesday, August 9. FBN Holdings is the most traded stock on the Nigerian Stock Exchange over the past three months (May 9 – August 9, 2023) and the company has traded a total volume of 6.86 billion shares—in 16,502 deals—valued at N125 billion over the period, with an average of 109 million traded shares per session.

Power Tussle

Analysts however fear that this positive trajectory could pale to insignificance if the festering jostling for the soul of the company is not halted by the relevant regulatory bodies.

What began as a looming crisis boiled over last week when a group of shareholders of the company staged a protest at the headquarters of the company in Marina, Lagos, to kick against a court order suspending the company’s 11th annual general meeting where key decisions, including plans to raise fresh capital and to appoint new directors, were scheduled for discussion.

Other businesses slated for discussion at the meeting included the move to increase the group’s issued share capital from N17.95 billion to N22.43 billion through the creation of an additional 8.97 billion ordinary shares of 50 kobo each, the new capital raising and the election of directors.

FBNH is seeking shareholders’ approval for the election of Otedola as a non-executive director of the group. Otedola was appointed by the board as a non-executive director on July 09, 2023, and the resolution on his appointment is said to be a joker by the shareholders to frustrate the return of Otudeko as the company’s chairman.

Meanwhile, a petition by Olusegun Samuel Onagoruwa upon which the order was obtained in suit No: FHC/L/CP/1271/2022, and addressed to Nnamdi Okonkwo, FBN Holdings Chairman has caused a stalemate over the proposed AGM as it refrained the board of the bank from proceeding with the meeting.

However, FBN Holdings Plc have denied receiving a court order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023, and says the AGM would go as scheduled.

The company disclosed this via an official statement signed by Company Secretary, Adewale Arogundade, which was sent to Nigeria Exchange Limited.

According to the company, they haven’t been served any court order to stop the AGM from holding.

The statement reads, “The attention of FBN Holdings Plc (the Company) has been drawn to recent media reports purporting that the Company has received a Court Order stopping it from holding the Annual General Meeting (AGM) scheduled for August 15, 2023.”

“We confirm that this assertion is a false narrative as the Company has, as at the date hereof, not been served with any court order to stop the forthcoming AGM.”

The company also noted that if there was any restraining order to stop the AGM from holding, that they would have informed regulators and the investing public. They assured Shareholders that the AGM would hold on August 15, 2023.

Shareholders’ Revolt

However, speaking during the protest at the company’s head office in Lagos last week, the Chairman of the Trusted Shareholders Association of Nigeria, Alhaji Mukhtar Mukhtar, who spoke on behalf of other minority shareholders noted that shareholders were not happy that some individuals were trying to hold the financial institution to ransom.

He alleged that there were strong indications that the plot to stop the AGM was from the former Chairman of FBNH, Oba Otudeko, adding that the resolutions to raise more capital for the bank and to appoint directors to the board were met with stiff disapproval as the resolutions would cut the control the former chairman has on the bank.

The shareholders activist alleged further that, “A greater majority of FBN Holdings’ shareholders want the annual general meeting to hold and all the resolutions to be considered but unfortunately, some individuals approached the court and are threatening the board and the directors of First Bank from holding the AGM and for considering those resolutions.

“I think this is very unfortunate and unacceptable. That is why we said the regulators should come in. There are some suspicions and allegations that Oba Otudeko is the one that is fuelling this crisis and I don’t think it is proper for a person of Oba Otudeko’s standing to be involved in this kind of unsavoury behaviour, blocking the progress of an institution which have benefitted him and still benefitting him.”

In what looked like a save-our-soul plea, Muhktar said, ”The shareholders are begging you, please leave First Bank alone, allow First Bank to progress, allow First Bank to go ahead. Other banks are already catching up. They are moving on. So continuing to block First Bank of Nigeria from taking steps that are going to make the bank stronger, increase its share capital and then increase the shareholders’ fund is not a good step.”

While noting that several petitions had been written to regulatory bodies, the shareholders, therefore, called on the regulatory bodies in the nation’s capital market especially SEC to take action and look into the crisis.

“We will like the regulators, the CBN and SEC to come in. They should not be complacent to all these kinds of abuses by some big shareholders of institutions.

“We will continue to protest. We have written petitions to the regulators and we will continue to write more petitions. The regulators should come in. They cannot continue in their complacent behaviour in the face of abuse. They must ignite certain regulatory powers, they can suspend the shares of those people who attempt to hold this bank to ransom.

“We cannot allow this bank to die therefore, the regulatory authorities must act now because they just cannot be quiet,” he said.

He alleged that about N1.7 trillion was mismanaged under the leadership of the former chairman of the institution and that the bank had to write off the amount in the last six years, explaining that it was for that reason the CBN sacked him and his team.

He said, “It is painful to see individuals, who have benefited from the bank, who had made the bank write off N1.7 trillion bad loans in their book now turning round to block the progress of the bank, I think it is unfortunate.”

Earlier this year, Oba Otudeko’s Honeywell Group reportedly bought the largest shares of First Bank of Nigeria Holdings Plc in a cross deal worth N87.8 billion.

The trade has ratcheted up allegations over its validity considering that no single shareholder hitherto officially owned as many shares.

In 2021, billionaire businessman, Femi Otedola became the company’s single largest shareholder after a tussle with Hassan Odukale who was also vying for control of the bank after a leadership gap emerged from Otudeko’s exit.

SEC, CBN Keeps Mum

Analysts said the controversy trailing the recent share acquisition of Honeywell and the ensuing scramble for control of FBN Holdings Plc would have been avoided had SEC, the CBN, and the stock exchange stepped in to clarify the share acquisition. They contended that the silence of these regulators is fuelling the current crisis.

Capital market watchers wondered why the industry’s regulators have decided to keep mum while the crisis in the company festers.

When THISDAY sought the position of SEC, its head of media relations, Mrs. Joy Onoja Otubor disclosed that the commission was still investigating the share sale, promising that the result would soon be made available.

A source explained that the CBN may not want to talk for now as an interested party in the matter, saying the onus lies on SEC to wade into the matter very urgently.

The source explained that stalling the company’s annual general meeting, where key issues were supposed to be thrashed is enough for SEC to wake up from its slumber.


Stakeholders Score Cutix High As Ambassador Nwosu Retires



Stakeholders Score Cutix High As Ambassador Nwosu Retires

Rashidat Okunlade Writes

Stakeholders have scored Cutix Plc for its successful operations in the country in the last 40 years in spite of the prevailing harsh economic conditions.

Cutix Plc is a Nigerian company that specialises in the production and distribution of electrical, automotive, and telecommunications wires, cables, and related products.

The stakeholders, including eminent sons and daughters of Anambra State as well as leading industrialists and politicians in the country, delivered their commendations at a reception organised in honour of retiring Chairman and Co-Founder of the Company, Ambassador Okwudili Nwosu, in Nnewi, Anambra State.

The Founder, Engineer Ajulu Uzodike remarked that, “ My brother and friend has been with me all through the 40 years and I must admit that it has been an eventful and successful relationship.” Engineer Uzodike, however, expressed the hope that Ambassador Nwosu will continue to be part of the Cutix family.

Responding, the Co-Founder, Ambassador Nwosu expressed his happiness over the success story of the Company, describing the Founder as a brother and friend whose interest in the Company is to create an avenue for all and sundry to create wealth through partnership.

Stakeholders Score Cutix High As Ambassador Nwosu Retires

Left-Right: Barr. (Mrs.) Ifeoma Nwahiri, Chairman, Cutix Plc; Sir Ikem Osanakpo (Chairman of the Occasion), Barr. (Mrs.) Angelina Uzodike (Founder’s Wife), Ambassador Odi Nwosu (Co-Founder/Celebrant), Engr. (Dr.)Ajulu Uzodike, Founder of Cutix Plc, and Mrs. Ijeoma Oduonye, Chief Executive Officer, Cutix Plc during a reception organised by the company in honour of the Co-Founder of the company, Ambassador Okwudili Nwosu in Nnewi, Anambra State over the weekend.

He said the story of Cutix Plc is embedded in trust, adding that he dedicated himself wholeheartedly to Engineer Uzodike and the Company in the last 40 years. “I want to assure you that although I am 70 years old now whether I am there or not, my spirit will ever remain with the Company.”

Commenting, Presidential candidate of Labour Party in the 2023 general elections, Mr. Peter Obi, described Engineer Uzodike as an outstanding entrepreneur who has been able to create wealth for stakeholders of the Company as well as a great employer of labour.

Obi lamented that successive governments in the country have not found it necessary to empower and encourage local manufacturers, adding, “Unless the Federal Government decides to do the right thing by supporting these companies, they cannot go very far and they need support because they are those that create jobs. They are the ones that will turn around the economy and they need government’s support.”

He recalled that as the Governor of Anambra State, his administration and the management of Cutix Plc constructed the road leading to the company. He said Cutix provided half of the cost of the project while the state government provided the balance.

He also recalled being instrumental to the appointment of Ambassador Nwosu as Nigerian Ambassador to the Republic of Burundi and congratulated him and the Founder for holding the Company’s fort for 40 years.

Also speaking, Anambra State Commissioner for Commerce, Industry, and Wealth Creation, Mr. Christian Udechukwu, described Ambassador Nwosu as a good manager of human and material resources. He said the Anambra State Government, under the stewardship of Prof. Charles Soludo, is creating an enabling environment for small and medium-scale enterprises to thrive through improved power supply.

Nigerian Ambassador to the Republic of Burundi, Elijah Onyeagba, noted that the success story of Cutix Plc is traceable to the diligence and trust between the Founder, Eng. Uzodike and the Co-Founder, Ambassador Nwosu. According to him, Ambassador Nwosu is not retiring but will use his wealth of experience to improve on the industrial sector.

Senator Ben Obi, a former Senator representing the Anambra Central District, said the only way to jumpstart industrial revolution in the South East is to have the likes of Ambassador Nwosu at the helm of affairs. Small and Medium Scale Enterprises are the vehicles for growing the economy, he said.

Former Minister of Health, Prof. ABC Nwosu noted that Ambassador Nwosu should see his retirement as yet another call to serve by providing professional assistance to young entrepreneurs and captains of industries so they achieve optimally in their various fields of endeavours.

Senator Victor Umeh, representing the Anambra Central District, noted that Cutix is a gift to Nigerians in general and the South East in particular, adding that in all his dealings he has always patronised the products of the Company.

He urged the management and members of staff of the Company to ensure that the establishment grows from strength to strength despite the harsh economic challenges.

A gubernatorial candidate in the last election in Anambra State, Mr. Ben Etiaba, congratulated the board and management of the Company for being in business for 40 years. The determination demonstrated by both Uzodike and Nwosu is one that should be emulated by those who are desirous of venturing into the industrial sector, he said.

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Wema Bank, Selar Partner To Empower Africa’s Creator Economy With Webinar On “The Digital Economy And The Future Of Work” 



Wema Bank, Selar Partner To Empower Africa's Creator Economy With Webinar On "The Digital Economy And The Future Of Work" 

Rashidat Okunlade Writes

Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has partnered with Selar, Africa’s largest creator platform, to empower African creatives and bridge the prevalent gaps in the African creative space.


This revolutionary partnership has birthed a power-packed webinar titled “The Digital Economy and the Future of Work”, a learning and problem-solving webinar aimed at helping Africans—especially Nigerian—creators maximise their potential and leverage available resources to transform their creativity into sustainable income streams.

In a world where work is evolving, employment is undergoing a profound transformation. The creator economy is reshaping the digital landscape, granting young individuals unprecedented opportunities to create and monetize knowledge as never before. Generation Z and Millennials are harnessing the creative space to attain financial independence by selling digital content and forging careers as creators.

Scheduled for September 29, 2023, this webinar promises to illuminate the challenges and prospects that creators encounter as they navigate this exhilarating terrain. It offers invaluable insights into effectively tapping into its potential.

According to a survey conducted by Selar, one in every four creators is an employer, a testament to the potential for creators not only to earn but to create job opportunities, thus bolstering the African Creator Economy as a stable and lucrative source of income. This, in turn, promises to reduce unemployment rates in Africa, contributing to the achievement of the Sustainable Development Goals.

Solomon Ayodele, Head of Innovation & Corporate Transformation at Wema Bank and one of the speakers at the event, commended the bank’s commitment to innovation, recounting the bank’s storied history of resilience and technological advancement. He affirmed Wema Bank’s dedication to equipping its customers with practical knowledge to help them monetize the digital sphere effectively.

According to Douglas Kendyson, the C.E.O. of Selar and another speaker at the event, the dream is for the partnership to mark the beginning of a strong network of groundbreaking initiatives from both powerhouses—Wema Bank and Selar—to revolutionise the creative space in Africa and build more jobs for Africans all over the world. “I’ve been in the tech space for years now and Wema Bank has been at the forefront of innovation—from digital banking alternatives like ALAT to youth-empowering technology programmes like Hackaholics and much more—all of which have shaped the entire FinTech industry, which is why this partnership is so important to us at Selar.

This highly anticipated event would demystify the complexities of the creative space, with a distinct focus on the African context. Key speakers for the webinar include Douglas Kendyson, Solomon Ayodele, Benjamin Dada (Founder/Publisher, Benjamin Dada Blog), and Senior Manoa, one of Nigeria’s premier creators. Attendees can expect to gain valuable insights into the challenges and opportunities faced by creators across the African continent, the pivotal role of financial institutions in fostering the growth of the creator economy, and practical guidance for establishing and enhancing successful online businesses with digital products.

This event welcomes attendees from all walks of life, from budding creators to established entrepreneurs eager to harness the dynamic potential of the creator economy.

Wema Bank, once again, redefines the global standard for banking and reaffirms its position as a bank that works tirelessly to support every stakeholder.

Mark your calendar for “The Digital Economy and the Future of Work” on September 29, 2023. To secure your spot, register for free at

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)



Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

Rashidat Okunlade Writes

Fidelity Bank’s upcoming trade expo tagged, the Fidelity International Trade and Creative Connect (FITCC Houston), has received a major boost as the Mayor, City of Houston, Sylvester Turner, has termed it, “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities”.

This was made known in a video message recently issued by the mayor. In the one-minute clip obtained by our journalist, Mayor Turner highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders.

The event is scheduled for Tuesday, 24, and Wednesday, 25th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010. The bank will be hosting exporters, leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and FinTech sectors in Nigeria and the United States with the view of promoting Nigeria’s non-oil exports and facilitating integrations to global supply-chain networks.

Watch Mayor Turner’s video here:

Register to attend the event at

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