Otedola Donates N5bn To Charity

 

Executive Chairman of Geregu Power Plc, Mr Femi Otedola, has donated the sum of N5 billion to the Save The Children Foundation to help with their philanthropic work in Nigeria.

He made the donation at a Gold Gala organised by his daughter and the owner of the Cuppy Foundation, Florence Otedola (DJ Cuppy), to raise funds for ‘Save The Children’ for which she is an ambassador.

Africa’s richest man, Aliko Dangote, also announced a donation of N100 million.

Others present at the event included: Vice-President Yemi Osinbajo; National Chairman of the All Progressives Congress (APC), Adams Oshiomhole; former Senate President, Bukola Saraki; Former Secretary to the Government of the Federation, Babagana Kingibe; and billionaire businesswoman, Bola Shagaya.

Governor Babajide Sanwo-Olu of Lagos State was also present, as well as governors of Borno, Babagana Zulum, and Ogun State, Dapo Abiodun.

Save The Children is a century-old voice for children’s rights that has been operating in Nigeria since 2001.

According to the CEO, their programs in Nigeria have reached 23.5 million children in 2017 and 2018 with offices in 16 out of the 36 states in Nigeria.

Cuppy also took to her Instagram page to announce that the event was a success.

Dangote Splashes $50,000 On Super Eagles After Otedola Redeems Pledge

A file photo of Mr Aliko Dangote.

 

 

Africa’s richest man and President of Dangote Group, Aliko Dangote, has fulfilled his pledge of $50,000 per goal to the Super Eagles of Nigeria.

The Nigeria Football Federation (NFF) announced this on Wednesday via its verified Twitter handle.

This comes a day after Nigerian billionaire businessman Mr Femi Otedola paid the sum of $25,000 to the Eagles.

Mr Dangote was represented at the NFF’s office in Lagos by the Group Managing Director (GMD) of Dangote Group, Mr Olakunle Alake, accompanied by the Chief Corporate Communications Officer, Mr Anthony Chiejina.

READ ALSO: $25,000 Per Goal: Otedola Has Fulfilled His Pledge, Says NFF

The Eagles, on their part, were represented by midfielder John Ogu as well as the team’s administrator and kit manager, Enebi Achor and Chidi Ngoka, respectively.

Both Dangote and Otedola had promised the Super Eagles $50,000 and $25,000 respectively per goal in their semi-final clash with Algeria in the 2019 Africa Cup of Nations which held in Egypt.

The Eagles were only able to score a goal as they lost 2-1 to Algeria, although William Troost-Ekong scored an own goal before Odion Ighalo levelled the scoreline.

However, Riyad Mahrez denied the Nigerian team a place in the final with a brilliant free-kick while Algeria went ahead to beat Senegal to lift the trophy.

The Super Eagles also triumphed over Tunisia in the third-place match to claim the bronze medal of the competition.

Read the tweets below:

$25,000 Per Goal: Otedola Has Fulfilled His Pledge, Says NFF

$25,000/Goal: Otedola Has Fulfilled His Pledge, Says NFF
Photo: [email protected]

 

 

Nigerian billionaire businessman Mr Femi Otedola has paid the sum of $25,000 to the Super Eagles of Nigeria.

The Nigeria Football Federation disclosed this on Tuesday via its verified Twitter handle.

The nation’s football governing body hosted the business mogul as well as Super Eagles defender Kenneth Omeruo, the team’s administrator Enebi Achor, and equipment manager Chidi Ngoka.

READ ALSO: Dangote, Otedola To Splash $75,000 Per Goal On Super Eagles

Mr Otedola had promised to splash $25,000 on the Eagles per goal in their semi-final clash with Algeria in the just concluded 2019 Africa Cup of Nations championship.

He made the pledge alongside Africa’s richest man and President of Dangote Group, Aliko Dangote, who also promised the team $50,000 per goal.

The Eagles were only able to score a goal as they lost 2-1 to Algeria.

Defender William Troost-Ekong scored an own goal before Odion Ighalo levelled the score line.

A brilliant free kick from Riyad Mahrez sealed a spot in the final for the Algerian team who later beat Senegal to lift the trophy.

The Super Eagles also triumphed over Tunisia in the third-place match to claim the bronze medal of the competition.

Read the NFF’s tweet below:

Otedola Sells Interest In Forte Oil, Focuses On Power Generation

 

The Chairman of Forte Oil Plc, Mr Femi Otedola, has completed the sale of all his shares in the firm’s downstream and upstream businesses.

Otedola on his verified Instagram handle on Wednesday said he had exited the downstream and upstream sub-sectors of the oil and gas industry but he did not disclose the buyer of his stakes in the upstream business.

The Nigerian billionaire also disclosed that his next investment focus will be on Nigeria’s power generation business.

“A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc – a leading integrated solutions provider with solid footprints in downstream petroleum marketing, upstream services and power generation and one in which we built intrinsic value to the benefits of our shareholders.

“In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc.

“We wish our successors the very best and urge them to build on our legacies, which have been established since 1964.”

READ ALSO: Buhari Appoints Kyari As New NNPC GMD

Forte Oil had on December 24, 2018, hinted at the divestment by its majority shareholder, with Otedola saying he had reached an agreement with the Prudent Energy team, investing through Ignite Investments and Commodities Limited, to divest of his full 75 percent direct and indirect shareholding in the company’s downstream business.

In October 2015, the firm announced that the Mercuria Energy Group Holdings SA had acquired 17 percent of its equity, valued at $200m.

The divestment comes more than three years after the firm sold 17 percent of its equity to a Swiss oil trading firm.

Forte Oil emerged the biggest gainer at the end of trading on the NSE on Wednesday as its share price rose by 10 percent to close at N34.65.

 

 

View this post on Instagram

 

A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 🙏🏿 …F.Ote💲

A post shared by Femi Ote💲 (@femiotedola) on

Alleged Fraud: Otedola Says DSS Gave Him $500,000 To Set Up Farouk

 

Founder of Zenon Oil, Femi Otedola, has again testified in the case of alleged fraud involving a former member of the House of Representatives, Farouk Lawan.

Otedola, who appeared before Justice Angela Otakula of the Federal Capital Territory High Court on Tuesday, explained that the Department of State Service (DSS) gave him the sum of $500,000 to set up the former lawmaker.

Mr Lawan is being accused of demanding a sum of three million dollars from Mr Otedola to remove his firm, Zenon Petroleum and Gas Limited, from the list of oil companies allegedly involved in the fuel subsidy fraud in 2012.

According to Otedola, the accused had indicted his company in the alleged fraud and demanded the sum to exonerate him.

At a previous hearing, he had explained that after the initial deposit of $500,000 was paid into his account, Lawan declared Zenon Oil and Gas free of the initial indictment.

He also explained that the money was given under the supervision of the DSS.

The defense counsel, Mike Ozekhome, questioned Otedola’s account saying Lawan ought to have been apprehended immediately he was caught.

The judge, however, adjourned the matter till March 8 to continue the cross-examination of the prosecution witness.

Police Foil Attempted Kidnap Of Femi Otedola

Police, Kidnap, Femi OtedolaThe Nigerian Police Force has foiled the attempted kidnap of a Nigerian oil magnate, Femi Otedola.

In a statement by the Force Public Relations Officer, DCP Donald Awunah, on Wednesday, said the IGP’s Intelligence Response Team (IRT), accomplished this task when it arrested a three-man notorious kidnap gang on June 23, 2016.

According to him, the arrest was achieved through coordinated intelligence gathering and deployment of technical investigative tools, that spanned several weeks.

The Principal suspect, named Ikechukwu Daniel, a 28 year old indigene of Imo State, who is the mastermind of the gang, was rusticated from Ahmadu Bello University Zaria, due to his cult related activities on campus between 2009 and 2010.

Awunah confirmed that he also doubles as the I.T guru of the kidnap gang, with mastery of Computer applications, as he made damning revelations of their criminal exploits in the south west of the country.

Another member of the gang, 29 year old Adeyemi Kayode, is a serving officer of the Nigeria Security and Civil Defence Corps and a native of Ojoo in Ibadan, Oyo State.

He serves as a Personal Assistant to the Commandant, NSCDC Oyo State Command, a position which the Police say he took undue advantage of, to obtain the GSM number and location of their ‘would-be’ victim.

According to the force, he hatched the plan on how to kidnap the business magnate to make a demand of one billion Naira ransom.

The third suspect, Ayodele Temitayo, a native of Oyo in Ibadan, Oyo State who is the marksman and armourer of the gang, claimed to have been dismissed from 213 Battalion Maiduguri of Nigeria Army, as a Private in 2015.

All the suspects made confessional statements revealing that they had successfully carried out several high profile kidnappings, while two AK-47 rifles loaded with live ammunition, were recovered from them.

Idris says efforts are currently being intensified to apprehend other members of the gang and extend investigation to their other criminal syndicates.

He therefore re-iterated the commitment of the Nigeria Police Force, to clamp down on all criminal activities across the country and reassures law abiding citizens that criminal elements would be eventually apprehended and charged to court.

The IGP also urged Nigerians to avail the Police with relevant information that would help in the crusade against crime, stating that such information would be treated with utmost confidentiality.

Dangote, Adenuga, Others Make Forbes List

DangotePresident of Dangote Group, Aliko Dangote, has maintained his number one position as Africa’s richest man for a fifth year in a row by Forbes magazine.

Dangote leads with a net worth of 16.7 billion dollars and that is after losing nearly 5 billion dollars in one year, owing to a drop in the stock price of Dangote Cement and a pressured naira.

Others on the list are Chairman of Globacom, Mike Adenuga, who came in seventh position. Business woman and the only female from Nigeria on the list, Mrs Folorunsho Alakija, came in at 13th while Forte Oil Chairman, Femi Otedola was 16th.

Also, Founder of Bua Group, Abdulsamad Rabiu is 23rd, while former Defence Minister, Theophilus Danjuma is number 30 and Chairman of Heirs Holdings, Tony Elumelu came in at 31.

Other Nigerians on the list are Jim Ovia, Mohammed Indimi and Orji Uzor Kalu who took the 37th, 39th and 49th spot respectively.

Nigerians who dropped off the list are Chairman of Etisalat Nigeria, Hakeem Bello Osagie, CEO of Yinka Folawiyo Group, Tunde Folawiyo, and Oba Otudeko of Honeywell Group.

Forbes compiles the list by calculating net worth using stock prices, currency exchange rates, estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.

I Picked My Stage Name From My Favourite Snack – DJ Cuppy

DJ CuppyFemale disc jockey, Florence Otedola, popularly known as DJ Cuppy is gradually making her mark in the very dynamic Nigerian music industry after years of practicing in the UK.

In an interview with Channels Television’s correspondent, Bidemi Dairo, the Nigerian DJ said she picked her stage name from her favorite snack, cupcakes.

“When I decided to be a DJ, cupcake came naturally, but I decided to drop the cup from the name and came up with Cuppy,” she said.

A graduate of law from the Kings College London, Cuppy began her desire to be a DJ at the age of 16, with personal practice and watching other DJs.

With the backing of her father, Femi Otedola, she produced her own version of Tunji Oyelano’s ‘I Love My country’ which earned her tourism ambassadorial honour.

I love my country is followed up by the House of Cuppy mix tape which infuses some electronic sounds to already popular Nigerian songs.

Appellate Court Orders Farouk Lawan, Emenalo To Face Trial

Farouk lawan in courtA Court of Appeal in Abuja has thrown out, for want of merit, the application by two members of the House of Representatives, Farouk Lawan and Boniface Emenalo, to dismiss bribery charges against them on grounds of insufficient evidence.

The court, ruling on the separate applications, said that the two lawmakers had cases to answer, as there was sufficient evidence linking them to the charges against them.

The court ordered the lawmakers to face trial at the lower court with an order that the matters be decided expeditiously.

Farouk Lawan and Boniface Emenalo, erstwhile Chairman and Secretary of a House committee, were accused of demanding and collecting $620, 000 bribe from an oil magnate, Femi Otedola, to remove his company from the list of those found wanting during the probe into petrol subsidy fraud.

The Independent Corrupt Practices and Other Related Offenses Commission, ICPC, which filed the charges against the lawmakers, said that they violated the provisions of the Independent Corrupt Practices and Other Related Offenses Commission Act.

2015: With Or Without Contesting, Jonathan Will Be President – Asari Dokubo

Inspite of the crisis rocking the Peoples’ Democratic Party (PDP) and the alleged desperation of the Northern elites to produce the next president of the country, a Niger Delta activist, Asari Dokubo has said that President Goodluck Jonathan will emerge as leader with or without a contest, hinting that there would be bloodshed otherwise.

Speaking on Politics Today, he said “2015 is already a settled matter; Goodluck Jonathan will be president in 2015. Whether they contest or they don’t contest, Goodluck Jonathan will be president,” he said adding that he would be ready for violence if needed.

He described claims that he only defends people or governments that benefit him as “an insult” on his person. “That’s an insult and they are lying and they will continue to lie and die in their lies,” he said.

He continued by saying “I am 50 years old. I fought all government. In the June 12 battle I was in the fore front, I did not gain”.

He stated that his allegiance is to President Jonathan because he is as an Ijaw man. He added that his support is biased because “charity begins at home”.

Abacha and Obasanjo had their supporters “so why should I leave my own?” he asked.

“Monkey no fine, him mama like am” he said.

He also denied benefiting from the abundance of crude oil in the Niger Delta and accused Aliko Dangote, Femi Otedola of reaping from that which belongs to him, his children and ancestors.

Court Orders Farouk Lawan, Emenalo To Stand Trial For $620,000 Bribery

An Abuja High Court has dismissed the application to quash bribery charges filed against former chairman of the House of Representatives on Fuel Subsidy scam, Farouk Lawan, and the committee’s secretary Boniface Emenalo, over the receipt of $620,000 bribe from oil mogul; Femi Otedola.

Presiding Judge; Justice Mudashiru Oniyangi on Friday, rejected the application in favor of the prosecution, the Independent Corrupt Practices and other related offenses Commission, ICPC, on the three grounds.

The court ruled that it has jurisdiction, as there is evidence of crime against the defendants and that the charges are not an abuse of court process.

Counsel to the lawmakers said he would consult with his clients before deciding on appeal.

The two lawmakers were accused of demanding and collecting $620, 000 bribe from Mr Otedola, to remove the name of his companies  from the list of companies culpable in fuel subsidy fraud.

 

$620,000 Bribe: Farouk Asks Court To Quash Charges

Embattled former Chairman of the ad hoc committee on Fuel Subsidy Regime; Representative Farouk Lawan and the Secretary of the Committee, Boniface Emenalo  have commenced moves to thwart their trial as they asked an Abuja High Court to quash the charges brought against themby the Economic and Financial Crimes Commission (EFCC).

The duo was accused of receiving $620,000 from oil mogul, Femi Otedola as an inducement to influence the report of the committee in favour of Zenon Oil and Gas Limited.

Their lawyer, Mr Rickey Tarfa (SAN), contended that the court ought not to have granted the anti-graft agency leave to prefer the charges against the defendants because the prosecution failed to provide adequate materials necessary for the judge to exercise his discretion to grant the application.

He thereafter pleaded with the court to quash the charges and discharge the accused persons as there was no prima facie case against them and added that the foundation of the case against his clients was not legally laid.

He also faulted the prosecutors for not complying 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.

The EFCC, represented by Chief Adegboyega Awomolo, also a Senior Advocate of Nigeria asked the court to dismiss the application which he described as a ploy by the accused to thwart and stall their trial and waste the time of the court.

He pointed out that the Supreme Court had held in many cases, that the purpose of seeking for leave of court 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 contended that the charge remains valid and that the non-attachment of witnesses’ statement did not vitiate the legality of the charges.

The presiding Judge, Justice Mudashiru Oniyangi, after listening to the arguments in support of the application to quash the charges as well as the counter argument by the EFCC, adjourned till 2nd May for ruling on the application.

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