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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

Jungle Justice: Angry Mob Ignore Law, Set Man Ablaze For Killing Wife In Abia

Peter Okunoren

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Tragedy struck Tuesday at Etitiama Nkporo community in Ohafia council area of Abia state when a man, identified as Kalu Ilum, shot his wife dead while the natives of the community meted instant justice by arresting and setting him ablaze.

It was gathered that Ilum, with no known means of livelihood, had been having marital problems with his wife, simply known as Chichi, a food vendor.

A resident of the community told journalists that Chichi had sought a divorce, believing that it was the only solution to the incessant problems with her husband.

“The couple has long unresolved marital issues, leading to the late wife, Chichi who sells food in the community to seek for divorce,” the resident said.

However, things were said to have gone out of hand at about 7am Tuesday when Ilum in a fit of anger, invaded his wife’s shop and shot her dead.

Ilum was reported to have fled after committing the heinous act and hid inside water well in an attempt to escape justice. The natives of the community who were hell-bent on getting the man to account for his misdeed, went searching for him, all to no avail.

They later engaged the services of a native doctor, who was said to have used his diabolical powers to smoke out the killer husband from the well. As soon as he came out from well, he was beaten to death and later set ablaze by an angry mob.

It was gathered that irate youths of the area marched to his residence and set it ablaze.

Contacted, spokesman of the Abia State Police Command, SP Geoffrey Ogbonna, said he was yet be briefed on the incident.

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Fire Guts Popular Sabo Market In Ogun

Gbemileke Ajayi

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The popular Sabo market in Sagamu, Ogun State has reportedly been engulfed in a fire.

The cause of the fire is yet to be ascertained as many shops and properties are affected.

As of the time this report, the fire is yet to be put out.

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JUST IN: Court Reduces Maina’s Bail Conditions To N500m, One Surety

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A Federal High Court in Abuja on Tuesday varied the conditions attached to the bail granted former Chairman, Pension Reform Task Force, Abdulrasheed Maina.

Justice Okon Abang, before who Maina is being tried on charges of money laundering, granted him conditional bail on November 25, 2015.

Among the bail conditions were that Maina endorses a bond of N1billion and produce two sureties, who must be serving Senators, and who must attend court at every subsequent proceeding.

Maina later returned to the court with a prayer for variation, on the grounds that the conditions were too stringent.

In a ruling on Monday, Justice Abang reduced the bail bond to N500million for Main, who he said, should now produce a single surety, who must be a serving Senator.

Justice Abang ordered that the Senator, who must own property in any of the high brow areas of the Federal Capital Territory (FCT), must attend court at every adjourned date to sign at the court’s registry.

Details shortly…

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