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Old naira notes : DSS asked to arrest Emefiele, Malami over disobedience to Supreme Court’s ruling

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2 years ago

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The Department of State Services (DSS) has been called upon to immediately arrest the governor of the Central Bank of Nigeria, Godwin Emefiele and the Attorney General of the Federation and Minister of Justice, Abubakar Malami for their disobedience to a ruling of Supreme Court ordering that old N200, N500 and N1000 notes remain valid till December 31, 2023.

Civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA) made the call on Sunday.

The rights group, in a statement by its National Coordinator, Emmanuel Onwubiko, claimed that the failure of the AGF and the CBN governor to expressly comply with the ruling of the Supreme Court of March 3, 2023 is treasonable and a direct attack on the supremacy of Nigeria and this affront should not be swept under the carpet.

Already, over one week after the Supreme Court delivered its final ruling in the lawsuit on the old banknotes and extended their validity to December 31, 2023, the scarcity of the currency still persists across the states of the federation even as many Nigerians have refused to accept the old notes following the failure of the CBN to make a pronouncement to that effect.

Nigerians who thronged banks said they were given old N500 and N1000 notes, but lamented that spending the money has not been easy as traders refused to collect them. State governments like Kaduna, Kogi, Kano, amongst others have since warned that those who reject old naira in contravention of the Supreme Court order will go to jail.

Meanwhile, some state governments are planning to initiate contempt proceedings against Malami and Emefiele over their refusal to implement the Supreme Court judgment on the naira redesign policy of the Federal Government.

Reports have it that the Federal Government was served with the enrolled order and Certified True Copy of last week’s Supreme Court judgment, which also ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.

The silence of President Muhammadu Buhari on the judgment of the apex court had fuelled the rejection of the remaining old N1,000 and N500 as legal tender. On Monday, some banks commenced paying customers the old notes in partial compliance with the Supreme Court judgment, but by Wednesday the banks stopped disbursing the old notes as the CBN insisted that it had not given any directive to that effect.

HURIWA’s Onwubiko, however, said, “The flagrant disobedience and arrogance of the governor of the Central Bank of Nigeria, Godwin Emefiele; and the Attorney General of the Federation and Minister of Justice, Abubakar Malami after the Supreme Court order is condemnable and treasonable.

“No individual is greater than the Nigerian State and those who think they are should be met with resistance and the punishment that they deserve. For Section 37 of the Criminal Code Act in Nigeria provided that any person who levies war against the State, in order to intimidate or overawe the state (here being Nigeria) is guilty of treason, and is liable to the punishment of death.

“Now that cash had dried up in most banks in states due to what senior bankers described as the inability of the CBN to supply them with new naira notes, protests have started to break up in the country. This can threaten the security of the entire nation and the Department of State Services should not fold its arms and watch while Malami and Emefiele plunge Nigeria into chaos and untold hardship.

“HURIWA demand the arrest of CBN governor, the AGF Malami and their trial for treason for failing to comply with the judgment of the highest court in Nigeria. HURIWA also urged President Muhammadu Buhari to be democratic and obey the Supreme Court because the apex court on March 3 also pronounced that the February 16, 2023 declaration by the President is dictatorial.”

 

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

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4 months ago

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June 6, 2024

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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

Published

4 months ago

on

June 6, 2024

By

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

Published

5 months ago

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May 7, 2024

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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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