The company is expected to proceed to a Court-Ordered Meeting, COM, in November 2024, where it is expected that the shareholders would vote in support or against the buyout. It was believed that if approved, FMN may leave NGX, while Excelsior Shipping Company Limited, a current shareholder now holding 62.95% of FMN’s shares, assumes full control. This buyout is seen as part of FMN’s larger dream of emerging as a pan-African leading food business and may also lead to restructuring on the model of a holding company, similar to several other large corporations, including Dangote.

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The Background of the whole Emirate Saga:
In 2019, then-Governor Ganduje divided the Kano Emirate into five separate emirates—Kano, Bichi, Karaye, Rano, and Gaya—and appointed new emirs, including Aminu Ado Bayero as the Emir of Kano, to rule over 8 metropolitan city local government. This move was widely seen as a way to reduce Sanusi’s influence due to his critical stance against the state government’s policies and his outspoken views on issues like corruption and governance.

Current Conflict:
The new administration under Governor Abba Yusuf, who assumed office in 2023, sought to reverse these changes by dissolving the five emirates and reinstating Sanusi. On May 23, 2024, the Kano State House of Assembly passed a bill repealing the 2019 law that fragmented the Kano Emirate, effectively restoring Sanusi as the Emir of Kano and demoting the emirs of the newly created emirates.

Legal and Political Ramifications:
The situation escalated when a Federal High Court ordered the state government to maintain the status quo and refrain from implementing the reinstatement of Sanusi and the dissolution of the other emirates until a hearing on June 3, 2024. Despite this, both Sanusi and Bayero are holding court in separate palaces, each receiving homages from different factions of the community.

Public and Government Reactions:
The state government, led by Governor Yusuf, insists that reinstating Sanusi is in the best interest of Kano and aims to restore the historical and cultural integrity of the Kano Emirate. On the other hand, Aminu Ado Bayero and his supporters argue that the legal process should be respected, emphasizing the need for calm and adherence to the rule of law .

According to Daily Post, The Chief Press Secretary to Governor Abba Yusuf of Kano State, Sanusi Bature, has declared that Aminu Ado Bayero was never an Emir of Kano.

This conflict has caused significant tension in Kano, reflecting deep political and social divides within the state, with both historical legacy and contemporary political maneuvers playing critical roles in the unfolding saga.

The post What you Should know about the Emirate Saga and the real Emir of Kano appeared first on Smen News.

This initiative, contained in a circular dated 12th January 2023 from the director of the human resources department to all staff is designed to align with building safety standards and enhance office space efficiency.

Here’s a list of departments moving to Lagos:

1. Banking supervision
2. Other financial institutions supervision
3. Consumer protection department
4. Payment system management department
5. Financial policy regulations department.

what are your thoughts?

The post See the Full list of CBN Departments that Moved to Lagos appeared first on Smen News.

The leaders of the three Sahel nations issued a statement saying it was a “sovereign decision” to leave the Economic Community of West African States “without delay”.

Struggling with jihadist violence and poverty, the regimes have had tense ties with ECOWAS since coups took place in Niger last July, Burkina Faso in 2022 and Mali in 2020.

All three — founding members of the bloc in 1975 — were suspended from ECOWAS with Niger and Mali facing heavy sanctions as the bloc tried to push for the early return of civilian governments with elections.

The sanctions were an “irrational and unacceptable posture” at a time when the three “have decided to take their destiny in hand” — a reference to the coups that removed civilian administrations.

The three nations have hardened their positions in recent months and joined forces in an “Alliance of Sahel States”.

The leaders’ joint statement added that 15-member ECOWAS, “under the influence of foreign powers, betraying its founding principles, has become a threat to member states and peoples”.

They accused the grouping of failing to help them tackle the jihadists who swept into Mali from 2012 and then on to Burkina and Niger.

But leaving ECOWAS could make trade more difficult for the three land-locked nations, making goods more expensive, and could also see visa requirements re-imposed for travel.

Under pressure from the military regimes, former colonial power France has removed ambassadors and troops and watched Russia fill the void militarily and politically.

The French army’s withdrawal from the Sahel — the region along the Sahara desert across Africa — has heightened concerns over the conflicts spreading southward to Gulf of Guinea states Ghana, Togo, Benin and Ivory Coast.

The post Mali, Niger and Burkina Faso Quit ECOWAS appeared first on Smen News.

Kano State Governor, Abba Yusuf, commends President Bola Tinubu and Vice President Kashim Shettima for resisting alleged pressure to sway the Supreme Court’s decision in the Kano governorship election. In a statement on Sunday by Bature Tofa, the Director General of Media and Publicity, Government House, Kano, Yusuf claims that Abdullahi Ganduje, the National Chairman of the All Progressives Congress and former Kano governor, tried to influence the President, but Tinubu remained steadfast.

The Supreme Court, on Friday, reinstated Yusuf’s victory in the March 18, 2023, governorship election, overturning previous rulings by the election tribunal and the Court of Appeal. These courts had nullified Yusuf’s win and declared Nasiru Gawuna of the APC as the winner, causing tension in Kano.

Yusuf expresses satisfaction with Tinubu and Shettima’s resilience against alleged pressure, emphasizing that their unwavering stance showcases capable leadership in Nigeria. He extends an olive branch to his opponent, Gawuna, urging a focus on building Kano post-election.

Efforts to obtain Ganduje’s reaction are unsuccessful. The APC’s Publicity Secretary in Kano, Ahmed Aruwa, refrains from commenting until party members meet the national chairman. The Deputy National Organising Secretary of the APC, Nze Chidi, views the Supreme Court’s judgments in seven states as relieving tension in the country.

Yusuf’s return to Kano sees a jubilant crowd welcoming him, marking the end of political turmoil. He appoints predecessors Ganduje, Shekarau, and Kwankwaso to the newly formed Elders Advisory Council, aimed at providing guidance to the state government. The council includes eminent figures from various sectors, emphasizing the collective wisdom of Kano’s elders.

The post “Tinubu resisted attempts by Ganduje to exert influence on the Supreme Court ruling, according to the Kano governor.” appeared first on Smen News.

The court determined that Sanwo-Olu’s deputy is unequivocally Nigerian by birth. Additionally, it emphasized that the renunciation of citizenship by birth must be officially registered by the Nigerian president, a requirement not met by the appellant, who failed to provide evidence supporting such claims.

The appeal filed by the Labour Party candidate was subsequently dismissed by the court for lacking merit. Abdulazeez Adediran, also known as Jandor, from the PDP, raised a separate issue, asserting that the name Sanwo-Olu submitted to INEC differed from the one on his WAEC certificate. The apex court, in dismissing this appeal, deemed it “academic.”

With the rejection of both appeals from the Labour Party and PDP, the Supreme Court solidifies Babajide Sanwo-Olu’s position as the duly elected governor of Lagos State.

The post Just In : Supreme Court affirms Sanwo-Olu’s election appeared first on Smen News.

Some Nigerians took to their social media handles to express their thoughts on the scheme of things with the Country economic and financial sector.

An X user (formerly Twitter) with the user handle @BurujDara wrote :

No wonder Buhari kept borrowing money almost every month. Bcos immediately the money is received, Emefiole and his gang would quickly divert a large chunk.

And these are the characters Peter Obi and Atiku were praising to high heaven during the naira scarcity.

Another user on the micro blogging platform with the handle @tunderufai1 in his opinion said this :

What is wrong with our women!

The level of corruption in that circle is much and they need to cautious of their activities.

What training do they want to pass to their children not to talk of those looking up to them.

Some other people praised the administration of President Bola Ahmed Tinubu for revealing all these elements that want to crumble the financial system and the economy of Nigeria.

This came after the Central Bank of Nigeria dissolved the Board of the three banks involved, namely: Titan Bank, Union Bank and Polaris Bank. The apex bank issues a statement early hours on Thursday about the disablement of the Board for the three banks. Here is the annulment below

what are your thoughts?

The post No Wonder Buhari kept Borrowing and it didn’t Show, Nigerians reacts as DSS Arrested and Detained ex CBN Deputy Governor Aisha Ahmad appeared first on Smen News.

The Defence Headquarters has issued a plea to Nigerians, urging them to take proactive measures in preventing terrorists from causing havoc in 2024. The DHQ emphasized the importance of citizens being vigilant about security matters and reporting any suspicious activities to the relevant authorities. Speaking to journalists in Abuja, the Director of Defence Media Operations, Edward Buba, assured the public that the military would respond promptly to such information.

In a bid to resonate with the youth, Buba employed the trending slang ‘no gree for anybody,’ encouraging Nigerians to stand firm against terrorists and report any concerning incidents. While the use of the slang has gained popularity, the Nigeria Police Force spokesperson, Olumuyiwa Adejobi, had earlier expressed concerns about its potential to cause conflicts among Nigerians.

Emphasizing the military’s objectives for 2024, Buba reiterated their commitment to locating and eliminating terrorists wherever they may be hiding. He underscored that the primary goal is to ensure the sustained defeat of terrorists, preventing them from inflicting harm on citizens across the nation.

Buba disclosed that recent military operations have resulted in significant achievements, including the neutralization of 86 terrorists and the arrest of 101 others. Furthermore, the military successfully apprehended 30 individuals involved in oil theft and rescued 21 kidnapped hostages. Buba highlighted the prevention of oil theft amounting to an estimated sum of N736,115,470.00 in the South-South region, showcasing the military’s ongoing efforts to address security challenges in various areas.

The post No Gree for Anybody : “Army’s message to Nigerians for 2024: ‘Say no to terrorists.'” appeared first on Smen News.

President Tinubu’s move, described as part of the presidency’s cost-cutting measures by Ajuri Ngelale, the presidential spokesperson, primarily impacts the entourages of the president, vice-president, first lady, ministers, and heads of agencies. However, Obi contends that while this step may be considered commendable, it results in only minimal savings and is insufficient to address the economic challenges effectively.

Obi suggests a comprehensive approach, calling for a revision of the 2024 budget to eliminate all wasteful and unnecessary expenditures. He asserts that a more substantial impact on the economy would be achieved through a 60% reduction in the total cost of governance at the federal level. This comprehensive reduction, according to Obi, should encompass both overseas trips and the size of delegations.

The former Anambra State Governor stresses the need for transparency in communicating the anticipated savings from these measures and highlights the importance of redirecting such funds towards productive sectors and essential social investments, particularly in education, healthcare, and poverty alleviation. Obi concludes by emphasizing the necessity of providing the public with clear information on the amount of savings generated and the specific areas where these savings will be allocated.

The post “Peter Obi advises the Federal Government to decrease governance expenses by 60%, emphasizing that this should not involve reducing travel entourages.” appeared first on Smen News.

Shaibu, who is seeking to become the next governor of Edo State on the platform of the Peoples Democratic Party, said Obaseki betrayed him by backing another aspirant in the upcoming  September 21 governorship election.

Meanwhile, another PDP governorship aspirant, John Yakubu, a two-time chairman of the Esan North-East Local Government Area, stepped down on Wednesday for a former Chairman of Sterling Bank Plc, Asue Ighodalo, who is believed to be Obaseki’s candidate for the governorship poll.

Speaking during an interview on Arise TV on Wednesday, Shaibu said he regretted supporting Obaseki’s second-term bid in 2020 when Obaseki had a battle with his predecessor and then political godfather, Adams Oshiomhole, who vowed he would not be reelected for a second term.

Shaibu said, “Actually, I was persuaded and there was no protest. I actually didn’t want to be a deputy governor. I was very comfortable in the House of Representatives. It took almost one month to get me to accept to be the deputy governor of Edo State.

“I accepted to add value to the ticket of Obaseki because Obaseki was not known and he was not one of the politicians. They needed a young, vibrant politician that has won election before and that can add political value to the ticket.”

Speaking on his perceived betrayal, he said, “I feel betrayed by the governor. I feel very betrayed. When we go to church, there are certain biblical verses that are beginning to make meaning to me. There is this particular verse that has been going through my mind: ‘The heart of man is desperately wicked.’ When I see what the governor is doing, the verse now makes meaning to me.

“I added value in terms of my political structure, my finances. All the vehicles that were used to campaign in 2016 are mine.

“I lost about 20 per cent of my political capital in Edo North to support Godwin Obaseki, and in supporting him even as deputy governor.

“I supported the second term bid of the governor with my finances. Including how we got the ticket of the PDP, I contributed financially, both in naira and in dollars. If I say betrayal, it’s an understatement. I feel very hurt and betrayed.”

Shaibu is from Edo North Senatorial District, the same district as Oshiomhole.

The deputy governor has been having a running battle with his principal over his political ambitions.

Also, a former Minister of Works, Mike Onolomemen, on Wednesday, alleged that Obaseki pushed him out of the PDP.

Onolomemen said the alleged manipulation of last year’s senatorial primaries of the PDP by Obaseki forced him to defect to the All Progressives Congress.

Onolomemen, who is also a governorship aspirant on the APC platform, spoke to journalists in Abuja.

He said, “It is true that I have been a member of the PDP. Up till 2023, I was a member of the party, but something happened that I just couldn’t relate with.

Right from the beginning of 2023, I set out to run for a senatorial seat, that is the Edo Central Senatorial District. In that primary election, I won in a very stylish way. I got 90 per cent of the votes and the remaining 10 per cent was shared by the remaining five aspirants.

“But at a time, I thought it was over, the Governor of the State, Godwin Obaseki had come in and was supporting somebody who did not even partake in the primaries to take over the seat. Initially, we thought it was a joke. We went to the high court and from there to the Court of Appeal and from there to the Supreme Court. Funny enough, the Supreme Court gave them judgment. For me, that was the breaking point. From that point, I did not accept to go further because it was one too many. That was what happened.”

He said he was confident of winning the APC governorship primary, saying his newness in the party would not be a  disadvantage.

“Those in APC today were once in the PDP with us in Edo State. Many of them are people we have done things together politically. When we are together, we don’t discriminate against one another. Because of that, it is the same characters you are dealing with. So, you don’t feel as if you are a newcomer. We are comers as it were,” he said.

Efforts to get Obaseki’s reaction were unsuccessful as his media aide, Crusoe Osagie, could not be reached on his mobile phone and he had yet to reply to a text message sent to his line as of the time of filing this report.

On Wednesday, the aspiration of Igbodalo, who is believed to have Obaseki’s backing, got a boost as Yakubu, withdrew from the governorship race for him.

The PUNCH reports that Yakubu’s withdrawal brings to five PDP governorship aspirants who have stepped down for Ighodalo.

Four aspirants had recently stepped down for Ighodalo. They are a  member of the House of Representatives,  Friday Itula; a former senator, Clifford Odia; another House of Representatives member, Marcus Onobun, and Kenneth Awolimen.

Also on Monday,  PDP leaders from Edo North on Monday held a meeting where they endorsed Ighodalo, as their preferred PDP governorship candidate, a development that angered Shaibu.

On Wednesday, Yakubu said he stepped down for Ighodalo in the interest of the party.

He spoke to journalists at Igueben, the administrative headquarters of Igueben Local Government Area in Edo, shortly after a closed-door meeting with the Edo Central PDP Special Committee, headed by the former Foreign Affairs Minister, Chief Tom Ikimi.

Yakubu said, “After due consultation across our top party leadership spectrum, members of my campaign organisation and my teeming supporters, across the three senatorial districts and beyond, I have decided, that for the overall interest of our party and the yearning of Edo people to continue to have the PDP at Osadebe Avenue, to lay down my governorship aspiration.

“Going by the wise direction paved and shown by our party senatorial leadership so far, the body language of members of our party and the positive activities displayed by Dr. Asue Ighodalo himself, it has become very clear that Ighodalo is in a good position to bring about this much-needed development to us as a party and in the state.

“On these grounds, I stand solidly behind Dr. Ighodalo, not only as our governorship candidate but in all of the activities that will ensure his victory and our victory at the polls come September 2024.”

Meanwhile, the Edo Central PDP Special Committee, headed by Ikimi, will today (Thursday),  announce its consensus aspirant.

As Seen on Punch News Paper

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