Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings and majority shareholder, has increased his stake in the financial company to 13.15 percent.

Otedola increased his stake after purchasing 534,094,407 shares at the cost of N16.02 billion between September 23 and 25.

FBN Holdings notified the capital market in a statement on Thursday.

The acquisition raised his interest in FBN Holdings from 11.67 percent (4,187,602,704 shares) to 13.15 percent (4,721,697,111 shares), worth N136.9 billion as of Wednesday.

It also expands the gap between Otedola and Barbican Capital Limited, FBN Holdings’ second majority investor with an 8.67 percent stake, which represents 3,110,400,619 shares, valued at N90.2 billion as of Wednesday.

Although there is contention over the exact shares Barbican Capital holds in FBN Holdings.

In a lawsuit (no. FHC/L/CS/1172/24) against FBN Holdings, Barbican Capital, owned by Oba Otudeko, claimed that about 5,386,397,202 units of shares representing 15.1 percent of FBN Holdings were acquired over the years and at different times.

Barbican Capital said its shares purchases and dates of issue, were adequately captured by Meristem Registrar and Probate Service Ltd, the financial institution’s appointed registrars, and further acknowledged in the Central Securities Clearing System (CSCS), which contained its value of shares with the bank.

CSCS is Nigeria’s central securities depository (CSD) licensed to carry on the depository, clearing and settlement of all transactions in the country’s capital market.

In response, FBN Holdings said Barbican Capital only notified the financial institution on July 7, 2023, that about 4,770.269,843 units of shares were acquired.

FBN Holdings told the court that the Central Bank of Nigeria (CBN) was only able to verify 3,110,400.619 units of shares out of the 4,770,269,843 shares Barbican Capital claimed it acquired.

ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.

Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, spoke on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.

In a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, Harris reaffirmed the company’s commitment to investing in Nigeria.

“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities,” he said.

Harris said the company is working closely with President Bola Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.

“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” he said.

“Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.”

‘EXXONMOBIL’S INVESTMENT IS DUE TO ECONOMIC REFORMS’

Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.

“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said.

“We are committed to creating an enabling environment for such transformative projects.

“The renewed hope agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidy and implementing tax reforms.

The decisions, he said, are designed to create a stable and predictable business environment despite their short-term challenges.

Regarding the oil and gas sector, the vice-president said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.

“The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he said.

“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”

DP WORLD TO DEVELOP MULTIBILLION-DOLLAR PORT

DP World, an international maritime giant, has announced plans to develop a multibillion-dollar port project in Nigeria.

Sultan Ahmed bin Sulayem, group chairman and chief executive officer (CEO) of DP World, announced the company’s intentions during a courtesy visit to Shettima on the sidelines of the ongoing UNGA in New York.

Nkwocha said the proposal comes as a direct response to Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.

“Nigeria is a massive market with hugely underutilised potentials. The Nigerian market has the capacity to dominate this sector in Africa. It is a major African country with a huge asset and resource base,” Sulayem said.

“With our supply chain of over 2,500 points of sale to Nigeria, we will bring in the requisite capital, human and material resources needed to achieve this feat.”

Sulayem expressed confidence in the Nigerian economy, citing the country’s vast import and export market as a key factor in their decision to invest.

Welcoming the initiative, the vice-president said the proposal is a testament to Tinubu’s avowed commitment to attracting foreign investments to Nigeria.

He emphasised the administration’s ongoing efforts to create a more investor-friendly environment.

“Nigeria is open to investors from around the world. We are witnessing a total rejuvenation in terms of economic policies aimed at freeing up the economy and making way for a free, fair, and enduring market,” Shettima said.

He assured the investors of the government’s full support and the administration’s dedication to facilitating foreign investment and economic growth.

Others present at the meetings included Doris Uzoka-Anite, minister of industry, trade, and investment; Hannatu Musa Musawa, minister of arts, culture, and creative economy; and Jamila Ibrahim Bio, minister of youth development, among many others.

• SME Financier of the Year (Africa)

• Platinum Award for Best Financier for Women Entrepreneurs (Africa)

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has received two awards of excellence at the Global SME Finance Forum Conference Awards 2024 which held in São Paulo, Brazil between September 16 & 18, 2024. The awards received are SME Financier of the Year (Africa) and Platinum Award for Best Financier for Women Entrepreneurs (Africa).

The Global SME Finance Forum is the world’s leading, technically oriented and geographically diverse platform focused solely on scaling SME financing worldwide. Managed by this Forum, The Global SME Finance Forum Conference Awards is dedicated to acknowledging the effective and successful practices of financiers across the world, honouring the innovative products and services these financiers create for SMEs, recognising the impressive results in expanding finance and services to SMEs, and celebrating these exceptional financial institutions. Wema Bank emerged Africa’s top financier not just for the general SME landscape but also particularly for women-owned SMEs, at the 2024 edition of the annual Global SME Finance Forum Conference Awards.

Reputed as the Bank of choice for Micro, Small and Medium Enterprises (MSMEs), Wema Bank received recognition for its commendable track record of developing innovative, sustainable and significantly impactful products, services, solutions and opportunities for businesses of all sizes across Nigeria.

The Bank’s impact ranges from affordable financing options and seamless payment collection solutions to access to market, digital solutions for efficient business operation and management, SME Advisory services, and a vast range of products tailored to the needs of businesses across every part of Nigeria.

Through its women-focused proposition, SARA by Wema, Wema Bank continues to tailor its SME offerings specifically for women, helping these women build sustainable businesses and access the resources needed to scale and thrive. The Bank further supports overall growth and well-being of these women with affordable to free healthcare packages. It is beyond doubt that Wema Bank is indeed deserving of its recognition as Africa’s top financier for SMEs and particularly, women entrepreneurs.

Expounding on the Bank’s glaring commitment to empowering MSMEs, the MD/CEO of Wema Bank, Moruf Oseni, articulated the big picture for the Bank.

“MSMEs make up the bulk of Nigeria’s economy and they are critical to not only mitigating unemployment and other macroeconomic challenges but also promoting innovation and significantly boosting the economy towards national development.

“At Wema Bank, we recognise the potential that MSMEs hold as well as the challenges that threaten the maximisation of this potential, and we have made a lifelong commitment to providing viable, seamless, accessible, affordable, reliable and effective solutions tailored to the needs of businesses of all sizes across Nigeria; especially women-owned businesses.

“There is a rising need for intentionally inclusive empowerment strategies in not only stimulating growth in the SME sector but also bridging the gap in gender equality, and we have undertaken the responsibility of fulfilling that need. As a Bank, our mission is to empower lives through innovation, and as always, we will continue to seek more effective ways to empower businesses for optimal productivity and sustainable growth.

“We are honoured by the global recognition accorded to us by the Global SME Finance Forum and as we receive these awards, we reiterate our commitment to providing businesses with the resources they need and a bouquet of intelligent solutions that mitigate prevalent challenges and make business management and operation seamless, maximally profitable and efficient.

“Thank you to the Global SME Finance Forum for the acknowledgement, and also to our valued customers who continue to entrust the future of their businesses and their financial well-being in our hands. This prestigious recognition honours our unwavering commitment to empowering SMEs and fostering innovation in SME finance, further fuelling our drive to consistently go above and beyond in accelerating growth for SMEs and delivering optimum value to every stakeholder. We are indeed the Bank of choice for MSMEs and women across Nigeria, and we will never relent in empowering women to thrive and businesses to scale regardless of economic fluctuations,” Oseni remarked.

Wema Bank continues to raise the standards of banking and financial services in Nigeria, demonstrating a commitment to generating positive impact across diverse verticals, a dedication to exceeding expectations and a passion for empowering lives and businesses for success.

Businesses interested in accessing the Bank’s tailored range of finance options and business-centric solutions are encouraged to visit https://wemabank.com/smes or send an email to smehelpdesk@wemabank.com to get started.