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BREAKING: Femi Otedola Dumps Forte Oil, Set To Sell His 75% Shares [Document Attached]

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Nigerian billionaire businessman, Femi Otedola is set to sell his 75 per cent direct and indirect shareholdings in Forte Oil.

This was revealed by the Nigerian Stock Exchange in a statement on its website on Monday.

The statement was signed and made available to reporters by Akinleye Olagbende, the General Counsel of the company.

The statement entitled ‘notification of divestment by the majority shareholder in the downstream business operations,’ reads, “Forte Oil Plc hereby notifies the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that its Majority Shareholder, Mr. Femi Otedola, CON has reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75% direct and indirect shareholding in the Company’s downstream business.

“Mr. Otedola’s divestment from the downstream business is pursuant to his decision to explore and maximise business opportunities in refining and petrochemicals.

“The transaction is expected to close in the First Quarter (Q l ) of 2019 subject to the satisfaction of various conditions and receipt of applicable regulatory approvals.

“Standard Chartered Bank, Corporate Finance & Advisory, Dubai and Olaniwun Ajayi LP served as Financial and Legal advisors respectively to Mr. Femi Otedola, CON, while PricewaterhouseCoopers and Stanbic IBTC Capital Limited served as Joint Financial Advisors and Sefton Fross served as legal advisor to Ignite Investments and Commodities Limited.

“This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the ordinary shares or any other securities, nor will there be any sale of the ordinary shares or any other securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.”

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BIG STORY

BREAKING: First Case Of Coronavirus Confirmed In Lagos

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The Ministry of Health in Lagos State has confirmed its first case of COVID-19 and reported it to the Federal Ministry of Health.

The case, which was confirmed on Thursday, is the first to be reported in Nigeria since the outbreak in China in January 2020.

The case is an Italian citizen who entered Nigeria on February 25 from Milan, Italy for a brief business visit.

He fell ill on February 26 and was transferred to Lagos State Biosecurity Facilities for isolation and testing.

COVID-19 infection was confirmed by the Virology Laboratory of the Lagos University Teaching Hospital, part of the Laboratory Network of the Nigeria Centre for Disease Control.

The patient is clinically stable, with no serious symptoms and is being managed at the Infectious Disease Hospital in Yaba, Lagos.

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BREAKING: Supreme Court Rejects APC’s Request To Review Bayelsa Judgment, Upholds Judgment Sacking David Lyon

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The supreme court has struck out the application of the All Progressive Congress (APC) seeking a reversal of the judgment which sacked David Lyon as the winner of the Bayelsa governorship election.

The apex court held that the application constitutes a gross abuse of the judicial process.

On February 13, the supreme court affirmed the verdict of a federal high court which disqualified Biobarakuma Degi-Eremienyo, Lyon’s running mate, for allegedly submitting forged credentials to the Independent National Electoral Commission (INEC).

As a result, the court also voided the victory of Lyon on the grounds that both men contested the election on a joint ticket.

A seven-member panel of the court, led by Justice Sylvester Ngwuta, dismissed the two applications filed and argued for the applicants by Afe Babalola (SAN) and Wole Onanipekun (SAN), and held that the applications were without merit and amounted to an abuse of court process.

Justice Amina Augie, who read the lead ruling, said the application was an attempt to make the court violate its rules and the. provision of the Constitution which makes it the final court of the land.

Justice Augie said the applications if granted has the capacity of belittling the dignity and status of the court and open a floodgate for such requests in the future.

She expressed regret that senior lawyers in the country could be involved in the filing of such applications.

Justice Augie awarded N10milion cost for each of the 1st, 2nd and 3rd respondents (the PDP, its governorship and deputy governorship in the last election) – Sen. Duoye Diri and. Lawrence Ewhrudjakpo – to be paid personally by the applicant’s lawyers.

Afe Babalola (SAN) represented the 1st and 2nd applicants (Biobarakuma Degi-Eremienyo), while Wole Olanipekun (SAN) represented the APC.

More to follow…

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Lagos Government To Remove Bus Garage, Mechanic Workshops, Kiosks, Others Around Public Schools

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The Lagos State Government has disclosed that it would begin pulling down shanties, kiosks, and removal of bus garages, as well as other illegal market structures erected near the state public schools, a move said to take effect after seven days ultimatum issued to owners of those structures, by the government.

As said, the clearing, according to the ultimatum sighted by PorscheClassy News, would affect owners and occupants of illegal structures, shanties, mechanic workshops, kiosks and commercial bus garages surrounding public schools in Mile 2, along Badagry expressway.

The Lagos State Environmental and Special Offences Unit (Taskforce), in a statement issued on Wednesday through its Public Affairs Unit Head, Adebayo Taofiq, confirmed that a seven-day ‘Removal Notice’ had been issued to owners of illegal structures and workshops located around public schools, and that, it was a decision which was made by the state government to ensure safety of students.

Taofiq explained that the task force chairman, CSP Olayinka Egbeyemi, had discussed ultimatum issuance with a gathering of illegal owners and occupants, as well as traders, mechanics and sectional heads of National Union of Road Transport Workers (NURTW), and warned them to immediately vacate stipulated areas within vicinity of the schools within time allocated.

He affirmed that the removal order became imperative following an outcry by residents, particularly managements of Imoye High School and Amuwo Odofin Junior Secondary School, that criminal elements had turned the region into hideouts for carrying out their nefarious activities thereby making the environment unconducive for learning.

“These children are the future of our nation, it is thus, left to us, what we make of them,”

“In light of this, it has become necessary to facilitate conducive learning environments around our schools. It is disheartening to allow illegal business operators to turn schools surroundings to a market place while the vicinity becomes a dumpsite of refuse”.

Furthermore, Taofiq added that investigation conducted had revealed that the illegal structures and shanties served as home to criminal elements who rob unsuspecting members of public, making off with valuables along highways on Lagos- Badagry expressway, and added that the occupants had received no government permit or operating license from the state government.

He reiterated that, immediately after the expiration of the evacuation order notice on Monday, 3rd of March, 2020, Task Force operatives would embark on a clean-up exercise in the area, as well as a clampdown on all criminal elements.

The Task Force, however, cautioned traders and occupants not to make a financial contribution or bribe anyone in order to prevent or stop the removal order, stressing that the State Governor, Babajide Sanwo-Olu had approved monetary compensation for those who deserved it.

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