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How MDs of Zenith, Access spent N44.67bn to secure holding interest
How MDs of Zenith, Access spent N44.67bn to secure holding interest
The managing directors of Access Holdings Plc and Zenith Bank Plc have spent N44.67 billion to acquire more shares to ensure stake in their companies.
In separate disclosures to the investing public, Herbert Wigwe, the group managing director of Access Holdings, acquired 1,350,188,284 units of shares at an aggregated sum of N32.8 per share, totalling N44.29 billion.
Wigwe had, through the additional acquisition, raised his controlling interest in the bank to 8.74 per cent or 3,105,789,014 of the company’s total shares outstanding of 35,545,225,622.
Details of the transactions showed that Wigwe, on April 27, acquired 1,135,188,284 units at N10 per share, which amounted to N11.35 billion.
On May 5, he acquired 75,000,000 units of shares at N11.25, for N843.75 million, and on May 8, 140,000,000 units at N11.55 per share for N1.617 billion.
These transactions were done through Tengen Holdings (Mauritius) Limited.
His counterpart in Zenith Bank, Ebenezer Onyeagwu, bought 8,000,000 additional shares at N47.94, for N383.52 million, which raised his stake to 0.29 per cent or 90,176,078 units of the company’s total outstanding shares of 31,396,493,786.
By this acquisition, Onyeagwu has further secured his hold as the second largest shareholder of the company.
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According to the official disclosure released on Thursday, May 11, Onyeagwu on May 4 acquired an aggregated 3,463,461 units at N23.93 per share, of which the transaction details showed he bought 1,236 units at N23.85 per share; 1,161,608 units at N23.95 per share; and 2,300,617 units at N24 per share.
The Zenith Bank boss, on May 5, acquired additional shares of 4,536,539 units at N24.01 per share. The transaction was broken down into 283,794 units at N23.90 per share; 1,276,667 units at N24 per share; 2,376,078 units at N24.05 per share; and 600,000 units at N24.10 per share.
The company’s financial reports showed that as of December 31, 2022, Wigwe held 201,231,713 direct shares and 1,554,369,017 indirect shares of Access Holdings, while Onyeagwu held 82,176,078 units of Zenith Bank’s shares.
Wigwe’s indirect holdings relate to United Alliance Company of Nigeria Limited assets, 537,734,219 units of shares; Trust and Capital Limited, 584,056,979 units of shares; and Coronation Trustees Tengen Mauritius, 432,577,819 units of shares.
According to Zenith Bank, the board of directors, under the powers vested in it “by the provisions of section 426 of the Companies and Allied Matters Act (CAMA 2020) of Nigeria,” proposed a final dividend of N2.90 per share which, in addition to the N0.30 per share as interim dividend amounts to N3.20 per share from the retained earnings account as at 31 December 2022.
It means that Onyeagwu had about N288.56 million dividends from Zenith Bank by the end of last year.
The payment of dividends is subject to a withholding tax rate of 10 per cent in the hands of a qualified recipients.
Zenith Bank has a diverse shareholding structure, with no single ultimate individual shareholder holding more than 12 per cent of the bank’s total shares.
The bank’s chairman/non-executive director, Jim Ovia, holds 11.29 per cent of 3,546,199,395 direct shares and 1,523,928,375 indirect shares as of December 31, 2022.
The board of directors of Access Holdings also proposed a final dividend of N1.30k per ordinary share. It then means that Wigwe pocketed about N4.04 billion dividend from Access Holdings in 2022.H
How MDs of Zenith, Access spent N44.67bn to secure holding interest
ICIR with minimal editing
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$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics
$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics
Justice Jude Onwuegbuzie of the Federal High Court, Apo, Abuja On Thursday, chastised Adeola Adedipe, SAN, counsel to former Minister of Power, Olu Agunloye, for using delay tactics to slow the pace of the former minister’s prosecution.
Agunloye is being prosecuted by the Economic and Financial Crimes Commission, EFCC, on seven counts of official corruption and fraudulent award of the Mambilla Power Project contract worth $6 billion.
During Thursday’s hearings, the court observed that the defence counsel has been in the habit of making excuses based on Agunloye’s health and age, as well as filing various motions, ensuring that little progress has been achieved in the trial.
Addressing the defence counsel, Justice Onwuegbuzie stated that “My principle of justice is that of no delay. The other time you brought the issue of amicus curiae and wasted the time of the court. You should also know that in my court I don’t read processes.
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“If you need time to serve processes, it must reach me on time, and your colleague must also be duly aware in time. There must be mutual respect. Do not come and serve processes in court; I don’t take that in my court,” he said.
Prosecuting Counsel Abba Mohammed, SAN, informed the court at the start of proceedings that the business of the day was the adoption of the prosecution’s application for the amendment of the charge, which was filed on October 30, 2024, to which the defence responded with a counter-affidavit and a request for an adjournment to allow the prosecution to study the affidavit.
Justice Onwuegbuzie adjourned the case until November 28, 2024, to rule on the adoption of the application.
$6bn fraud: Judge scolds Agunloye’s counsel over delay tactics
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Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official
Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official
The trial of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, continued at the Federal Capital Territory (FCT) High Court in Maitama on Thursday, November 14, 2024.
A former CBN Deputy Governor, Kingsley Obiora, who served in the policy department, testified that the newly printed naira notes issued during Emefiele’s tenure deviated from the approval granted by then-President Muhammadu Buhari.
In his testimony before Justice Maryann Anenih via Zoom, Obiora disclosed, “the approval by then President Muhammadu Buhari was different from what was eventually produced,” according to a statement from the Economic and Financial Crimes Commission (EFCC).
Obiora, responding to evidence presented by prosecution counsel Rotimi Oyedepo SAN, explained that he noticed discrepancies when comparing the naira notes in circulation with the President’s original directive.
During his seven-year tenure at the CBN, Obiora served on the Committee of Governors (COG), which he described as a body comprising “the governor, four deputy governors, and the director of corporate services.” He clarified, “The governor is the Chairman of the Committee, and during my tenure as Deputy Governor, Emefiele was our Chairman.” Obiora said the Committee met every Wednesday to address significant policy matters.
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Obiora recalled the initial introduction of the redesign plan during an event marking the one-year anniversary of the e-naira in Lagos on October 25, 2022. “The governor called all four deputy governors into a huddle and informed us of the plan to redesign the currency,” he said, expressing immediate concerns, as he felt “the event itself may not be the appropriate place to announce such a major policy.” He advised that the policy undergo further scrutiny before any public announcement.
Despite his reservations, Obiora noted that Emefiele proceeded with the plan, formally presenting it to the COG on October 26, 2022. “The governor mentioned that we had already had the president’s approval for the policy,” he stated, adding, “The deputy governor in charge of currency operations presented a memo, and it was discussed, deliberated upon.” Following this, a press conference was held to announce the redesign.
Obiora explained that the CBN Board was formally briefed on the naira redesign months later, in mid-December 2022. He said, “The policy was discussed at the board level mid-December. The board did not sit as day-to-day management but instead gave policy directions.” Obiora clarified that “the board’s involvement in the policy was limited to endorsing the COG’s prior decision, not initiating it.”
During cross-examination, defense counsel Olalekan Ojo, SAN, questioned Obiora about the timing of the board’s formal involvement. Ojo suggested that the December meeting “conforms with the naira notes currently in circulation,” to which Obiora responded, “Yes, sir.” He noted there had been no indication or directive from former President Buhari challenging the redesign.
Reflecting on past experiences with currency design, Obiora mentioned that while he was with the bank during the introduction of a redesigned N100 note in 2014, he was not directly involved in its development.
After delivering his testimony, Justice Anenih discharged Obiora and adjourned the case to December 4, 2024, and January 21, 2025, for further proceedings.
Emefiele printed new naira notes different from what Buhari approved – Ex-CBN official
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Train attack: ECOWAS court dismisses SERAP suit against FG
Train attack: ECOWAS court dismisses SERAP suit against FG
The Community Court of the Economic Community of West African States (ECOWAS Court) has rejected a suit filed by a group of Nigerian activists, the Socio-Economic Rights and Accountability Project (SERAP) over an attack by bandits on an Abuja-Kaduna train on March 28, 2022.
The court held that it lacks jurisdiction over the case because relevant ingredients that could qualify it to be entertained as a public interest litigation were missing.
SERAP filed the case after bandits attacked the Abuja-Kaduna passenger train in 2022.
In the attack, armed assailants bombed the train carrying over 970 passengers on the Abuja-Kaduna rail line near Rigasa in Kaduna.
The attack led to numerous fatalities, injuries, and abductions.
SERAP, by its case, sought to hold the government of Nigeria accountable for alleged human rights violations in relation to the terrorist attack.
The organisation claimed, among others, that the attack was the result of the state’s inability to provide tight security for the passengers.
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SERAP argued that Nigeria’s alleged lack of measures to avert the attack violated the rights of passengers to life, security, and dignity.
It prayed for a N50 million compensation for each of the passengers and their families.
In a judgment delivered on Wednesday, the regional court declared the suit inadmissible due to lack of victim status required for public interest litigation.
A statement by the court said the judgment was delivered by Justice Dupe Atoki.
It added: “The court recognised its jurisdiction to hear the case as it involved potential human rights violations within a member-state, in accordance with Article 9(4) of the ECOWAS Supplementary Protocol.
“However, the court found the claim inadmissible on grounds that it failed to meet the victim status requirement essential for litigation under Article 10(d) of the same Protocol.
“In its findings, the court said that SERAP claimed to be acting in public interest, citing previous incidents of terrorism in the region, including attacks on educational institutions and transportation services.
“However, the court determined that the case did not meet the criteria for a public interest action, or actio popularis, which requires that the alleged violations affect a large, indeterminate segment of the public or the general public itself.
“The Court highlighted that: The victims of the March 28 attack were identifiable individuals rather than an indeterminate public group, making the claim unsuitable as a public interest litigation.
“The reliefs sought, including specific monetary compensation, were directed at the identifiable victims of the attack rather than the public at large.
“Members of the three-member panel of the court were Honourable Justice Ricardo Cláudio Monteiro Gonçalves(presiding judge), Honorable Justice Sengu Mohamed Koroma (panel member), and Honorable Justice Dupe Atoki (judge rapporteur).”
Train attack: ECOWAS court dismisses SERAP suit against FG
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