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Coalition of Arewa Civil Society Groups Faults Judgment Restoring Sen. Ifeanyi Ararume as Non-Executive Chairman of NNPCL

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The Coalition of Arewa Civil Society Groups has, in strong terms, faulted a court judgment that restored Senator Ifeanyi Ararume as non-Executive Chairman of Nigeria National Petroleum Company Limited (NNPCL).
Expressing its displeasure over the ruling, the group said the Federal High Court’s pronouncement was viewed as a usurpation of the duties of the Office of the President and an affront to the powers of President Muhammadu Buhari.
The group made this known in a statement released on Wednesday and signed by its publicity secretary, Mallam Sanni Mohammed. It could be recalled that on Tuesday, April 18, Justice Inyang Ekwo of the Federal High Court Abuja declared the sack of Sen. Ifeanyi Ararume as non-Executive Chairman of NNPCL illegal and unconstitutional, as such, restored him back. Reacting to the development, the coalition said it was ridiculous that the court saw the sacking of Ifeanyi Ararume as illegal, adding that the President acted within the confines of the law.

The statement said, “The Petroleum Industry Act (PIA) is unambiguous as Section 14 is clear on the president’s power to suspend or remove members of the NNPCL board and the conditions that could result in such removal or suspension. As the Minister of Petroleum, President Buhari heads the industry with a wide range of powers to formulate, monitor, and administer government policies. Indeed, those who call Buhari’s sacking of Ararume illegal should read between the lines.” The coalition urged the nation to grow past petty sentiments and avoid using the judiciary to cause chaos, setting the country backward by damaging its image before the eyes of the international community. It praised the performance of Sen. Margery Cuba Okadigbo as chairman of the board and her unprecedented achievements since her appointment as the Chairman of the NNPCL board.
The statement reads, “The essence of any judicial intervention is to ensure orderliness and good conduct in government’s affairs. When a judicial pronouncement seeks to usurp the powers of another branch of government, it is a recipe for anarchy and the breakdown of the rule of law. In this regard, we in the Coalition of Arewa Civil Society groups note with great displeasure and consider as an aberration the judgment by the Federal High Court in Abuja, restoring Senator Ifeanyi Ararume as non-Executive Chairman of the Nigeria National Petroleum Company Limited (NNPCL).
“The Coalition views as a usurpation of the duties of the Office of the President and an affront to the powers of President Muhammadu Buhari. “For a start, the 1999 Constitution provides that “5(1) Subject to the provisions of this Constitution, the executive powers of the Federation — (a) shall be vested in the President and may, subject as aforesaid and to the provisions of any law made by the National Assembly, be exercised by him either directly or through the Vice-President and Ministers of the Government of the Federation or officers in the Public Service of the Federation.”
“Also, the cabinet and the larger administrative team, except where specifically established by the constitution, hold their appointments at the pleasure of Mr. President.” It added that section 147 provides that “(1) there shall be such offices of Ministers of the Government of the Federation as may be established by the President.” “Sub-section (2) restates the exclusivity of the president’s power to hire a minister (and other appointees) by stating that “any appointment to the office of Minister of the Government of the Federation shall if the nomination of any person to such office is confirmed by the Senate, be made by the President.
” Naturally, whoever can hire can also fire.” The coalition opined that it is “ridiculous to claim that the sack of Sen. Ararume is illegal. How can it be illegal when the president acts within the confines of the law? The Petroleum Industry Act (PIA) is unambiguous as Section 14 is clear on the president’s power to suspend or remove members of the NNPCL board and the conditions that could result in such removal or suspension. As the Minister of Petroleum, President Buhari heads the industry with a wide range of powers to formulate, monitor, and administer government policies. Indeed, those who call Buhari’s sacking of Ararume illegal should read between the lines”.
According to them, “Nigeria cannot continue like this! The oil sector is already suffering huge setbacks due to oil bunkering, theft, vandalism, and gas flaring. As a mainstay of the economy, we cannot neglect this sector. We need the best brains to act fast to salvage this sector”. They believe that Sen. Margery Cuba Okadigbo has not failed in her endeavor as chairman of the board and “has brought unprecedented achievements since her appointment as the Chairman of the NNPCL board. “Sen. Okadigbo is a fine lawyer with a wealth of experience (over 40 years) of leadership and has been exceptional in discharging her duties.
Her focus and vision have turned things around, giving the NNPCL a new face of hope nationally and internationally. “We are pleased that the Presidency has indicated that it is appealing the obnoxious judgment. We urge President Muhammadu Buhari not to distract the present Chairman (Sen. Margery Cuba Okadigbo) from placing the NNPCL on the world map of record. And to continue in his quest to finish strong, which started with the passage of the PIA after several failed attempts by various administrations. “We use this opportunity to enjoin the judiciary not operate within its powers and not take on the authority of the President and Presidency by delivering embarrassing judgments.”

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FIDELITY BANK PLC UNDERTAKES A ₦29.6BN RIGHTS ISSUE AND ₦97.5BN PUBLIC OFFER

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Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by way of a Rights Issue to existing shareholders and a Public Offer (the “Combined Offer”). The Combined Offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (“CBN”) on 28 March 2024. Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.
The Signing Ceremony with respect to the Combined Offer was held at the Board Room of the headquarters of Fidelity Bank in Lagos on Wednesday, 5 June 2024. The Bank’s shareholders had already approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the Rights Issue, 3,200,000,000 (Three Billion Two Hundred Million) ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at ₦9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at ₦9.75 per share.
Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The Acceptance and Application lists for the Rights Issue and Public Offer are expected to open on Thursday, 20 June 2024 and close on Monday, 29 July 2024.
At the Signing Ceremony, Managing Director and Chief Executive Officer, Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe, disclosed that the proceeds of the Combined Offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.
The Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer. He lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks. While thanking the Bank for trusting Stanbic IBTC Capital to lead and advise on this landmark transaction, Dele expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.
The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Bank. Printed copies of the Public Offer Prospectus can be obtained at the offices of Fidelity Bank and the Issuing Houses during the Public Offer Application Period.
All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

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FIDELITY BANK PLC UNDERTAKES A ₦29.6BN RIGHTS ISSUE AND ₦97.5BN PUBLIC OFFER

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Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) has concluded all necessary arrangements to raise a total of up to ₦127,100,000,000.00 (One Hundred Twenty-Seven Billion, One Hundred Million Naira) by way of a Rights Issue to existing shareholders and a Public Offer (the “Combined Offer”). The Combined Offer is a part of the Bank’s strategy to increase its share capital base in compliance with the revised minimum capital requirements for Nigerian commercial banks introduced by the Central Bank of Nigeria (“CBN”) on 28 March 2024. Overall, the Bank expects that the capital raised would support the Bank’s efforts to drive sustained growth and diversification of its earnings base.
The Signing Ceremony with respect to the Combined Offer was held at the Board Room of the headquarters of Fidelity Bank in Lagos on Wednesday, 5 June 2024. The Bank’s shareholders had already approved the Rights Issue and Public Offer at the Extra-Ordinary General Meeting held on Friday, 11 August 2023. Under the Rights Issue, 3,200,000,000 (Three Billion Two Hundred Million) ordinary shares of 50 kobo each will be offered in the ratio of 1 new ordinary share for every 10 ordinary shares held as of 05 January 2024, at ₦9.25 per share. For the Public Offer, 10,000,000,000 ordinary shares of 50 kobo each will be offered to the general investing public at ₦9.75 per share.
Stanbic IBTC Capital is the Lead Issuing House to the Combined Offer, whilst the Joint Issuing Houses include Iron Global Markets Limited, Cowry Asset Management Limited, Afrinvest Capital Limited, FSL Securities Limited, Futureview Financial Services Limited, Iroko Capital Market Advisory Limited, Kairos Capital Limited and Planet Capital Limited. The Acceptance and Application lists for the Rights Issue and Public Offer are expected to open on Thursday, 20 June 2024 and close on Monday, 29 July 2024.
At the Signing Ceremony, Managing Director and Chief Executive Officer, Fidelity Bank PLC, Dr. Nneka Onyeali-Ikpe, disclosed that the proceeds of the Combined Offer will be applied towards investment in IT infrastructure, business and regional expansion, and investment in product distribution channels.
The Chief Executive of Stanbic IBTC Capital, Oladele Sotubo, commended Fidelity Bank’s management team for their commitment towards executing the Combined Offer. He lauded their efforts for being at the forefront of achieving the CBN’s revised minimum capital requirements for Nigerian commercial banks. While thanking the Bank for trusting Stanbic IBTC Capital to lead and advise on this landmark transaction, Dele expressed confidence that the deal would encourage other corporates to tap into the equity capital markets to raise funding to meet their strategic business needs.
The Rights Circular for the Issue, which contains a Provisional Allotment Letter and the Participation Form, will be mailed directly to shareholders of the Bank. Printed copies of the Public Offer Prospectus can be obtained at the offices of Fidelity Bank and the Issuing Houses during the Public Offer Application Period.
All existing shareholders and prospective investors are encouraged to read the Rights Circular and Prospectus and, where in doubt, consult your Stockbroker, Fund/Portfolio Manager, Accountant, Banker, Solicitor, or any other professional adviser for guidance before subscribing.

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Nigerian transparency watchdog demands Immediate release of Amb. Dr. Otunba Adejare Adegbenro, public apology from police

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The Nigerian Transparency and Accountability Watch Group, a non-partisan organization dedicated to upholding transparency, accountability, and the rule of law, has issued a fervent call for the immediate release of Amb. Dr. Otunba Adejare Adegbenro, who has been detained by the Nigeria Police under unclear circumstances.

 

Amb. Dr. Otunba Adegbenro, a distinguished diplomat and grandson of renowned figures in Nigeria’s history, including Pa Alfred Rewane and Alhaji Aloye Dauda Soroye Adegbenro, was taken into custody on 26th April 2024. Despite his significant contributions to social justice and security in Nigeria, the reasons behind his detention remain shrouded in mystery.

 

In a public statement issued today, Comrade Zakari Hashim, the National Coordinator of the Nigerian Transparency and Accountability Watch Group, condemned the arbitrary his detention as a violation of his fundamental rights.

 

Hashim emphasized the importance of upholding due process and ensuring fair treatment for all individuals, regardless of their status.

 

“As an organization dedicated to promoting transparency and accountability within Nigeria, we strongly condemn any actions that undermine the fundamental rights of individuals,” stated Hashim.

 

“The arbitrary detention of Amb. Dr. Otunba Adejare Adegbenro without clear justification is a blatant violation of his rights and is inconsistent with the principles of democracy and the rule of law.”

 

The Nigerian Transparency and Accountability Watch Group has called upon the relevant authorities, including the presidency, the Inspector General of Police, and the Office of the National Security Adviser (ONSA), to intervene and secure the immediate release of Amb. Dr. Otunba Adegbenro.

 

Additionally, the organization has demanded a thorough and impartial investigation into the circumstances surrounding his detention to ensure accountability for those responsible.

 

Comrade Hashim reiterated the group’s commitment to monitoring the situation closely and advocating for justice and accountability in Nigeria. “We remain steadfast in our pursuit of transparency and accountability,” he affirmed.

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