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FG grounds Dana Air operations after crash in Lagos

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Since the operations suspension of Dana Air, passengers have expressed growing frustration over the airline’s delay in ticket refunds.
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The Nigerian Government has suspended the operations of Dana Air.

The order followed an incident involving a Dana Air plane at Lagos airport on April 23, which forced aviation authorities to divert flights from local to international airport.

The decision was announced by Minister of Aviation, Festus Keyamo.

Details shortly…

 

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Rumble as billionaire Olu Okeowo, siblings fight dirty in court over late father’s estate

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In recent times, the offspring of wealthy Nigerians have been involved in controversies over who controls what in a multimillionaire estate
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In recent times, the offspring of wealthy Nigerians have been involved in controversies over who controls what in a multimillionaire estate of their parents, who sometimes died intestate (without a will), while the ones with a will have always been a subject of litigation.

From captains of industry to politicians and legal titans, it has been a tale of power play and supremacy of who should be in charge or who is right to take the lion’s share.

The family of the late foremost industrialist the late Sir Taiwo Okeowo, have dragged themselves before the Lagos High Court presided over by Justice Aishat Opesanwo over a libel case instituted by a Lagos billionaire and property developer, Sir Oluwatumininu Okeowo, against some of his siblings.

The case has been adjourned for a hearing until May 20, 2024.

When the case came up for hearing on Monday, Justice Opesanwo informed parties that the court would not sit due to the absence of the court registrar.

Okeowo had, in suit number LD/ADR/4661/2022, dragged his siblings before the court, claiming N100m as damages over alleged libellous publication against him.

The claimant is asking the court for a perpetual injunction restraining the defendants from publishing libellous statements about him.

He prayed the court to compel the defendants to disclose evidence that he (claimant) forged the Lagos State Certificate of Occupancy over property known as 15A and 15B, Bayo kuku Road, Ikoyi, Lagos.

However, in their statement of defence filed by their lawyer, Kunle Adegoke SAN, the defendants denied making any unprovoked assault or orchestrated smear campaign on the claimant’s character. They neither have any malice against him.

The defendants further stated that they did not, at any time, malign or defame the claimant’s character in any manner whatsoever and that they would hold the claimant to strict proof regarding this allegation.

The defendants averred that they did not, at any time whatsoever, authored the purported internet publication titled ‘Sir Taiwo Okeowo Estate Brief’ or engaged in a campaign of calumny against the claimant concerning the alleged destruction of Santo Domingo Luxury Residences or any other matter whatsoever.

They stated that the letter dated October 5, 2022, referenced in paragraph 10 of the Statement of Claim, was written on the authorization of the second and third defendants as well as their six siblings in their capacities as shareholders and directors of Manna Real Estate Company Limited and Metal Construction (West Africa) Ltd and beneficiaries of the Estate of Late Sir Taiwo Okeowo, wherein they instructed the law firm of Fortbanc to petition the Economic and Financial Crimes Commission (EFCC) and the inspector general of police (IGP) to investigate criminal activities committed by the claimant.

They averred that the second and third defendants and their other siblings petitioned the law enforcement authorities due to the alleged fraudulent and reckless dissipation of properties from the estate of their late father, Sir Taiwo Okeowo, among other criminal actions.

Also, in their counterclaim, the defendants averred that since the death of their father, no letters of administration were granted to anyone to administer the estate of their late father, Sir Taiwo Okeowo.

They further averred that the defendant to counterclaim (Sir Olu Okeowo) was neither the administrator of their late father’s estate nor a shareholder or a director in the two companies owned by the late Sir Taiwo Okeowo.

They alleged that after the death of their late father in 2003, the defendant to counterclaim forcefully took over the control of the two companies (being Metal Construction (West Africa) Ltd and Manna Real Estate Company Ltd), including the assets of the estate of the deceased without the consent or authority of the surviving children of the deceased.

They further alleged that since the death of their father, (Sir Taiwo Okeowo), the defendant to counterclaim has been illegally managing the assets of the estate of their late father to the extent that the defendant to counterclaim dissipated most of the funds, assets and properties of their late father by converting some of the funds, assets and properties of the estate to himself and one company known as Gibralter Construction Nigeria Limited, wherein the defendant to counterclaim is a shareholder and director.

The counter-claimants stated that the defendant to counterclaim had constituted himself as a sole self-appointed administrator of their late father’s estate by allegedly denying them and their siblings’ equal shares in their deceased father’s estate.

They alleged that he refused to disclose information regarding the management of assets of the Estate estate of their late father or render an account of his administration of same.

Consequently, they prayed the court for a declaration that the counterclaimants, together with the defendant to a counterclaim, being the beneficiaries of the deceased’s estate, are jointly entitled to the distribution of the deceased’s estate assets.

They also prayed the court to declare that the counterclaimants are entitled to access information regarding the management of their late father’s estate and an order directing the defendant to counterclaim to render a proper account of his management of the estate of the late Sir Taiwo Okeowo, who died intestate, including an order appointing the Administrator-General of Lagos State to take over the management of the assets of the Estate of the Late Sir Taiwo Okeowo and distribute same in accordance with the Administration of Estates Law of Lagos State.

Source: TheCapital

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Kessington Adebutu on the rise again… gains $4.4 million from stake

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Nigerian gambling magnate Kessington Adebutu has experienced a notable surge in his wealth, courtesy of the recent uptick in the market
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Nigerian gambling magnate Kessington Adebutu has experienced a notable surge in his wealth, courtesy of the recent uptick in the market value of his holdings in Wema Bank, one of Nigeria’s oldest and leading financial services groups.

The market value of Adebutu’s stake in Wema Bank over the past six days has risen by N6.01 billion ($4.35 million), highlighting the sustained interest from investors in the bank’s shares on the Nigerian Exchange (NGX). This comes after his stake in the bank declined by $4.6 million between April 2 and 18.

Wema Bank’s market cap exceeds $70 million
Over the decades, Wema Bank as a financial services provider has evolved into one of the country’s leading financial institutions, boasting Africa’s first fully digital bank, ALAT. It is also one of Nigeria’s most resilient banks, with decades of experience in the financial services sector.

The leading lender seeks to raise N200 billion ($145 million) in fresh capital to bolster regulatory compliance and support expansion plans, as outlined in an AGM notice. The capital raise strategies outlined in the notice are contingent upon shareholder approval.

Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing. This uptick has propelled the bank’s market capitalization beyond NGN70 billion ($0.07 billion), solidifying its position as the 38th most valuable company on the NGX.

Adebutu’s Wema Bank stake jumps on stock surge
Kessington Adebutu, founder of Nigeria’s Premier Lotto Limited, holds a significant 28.09-percent stake in Wema Bank through Neemtree Limited, a special-purpose vehicle established in 2013 for targeted investments.

The recent stock surge has boosted Adebutu’s investment in Wema Bank from N21.38 billion ($15.47 million) on May 1 to N27.39 billion ($19.82 million) at the time of writing. This N6.01 billion ($4.35 million) increase reaffirms Adebutu’s position as a top NGX investor and highlights Wema Bank’s growing importance in Nigeria’s financial sector.

Source: Billionaire.africa

 

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Tinubu returns to Abuja after official trips

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President Bola Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia. On April 22, Tinubu left Abuja, the country’s
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President Bola Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia.

On April 22, Tinubu left Abuja, the country’s capital city, for The Netherlands on an official visit.

Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

Bayo Onanuga, special adviser on information and strategy to the president, had said the president and his aides will return to Nigeria on Wednesday.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

On Wednesday, Onanuga confirmed the president’s return by tweeting: “Welcome home Mr. President.”

 

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BATTLE LINE… Multichoice challenges tribunal’s jurisdiction over price hike

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A prominent Pay-TV operator, Multichoice Nigeria, has challenged the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT)
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A prominent Pay-TV operator, Multichoice Nigeria, has challenged the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja which recently restrained it from increasing in the prices of its DStv and GOtv packages.

Multichoice’s lawyer, M.J. Onibanjo (SAN) told the CCPT via his application on Tuesday that it should decline jurisdiction on the suit filed by Festus Onifade because such a price dispute case had been decided before in favor of his client.

In his motion on notice seen by Nairametrics, Onibanjo argued that while Onifade is seeking to regulate prices of the services provided by Multichoice, the Tribunal, not being the President of the Federal Republic of Nigeria lacks the jurisdiction to regulate prices of goods and services under the FCCPA 2018.

The senior lawyer maintained that the planned increase announced by Multichoice on 24th April 2024 is a completed act because all its systems have been so configured.

“An order of this honorable tribunal striking out suit no: CCPT/OP/2/2024 between Festus Onifade and Multichoice Nigeria for want of jurisdiction.

“An order staying the execution and enforcement of the instant interim orders of this honorable tribunal granted on 29th, April, 2024,” Onibanjo prayed in his motion.

Nairametrics previously reported that the tribunal had restrained MultiChoice from increasing its subscription rates pending the hearing and determination of a motion on notice filed by Festus Onifade through his lawyer, Ejiro Awaritoma.

Onifade, who sued Multi-Choice Nigeria Ltd, and the Federal Competition and Consumer Protection Commission (FCCPC), accused the former of unjustly increasing subscription fees.

He had sought interim orders against the Pay TV.

Last Monday, a three-member tribunal chaired by Saratu Shafii, ruled in favor of Onifade by restraining Multichoice in the interim, in the suit marked CCPT/OP/2/2024.

The court held that “the 1st Defendant(Multichoice) is hereby restrained, whether by themselves, her privies, assigns by whatsoever name called, from going ahead with impending price increase schedule to take effect from 1st May 2024 pending the hearing and determination of the Motion on Notice already filed before this Honourable Tribunal.”

On his part, Onifade filed a counter affidavit maintaining that the present matter does not seek to regulate prices of goods and services of Multichoice as claimed.

“The matter FESTUS SANMI ONIFADE & 1 ORS VS. MULTI- CHOICE NIGERIA LIMITED & 1 ORS previously decided by this honourable Tribunal and the present suit are not the-same both in parties and subject-matter,” he added.

Via his fresh motion seen by Nairametrics, he asked the Tribunal to direct Multi-choice Nigeria Limited to pay the sum of N1,000,000,000.00 (One Billion Naira only) or any amount the Tribunal deem may fit appropriate in this circumstance for “deliberately disobeying, contravening, and failure to comply with the Interim Order of this Honourable Tribunal granted on the 29th April 2024.”

Onifade contended that despite the subsisting order of the court, Multichoice neglected it by wilfully increasing the tariffs of her products and services on May 1st, 2024.

Moreover, before the Tribunal, Onifade filed Form 48- a notice which seeks to commit a party to prison for alleged disobedience to court orders.

The notice was filed against Mohammed Sageer Sani, the Abuja manager of Multi-Choice Nigeria Limited, adding, “You will be guilty of contempt of this Tribunal and will be committed to prison.”

At the resumed sitting, Onibanjo urged the court to determine his motion challenging the jurisdiction of the tribunal to make the orders it made and to entertain the claimant’s suit.

On the part of N. Adeke, counsel for the FCCPC, he acknowledged receiving the motion on notice filed by the claimant as well as the memorandum of conditional appearance and motion of Multichoice.

“The commission intends to respond to the motion on notice filed by the defendant.

“We ask for a short date to respond to the motion,” Adeke prayed.

On the calls for an adjournment, Onifade said he is not opposed to an adjournment, however, he will be asking the matter be adjourned for full-blown hearing.

But the three-man panel chaired by Justice Thomas Okosu adjourned the suit to May 16 to enable all parties to file necessary applications.

More Insights
Multichoice announced new price adjustments on DStv and GOtv packages on Wednesday, April 24, 2024.

The email message to subscribers read, “On Wednesday, 1 May 2024 we will adjust our prices across all our packages on OStv and GOtv. We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision. It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service.”

Nairametrics previously reported that the development had resulted in a 25% to 26% increase across Multichoice packages.

But amid the subsisting ruling, the popular Pay TV provider proceeded with the upward adjustment of its prices for DStv and GOtv subscribers,

On the part of the commission, it said it would review the reasons identified by Multichoice, noting that the agency could involve regulatory bodies such as the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) in the process.

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CBN issues July 7 deadline for PoS operators’ registration with CAC

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The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration
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The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).

This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.

Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”.

“The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS OPERATORS AGREE TO TWO-MONTH DEADLINE TO REGISTER THEIR AGENTS AND MERCHANTS TO STRENGTHEN THE FINTECH INDUSTRY‘ issued by the CAC added.

He stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.

Magaji explained that the timeline for the registration which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses.

Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.

Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.

The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.

The representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed up for a document to support the project.

 

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There were lots of manipulations, fraudulent approvals under Buhari, says Shittu

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A former Minister of Communication Adebayo Shittu claims that there were manipulations and fraudulent approvals under
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A former Minister of Communication Adebayo Shittu claims that there were manipulations and fraudulent approvals under the immediate past government of ex-President Muhammadu Buhari.

Shittu served as a minister under the Buhari government but believed many persons close to the former Nigerian president manipulated things to their favour, plunging the country’s economy into a downward slide.

“Let me tell you, there were a lot of manipulations and we even heard that a lot of the so-called approvals did not emanate from President Buhari,” he said on Tuesday’s edition of Channels Television’s Sunrise Daily while responding to comments that the previous government was printing money to run the economy.

“There were a lot of manipulations and fraudulent approvals which did not emanate from the President.”

“I am telling you confidently that a lot of it did not get his attention,” he insisted. “There were a lot of people around the President who exploited their relationship with the President and conspired with the then-CBN governor.

Shittu’s claims corroborated that of presidential spokesman Ajuri Ngelale who said many approvals for releasing funds within the Central Bank of Nigeria (CBN) under Godwin Emefiele did not have Buhari’s signature.

“President Bola Tinubu has come out several times in fairness to him (Buhari), to say, ‘Look, this is what happened under the previous administration’. I think we have to acknowledge the fact that he (Tinubu) understands more than anyone that many of the approvals within the CBN that brought us to this point have no signature to President Muhammadu Buhari and had no knowledge of President Muhammadu Buhari,” Ngelale said.

Ex-President Goodluck Jonathan appointed Emefiele as the CBN governor. However upon assumption of office in 2015, Buhari retained him as the apex bank boss.

He, was, however, removed in June and is being tried for charges bordering on corruption.

Shittu therefore wants Nigeria’s anti-corruption agency the Economic and Financial Crimes Commission (EFCC) to wade into the matter and “probe properly”.

“I hope the EFCC will probe properly as to how these things happen without the President knowing,” Shittu said.

 

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