Connect with us

people

Jim Ovia’s Zenith Bank stake sees $14.63-million drop amid share price fall

Published

on

In the high-stakes world of banking, the line between success and failure is often razor-thin. For Ebenezer Onyeagwu, the former Group

Jim Ovia, Nigeria’s wealthiest banker and a key figure in the country’s banking industry, has seen the market value of his stake in Zenith Bank decline significantly due to a recent drop in the lender’s share price.

The leading Nigerian banker and business executive, who ranks as one of Africa’s wealthiest individuals, has witnessed an N18.26 billion ($14.63 million) decline in the market value of his Zenith Bank stake over the past 13 days. This decline is driven by the sustained fall in the shares of the prominent Nigerian Exchange (NGX)-listed lender.

This recent downturn follows a surge in the market value of Jim Ovia’s stake in Zenith Bank, which increased by $41 million between Feb. 28 and April 8, rising from N164.6 billion ($132.2 million) to N215.56 billion ($173.1 million).

Zenith Bank’s market cap falls below $1 billion

Zenith Bank, a leading commercial bank licensed by the Central Bank of Nigeria, is not only a prominent financial services provider in Nigeria and anglophone West Africa but also holds the title of Nigeria’s most profitable bank. It is also one of the largest listed financial services groups on the NGX.

The bank recently declared a final dividend payout of N109.89 billion ($88.3 million) for the 2023 fiscal year, showcasing its strong financial performance. This record dividend payout underscores its commitment to shareholder value and its position as a leader in Nigeria’s banking sector.

In recent times, its shares have declined nine percent on the NGX, falling from N40.00 ($0.0323) on April 12 to N36.60 ($0.02959) on Thursday. This decline has pushed the bank’s market capitalization below $1 billion, resulting in losses for shareholders, including Ovia, a significant stakeholder in the Lagos-based lender.

Jim Ovia’s stake slumps below $150 million

Jim Ovia, a pivotal figure in Nigeria’s banking industry’s evolution and digital transformation, founded Zenith Bank in 1990. With a 16.2 percent stake in the financial services group, comprising 5,072,104,311 ordinary shares, he remains the wealthiest banker in the country.

According to data tracked by Billionaires.Africa, Ovia’s stake has decreased by N18.26 billion ($14.63 million) over the past 13 days, declining from N202.88 billion ($162.53 million) on April 12 to N184.62 billion ($147.90 million) on Thursday. Despite this setback, Ovia retains his status as Nigeria’s richest banker, underscoring his success as a leading businessman in the nation.

 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

people

Chief Joseph Ajah Onah honours at 9th Ghana Nigeria Achievers Award (GNAA)

Published

on

Chief Joseph Ajah Onah honours at 9th Ghana Nigeria Achievers Award (GNAA)

The president of the Benue Community in Côte d’Ivoire, High Chief Joseph Ajah Onah, has been conferred with the 9th Ghana Nigeria Achievers Award for his impact and humanity, positive leadership in the diaspora, and outstanding role model.

The 9th Ghana Nigeria Achievers Award (GNAA) is a celebration of excellence, unity, and the outstanding contributions of individuals who have bridged the gap between Ghana and Nigeria. Among the esteemed personalities honored at this prestigious event is High Chief Joseph Ajah Onah, a man whose leadership and unwavering commitment to community service have left an indelible mark on the African diaspora.

As the President of the Benue Community in Côte d’Ivoire, Onah has been a beacon of hope and a pillar of support for many. His dedication to fostering unity among Nigerians in the diaspora and his relentless efforts to promote his people’s welfare are truly commendable. Through his leadership, the Benue community in Côte d’Ivoire has flourished, becoming a model of solidarity and mutual respect.

High Chief Onah’s support for the Ghana Nigeria Achievers Award (GNAA) is another testament to his vision and commitment to excellence. His belief in the power of recognizing and celebrating the achievements of Nigerians and Ghanaians alike has been instrumental in the success of this event. By championing this cause, he has helped to strengthen the bonds between these two great nations, fostering a spirit of collaboration that transcends borders.

A statement by the organiser read: “The GNAA is not just an award ceremony; it is a movement that celebrates the shared heritage and the remarkable achievements of individuals who have dedicated their lives to making a difference. High Chief Onah’s involvement in this event underscores his belief in acknowledging those who work tirelessly to uplift their communities and inspire others to do the same.”

It continued: “As we celebrate the achievements of High Chief Joseph Ajah Onah, we are reminded of the profound impact that one individual can have on the lives of many. His leadership, generosity and unwavering commitment to the betterment of his community serve as an inspiration to all. The 9th Ghana Nigeria Achievers Award is proud to honor High Chief Onah, not only for his accomplishments but for the legacy of unity and service he continues to build.”

Onah commends Comrade Barry Ndu Nwahim, convener of the 9th Ghana-Nigeria Achievers Award, for the beautiful initiative of honouring personalities across the continent.

Continue Reading

people

Two society women, 60th birthday, one unresolved feud: The estrangement of Mo Abudu, Mariam Omatsone

Published

on

In the tapestry of life, where human bonds are woven with the finest threads of affection and loyalty, even the most splendid weavings can unravel, leaving behind frayed edges and tangled memories.

Such is the tale of Mo Abudu and Mariam Omatsone, once the epitome of inseparable camaraderie, now estranged in the labyrinth of unspoken discord.

Some days ago, Mariam Omatsone clocked 60, the shadows of their fractured friendship loom large, a poignant reminder that even the most enduring connections can wither under the weight of unspoken grievances.

Mariam and Mo, two women who once danced to the rhythm of each other’s laughter, now walk separate paths, each harboring a silent storm. Their quarrel, a riddle wrapped in enigma, began two years ago—a mystery that no one, not even their closest confidants, has been able to decipher. The bond that once shimmered with shared dreams and mutual admiration has now turned brittle, cracking under the strain of an unknown strain.

The Twilight of a Sisterhood
Like the twilight that descends upon a sunlit day, casting long shadows where there once was light, the friendship between Mariam and Mo has dimmed, leaving only traces of what once was. Once hailed as a formidable duo, their connection seemed unbreakable, rooted in shared experiences and mutual respect. Both women, now grandmothers, had celebrated each other’s milestones, their lives intertwined like the branches of a flourishing tree. But in the blink of an eye, the tree has shed its leaves, and the warmth of their companionship has turned cold.

Their estrangement, however, is not just a tale of two women drifting apart. It is a reflection of the delicate balance that defines all human relationships. The reasons for their fallout remain shrouded in mystery, with whispers of this and that or perhaps a personal betrayal. But the truth remains elusive, known only to the two women who once shared everything with each other.

The Silence that Speaks Volumes
While Mo Abudu has chosen silence as her weapon, Mariam Omatsone has not been so restrained. Her words, often veiled in sarcasm and innuendo, have become a constant presence in the public sphere, casting shadows on Mo’s reputation. It is a curious dance, where one partner hurls barbs while the other remains steadfast, refusing to engage in the battle.

This behavior, some say, is unbecoming of women of their stature—women who have reached the age where wisdom should prevail over pettiness. But perhaps it is this very age, the cusp of 60, that has brought their insecurities to the fore. As they approach this significant milestone, the fear of irrelevance, of being overshadowed by the younger generation, may be fueling their animosity. And so, instead of celebrating their achievements, they find themselves entangled in a web of bitterness and resentment.

A Feud Beyond Understanding
To the outside world, the feud between Mo and Mariam is a puzzle with too many missing pieces. Could it be that their friendship was always built on a fragile foundation, one that could not withstand the pressures of success and fame? Or is there something deeper, more personal, that has driven a wedge between them?

Speculation abounds, with some suggesting that their rivalry is the result of clashing egos, each unwilling to take a step back and mend the rift. Others believe that the quarrel is rooted in a betrayal so profound that it has left permanent scars. Whatever the cause, the fallout has been dramatic, with their once-shared world now divided into two opposing camps.

The Age of Reflection
As Mariam celebrated her 60th birthday on the 1st of September, and Mo Abudu prepares to do the same on September 11th, one cannot help but wonder if they will take this opportunity to reflect on the years they have spent as friends. Will they choose to let go of the past and rebuild the bridges they have burned, or will they continue to let their pride dictate the course of their relationship?

In the grand tapestry of life, friendships are the threads that add color and texture to our existence. But like any tapestry, they require care and attention to maintain their beauty. As these two women stand on the threshold of a new decade, perhaps the time has come for them to lay down their arms and remember the bond that once brought them joy.

When the Curtain Falls
In the end, the estrangement of Mo Abudu and Mariam Omatsone serves as a stark reminder of the fragility of human connections. No matter how strong a bond may seem, it is always vulnerable to the forces of time, ego, and misunderstanding. And while the reasons for their quarrel may remain a mystery, the lesson it offers is clear: cherish the friendships you have, for they are the true treasures of life.

As the curtain falls on their 60th year, one can only hope that these two women, who have shared so much, will find a way to reconcile. For in the end, it is not the quarrels that define us, but the way we choose to resolve them.

TheCapital

Continue Reading

people

Justice Kekere-Ekun: Biography, career, age, state of origin, controversies

Published

on

Justice Kudirat Kekere-Ekun It is no longer news that Justice Kudirat Kekere-Ekun has been sworn-in as the 23rd Chief Justice of Nigeria (CJN) by President Bola Ahmed

It is no longer news that Justice Kudirat Kekere-Ekun has been sworn-in as the 23rd Chief Justice of Nigeria (CJN) by President Bola Ahmed Tinubu at the State House, Abuja.

She succeeds Ariwoola, who assumed office on June 27, 2022, and bowed out on Thursday, upon attaining the mandatory retirement age of 70 years.

Biography
Justice Kekere-Ekun was born on May 7, 1958, in Lagos State. Justice Kekere-Ekun, who was born on May 7, 1958, is 66 years old. Her state of origin is Lagos State, Nigeria. Her early education began at St. Mary’s School in Lagos, where she completed her primary schooling. For her secondary education, she attended the prestigious Queens College, Yaba, in Lagos.

In 1980, Justice Kekere-Ekun earned her Bachelor of Laws (LL.B.) degree from the University of Lagos, marking the start of her legal journey. Following her undergraduate studies, she completed the mandatory one-year program at the Nigerian Law School in Lagos, which qualified her to be called to the Nigerian Bar in 1981.

Her pursuit of legal excellence did not stop there. She continued her academic journey by enrolling at the London School of Economics and Political Science, where she obtained a Master of Laws (LL.M.) degree in 1983.

Justice Kekere-Ekun’s academic achievements laid a solid foundation for her illustrious career in law. Her education at some of the world’s most respected institutions equipped her with the knowledge and skills that have defined her contributions to the Nigerian judiciary.

Early Career
Justice Kekere-Ekun commenced her legal career in 1982, taking on the role of State Counsel at the Lagos State Ministry of Justice. During her seven-year tenure, she was deeply involved in various aspects of legal practice, which included drafting legal opinions, prosecuting cases, and representing the state in numerous legal matters.

Her early career at the Ministry of Justice provided her with a solid foundation in public service, where she honed her skills in both criminal and civil law. This period was crucial in shaping her understanding of the legal system from a governmental perspective.

After leaving public service in 1989, Justice Kekere-Ekun transitioned into private legal practice. In this phase of her career, she worked with various private law firms, gaining extensive experience in different areas of law. This move broadened her legal expertise and provided her with a more diverse perspective on legal practice.

In 1996, her judicial career took a significant turn when she was appointed as a Judge of the High Court of Lagos State. In this role, she presided over numerous cases, dealing with complex legal issues and further establishing her reputation as a fair and knowledgeable judge.

Justice Kekere-Ekun’s career saw further advancement in 2004 when she was elevated to the Court of Appeal, one of Nigeria’s highest appellate courts. As a Justice of the Court of Appeal, she delivered several notable judgments, contributing significantly to the development of Nigerian jurisprudence. Her work in this court solidified her standing as one of the country’s most respected jurists.

Her exceptional performance at the Court of Appeal led to her appointment as a Justice of the Supreme Court of Nigeria on June 8, 2013. This appointment was a testament to her legal acumen and dedication to the judiciary. As a Supreme Court Justice, she has been involved in numerous landmark decisions that have shaped the Nigerian legal landscape.

Landmark Judgements and Controversies

Justice Kekere-Ekun has delivered and participated in several landmark judgments and rulings during her tenure as a justice of the Supreme Court of Nigeria. Some of her notable judgments include:

Hope Uzodinma v. Emeka Ihedioha: This case involved the 2019 Imo State gubernatorial election, where Uzodinma challenged Ihedioha’s victory.

Kekere-Ekun led the controversial Supreme Court judgement that declared Uzodinma the winner, based on the inclusion of results from 388 polling units that had previously been excluded. She read the judgment in January 2020.

Adeleke v. Oyetola: This case involved the Osun State governorship election dispute between Senator Ademola Adeleke and Governor Gboyega Oyetola. Adeleke challenged the election results, alleging irregularities and misconduct. Justice Kekere-Ekun, was part of the panel of justices that affirmed the election of Gboyega Oyetola as the governor of Osun State, dismissing the appeal filed by Adeleke. The Supreme Court’s decision was based on the failure of the appellant to prove substantial non-compliance with the Electoral Act during the election.

Nyesom Wike v. Dakuku Peterside
This case revolved around the 2015 Rivers State governorship election, where Nyesom Wike was declared the winner, but the results were contested by Dakuku Peterside.

Justice Kekere-Ekun was part of the Supreme Court panel that upheld the election of Nyesom Wike as the governor of Rivers State.

The court dismissed the appeal filed by Peterside, affirming that the election was conducted in substantial compliance with the law. Kekere-Ekun held that While the Electoral Commission is duly conferred with powers to issue regulations, guidelines or manuals by the Electoral Act, so long as an act or omission regarding such regulations or guidelines is not contrary to the provisions of the Act itself, it shall not of itself be a ground for questioning the election.

Center for Oil Pollution Watch v. NNPC: In this case, Justice Kekere-Ekun ruled that a party directly affected by development can approach the court for redress. This decision expanded the scope of public interest litigation in Nigeria.

Awards and Recognitions
Justice Kekere-Ekun has received various awards and recognitions for her contributions to the legal profession and the judiciary in Nigeria. She has been honored with national awards and gender advocacy awards one of the leading female figures in Nigeria’s judiciary. Justice Kekere-Ekun has also received awards from various legal associations, such as the Nigerian Bar Association (NBA), for her excellence in the legal profession.

Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.

Continue Reading

people

From Courts to Corporate: Women are behind Africa’s basketball success

Published

on

One of the great stories coming out of the 2024 Paris Olympics is the triumph of the Nigerian Women’s basketball team.

One of the great stories coming out of the 2024 Paris Olympics is the triumph of the Nigerian Women’s basketball team.

The D’Tigress beat strong teams from Canada and Australia to become the first African team, men’s or women’s, to advance to the quarterfinals. They were ultimately knocked out by the United States who ended up winning the gold for the eight consecutive time.

For anyone who follows basketball closely, this should not have been a shock. “Nigeria is rich with so much talent. If you look at the NBA, the history of the NBA, we’ve had over 120 players of African descent. More than half of those have been Nigerians,” shared Gbemisola Abudu, the NBA Vice President & Country Head, NBA Nigeria. With the Nigerian women leading the way, it’s exciting to see that the NBA Nigeria office is not only run by a woman, but the CEO of NBA Africa is Clare Akamanzi, a Rwandan woman.

Those who do not follow basketball closely might not even know about the work that the NBA is doing in Africa. In partnership with the International Basketball Federation, the NBA launched the Basketball Africa League (BAL), the first league to be operated by the NBA outside of North America.

Abudu and her team’s work in Nigeria goes beyond the BAL. For example, they run an Elite Camp which gives “young, talented Nigerians the opportunity to showcase their skills. Based on them performing well at the Elite Camp, they have the opportunity to to to participate at Basketball without Borders (BWB) and to participate at Junior NBA Championship giving them an outlet to harness and showcase their skills,” said Abudu. They are working on a pipeline from the moment when a child picks up a basketball for the first time all the way through to the opportunity to play professionally.

Just like in the United States, it’s only the very few that can make it as a professional athlete, but the skills they gain through NBA programming are applicable in their life, education, and future work. The Junior NBA curriculum used in Nigeria focuses on critical thinking, leadership, emotional intelligence, and communication skills.

Abudu knows something about transferable skills. A lifelong fan, but not a lifelong player of basketball, she joined the NBA after a diverse career focused mainly on marketing luxury goods and services. It’s not the path one would expect, but Abudu has used her multifaceted career to be successful in her role at the NBA. “All the skills are transferable, because what you’re thinking about is, ‘who’s my customer’, ‘who’s my end user’, ‘how do I establish an emotional connection to them?’, ‘How do I meet their needs?,’” shared Abudu in discussing her move from the luxury world of private aviation to the NBA.

A big focus for Abudu and the NBA is talent development. They have a network of scouts across the country sending in reports on the best talent. For Abudu, even spotting and developing athletic talent is a skill that’s transferrable from the court to the office. “Talent speaks. Determination speaks. Hard work speaks. When somebody’s hungry, whether it’s in life or whether it’s on the court, you can tell. They’re willing to give you the extra work,” said Abudu.

The BAL launched in 2021. The NBA Nigeria office opened in 2022. This is early days and there is still a lot of work to be done. Could this work lead to a medal for a Nigerian or other African team at the Los Angeles Olympics in 2028? It’s promising, but it’s not what it’s all about. With passion, Abudu shared, “60% of the population in Nigeria is classified as youth. If you create the go-to platform for them to maximize their potential, not just for them to play basketball, but in the different facets of the different opportunities that exist in [the NBA], that’ll be truly remarkable. That’s what excites me.”

Forbes

 

 

Continue Reading

people

Olasoji, Computer Village’s leader reminisces life @68, says ‘am still active’

Published

on

Adeniyi Olasoji Augustine is the Babaloja ( leader) of the biggest IT market in Sub-,Saharan Africa, Computer Village in Ikeja, Lagos.

Adeniyi Olasoji Augustine is the Babaloja ( leader) of the biggest IT market in Sub-,Saharan Africa, Computer Village in Ikeja, Lagos. He recently celebrated his 68th birthday in grand style.

A native of Ifewara, Osun State but born in Lagos, he attended Ikeja Grammar School before proceeding to the United Kingdom to further his education and later proceeded to Chicago State University for his Bsc and MBA at Xavier University, Louisiana

He worked briefly with DHL in America and was posted to Nigeria as an expatriate. He was brought up in the Catholic faith and grew up in a family of eight children; four boys and four girls.

A philanthropist par excellence, he has contributed positively to the lives of the people around him. During his birthday celebration, he championed and supervised the distribution of food palliatives among traders in the market.

In this interview, he reminisced about his growing up life, challenges of running the market as well as plans by the government to relocate the market.

Recently you celebrated your 68th birthday, what are some of the fond memories of your childhood?

I have been very lucky with good health. With the way we are working in Computer Village , a lot of people don’t believe my age. They see me as younger than my age because I am still very active. Part of my activity is being the leader of the computer village. I deal with a lot of people which is interesting. They come with lots of problems which I have to resolve as the head of the market. We deal with different ethnic groups so we have to be careful with the way we deal with different cases. We are not biased because I am not tribalistic. We believe everybody is one. We have people incharge . All these activities serve as therapy for me.

As the leader of the market dealing with different ethnic groups, what challenges do you face because people are saying the Igbo have taken over the computer village? Iyaloja-General also locked the market some time ago.

Iyaloja-General never locked the market. What happened was that there was an agitation when we wanted to install Iyaloja and Babaloja in the village. I used to be the CDA chairman of this community for over five years before becoming Babaloja.

In 2019, there was a protest where some people said they don’t want Iyaloja and Babaloja,that the village is not where they sell pepper. Iyaloja-General made them understand that anywhere there are five or six shops, a leader has to be there. They made a lot of protests but at the end of the day, they found out she was telling the truth. Since then, we have been having cordial relationships. There is unity and security. Since we have been on board, there have not been cases of thieves breaking shops or robbers coming here.

How do you deal with unscrupulous ones among the traders because as good as the market is, it also has a reputation as a place where they sell fake things to unsuspecting buyers?

In a big market like this, you will definitely find some bad traders who do things like that. We have our task force on the ground who monitors these guys. We also have the youths in the community who knows most of these guys than us and they checkmate them . Moreso, if any of these people are caught selling ‘fufu phones ‘ to buyers, we hand them over to the police and they take them to court. Now, it has reduced drastically.

What is the worth of the market in terms of Naira and kobo?

It is worth billions of Naira. We have about 6,000 shops and one shop may be worth N10million so you can imagine the huge amount when you multiply these together.

Many IT companies are in the computer village. Is there any partnership with them to train our youths in IT so they also can be producing?

When the computer village started, it was at the time our youths graduated and there were no jobs so a lot of them started learning how to repair phones which has helped them a lot. We have been planning with some phone companies to organize training programs. There was a time when Samsung organised training for our youths here. There are lots of engineers  here better than people abroad, just that they don’t have opportunities like those abroad.

Government has been saying they want to relocate the market to Katangowa. What is the latest on this?

It started during the administration of Babatunde Fashiola as governor of Lagos State. We had town hall meetings with him and he told us the government wants to make this place like a high street like the ones in the UK, US and Tokyo.

Most of the buildings here are privately owned, they do not belong to the government. What we are looking at is maybe all the attachments can be removed in order to make it look more like a smart area.

Continue Reading

people

The untold story of Patrick Nweke; A Nigerian drug baron running $9m elicit in detention

Published

on

A 49-year-old Nigerian national awaiting deportation from Australia and another man have been charged after police busted an alleged

A 49-year-old Nigerian national awaiting deportation from Australia and another man have been charged after police busted an alleged $9 million drug operation running out of an immigration detention centre in Sydney.

The Nigerian national, Dirichukwu Patrick Nweke, was arrested and taken to Bankstown Police Station, where he was charged with two counts of supply indictable quantity of prohibited drug, supply large commercial quantity of prohibited drug and direct criminal group.

NWS Police in a statement on Saturday, July 27, 2024, said they stormed Villawood Detention Centre, where they allegedly found two kilograms of meth worth $165,000 hidden inside porridge boxes.

Police alleged that Nweke was using an encrypted messaging service and had established a network of runners outside the detention centre, who he coordinated and tasked to distribute meth and cocaine throughout Sydney.

Police then raided addresses in Sydney’s east and west.

In Liverpool, police alleged a drug runner tried to flush 750 grams of meth and 90 grams of heroin down the toilet when officers came knocking.

A further 90 grams of heroin was allegedly found on the bathroom floor and $325,000 in cash found at the property.

Police arrested a 24-year-old man, who they allege was a runner for the Nigerian man in detention, and charged him with a range of offences.

“During the search, police located 750g of methylamphetamine and 90g of heroin in a toilet bowl, in what police will allege was an attempt to dispose of the drugs,” detective superintendent Peter Faux said at a press conference.

“Police also located and seized $325,000 in cash and a Dedicated Encrypted Criminal Communication Device.”

Police said this week’s efforts led to three separate syndicates dismantled across the city.

“The street value of those drugs which we’ve seized is in excess of $9 million.”

Nweke appeared in Bankstown Local Court on July 12 and was refused bail while the alleged runner faced court on the same day as his arrest.

Continue Reading

Top Stories