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.”
Malami Defies Social Distancing Directive, Says Courts Expected To Sit During Lockdown
Courts are expected to attend to matters that are urgent, essential or time-bound, even during the lockdown, Minister of Justice and Attorney-General of the Federation, Abubakar Malami, has said.
Malami, a senior advocate, said this in a statement issued by Dr Umar Gwandu, Special Assistant on Media and Public Relations, Office of the Minister.
“Speedy dispensation of justice is a cardinal principle of the Justice Sector Reform of the present administration, hence, time-bound cases are treated with dispatch and accorded the required attention,” Malami was quoted as said.
Malami had given the directive of the speedy dispensation of time-bound cases in a letter addressed to all heads of court on Wednesday, conveying the COVID 19 Regulation 2020.
He said that the earlier directive issued by the Chief of Justice of Nigeria (CJN) is in tandem with the COVID-19 Regulations 2020 made pursuant to Quarantine Act 2004 by President Muhammadu Buhari.
Coronavirus Humbles Me, Immigration Boss Speaks From Isolation
The Comptroller-General of the Nigeria Immigration Service, Muhammed Babandede, has said being infected with coronavirus is a humbling experience.
Babandede, who spoke from isolation for the first time since he announced that he tested positive for COVID-19 upon his return from the UK on March 22, said Nigerians should pray that the number of cases in the country doesn’t explode further.
In a video he released on Wednesday night, the immigration boss said people all over the country, especially kinsmen from his village, have been gracious with their prayers and show of love towards him.
He said, “Distinguished ladies and gentlemen, I will like to thank all my friends, loved ones, officers and men, Muslims and Christians in Nigeria and abroad for the enormous prayers for my quick recovery. I am very grateful for your prayers. In reality, your prayers are helping me recover very quickly.
“I thank Allah for giving me the opportunity to be sick because it gives me the opportunity to humble myself, to also know that I am loved by such a large number of people.
“Today, the 1st of April, I am sending this short video to you to tell you I’m doing well and recovering gradually.
“Please take care always, wash your hands and maintain social distance.
“Continue to pray that Nigeria does not head towards any disaster. The numbers are still small but continue to pray that it does not grow.
“I send my love to you, especially people from my village – people from Kano, Lagos, Abuja, everywhere I can’t even mention. Thank you for your love. Maa Salam.”
Nigeria has recorded over 170 cases of COVID-19 and two attendant deaths.
Lagos and Abuja, the two cities with the highest number of patients, are currently observing a 14-day lockdown while Ogun State would commence its own effective Friday as part of measures to curb the community transmission of the virus which has infected over 900,000 people globally.
BREAKING: Markets To Open From 10am To 2pm Daily In Lagos, Ogun During COVID-19 Lockdown — FG
The Federal Government has announced that all markets in states where a lockdown was imposed (Lagos, FCT, and Ogun) will be allowed to open between 10:00 am and 2:00 pm daily.
The National Co-ordinator of the Presidential Task Force on COVID-19, Aliyu Sani, said this on Wednesday during a briefing by members of the task force.
“For markets, only shops and stalls selling food and groceries shall be allowed to open to customers between the hours of 10:00 am and 2:00 pm,” he said.
Meanwhile, for supermarkets and food stores, their opening hours must be between 10:00 am and 4:00 pm and all owners and managers have been warned to screen staff and customers before entry.
“On arrival, all staff must be screened for a high temperature and all those found to have a high body temperature above 38, will be denied entry and advised to seek immediate medical attention.
“All deliveries for supplies and products for these supermarkets must be made between the hours of 5:00 am and 9:00 am,” Sani added.
He further stated that at any point in time, the total number of customers inside each store must not exceed a third of the store’s total capacity.
After their closure at 4:00 pm, Sani urged shop owners to ensure that all shelves, aisles, and stores are cleaned and disinfected and by 6:00 pm, staff are conveyed back to their respective homes.