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Otedola, Adenuga, Hassan-Odukale, Arisekola Alao unite to battle Otudeko over planned return to FBN Holdings two years after unceremonious exit as chairman

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The quartet of Mike Adenuga, Femi Otedola, Oye Hassan-Odukale and late Aare Arisekola Alao are reportedly joining forces to fight off Oba Otudeko from reclaiming control of the First bank holding company following his declaration of a 13.3% stake in the bank.
The Street Journal had reported that Otudeko is stealthily plotting his way back into the First Bank Group and by extension, FBN Holdings were he was erstwhile chairman.
This he is doing by buying up shares through proxies.
He recently purchased 4.5 billion units of FBN Holdings shares which was sold on the floor of the Nigerian Exchange on Thursday 6th of July using a front named Barbican Capital Ltd.
The shares were sold through 26 proxy shareholders which sources say are related to  Otudeko.
These quartet alongside other shareholders are said to be concerned about the consequences of having Otedeko back in control of the bank in any capacity, following the debacle he had with the Central Bank of Nigeria, CBN, two years ago where he was removed as a director of First Bank of Nigeria Limited, alongside the bank chairman, Ibukun Awosika as well as other directors over what it termed the directors refusal to submit to regulatory authority, corporate governance breach and taking actions that compromised the health of the bank.
A source revealed that a meeting was held earlier on Friday by some of the shareholders to decide on how to take on Otudeko, as they fear his return might damage the progress made by the bank over the last two years.
The shareholders also believe they have enough votes in the bag to stall any possible return of Otudeko despite his declaration of a 13.3% stake in the bank.
They are also thought to be exploring other possible regulatory breaches around the failed declaration of the holdings by Otudeko as required by NGX and SEC regulations.
Shareholders who own more than 5% of quoted companies are deemed significant shareholders and are expected to declare the holdings in public.
Before now, only businessman investor, Otedola had declared about 5%.
Otedola alone cannot successfully edge out Otudeko as he needs the support of Mike Adenuga, Oye Hassan-Odukale and late Arisekola Alao.
They are the ones currently in control of the bank as they collectively own over 27% shares in the group.
Similarly, the CBN is said to be watching proceedings with keen interest being that the Apex bank initiated his ouster. It is however unclear if they will be as resolute as they were under embattled Godwin Emefiele’s leadership which was known to be strongly against the bank returning to Otudeko.
Industry experts are of the opinion that Otudeko may be in a better position than he was two years ago as the Honeywell deal with Flourmills has helped him repay most of the loans putting him in a financial position to fight back.
But one cannot however dismiss his legal battles with Ecobank over an unpaid debt of N4.1 billion which has dragged on for years.

 

Source: The Street Journal

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Oando Boss, Wale Tinubu Receives Award as Best Investor of the Year

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Jubril Adewale Tinubu, oil tycoon and GCE of leading oil and gas firm, OANDO, yesterday shone brilliantly like a well-cut diamond when he received the award for the New Telegraph Investor/Transaction of the Year 2024.

 

The oil guru with three decades of expectational performance in the oil sector was among other prominent Nigerians that went home with honours at the Oriental Hotels, venue of the ceremony.

 

The award, described as well- deserved, was presented to Tinubu for leading his team to successfully completing the acquisition of Agip Oil Company at $783 million.

 

The transaction, which was completed in August 2024, was described my many as a remarkable one the nation’s economy.

 

Tinubu is an intelligent, pragmatic and a genius who strikes when the iron is hottest.

 

Gifted with a knack to spot opportunity ahead of the crowd, Tinubu has in the last 30 years of unbroken entrepreneurial voyage positioned Oando among the best oil and gas company in the world.

He believes Nigeria offers limitless possibilities and opportunities, and holds high, at all times, the banner of hope.

 

Today, the business has not only earned him fame and wealth, but has also contributed in great measures to the economic development of Africa and beyond.

 

Other awardees on the night include Governor Babagana Zulum of Borno State won the Governor of the Year 2024; Governor Babajide Sanwo-Olu of Lagos State received the Governor of the Year in Projects, while Governor Ahmed Aliyu of Sokoto State won Governor of the Year in Economy

 

 

Others are Governor Sheriff Oborevwori of Delta State; Osun State Governor, Senator Ademola Adeleke; Ekiti State Governor, Biodun Oyebanji; Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), Mr Mele Kyari, won the newspaper’s prestigious Man of the Year 2024, while the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN), won Minister of the Year 2024 in Transformative Leadership.

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The weaponization of justice and the injustice faced by Dan Etete – Jeremiah Perekeme 0woupele

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In the intricate corridors of global jurisprudence, the scales of justice often tip under the weight of political machinations and economic interests. The case of Dan Etete, Nigeria’s former Minister of Petroleum, epitomizes how legal systems can be manipulated, leading to profound personal and national injustices.

Dan Etete, appointed as Nigeria’s Minister of Petroleum Resources in 1995, played a pivotal role in introducing the marginal oil field regime and indigenous participation in Nigeria’s oil and gas industry. His contributions have however been beclouded by the controversy around the controversial OPL 245. This oil block, one of Africa’s richest, became the focus of a protracted legal battle involving major oil companies amid allegations of corruption. Etete’s involvement led to accusations that have marred his reputation and overshadowed his contributions to Nigeria’s oil sector.

In a landmark decision, an Italian court acquitted Eni, Shell, and associated individuals, including Etete, of corruption charges related to OPL 245. The court concluded that there was no case to answer, highlighting the absence of sufficient evidence to substantiate the allegations. This verdict underscores the complexities inherent in international legal proceedings, where accusations often outpace the evidence required for conviction.

Etete’s ordeal is not isolated. Globally, individuals have faced similar legal battles, where accusations are levied, with years spent in court, only to culminate in acquittals. These cases highlight systemic issues within legal frameworks that allow for the weaponization of justice, often driven by political or economic motivations.

The protracted legal saga of Amanda Knox serves as a poignant illustration of Italy’s judicial labyrinth. Knox, an American student, was accused of the 2007 murder of Meredith Kercher in Perugia. After initial convictions and subsequent acquittals, she was finally exonerated by Italy’s Supreme Court in 2015.

The case highlighted significant issues within the Italian legal system. Issues were raised around the handling of forensic evidence, media interference, and prosecutorial conduct. It also underscored the challenges of ensuring justice in a system where legal procedures can be as complex as the crimes themselves.

In the UK, the case of the Birmingham Six remains a stark reminder of the fallibility of justice systems. Six Irish men were wrongfully convicted in 1975 for pub bombings in Birmingham, based on coerced confessions and questionable forensic evidence. After 16 years of imprisonment, their convictions were quashed in 1991, revealing systemic flaws such as investigative misconduct and the suppression of evidence. This case prompted significant reforms in the UK’s criminal justice system, emphasizing the need for checks and balances to prevent miscarriages of justice.

The term “weaponization of justice” refers to the deliberate manipulation of legal systems to achieve objectives beyond the pursuit of truth and fairness. The weaponization of legal technicalities, whether through coerced confessions, mishandled evidence, or political interference, undermines the foundational principles of justice.

In Dan Etete’s case, the prolonged legal battles, despite eventual acquittal, suggest a misuse of judicial processes, leading to reputational damage. Despite his achievements that merit recognition, and most notably his discharge and acquittal in three jurisdictions – ITALY, UNITED KINGDOM, and Nigeria; he has remained the focal point of smear campaigns.

What does his discharge and acquittal really mean? It means that Dan Etete has been formally cleared of charges in a court of law. This means the court has found him not guilty of the charges brought against him. An acquittal signifies that there was insufficient evidence to prove the person committed the alleged offence, or was proven innocent. This means the accused is released from the legal process and is free to go. If he has been found to have done nothing wrong by the Nigerian Legal system, where the judiciary has come under scrutiny in recent times, is it being insinuated that the course of justice was perverted in those other jurisdictions?

In reflecting upon the Chief Dan Etete cases, it becomes evident that the pursuit of justice requires constant vigilance, systemic introspection, and unwavering commitment to fairness. Just as poverty can be weaponized to perpetuate societal inequities, legal ambiguities when exploited, lead to miscarriages of justice.

Moreover, they erode public trust in legal institutions, deter individuals from public service, and can have economic repercussions, especially in sectors as vital as oil and gas. Furthermore, they highlight the need for reforms to prevent the misuse of legal systems and to ensure that justice is truly blind.

Politically Exposed Persons (PEPs) often find themselves under intense scrutiny due to their influential positions, making them susceptible to allegations of corruption. In several instances, PEPs have been wrongfully accused and, despite subsequent exoneration, have suffered significant reputational damage due to smear campaigns. Here are five notable cases from different countries:

Former President John Dramani Mahama was implicated in a bribery scandal involving Airbus SE, with allegations suggesting his involvement through his brother, Samuel Adam Mahama. These claims, lacking substantial evidence, were perceived as politically motivated to tarnish Mahama’s reputation and divert attention from governmental shortcomings. The Office of the Special Prosecutor (OSP) eventually exonerated Mahama, but the smear campaign had already inflicted damage on his public image.

Adolphus Wabara, former President of the Nigerian Senate, faced allegations in 2005 of accepting a ₦55 million bribe to influence budget approvals. Despite his resignation and a prolonged 14-year legal battle, Wabara was acquitted in 2019 due to insufficient evidence.

Frederick Chiluba, Zambia’s second President, faced allegations of embezzling public funds after his tenure ended in 2002. Following a protracted legal process, Chiluba was acquitted of all charges in 2009. The court determined that the prosecution failed to provide compelling evidence linking him to the alleged crimes. This verdict underscored the challenges in distinguishing between political vendettas and genuine anti-corruption efforts.

Georgia Thompson, a Wisconsin state employee, was convicted in 2006 on federal corruption charges, accused of steering a state contract for political reasons. The U.S. Court of Appeals for the Seventh Circuit overturned her conviction in 2007, citing a lack of evidence.

Former Prime Minister Khaleda Zia was accused of misusing funds related to the Zia Charitable Trust, leading to her conviction and imprisonment in 2018. In November 2024, the Supreme Court of Bangladesh acquitted Zia and all co-accused, citing a lack of credible evidence.

Nabil Sayadi, director of the European branch of the Global Relief Foundation, was accused of transferring funds to an Al-Qaeda financier, leading to his inclusion on international watch-lists and the freezing of his assets. In 2006, Belgian judges exonerated Sayadi, citing a lack of evidence linking him to terrorist activities.

These cases highlight the profound impact that unfounded corruption allegations and smear campaigns can have on PEPs, often resulting in lasting reputational harm even after legal exoneration.While many accusations are substantiated, there are notable instances where PEPs have been wrongfully accused and subsequently exonerated by the legal system.

Chief Dan Etete’s experience, like the ones already referenced, serves as a stark reminder of the potential for justice systems to be weaponized. It calls for introspection and reform to safeguard the principles of fairness and equity, ensuring that individuals are protected from undue legal persecutions driven by interests that have little to do with justice. This underscores the necessity for robust legal frameworks that ensure due process, protect individuals from politically motivated accusations, and uphold the integrity of judicial systems worldwide.

*** Jeremiah Perekeme Owoupele is a Niger Delta based lawyer.

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Portable now in our custody – Ogun Police

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The Ogun State Police Command says Habeeb Okikiola, aka Portable, is now in its custody.

 

Omolola Odutola, the state public relations officer made the disclosure in a statement on Wednesday.

 

According to her, “The Ogun State Police Command wishes to inform the public that Habeeb Okikiola, also known as Portable, arrived at the State Criminal Investigation Department, Eleweran, Abeokuta, at exactly 13:23 hours today, February 19, 2025.

 

 

“His presence at the SCID is connected to an ongoing investigation. The command assures the public that due process will be followed in handling this matter, and updates will be provided as necessary.”

 

Portable was declared wanted for assault on some officials of the Ogun State Town Planning Agency who were carrying out enforcement on his property in the Ilogbo area of the state.

 

Details later…

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