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EXCLUSIVE: PRESIDENT JONATHAN SHOPS FOR A REPLACEMENT FOR TOURISM MINISTER EDEM DUKE….. + All his dirty deals Revealed!

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It seems that the center would not hold much longer for the current Minister for Culture and Tourism Chief Edem Duke. As information reaching

Society Reporters NG reveals that the President of the Federal Republic of Nigeria, Goodluck Jonathan, is not happy with the minister and has

even gone as far as making moves to replace him. The president has asked members of his inner cabinet to shop for a replacement for Chief

Duke because according to a competent source, ‘the President is crossed with the always faltering Minister of Culture for the manner the minister

misled him into approving the sack of a serving Director General of a parastatal under his ministry, so as to pave way for the appointment of the

son of his close friend and business associate’.

Society Reporters NG gathered that the minister on Thursday 11 Sept 2014, announced the removal of the artistic director of the National Troupe

Mr Martin Adaji and in his place appointed Akin Adejuwon, son of his bosom friend Mr. Franklin Adejumo, as Artistic director.
Akin, a fine artist, is based in the UK and his father Dr. Franklin Adejuwon according to same source, has been a longtime associate of Edem Duke,

their friendship spans over 3 decades, and Dr. Adejuwon has pressurized Duke to use his influence and connections to secure a job for his son who

is not known to any theatre practitioner in Nigeria. In fact when the news was relayed on NTA news two days ago, none of the theatre practitioners

knew or have heard about their new Director, Akin Adejuwon, who has taken over a job meant for a theory and practically oriented theatre

professional.

We gathered reliably that Akin Adejuwon is a fine artist, and also a head of a performing arts agency when there is a national gallery of arts. And

that he infact teaches at Obafemi Awolowo University, Ile Ife, Osun State.

Mr Adaji, the sacked Artistic Director, is a play creation major from the University of Ibadan, and has held many artistic positions before his

National Troupe appointment in 2011. Mr Adaji would have served out his first term in June 2015, and was even looking forward to a renewal of his

appointment because of the giant strides he has reportedly recorded, before his hasty ouster by Duke on Thursday night. Akin, his successor has

not shown up for work since his appointment, and that only means that Duke bowed to the ‘external’ pressure. Adejuwon, is said to be the brain

behind the drafting of the Miribound Tourism master plan, being spear-headed by Edem Duke. Currently, there is confusion in the arts community,

and among staff of the National Troupe. Some of them who spoke to our reporter say they will resist the attempt by Duke to appoint a non

practitioner as head of the National Troupe.

They said the minister owes them an explanation as to why a serving DG will be removed without reason. They want the President to reverse the

decision, as the troupe is a specialized agency that does not need a crony as CEO. They also said they will protest this and other appointments

the minister has made in the last two weeks. Last week, the minister appointed his Special Assistant, who is alleged to be a former staff of his

tourism agency Ms Chika Balogun, as DG of National Institute of Hospitality and Tourism Studies. He also appointed a 60 year old retired civil

servant Mrs Dayo Keshi, as DG of National Council for Arts and Culture. Mrs Keshi will be 68 by the time she serves out her tenure.

Efforts made by Society Reporters NG to reach the minister on phone proved abortive. His two lines have remained permanently switched off. But

an aide to the Minister said the appointment of Akin Adejuwon, is with immediate effect and that ‘even President Jonathan cannot reverse it, as

he is the one who authorized the removal of Mr Adajih’.

We promise to bring you more reports as soon as we lay our hands on more information.

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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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