GRBusiness
Affelka set to Buy Over Seven-Up
The Nigerian bourse has approved the voluntary delisting of Seven-Up Bottling Co after it received a takeover bid from its majority shareholder aimed at restructuring the soft drinks bottler.
The stock exchange, which suspended trading in the company’s shares in January, said in a notice that it approved the delisting last week.
In January, Seven-Up’s minority shareholders backed a $70 million buyout bid by majority investor Affelka, the investment firm of the Lebanese El-Khalil family.
The bottler received the takeover proposal last August after posting losses, in a deal aimed at restructuring the 7-Up, Pepsi and Mirinda distributor.
Seven-Up Bottling last traded at 101.97 naira per share, valuing the company at 65.32 billion naira ($214 million).
The soft drinks bottling industry has been hit by slow demand arising from weak economic growth in Nigeria, Africa’s most populous nation, which recently emerged from a recession and a currency crisis that stifled raw material imports.
The Seven-Up Bottling takeover comes six years after its main rival Coca-Cola delisted its local bottling unit in a $136 million buyout deal to expand the business and fend off competition. (Reuters)
Finance
Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him
The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.
The order for the withdrawal was contained in a police wireless message. The document with reference number:
“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.
Please, above, for your information and strict compliance.”
Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.
This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.
In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.
And read;
“I am directed to inform you that the above-named person has been placed on the watch list.
Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.
If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.
Finance
BREAKING: EFCC Declares Former Kogi State’s Governor, Yahaya Bello Wanted
The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.
This was contained in a notice posted on the commission’s official Facebook page on Thursday.
The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88
“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.
“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”
The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.
The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.
This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.
Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.
Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.
They face 19 counts related to money laundering to the tune of N80,246,470,088.88.
Finance
Naira Abuse: Court Grants Cubana Chief Priest ₦10M Bail
The Federal High Court in Lagos State, on Wednesday, granted businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, N10m bail with two sureties in like sum.
On Tuesday, EFCC slammed him with 3 count charge over the abuse of naira and asked him to report to court.
In court, The celebrity bar man pleaded not guilty to tampering and abusing the naira during his trial.
Earlier on Sunday, the EFCC revealed that it was probing several celebrities over alleged abuse of Naira notes.
In a statement, its spokesperson, Dele Oyewale, said;
“Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.
“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”
-
Finance4 days ago
Cubana Chief Priest Faces Three Count Charges By The EFCC Over Naira Abuse
-
Finance4 days ago
Enugu Police Arrests Young Man Harbouring And Spending Fake Naira Notes
-
Finance3 days ago
Naira Abuse: Court Grants Cubana Chief Priest ₦10M Bail
-
Finance2 days ago
BREAKING: EFCC Declares Former Kogi State’s Governor, Yahaya Bello Wanted
-
Entertainment3 days ago
Billionaire Socialite, E-Money To Take Full Responsibility Of Junior Pope’s Sons
-
Finance1 day ago
Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him
-
Spotlight3 hours ago
President Tinubu Congratulates Tunde Onakoya On Guinness World Chess Record
-
Politics1 hour ago
Governor Of Delta State, Sheriff Oborevwori Visits Fled Community Of Okuama, Calls Indigenes To Return Home