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Sale of Airtel Shares; No Forfeiture Order against Ecobank Group, O&O Networks Limited

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O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it. The company which is a special purpose vehicle previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.

A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.

According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.

The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.

“In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.

” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019

“In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim. The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019.

“O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously.

“O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”

 

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Dangote $2 Billion Urea Fertilizer Plant Pushes Out 120 Trucks Everyday..… Excites marketers, farmers in North 

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DANGOTE

After months of speculations, Dangote Urea fertilizer is now finally on sales nationwide and it currently pushes out a minimum of 120 trucks per day across the country

 

Group Executive Director, (Strategy, Capital Projects & Portfolio Development) · Dangote Industries Limited,  Devakumar  Edwin, revealed to the press over the weekend that the Plant which has the capacity to turn out more than 4,500 tonnes of urea per day will conveniently meet the local demand and even produce for exports.

 

According to him: “…We have the capacity to turn out 4,500 tonnes of Urea everyday…this is a bulk application fertilizer…each crop in Nigeria or globally will require Nitrogen and this is a rich fertilizer, having 46 per cent nitrogen…The company has the capacity to meet local demand and also export to African countries… Currently the demand is less than 1 million tonnes and we alone can  produce 3 million tonnes, so we can easily meet local demand and also produce for export to other west African countries.”

 

DANGOTE

 

Aside fertilizer production, the company, according to Edwin is already working to support the farmers with training on application of the fertilizer and even establish laboratories across the country for proper soil examination.\

 

DANGOTE

“The uniqueness of this plant, apart from the fact that we are producing is the focus on farmers’ support, on training, education, development as we are now establishing laboratories across the country and even mobile laboratories where we can go drive around and take soil samples for proper examination to effectively grow the agricultural outputs across the country”

DANGOTE

 

The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.

 

 

The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.

 

Meanwhile marketers and farmers in Kano have described the newly introduced Dangote Fertilizer as a game changer and a forecast for the expected agricultural revolution in the country.

DANGOTE

 

Marketers and farmers who were apparently excited, over the weekend welcomed the more-than ten trucks that entered Kano markets at the weekend.

 

 

Speaking at the event organized by Dan Hydro Company in Kano to mark the introduction of the fertilizer into the northern market, chairman of the Kano state Agro Dealers Association Alhaji Shuaibu Akarami said agro dealers have confidence in Dangote fertilizer as they have in all his products, adding that as a dealer who spent decades in the business he has discovered that Dangote fertilizer will have no problem penetrating the market in the North.

 

 

“I have checked the product and have found out that it will have no problem penetrating the market. With my experience in agro products, I can authoritatively say the product has met our expectations and that has confirmed the confidence we have in Dangote fertilizer and other sister products of the Dangote Group,” he said.

 

The Dan-Hydro fertilizer Company in Kano which took delivery of the first batch of trucks in Kano said the timing and strategy for the introduction are rife.

 

Head of operations, Dan- Hydro operations Mr. Hamadi Sekou Drammeh said the Dangote fertilizer conforms to all set standard required by the regulatory agencies.

 

He said the phenomenon of perennial shortage of the fertilizer product will be over in the country.

He said as part of its public enlightenment plan, the company was going to work with all stakeholders in the agricultural sectors.

In the same vein, Sales Manager of Dan Hydro Mr. Sulaiman Tanko assured that the product will be sold at a reasonable price that will enable fair competition in the market. 

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Jumia Marks 9th Anniversary with 60% discount, partners Unilever, Xiaomi, Nivea

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Anniversary

Nigeria’s leading e-commerce platform, Jumia, is celebrating nine years of e-commerce journey with a sales campaign aimed at celebrating customers, sellers, and partners on its platform. The campaign will run from June 11th until 27th, 2021.

Jumia’s 9th anniversary which also doubles as the anniversary of e-commerce in Nigeria, since the e-commerce giant paved the way for online shopping, is offering 60% discount in a sales campaign tagged “Celebrating You”, aimed at celebrating new and loyal consumers. The discount will apply to categories such as Electronics, Beauty, Fashion, Phones & Tablets, Groceries, Appliances and many more.

Partners for this campaign include over 11,000 sellers on the Jumia Nigeria platform and international brands such as Unilever, Xiaomi, Nivea, Reckitt Benkisser and Infinix.

Jumia Nigeria CEO, Massimiliano Spalazzi said: “It has simply been an amazing journey. If I went back to how we started and where we are, being the number one e-commerce company in Africa and in Nigeria, it makes us very humble. We believe that e-commerce has played an even more important role in people’s life and to celebrate the achievement and to better serve our consumers and sellers, that is why the slogan for our 9th anniversary is ‘Celebrating You’.”

For the anniversary window, customers will enjoy up to 60% off on a diverse list of brands across categories including Groceries (Unilever, Nestle, Coca-Cola, Carrefour), Sanitary & Hygiene (Reckitt Benckiser, P&G, Henkel, GSK), Beauty (l’Oreal, Maybelline, Garnier, Nivea), Phones (Samsung, Xiaomi, Nokia, Huawei), Electronics (Intel, HP, Philips, Sony), lifestyle (Playstation 4) and many more.

“The anniversary will be celebrating you as our consumer, employee, seller, logistics partner, celebrating you as our client and those in the ecosystem and our environment for which we make life better every day,” Spalazzi added.

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Another Shot In The Arm For Adeduntan As FirstBank Wins Global Banking And Finance’s Retail Banking CEO Award

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FirstBank

While the age-old saying and philosophy of virtue being its own reward (or seeing doing good as its own reward) remains a strong motivating factor in doing good persistently, it helps when virtue gets recognition from time to time.

 

Even though anyone or organisation committed to doing good will keep doing so with or without recognition, recognitions for virtue tend to act like a shot in the arm for such people or organisations, spurring them to commit even more to doing good.

 

That is what the recent award of “Retail Banking CEO of the Year Nigeria” to Dr Adesola Adeduntan, CEO of First Bank of Nigeria Limited, is to both him and the bank he leads.

 

It is a shot in the arm of this foremost CEO of Nigeria’s most enduring financial institution that is also the pioneer in retail banking development in Nigeria, the premier bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, to keep steering the bank in the right direction, energising and expanding retail opportunities for all Nigerians in the process.

 

It is a well-deserved recognition for a man and the institution he leads that would rather keep off the spotlight and focus exclusively on attending to Nigerians’ banking needs as best as they can – which is what has kept them going for 127 years and counting.

 

This critical role is one FirstBank is better suited to lead than any other lender given the robust retail banking framework that the bank has in place, that is riding on its innovative technology-driven operations, over 750 branches across the continents and 100,000 Firstmonie Agent banking network spread across 772 local government areas in Nigeria.

 

It is little wonder that FirstBank, which is intricately woven into the fabric of the Nigerian society, has been an essential player in the retail space, empowering Nigerians of all walks of life by providing them bespoke and innovative financial products and services that address their multidimensional needs.

 

The bank has been at the forefront of bridging the financial exclusion gap and enabling customers and the general public to carry out both individual and corporate financial activities which contribute to the growth and development of the national economy.

 

The award by Global Banking and Finance Magazine, according to Dr Adeduntan, “speak[s] to the investments we [as FirstBank] have made over the past years in…enhancing financial inclusion….”

 

It is a loud testament to the incredible strides FirstBank has made and continues to make in the retail space under the able and dynamic leadership of the management team led by Dr Adeduntan.

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