NEWS
JUST IN: Femi Otedola Appointed Chairman, FBN Holdings
Nigerian billionaire, Femi Otedola has been appointed as chairman of The First Bank of Nigeria Holdings’ board of directors, succeeding Alhaji Ahmad Abdullahi.
Otedola, who recently reclaimed his spot on the Forbes African Billionaires list after a seven-year absence, expressed his enthusiasm on Instagram, captioning a picture of the announcement with “Interesting” and including smiley and dollar emojis.
At 61 years old, Otedola ranks 20th on the list, boasting a net worth of $1.1 billion.
This appointment, according to the bank, takes effect today, January 31, 2024.
Forbes reports that the combined wealth of the 2024 list’s top 20 billionaires increased to $82.4 billion from last year’s $81.5 billion, with Otedola’s comeback contributing to the rise.
Otedola, absent from the Forbes Africa list since 2017, secured the 20th spot this year.
The FBNH’s decision to appoint him as chairman was disclosed in a corporate filing on the Nigerian Exchange Limited (NGX) following a recent board meeting. Investors were notified of this development.
In July 2023, Wole Olanipekun & Co, representing Dr. Oba Otudeko, the former chairman of the group, urged FBNH to disregard a petition from Ecobank’s lawyers.
The legal representatives dismissed Ecobank’s claim of a Supreme Court judgment supporting their demand for the rejection of 4.7 billion shares purchased by Otudeko.
In a letter, the law firm clarified that no court order had awarded any judgment sum in favor of Ecobank as a liability from their client or any Honeywell companies.
Wole Olanipekun & Co, representing Otudeko, advised FBNH to reject all requests in Ecobank’s letter.
The Securities and Exchange Commission (SEC) disclosed an investigation into the conflict at FBNH Plc.
Despite Otudeko acquiring 4.7 billion FBNH shares in July 2023, in October 2023, Otedola was listed as the largest shareholder of the company.
FBNH stated, “the company received a notification from Honeywell Group Limited that its affiliate, Barbican Capital Limited, has acquired an aggregate of 4,770,269,843 units of shares from the company’s issued share capital of 35,895,292,791, (35.89 billion) as at the above-referenced date.
“Based on the foregoing, the equity stake of Barbican Capital Limited in the company is 13.3 per cent.”
NEWS
Shettima Returns To Nigeria After High-Stakes BRICS Summit In India
Vice President Kashim Shettima has returned to Nigeria after representing President Bola Tinubu at the 18th BRICS Leaders’ Summit in New Delhi, India.
Shettima’s return followed a series of high-level engagements focused on strengthening Nigeria’s economic and diplomatic interests and expanding the country’s partnerships with BRICS member and partner countries.
According to a statement issued on Tuesday by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima participated in high-level sessions at the summit and held bilateral meetings with key international leaders.
ALSO READ: BRICS 2026: Modi Seeks More Nigerian Crude as Shettima Meets Indian PM
Among his major engagements was a meeting with Indian Prime Minister Narendra Modi, where discussions focused on strengthening economic ties between Nigeria and India.
The discussions covered renewed crude oil trade, investment, pharmaceuticals, defence, digital technology, fintech, renewable energy and other strategic sectors.
Shettima also met with the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, reaffirming Nigeria’s support for multilateralism and a more inclusive global economic order.
At the BRICS summit, Shettima delivered President Tinubu’s message calling for reforms of global governance structures and international financial institutions to reflect current economic realities.
He also positioned Nigeria as a gateway to Africa’s expanding market under the African Continental Free Trade Area.
Nigeria further used its participation at the summit to deepen engagement with BRICS member and partner countries in key sectors, including agriculture, artificial intelligence, digital infrastructure, manufacturing, healthcare, energy and human-capital development.
The Vice President’s participation forms part of the Federal Government’s broader efforts to strengthen Nigeria’s international economic partnerships, attract investment and create new opportunities across strategic sectors of the economy.
NEWS
Tension in Sokoto as Govt Shuts Mosque After Cleric’s Stabbing
Tension has heightened in parts of Sokoto metropolis following the stabbing of an Islamic cleric, Musa Lukuwa, shortly after Friday prayers, prompting the state government to shut the mosque where the incident occurred.
The Sokoto State Government ordered the immediate closure of the Lukuwa Jumu’at Mosque in Mabera and declared the facility a crime scene pending the outcome of investigations.
The government also ordered a full investigation into the stabbing of the cleric and the subsequent killing of his alleged attacker by worshippers.
SEE MORE: 2027 Presidency: Sokoto ADC Adopts Atiku as Preferred Candidate
The directives were contained in a statement issued on Tuesday by the Director-General, Media and Publicity, Government House, Abubakar Bawa.
According to the Sokoto State Police Command, the alleged attacker used a knife to assault Lukuwa after the Friday prayers before worshippers overpowered and beat him to death.
Police spokesperson, Ahmad Rufa’i, said the command received a distress call at about 1:50pm concerning the incident.
He said preliminary investigations showed that the alleged assailant entered the mosque after the prayers and attacked the cleric.
Lukuwa was subsequently taken to hospital for treatment.
Following the attack, the cleric appealed for calm, saying he was in stable condition and urging his followers not to retaliate or take any action capable of escalating the situation.
Explaining the mosque’s closure, the state government said the measure was necessary to enable security agencies to conduct a thorough investigation.
“The government has ordered a full investigation into the attack and killing at Musa Lukuwa Jumu’at Mosque, Mabera, and ordered the closure of the mosque (crime scene) till further notice,” Bawa said.
The government also constituted a committee of Islamic scholars, known as ulamas, to investigate the immediate and remote causes of the religious tensions and advise the administration on appropriate measures.
“The State Government has constituted a committee of ulamas to examine the remote and immediate causes of such crisis, and to advise the government on the appropriate measures to be taken in the interest of the state,” the statement said.
The government further dissociated itself from anyone who, under the guise of religion, engages in acts it considers disrespectful to Prophet Muhammad, his parents, household and companions.
It reaffirmed its “total obedience and respect” for the Prophet and urged residents to continue demonstrating love and compassion towards him.
The administration also appealed to residents to refrain from making inciting statements capable of worsening the situation.
“The Government has appealed to people in the state to desist from incisive statements that could jeopardise the peaceful coexistence that Sokoto is known for,” Bawa said.
The state government assured residents of its commitment to protecting lives and property across Sokoto State and urged members of the public to remain calm as investigations continue.
NEWS
DPRP IPO: Dangote Rings Opening Bell at NGX
The much awaited Africa’s largest Initial Public Offering by the Dangote Petroleum Refinery and Petrochemicals (DPRP) has been formally flagged off on the Nigerian Exchange (NGX).
President and Chief Executive Officer, Dangote Industries Limited (DIL), Aliko Dangote, marked the commencement of the offer by ringing the opening bell at the NGX trading floor in Lagos on Monday.
The transaction marks a significant milestone for Nigeria’s capital market, as the DPRP becomes the first refinery in the Nigerian Exchange’s 66-year history to open its shares to public subscription.
READ ALSO: Dangote Refinery Opens Landmark IPO Today
The offer comprises 4.1 billion new ordinary shares priced at N525 per share, allowing investors to acquire an equity stake in Africa’s largest refinery.
Retail and institutional investors, as well as eligible investors across Africa, can participate in the public offer.
Investors can subscribe for a minimum of 10 shares, requiring an investment of N5,250 at the offer price.
The offer opened on Monday, September 14, 2026, and is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the offer prospectus.
At the ceremony, Dangote highlighted that the public offer was part of a broader effort to expand public participation in owning his companies.
“We will lease every company that we operate,” he said.
The launch attracted prominent dignitaries, including Lagos State Governor Babajide Sanwo-Olu, members of the Dangote family and captains of industry.





