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Nigeria’s Securities and Exchange Commission (SEC) has ordered the suspension of Oando shares citing concerns about possible insider trading and the oil company’s shareholding structure.

Oando, with dual listings in Johannesburg and Toronto, said it would issue a statement in due course.

Its shares last traded at 5.99 naira in Lagos.

The regulator said it had carried out a comprehensive review of Oando after it received two petitions and found related party transactions were not conducted at arm’s length and discrepancies in its ownership structure.A company source said the petitions centred around the ownership of some Oando shares bought through an investment vehicle at the time the company bought ConocoPhillips’ Nigerian business for $1.65 billion in 2014.

It was noted that the petitions centred around the ownership of some Oando shares bought through an investment vehicle at the time the company bought ConocoPhillips’ Nigerian business for $1.65 billion in 2014.

“The commission notes that the above findings are weighty and therefore needs to be further investigated. After due consideration, the Commission believes that it is necessary to conduct a forensic audit into the affairs of Oando Plc,” the SEC said in a statement.

It said a team of auditors, lawyers, stockbrokers and share registrars would conduct the forensic audit on Oando to ensure independence.

The SEC said in July it was investigating Oando’s shareholding structure.

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BUSINESS

FBNBANK UK STANDS TALL AT 40, APPRECIATES ITS CUSTOMERS AND REGULATORS

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FBNBank UK, a member of First Bank of Nigeria Limited and Subsidiaries had London, the United Kingdom painted blue as it celebrated its 40th anniversary, themed Partnership Beyond Borders, on Friday, 11 November 2022.

The event which had customers, members of government functionaries and the diplomatic community, regulators, captains of industries in attendance, was convened to appreciate the patronage and support the Bank had received since it opened its doors in the United Kingdom 40 years ago. As key stakeholders, they were instrumental to establishing the Bank as an important gateway to connect international markets in Africa, Europe and the rest of the world to the finest financial services solutions that the UK has to offer.

Guests at the event include Hon. Justice Olukayode Ariwoola GCON, Chief Justice of Nigeria; Oba Sen. Dr. Moshood Olalekan Ishola Balogun, Alliiwo II, Olubadan of Ibadan land; Ambassador Sarafa Tunji Isola, High Commissioner, Nigerian High Commission, UK; His Highness, Muhammadu Sanusi II, former Governor, Central Bank of Nigeria.

Other dignitaries that graced the occasion include Alhaji Umaru Abdul Mutallab, Nigerian businessman and former Chairman of FirstBank; Mohammed Indimi OFR, Chairman, Oriental Energy Resources.

Delivering his welcome address to the dignitaries and guests present, Sam Aiyere, Chief Executive Officer, FBN Bank UK Ltd said “since its establishment, our Bank has demonstrated an unmatched dexterity, serving as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution that the UK has to offer. Through its office in the UK and the Paris Branch, our Bank has continued to facilitate international trade between Africa and Europe while offering top-notch, world-class corporate, institutional, and private banking solutions to our esteemed customers.

We have recorded laudable achievement only because you stand solidly with us. Therefore, I dedicate the success of the past 40 years to all our stakeholders. Thank you for being the lever beneath our thrust”, he also added.

Appreciating the patronage and support extended to FBNBank UK, Dr. Adesola Adeduntan, CEO, FirstBank said “today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. I believe the future is bright for FBN Bank UK. With our beautiful outing tonight, our Group stands out, once again, as one big and happy family of many parts.

In his speech, Godwin Emefiele, Governor, Central Bank of Nigeria highlighted that “FBNBank UK’s established presence in a leading global financial centre such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa as an investment destination, attract much needed capital to the continent and facilitate trade with other parts of the world. The presence of FirstBank in other countries outside Nigeria shows that the span of its impact is continent-wide. As you are headquartered in the largest economy on the continent, you have a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development.

In addition, in his goodwill message, President Muhammedu Buhari, GCFR, President and Commander-in-chief, Federal Republic of Nigeria said “FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solution to suit the demands of its customers both home and abroad. Also, perhaps more than any other institution in its class, FirstBank has supported the Government by providing human resources at various times to booster much required professional expertise in various sectors of our economy.”

Established in the United Kingdom in 1982 as the London Branch of the First Bank of Nigeria Limited., FBNBank UK was initially established to service the UK banking requirements of Nigerian companies and FirstBank.

Later in November 2002, the Bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London and has then developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.

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BUSINESS

BUHARI CONGRATULATES FBN ON 40 YEARS OF CROSS-BORDER BANKING IN UK

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President Muhammadu Buhari has congratulated the Board, Management, and Staff of First Bank of Nigeria Limited (FirstBank) for cross-border services through FBNBank UK in the United Kingdom for 40 years, sharing almost 130 years of banking experience.

In a statement signed by the Special Adviser to the President on Media & Publicity, Femi Adesina, Buhari noted the competence and professionalism that have become the hallmark of the Bank for many years.

This includes winning and retaining the trust of customers in Nigeria, and beyond, like in the United Kingdom, and successfully consolidating on its benchmark of reliability and professionalism.

“As the FBN, United Kingdom celebrates 40 years anniversary, the President believes the strength and buoyancy of any country depend largely on the capacity of the banking sector, extolling the organization for steady rise and expansion, with remarkable awards for transparency, accountability, and reliability,” the statement reads.

Buhari however, congratulates FBNBank UK for the milestone, and well-deserved acceptance and credence, urging the bank to further leverage on its strengths to retain the trust and confidence of the banking public.

FBNBank UK is a wholly owned subsidiary of the First Bank of Nigeria Limited, an African bank with a rich heritage, established in 1894 as the first banking institution in Nigeria.

FBNBank UK is authorised by the UK’s Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA).

Operating in the City of London with a branch in Paris and a representative office in Lagos, FBNBank UK provides a range of domestic and international banking and financial services.

Interestingly, it is the international banking and treasury centre of FirstBank and acts as connecting hub between the group and its regulatory, financial and social partners. FBNBank UK equally provides world-class, cross border trade and investment services to institutions, corporates and individuals conducting business in and with Africa’s most dynamic and vibrant economies.

FBNBank UK has been operating in the United Kingdom since 1982 as the London Branch of the First Bank of Nigeria Limited.

It was initially established to service the UK banking requirements of Nigerian companies and FirstBank.

In November 2002, the Bank was incorporated in the UK as a registered and a wholly-owned subsidiary of First Bank of Nigeria Limited with offices in the City of London.

Since then, FBNBank UK has developed into a much broader business in the gateway to Europe and beyond for African banks, companies and high net worth individuals.

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BUSINESS

FIRSTBANK SPONSORS FIFTH CHUKKER AFRICAN PATRONS CUP POLO TOURNAMENT

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Kaduna is agog with excitement as preparation for this year’s First Bank of Nigeria Limited sponsored Emir of Zazzau African Patrons Cup and Breast Cancer Awareness Campaign gathers momentum. The African Patrons cup is an annual polo tournament which features Low, Medium and High goal teams from all around the world. The 2022 grand edition will be holding between November 1st – 6th, at the highbrow Fifth Chukker Polo Resort in Kaduna.

 

The weeklong mini polo tournament will feature notable teams like Mohammed Babangida’s Kaduna El-Amin, Y.Y Kangimi, Abuja Rubicon, Lagos MRS, while star players like Sayyu Dantata; Patron of Lagos MRS, Hadi Sirika; Patron of Abuja Rubicon, Adamu Attah; Patron of Fifth Chukker Polo team, Dawule Baba of DEEBEE Farms Polo Team, Bello Buba; Nigeria highest ranked polo player, Suleiman Abubakar; Kashim Bukar Shettima; Babangida Hassan are the notable polo players expected in Kaduna competition.

 

The players and their teams will compete for glamorous Patrons Cup. Apart from the star tournament, there is also the Hassan Katsina Cup that would feature medium-goal teams drawn from major polo centres across the country.

 

In addition to the activities, the annual Breast Cancer Awareness campaign will create awareness and promote education on breast cancer. The event will provide essential screening services to many women who cannot afford it, as well as enlighten women on the early detection signs.

 

Commenting on the Bank’s contribution to sports development in Nigeria, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said “we are proud to have been associated with the African Patrons Cup Polo Tournament for many years, an event that truly captures the spirit of Sport which plays a crucial role to the socio-economic development of the society. We commend Fifth Chukker Polo and Country Club for the Breast Cancer Awareness campaign as it underscores our commitment to the wellbeing of women, particularly with the indelible role they play to the growth of any nation”.

 

The First@Sport initiative remains part of the Bank’s influence in the development of sports in Nigeria. Added to the Bank’s sponsorship of the African Patrons Cup Polo Tournament which has been for 5 years, other tourneys sponsored by FirstBank include the Georgian Cup of Kaduna Polo Club, for over 100 years; the Dala Tennis Hard Court in Kano Club for over 30 years; the FirstBank Lagos Amateur Open Golf Championship in Ikoyi Club for over 60 years; and the Obasanjo Pro-Amateur tournament of Abeokuta Club now in its 6th year.

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