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BIG STORY

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

Blackmailer On The Trail of Seyi Tinubu, Demands For N7million

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Activities of some unscrupulous element who are of the opinion that they can make quick money through blackmail were brought to fore recently when one unidentified individual called up the number of the Executive Chairman of Loatsad Promo media, Mr. Seyi Tinubu and demanded a whopping N7million so they will not soil his name on the social media.

The blackmailer, according to sources close to the hardworking philanthropist had placed a call through to the energetic young entrepreneur and claimed he is in possession of a video of him fighting a club manager in Lekki during the COVID-19 ordered lockdown and that he will be taking such to the social media except he’s paid to keep quiet.

Though Seyi who is sure he was never in such a situation had called his bluff and asked him to go ahead, his friends and close associates are of the belief that the activities of such individual should be made known to the public in other for such false and malicious plan not to soil the good-standing his company and his family are enjoying on the heart of Nigerians.

The blackmailer we gathered hid the number with which he’s making the call and claimed he’s a journalist but failed to name the medium he’s working with, an act which is against rules of the journalism profession thereby showing clearly he’s a criminal trying to give the noble pen-pushing profession a bad name.

It was not too long that a young man now in the net of the police has resorted to blackmail to extort money from legendary Nigerian female musician Salawa Abeni before he was exposed and is currently facing the tune of the music.




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BIG STORY

BREAKING: Churches, Mosques Remain Shut In Lagos, Says Commissioner

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The Lagos State Government on Tuesday said that churches and mosques in the state might not be reopened soon for worshippers.

The Commissioner for Home Affairs, Prince Anofiu Elegushi, said this on the sideline of the 2020 Ministerial Press Briefing commemorating the first year in office of Gov. Babajide Sanwo-Olu.

The Federal Government had on Monday, June 1, lifted the ban on mosques and churches in the country, based on guidelines and protocols agreed with state governments.

Elegushi said that the reopening of the worship centers was not possible soon, as the state was the epicenter of the coronavirus pandemic.

”Even before the pronouncement by the Federal Government, we have been having meetings with the religious leaders, we even had one with Safety Commission, looking at the possibility of reopening of religious houses.

”We also had one with the leaders of the two faiths and I want to tell you categorically that at that meeting, the possibility of reopening religious houses was ruled out totally.

”They claimed that they cannot take such responsibility of ensuring that only 20 or 50 people are praying behind them.

”Like an Imam said, he doesn’t know what is going on at the back immediately he is leading a prayer. He said if more than 20 or 50 people are staying at his back he is not going to take responsibility for their presence.

”So, in the meeting, we ruled out in totality the issue of reopening the religious houses until we have a clear coast for us to do so.

”The Federal Government mentioned it, but it never ruled out the state in achieving that pronouncement, so all states will have to look at the possibility of doing so in their respective states.

”We all know Lagos is still having more figures. So definitely that will speak to our decision,” he said.

The commissioner, however, said that the governor of the state would come out with further directives on the matter.

(NAN)




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BIG STORY

BREAKING: Senate Approves Buhari’s $5.513bn External Loan Request

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The Senate on Tuesday approved President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget.

The approval followed the presentation and consideration of the report of the Senate Committee on Local and Foreign Debts, Senator Clifford Odia (Edo Central) by the upper chamber.

Buhari has in his letter of request, said that the $5.513 billion external loan is to enable the Federal Government to fund the 2020 revised budget.

However, the components of the external loan which is to enable the Federal Government to execute its priority projects and for projects to support State Governments in stimulating their economy which has been adversely affected by the COVID-19 pandemic was stood down by the Senate due to lack of requisite details.

Details shortly….




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