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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

Sexual Assault: Baba Ijesha Denied Bail, Case Transferred To High Court [PHOTOS]

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The Yaba Magistrates’ Court in Lagos State, on Wednesday, declined to grant the bail application brought before it by embattled Nollywood actor, Olanrewaju Omiyinka, popularly known as Baba Ijesha.

Baba Ijesha, who wore a blue t-shirt, was taken to court in a black maria vehicle of the Rapid Response Squad.

Baba Ijesha has been in police custody since April 22, 2021, when the Lagos State Police Command announced his arrest for allegedly sexually assaulting a 14-year-old girl in the care of popular comedienne, Adekola Adekanya, otherwise called Princess.

It was earlier reported that Lagos State Attorney-General, Moyosore Onigbanjo, SAN, said Baba Ijesha might be sentenced to life imprisonment if found guilty in court.

“After due consideration of the facts in the case file, the Directorate of Public Prosecutions issued legal advice on the 4th of May, 2021, which is to the effect that a prima facie case has been disclosed against Mr. Olanrewaju James and recommended he be charged under the following provisions of the Criminal Law of Lagos State, 2015,” he had said.

On May 17, 2021, Baba Ijesha was granted bail by magistrates and judicial workers on tour to decongest prisons in the state during the industrial action by the Judicial Staff Union of Nigeria.

However, Baba Ijesha could not meet the bail conditions which include N500,000 and a level 16 civil servant as surety.

Baba Ijesha consequently appeared before the magistrate in Yaba on Wednesday.

Speaking with reporters after the arraignment today, one of the counsels for the suspect, Kayode Olabinran, said he prayed the court to grant his client bail on health grounds.

He, however, said the magistrate declined to grant his client bail as the case was already filed at the High Court in Lagos by the Directorate of Public Prosecutions in the state.

He said, “He (Baba Ijesha) was not granted bail because the case has been filed at the High Court and that has denied the (Magistrate) Court the power to grant him bail.”

Olabinran also said the date for the hearing at the High Court was not yet known.

Also, Baba Ijesha’s colleague, Yomi Fabiyi, who was in court in solidarity with the actor, said “justice must not be dispensed with the personal sentiment”.





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Days After Google Yanked Off His Crowwe App, Instagram Also Deletes Adamu Garba’s Account

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Former Presidential Aspirant, Adamu Garba’s Instagram account has been deleted.

This occurred shortly after Google deleted his Crowwe app from the Google Play Store.

Nigerians had taken to google play store to drop horrible reviews on the instant messaging app, which imitates Twitter.

They also reported that Crowwe’s Terms and Conditions were plagiarized word for word from another app, Spotify.

Google in a response to the reports, yanked the Crowwe app from the play store.

“Google removes from the Play Store, applications that are perceived to have violated its policy.

“Once your app is removed, the published version of your app won’t be available on Google Play until a compliant update is submitted,” the app store policy said.

However, we’ve noticed that Instagram had now deleted Mr Garba’s IG account from the popular image and video sharing app, with his page displaying ‘the user not found.’

The reason for deleting Mr Garba’s account was unclear but Instagram is known for banning accounts that violate its policy or reported for spam, fraud, or a fake account.

Also, he has received a public backlash regarding his Crowwe app accused of disingenuity.

Reacting, Mr Garba who spoke with newsmen on Wednesday morning said that Instagram took down his account because some users reported him.

“It was reported by some users and was disabled by Instagram,” he said.




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I Have First-Hand Experience In War, I Can Tackle Nigeria’s Insecurity —- Buhari’s COAS Faruk Yahaya

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Faruk Yahaya, Nigeria’s chief of army staff, says he has the required experience to tackle insecurity in the country.

Yahaya stated this on Tuesday when he appeared for screening before the house of representatives joint committee on defence and army.

The army chief said he had participated in war and peacekeeping in Liberia, adding that with his experience, he can ensure improved security in the country.

“I have brought along with me 36 years of military experience, having joined the army on 27 September 1985, as a member of 32nd regular course in NDA,” he said.

“I passed out on 2nd September 1990, and I was posted to the infantry corps as an infantry officer, and since that time, I have passed through all the relevant courses commensurate to my career as I grew up, and I had served in various capacities, including command, staff, instruction, and administration, including extracurricular.

“Less than three years ago, we were drafted to Liberia where I had the first-hand experience in war if you would call it so. And finally, my unit was located at Kata town, member of number 16 and for those conversant with that deployment, Kata town was the last deployment of the ECOMOG who were the ones facing Charles Tylor NPFLA there.

“So, all activities including wars and operations, including of course negotiations, were conducted by my unit on behalf of ECOMOG.

“We have severally hosted the United Nations negotiations in Kakata. We have hosted other factional leaders, including Kromah, Johnson, and others in those negotiations. We also fought our way to that end.

“So, if you will, I have the first-hand experience, barely three years after my passing out in war and its processes, similar to what we are facing now.

“After that, when we came back to the country, I was also promoted to guards brigade here where I served as a platoon commander. So, I am also abreast with the security requirement of Abuja itself and the parade and other requirements that characterized that deployment.

“Subsequently, I grew up in my career to become a commanding officer in guards brigade garrison in Abuja here, and so I was involved in all the security requirements of securing Abuja and, particularly, the presidential villa.”

Yahaya said going by his military experience, he is well equipped to tackle the security challenges across the country.

“Looking at my career, I have virtually seen it all. I have seen war in other countries; I have seen how it was done. I was involved also in internal security operations both there and here,” he said.

“Here also, I have been to the north-west like I mentioned, south-south like I mentioned, and to the north-east. The challenges we are facing now are characterized by what I have mentioned. I have first-hand information where I have commanded troops and administered them in achieving what we have done.

“What I brought is the certificate of experience and commitment I have had all across my career. Throughout my career, I have been appointed as at when due. I am determined to provide my best, having known what is required to achieve the result.”




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