The Nation Newspaper

Tag: Femi Otedola

  • Investors eye dividends as Forte Oil meets on audited report

    Investors eye dividends as Forte Oil meets on audited report

    •Stake N35b on sovereign bonds, equities

    Investors’ eyes are all set on dividends this week as the Board of Directors of Forte Oil Plc meets this Friday in a crucial meeting that may see the petroleum-marketing company declaring its first dividend in half a decade.

    The Nigerian Stock Exchange (NSE) at the weekend confirmed that it has received notification of the Forte Oil’s board meeting.

    Directors of Forte Oil, under the chairmanship of Mr. Femi Otedola, will discuss mainly the audited report and accounts of the company for the year ended December 31, 2013 and the corporate budget for the current year ending December 31, 2014.

    Sources in the know indicated that dividend payment will be a major discussion at the meeting, following the recent resolution of negative backlog that had legally debarred the company from paying dividend in spite of improving profitability in recent period.

    Interim report and accounts of Forte Oil for the nine-month period ended September 30, 2013 had shown that net profit after tax quadrupled by 317 per cent from N656.4 million to N2.74 billion. This indicated earnings per share of N2.54 in the first nine months of this year compared with 61 kobo recorded in comparable period of 2012. Profit before tax had increased by 258.4 per cent from N898.3 million to N3.22 billion. Turnover rose by 28.97 per cent to N92.13 billion in 2013 as against N71.43 billion in 2012.

    Forte Oil had recently undertaken a share capital reorganisation, which offset accumulated losses of more than N55.98 billion residual in its reserves with the N62.29 billion balance in its share premium account to remove the deficit and clear the last impediment that had debarred the company from paying dividends from its newly resurgent profit.

    Also, most market pundits expect the Board of Guaranty Trust Bank (GTBank) Plc to announce its dividend recommendation this week. The board has scheduled a meeting for Wednesday to consider “the audited financial statements for the year ended December 31, 2013” and also discuss “issues relating to full year dividend”.

    Directors of United Bank for Africa (UBA) are also expected to meet next week’s Friday to deliberate on the performance of the bank in 2013, including probable dividend while outlining strategic direction for 2014 among other issues.

    Meanwhile, the stock market was dominated by bullish sentiments last week with significant increase in turnover and modest increase in market value. At the equities-dominated Nigerian Stock Exchange (NSE) and the Over-the-Counter (OTC) bond market, investors increased stakes on securities, with the notable increase in debt securities underlining gradual portfolio realignments.

    Turnover on the OTC bond market, where the sovereign bonds of the Federal Government of Nigeria are traded, jumped to 13.70 million units valued at N13.70 billion in 12 deals last week compared with a turnover 1.17 million units valued at N1.16 billion traded in five deals in previous week.

    Turnover on the NSE stood at 1.76 billion shares worth N21.02 billion in 28,949 deals as against 1.51 billion shares valued at N18.33 billion traded in 25,016 deals two weeks ago. Financial services sector remained the most active sector at the NSE, accounting for about 67 per cent of total turnover with the exchange of 1.17 billion shares valued at N10.59 billion in 15,519 deals.

    The trio of Transnational Corporation of Nigeria (Transcorp) Plc, FBN Holdings Plc and Zenith International Bank Plc were the most active stocks, accounting for 402.48 million shares worth N5.55 billion in 5,934 deals, about 23 per cent of aggregate turnover volume.

    The main index at the NSE, the All Share Index (ASI), recorded average week-on-week gain of 0.40 per cent to close at 41,917.55 points. Average year to date return at the NSE thus opens today at 1.42 per cent.

     

  • DJ Cuppy hooks Asa Asika

    DJ Cuppy hooks Asa Asika

    BILLIONAIRE Femi Otedola’s daughter, Florence, aka Cuppy, a UK-based celebrity DJ and song writer currently making waves with her debut video, I love my country, may have found love. Cuppy is said to be romancing the CEO of Stargaze and popular artist manager, Asa Asika.

    The superstar DJ and producer recently turned 21, and she and the 23-year-old former Davido’s manager are now an item.

    The celebrity DJ and songwriter’s debut single has over 15,000 downloads on iTunes and Amazon as well as over 25,000 views on YouTube within the first 72 hours of release. Asa used to carry a 1975 afro hair-do that made him look unique. He has been round entertainment all his life, thanks to his Uncle Obi Asika and older cousin, Naeto C.

  • Otedola’s wife steals show at Lagos wedding

    Otedola’s wife steals show at Lagos wedding

    Nana Otedola, wife of oil and gas magnate, Femi Otedola, is a woman that one does not get to see often in social circles. But whenever the reticent woman chooses to have a feel of what the social space feels like, she does so with panache and style.

    After an absence that has lasted many months, she was sighted at a wedding event recently, held on Victoria Island, Lagos. Dressed to the nines, her beautiful face and radiant skin looked resplendent in her gorgeous attire. She was elegant as she walked into the reception hall shoulder to shoulder with her husband and their lovely daughter, DJ Cuppy.

    Nana, as would be expected, instantly became the cynosure of all eyes at the gathering. It was an event in which she simply stole the show from other women. Even their pop sensation daughter, whose latest song has been enjoying rave reviews on radio stations in Nigeria and the UK, did not gain as much attention as her mother.

    She and her daughter were seeing repeatedly whispering words into each other’s ears.

  • Femi Otedola roots for daughter

    Femi Otedola roots for daughter

    This month enjoys the unique feature of ushering quite a number of bigwigs into the league of the golden age. Leading the pack is Senator Teslim Folarin who will clock age 50 on October 30. Information at the disposal of Celeb Watch indicates that some of his friends are planning to make the day a memorable one.

    It is said that Senator Folarin’s celebration will be two-pronged; a low-profile get together in Abuja where many of his senator friends and political associates will be on hand to celebrate with him. The party train will then stop in Ibadan, the land of his birth, specifically at Casa Lucio Hall, for the grand celebration on November 2. The wife of the former lawmaker and Oyo State political juggernaut, Angela, is coordinating the celebration.

    In the same vein, a former governorship aspirant, Femi Babalola, will clock the golden age on October 19, and the event will be marked at his Hall of Grace, Jogor Centre, where he will be assisted by guests to cut his 50th birthday cake.

    Hon. Babatunde Oduyoye is also billed to mark his 50th birthday during the month, even though the exact nature of the celebration remains yet under wrap.

  • Condolence Visit to the President’s family

    Condolence Visit to the President’s family

  • Bribery scam: Farouk, Emenalo want charges quashed

    Bribery scam: Farouk, Emenalo want charges quashed

    Former Chairman of the House of Representatives Adhoc committee on fuel subsidy, Hon. Farouk Lawan and the Secretary of the Committee, Boniface Emenalo on Wednesday urged an Abuja High Court to throw out the charge of receiving$620,000 against them.

    The duo are facing trial for allegedly receiving the sum from businessman, Femi Otedola to influence the report of the committee in favour of Zenon Oil and Gas Limited.

    Their counsel, Mr Rickey Tarfa, SAN argued that the court ought not to have granted the application for leave to prefer the charges because the prosecution failed to provide adequate materials necessary for the judge to exercise his discretion to grant the application.

    The trial judge, Justice Mudashiru Oniyangi   after listening to the arguments for and against the application to quash the charges said he would deliver a ruling on May 2, 2013.

    Tarfa, while substantiating his application to quash the charges,asked the court to discharge the accused since no prima-facie case had been made against them.

    He argued that the foundation  of the case against them was not legally laid.

    He said the prosecutor failed to comply with the provisions of section 155 (1)(b) of the Criminal Procedure Code which required that statements of witnesses be attached to the application to prefer charges.

    Although the trial was scheduled to commence on Wenesday, Tarfa insisted that the court must first hear and determine the application to quash the charges.

    He said that the application to quash the charges also challenged the jurisdiction of the court to conduct the trial.

    The prosecuting counsel, Chief Adegboyega Awomolo, SAN in his response asked the court to dismiss the application even as he described it as a ploy to waste the time of the court.

    Awomolo said the Supreme Court had held in many cases that the purpose of seeking for leave of court’s to prefer charges was to ensure that frivolous criminal charges were not filed and not to allow the accused persons to see the details of the charges against them.

    He argued that the charges remained valid adding that non-attachment of witnesses’ statement did not vitiate the legality of the charges.

    Lawan and Emenalo were said to have violated the provisions of the Independent Corrupt Practices and other related Offences Commission Act.

  • Economic Management Team Meeting

    Economic Management Team Meeting

  • Bribery scandal: Lawan, Emenalo granted bail

    Bribery scandal: Lawan, Emenalo granted bail

    The Federal High Court, Abuja, on Friday granted the former Chairman, House of Representatives ad -hoc Committee on Fuel Subsidy Regime, Farouk Lawan, bail.

    Lawan, a serving lawmaker from Kano State, is standing trial for allegedly receiving 3.5 million dollars (about N625 million) bribe.

    Delivering the ruling, Justice Mudashiru Oniyangi held that Section 35 (5) of the 1999 Constitution considers the accused innocent in such matter until proven guilty.

    The News Agency of Nigeria reports that the second accused,  Boniface Emenalo, was also granted bail.

    The prosecution had alleged that Emenalo, an assistant director, who acted as the Secretary of the Committee, received 120,000 dollars (about N18 million) from the deal.

    “I have studied the submissions of counsel to parties in this matter and the court is disposed to admitting the accused persons to bail.

    “The bail sum is N10 million with two sureties. The bail is, however, free but it becomes effective upon the fulfillment of the stated conditions.

    “The accused persons are not expected to travel out of the country during the pendency of the trial and therefore, they are mandated to surrender their travel passports to the registrar of the court.

    “The court’s decision to admit the accused persons on bail is also predicated on the conviction that they would not jump justice.

    “In fact, the report available to the court says they are presently enjoying administrative bail and that they have always yielded to police invitation during the investigation,’’ he said.

    Lawan is charged with corruptly obtaining 500,000 dollars for himself from Mr. Femi Otedola, the Chairman, Zenon Petroleum and Gas Ltd, as inducement to remove the company’s name from the committee’s report, among other charges.

    Similarly, Emenalo is alleged to have “corruptly asked for 3,000,000 dollars from Mr. Otedola’’.

    Chief Adegboyega Awomolo (SAN), the prosecution counsel said Farouk committed an offence contrary to Section 17 (1) of the Corrupt Practices and other Related Offences Act 2000, punishable under section 17 (1) of the same Act.

    He said that Emenalo also committed an offence contrary to Section 8 (1) (b) (ii) of the Corrupt Practices and Other Related Offences Act 2000, punishable under section 23 (3) of the same Act, but the two pleaded not guilty.

    Mr. Rickey Tarfa, the counsel to the accused, on February 1, filed the bail application, urging the court to grant his clients bail on self-recognition.

    Tarfa said that the accused were eminent officials in the National Assembly and had met all the 37 invitations extended to them by the police during the investigation of the matter.