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Tag: first bank

  • BREAKING: Court seals up Firstbank Headquarters in Abuja [Photos]

    BREAKING: Court seals up Firstbank Headquarters in Abuja [Photos]

    The headquarters of Firstbank located at the Central Business District, Abuja, has been sealed by the FCT High Court Enforcement Unit over failure to comply with a garnishee order.

    A garnishee order is one of the options open to a judgment creditor to enforce a judgment that has been made in his favour.

    It is a common way of enforcing a judgment debt and is solely used to enforce monetary judgments against a debtor.

    Officials of the FCT High Court Enforcement Unit stormed the bank (Coomasie) with towing vans and cranes and towed some of its valuables.

    Items carted away included stand-by generators, Hilux vans and air conditioners among other valuables.

     

    Officials of FCT High Court Enforcement Unit towing an Hilux Van belonging to Firstbank.

    An official of the court, who spoke on condition of anonymity said, “ it is a long story, but it is all about a garnishee order against the bank which it didn’t comply with’’.

    Efforts to get the head of the unit and the bank`s officials to speak on the development proved abortive.

    Some staff of the bank while reacting to the development, described it as embarrassing, saying it could have been handled differently.

    Efforts to reach the banks Headquarters in Lagos to react to the development, but to no avail as calls and text messages put across to the cell phone of an official in the Communications Unit of the bank were not responded to.

    Most of the bank`s customers were seen in groups hanging outside the bank’s premises.

  • Reps query First Bank management over N94bn NCS revenue

    Reps query First Bank management over N94bn NCS revenue

    The House of Representatives has queried the management of First Bank of Nigeria over N94.345 billion revenue allegedly collected on behalf of Nigeria Customs Service (NCS).

    The House also queried the management over allegation of breach of agreement on Cash on Transfer (CoT) charges to the tune of N28.3 million.

    Rep. Oluwole Oke, the Chairman, House Committee on Public Accounts, queried the management during the investigative hearing into the audit queries issued by the office of the Auditor General for the Federation (oAuGF)

    The lawmaker acknowledged receipt of the amended report submitted by First Bank with respect to the additional sum of N9.4 million.

    Oke said that the Bank was invited to respond to the oAuGF audit query that the NCS was over-charged by the banks in area of CoT.

    He said that presentations made by representatives of some banks including First Bank were found to be at variance with the agreement signed by NCS authorities.

    According to the oAuGF’s query, First back in an MoU charged 30k and other commissions amounting to N1.3 billion, thereby raising the commission to N1 as against the 30k originally charged.

    Mr. Shehu Aliyu, who led the First Bank Executive Director said that the Bank ought to collect 30k per N1,000 as stipulated in the Memorandum of Understanding (MoU) signed by both parties.

    He said that in addition to the 30k charge, there was another charge of 10k for Interswitch, adding that the Bank had during the last public hearing, informed the Committee of its plan to tender a new report to reflect the new 10k charge.

    He said that over the period Jan to Dec. 2019, First Bank collected the sum of N94.3 billion on behalf of the NCS, adding that it charged a total of N28.3 million on 30k per N1,000.

    He added that the net remittance on daily basis aggregated to N94.345 billion.

  • New twists in struggle for control of First Bank: Hassan-Odukale ‘surpasses’ Otedola’s single-largest shareholder claim

    New twists in struggle for control of First Bank: Hassan-Odukale ‘surpasses’ Otedola’s single-largest shareholder claim

    The struggle to control Nigeria’s oldest tier one bank, First Bank as taken a new twist as FBN Holdings Plc, confirms Mr. Tunde Hassan-Odukale as the single-largest shareholder.

    The bank said with 5.36 percent equity holding, Hassan-Odukale is its largest single-holder followed by Femi Otedola with a 5.07 percent stake in the Group.

    Recall Tha TheNewsGuru (TNG) had earlier reported how the bank, through its Company Secretary, Seye Kosoko, made a U-turn after disproving reports of Otedola’s emergence as its major shareholder to affirm that he (Otedola) and his nominee owns 5.07 percent equity stake in the bank.

    With the development, Otedola has been assumed to have become the single largest shareholder of FBN Holding Plc.

    The statement: “We refer to our communication to the market dated October 22, 2021 on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

    “This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the Company’s issued share capital of 35,895,292,791.

    “Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the Company is now 5.07%.”

    However, a new statement from Kosoko indicates that Odukale and Otedola are the only two substantial shareholders, who have more than 5% equity interest in FirstBank Holdings Plc, according to a filing made available to The Nigerian Exchange (NGX).

    In a fresh letter addressed to the Director-General of the Nigerian Exchange Limited, FBN Holdings notified the Bourse that Hassan-Odukale holds a cumulative of 5.36 percent of the Group, while Otedola holds a total of 5.07 percent, of the Group’s issued share capital.

    This is higher than Otedola’s 5.07 percent stake which he holds through his direct 0.03 stake and 5.04 percent through his indirect stake at Calvados Global Services Limited.

    There is no clarity as to the timing of the acquisition of the shares by Odukale and his related entities, especially as the disclosure of FBN Holdings in its financial statements for the period ending June 30, 2021, does not enlist Odukale as a substantial shareholder.

    There may have been undue delay in the disclosure, which run ultra vires to relevant statutory and regulatory requirements of disclosing substantial shareholding in a public entity within seven days and 10 days of acquiring such equity interest, according to Sections 119 and 120 of CAMA (2020) and Rule 17.13 of the NGX Rulebook, respectively.

    The letter was written by Seye Kosoko, the Company Secretary, was a response to the NGX’s request for clarification on the rationale for arriving at Odukale’s ownership, especially as holdings by entities like Leadway Pensure were added to its “cumulative stake” in the Group, even as Leadway Pensure is a pension fund administrator holding assets, including shares in companies, on behalf of the pension contributors, who are the ultimate beneficial owners of the assets.

    In the letter, Kosoko, FBN Holdings defined “substantial shareholders” to mean “shareholders with 5% and above shareholdings”.

    Odukale and Otedola may have acquired substantial interests in FBN Holdings, neither of them has controlling interest yet, either from an accounting or statutory perspective.

    The struggle may have just started and perhaps an indication of an eventful Annual General Meeting ahead for FBN Holdings.

  • First Bank makes U-turn, acknowledges Otedola as its major shareholder

    First Bank makes U-turn, acknowledges Otedola as its major shareholder

    First Bank Holdings, owners of First Bank Nigeria, has officially acknowledged billionaire, Femi Otedola as its’ major shareholder after he acquired 5.07 percent of the company’s equity stake.

    Recall TheNewsGuru had earlier published a report detailing how Otedola emerged a major shareholder in FBN Holdings, however, the holding firm denied knowledge of the takeover saying it had not received a notification of a significant holding by Mr Otedola.

    In a follow-up communication to the Nigerian Exchange Limited Saturday, the firm said it received notification from APT Securities and Funds Limited that its client, “that Mr Otedola Olufemi Peter and his nominee, Calvados Global Services Limited have acquired a total of 1,818, 551,625 units of shares from the Company’s issued share capital of 35,895,292791.”

    “Based on the foregoing, the equity stake of Mr Otedola Olufemi Peter and his nominee in the company is now 5.07%,” the notice signed by Seye Kosoko, company secretary, said.

    In the 10 days to Friday, FBN Holdings witnessed unusually massive trading in its shares and the cumulative number of units traded within the period surpassed 2.1 billion. The uptick in trading catapulted its share value by 62.3 per cent from the level it was three weeks ago.

    Otedola’s acquisition, estimated to have taken its stake in FBN Holdings beyond five per cent, will lift Mr Otedola’s shareholding above that of Oba Otudeko and Oye Hassan Odukale, two of the firm’s biggest owners with 1.5 per cent and 1.03 per cent holdings respectively.

    Until now, Nigeria’s second richest man, Mike Adenuga, had been making vigorous plans to wrest control of the prime spot in FBN Holdings ownership before now.

    Mr Otudeko, the immediate past chairman of FBN Holdings board, was ousted from the organisation’s top hierarchy this May after a conflict of interest and violation of procedure in appointing the chief executive of the group’s commercial banking, First Bank, irked the regulator, the Central Bank of Nigeria.

    “There is a requirement that he has to sell off his shares because he is no longer chairman. Of course, someone has to take those shares. So I suspect that that’s what resulted in Otedola becoming the new biggest shareholder,” the source said.

  • We’re unaware of Otedola’s share acquisitions – FBN Holdings

    We’re unaware of Otedola’s share acquisitions – FBN Holdings

    FBN Holdings Plc has reacted to media reports that billionaire businessman, Mr Femi Otedola, has acquired a significant shareholding in the company.

    The holding company for First Bank of Nigeria Limited, in a statement signed by its Company Secretary, Seyi Kosoko, and filed with the Nigerian Exchange Limited on Friday, said it had not received any notification of such acquisitions.

    It said, “The attention of FBN Holdings Plc has been drawn to media reports today (Friday) that a certain individual has acquired significant shareholding interest in FBN Holdings Plc.

    “As a listed company, the shares of FBN Holdings are publicly traded, and sale and acquisition of shares is expected in the normal course of business. We operate in a regulated environment, which requires notification of significant shareholding by shareholders to the company, where shares are held in different vehicles, further to which the company will notify the regulators and the public as appropriate.

    “The company is yet to receive any notification from the individual mentioned in the media report, of such acquisitions.”

  • BREAKING: Femi Otedola now majority shareholder of FBN Holdings, owners of First Bank [How it happened]

    BREAKING: Femi Otedola now majority shareholder of FBN Holdings, owners of First Bank [How it happened]

    Report reaching TheNewsGuru(TNG) indicates that billionaire Femi Otedola, has acquired the majority shares in FBN Holdings, owners of First Bank of Nigeria Limited.

    Otedola reportedly took over the bank with the acquisition of about ₦30 billion worth of shares, making him the single largest shareholder of the bank.

    Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.

    According to sources who spoke to this news platform on the subject matter, FBN holdings will soon make a public announcement on the historic purchase of the company shares on the floor of the Nigerian Stock Exchange by Otedola.

    It was gathered that Otedola has been acquiring the shares of the bank through a vehicle, Calvados Global Services Ltd. It is also likely that there could be other vehicles associated with Mr Otedola who may have also been mopping up shares.

    FBNH currently has 34.7 billion of its shares floating freely meaning it is held by diverse shareholders. This makes the shares easy to acquire on the stock exchange.

    The latest audited account of FBN Holdings does not have any shareholder with up to 5% of the ownership of the banking behemoth. Nairametrics understands Mr Otedola, through his proxies and investing vehicles, now owns over 5% of the bank, setting himself up to be the single largest shareholder of the bank.

    It was gathered that Otedola decided to take over First Bank Nigeria because of the internal crisis rocking the bank.

    The crisis, a tussle for control of the bank was between the then major shareholders, one block led by Oba Otudeko, who was the chairman of FBN Holdings’ board, and Mr Adenuga, who later emerged as one of the biggest shareholders in the bank.

    Recall that Mr Otudeko and Ibukun Awosika, his ally on the board of FirstBank of Nigeria Limited, were removed from their positions as chairmen of FBN Holdings and FirstBank respectively, Mr Adeduntan, who represented the interest of a late Ibadan mogul and prominent shareholder, Arisekola Alao, was reinstated as the bank’s chief executive, according to people with knowledge of the matter.

  • N300.5m tax defaults: GTBank, First Bank land in Kaduna Government’s trouble; head offices, branches sealed

    N300.5m tax defaults: GTBank, First Bank land in Kaduna Government’s trouble; head offices, branches sealed

    The Kaduna State Internal Revenue Service (KADIRS) sealed the head offices and other branches of four banks in Kaduna on Monday over N300.5 million unpaid taxes.

    KADIRS Executive Chairman, Dr Zaid Abubakar identified the affected banks as First Bank, Guaranty Trust Bank (GTB), Sterling Bank and one other bank.

    Abubakar told journalists after the exercise in Kaduna that the money was arrears of taxes payable on masts, towers, and Very Small Aperture Terminals (VSAT) from 1999 to 2020.

    He said that the tax liability of First Bank was N132.6 million; GTB N23.5 million and Sterling Bank of N60.3 million.

    According to him, the exercise is based on the power vested on KADIRS by Section 104 of the Personal Income Tax Act.

    “We have sent demand notices several times as required by law, but the banks refused to come forward to pay taxes due to the state.

    “For example, we have sent six notices to First Bank, four each to GTB, and Sterling Bank.

    “KADIRS is left with no choice than to seal up the banks’ branches.

    “There is, however, a positive response from the affected banks. They have made part payment and signed commitments to settle the outstanding,’’ Abubakar said.

    The executive chairman appealed to all business owners in the state to comply with relevant tax laws and pay all taxes due to the state to avoid being shut.

  • BEWARE: First Bank accounts easiest to hack, says fraudster after stealing from lots of bank’s customers

    BEWARE: First Bank accounts easiest to hack, says fraudster after stealing from lots of bank’s customers

    A 46-year-old suspect, Zakarriyah Yahaya, also known as “His Excellency”, has revealed how and his gang emptied the bank accounts of many Nigerians using lost or stolen SIM cards.

    Yahaya, among 39 suspects paraded for various crimes at defunct headquarters of Special Anti-Robbery Squad (SARS), Abuja on Monday by the Nigerian Police, revealed that the easiest bank account to hack is that of First Bank.

    He explained that bank accounts of many Nigerians receiving alerts are easy to access by using their account and phone numbers.

    The suspects were arrested across the country by Force Investigation Bureau of Intelligence Response Team (IRT) led by Tunji Disu, who took over recently from the suspended Deputy Commissioner of Police, Abba Kyari.

    Speaking to journalists, the suspect said, “My name is Zakarriyah Yahaya, I was born and brought up in Jos. I was arrested last month in Mabushi here in Abuja. I used to reset any SIMs that receive bank alert. I will reset it and steal all the money inside the bank account.

    “I do reset it with victim’s bank account number through bank code from the first to the last number. Any bank that we get, we first use it to buy recharge card, from there, they will send us the alert. From the alert, we will now get the account number.”

    When asked for the banks they are mostly interested in, he said First Bank, among others is the easiest to reset.

    He disclosed that they started the job in the last two years and no fewer than eleven members of the gang are working for him, adding that they are operating in three main cities: Kano, Plateau and Abuja.

    He said he could not recall the exact numbers of bank accounts they’d stolen from but they had once removed N800,000 from one of the accounts.

    Explaining how they operate from the police’s investigation, the force spokesman, Frank Mba said the criminals do acquire SIM packs in large numbers and re-activate old phone numbers people don’t use again and explore any bank account’s details.

    Mba said, “Yahaya Zakari controls multiple gangs of cyber crooks whose talk-in-trade is to go after SIM cards, phone numbers of innocent Nigerians, breaking into their privacy, steal their banks’ IDs, and steal monies from the accounts.

    “They have two main modus oprandi. The first is to go and purchase or acquire MTN lines, the new starter kits in large numbers. When they get these, they tried to hack BVN.

    “Experience has shown them that at this stage, some of our service providers are recycling old numbers. Persons who had used phones and probably for some reasons have travelled out of the country, or for any other reason chose not to use the number again, and those numbers are dormant and currently being recycled and being re-issued to persons as new numbers.

    “They are very skilful and they have ways of knowing or decoding old numbers. So, when they put on their MTN starter packs, and they are given options to select numbers, they select old numbers, and at random, they tried to explore and see if they could get bank details from those old numbers. That is their first modus.”

    The senior police officer also said the criminals do attack their victims physically, collect their phones and target their SIM, adding that they are not interested in the phones but the SIM cards.

    He, however, appealed to Nigerians to guide their phones jealously and quickly report to their banks and service providers if their phones get lost.

    According to him, “The second, which is very dangerous where they sometimes hurt innocent citizens both physically and financially, is through deploying gangs that attack innocent citizens, forcefully snatch their phones, or sometimes get these phones stolen via pickpocketing.

    “Once they get these phones, their target is not the phone, no matter how expensive your phone is, they are not interested in that phone, that’s not the main target. That could actually be a by-product or a side benefit from the crime, but the major target is your SIM card.

    “And once they get your SIM card, they tried to play around with it, and see if they could find anything that can link them or take them straight into victims’ accounts, and they had done these successfully.

    “With that, if they get access to your bank details, they go straight to steal your money. The lesson for all of us here is that, we must guide our phones jealously. Even when you lose a phone or a number and you think you’ve got two or three other numbers or lines, don’t let your number go back to strange hands, go back to your service providers and do all what’s necessary, re-activate and re-claim your lines.”

  • Trending video: Drama in First Bank as man strips to protest strange withdrawal of N300k from his account

    Trending video: Drama in First Bank as man strips to protest strange withdrawal of N300k from his account

    A video now making the rounds online captured a mild drama that happened at a yet to be identified branch of First Bank, where a man stripped in protest against ”illegal withdrawals” from his account.

    The distraught man who came to the bank with his children, said the incident has kept his wards out of school.

    He stripped to his briefs as some staff of the bank and security guards tried to placate him. The man also disclosed that N300K was withdrawn from his account.

    Watch the video below:

  • Our First Bank loan is being serviced, reduced by 30% – Honeywell Group

    Our First Bank loan is being serviced, reduced by 30% – Honeywell Group

    The Honeywell Group has said that its loan with First Bank is being serviced as the conglomerate had reduced the facility by 30% in the last two and half years.

    This was disclosed by the Group in a statement issued on Sunday.

    According to the statement, the company and the bank have had a professional business relationship since 1975, which preceded the group’s investment in the bank over a decade later.

    According to the Honeywell Group, the credit facilities accessed from First Bank were granted after due negotiations, with the necessary documentation and in line with regulatory policies and industry standards.

    The Group further explained that following agreed terms, its facilities are adequately secured with First Bank with collaterals in place at over 170% of forced sales value and 230% at open market value.

    It stated, “In 2015, First Bank under the directive of the Central Bank of Nigeria, drew our attention to a 2004 circular (BSD/9/2004) which requires that insider related facilities must not exceed 10% of paid-up share capital.

    Based on this directive we subsequently entered negotiations with the bank to agree on an appropriate repayment structure and the final negotiated position was duly approved by the CBN.

    In addition to the above, First Bank, on the directive of CBN, requested additional security in the form of FBN Holdings Plc shares held by the Chairman of Honeywell Group, Dr Oba Otudeko citing a 2001 circular. This was duly provided through an authorisation to place a lien on the shares.”

    Honeywell Group has continued to meet all its obligations on its facilities with the bank according to agreed terms and has reduced its exposure by nearly 30% in 2.5 years. The facilities were charged at market rate and the bank continues to earn significant interest therefrom.”

    TheNewsGurue.com, TNG reports that the Central Bank of Nigeria had earlier directed Honeywell to fully repay its obligations to First Bank within 48 hours, warning that failure to do so would cause the CBN to take regulatory measures against the insider borrower and the bank.

    The apex bank had noted in a letter last Wednesday that First Bank had yet to comply with regulatory directives on divesting its interest in Honeywell despite several reminders.

    Also, the CBN asked First Bank to forward evidence involving the divestment of interest in Honeywell Flour Mills and Bharti Airtel Nigeria Ltd within 90 days.