The Chairman of Geregu Power, Femi Otedola, has revealed that he offered to buy Transnational Corporation (Transcorp) Plc for N250 billion.

Otedola, on Tuesday, said his offer was rejected despite planning to help unlock Transcorp’s full potential and create value for shareholders of the company.

Recall that Prime Business Africa reported that Otedola acquired a 6 per cent stake in Transcorp Plc in a bid to take control of the firm from the majority single investor, Tony Elumelu, who also doubles as the majority shareholder of United Bank for Africa (UBA), the company that started the rift between the two billionaires.

Following his acquisition, Elumelu also bought more Transcorp shares to increase his stake from 2.05 per cent to over 25 per cent controlling stake.

This gave him control of Transcorp again, resulting in Otedola selling his shares to Elumelu, to avoid two captains in a ship.

According to Otedola, he had plans to increase Transcorp’s https://www.primebusiness.africa/tony-elumelu-rejects-femi-otedolas-n250-billion-to-buy-transcorp-plc/

Femi Otedola has accused Tony Elumelu of double-crossing him in deals involving United Bank for Africa (UBA) and Transnational Corporation (Transcorp).

He disclosed that Elumelu betrayed him on multiple occasions. Otedola explained that he financially assisted Elumelu to acquire UBA in 2005.

But after Otedola went bankrupt in 2008, Elumelu used Otedola’s shares in UBA to service the loan the latter owed to UBA, as well as taking over his investment in Africa Finance Corporation (AFC).

This was disclosed in a statement on Tuesday, 9 May, which alleged that Elumelu also tricked Otedola into selling his shares in Transcorp to him by using an American firm.

Furthermore, Otedola said he once revealed to Elumelu during a meeting that he planned to buy Ughelli Power Plant, only for Elumelu to go ahead of him to bid for the same power asset, buying it for $300 million.

His allegations against Elumelu followed their recent public bromance and tussle to control Transcorp Plc.

Revealing details of their fallout, Otedola said... https://www.primebusiness.africa/femi-otedola-reveals-tony-elumelu-backstabbed-him-took-over-his-uba-transcorp-investments-stole-business-idea/

The United Bank for Africa (UBA) has been ordered by Justice Ayokunle Faji of the Lagos Federal High Court to pay its former employee, Olufunke Bella, N1 million for illegally and unlawfully closing her account.

Justice Faji said UBA breached the fundamental rights of Bella by freezing her account without court approval after she was relieved from work. The judge ordered the Tony Elumelu-led commercial bank to apologise to the former worker.

Bella, a former Recovery Officer of UBA, filed a lawsuit marked, FHC/L/CS/1001/2021, against UBA after the company accused her of forgery and freeze her account without giving her a fair hearing before a court.

She told the court in a filing on August 11, 2021, that the illegal action of UBA has resulted in untold hardship and financial embarrassment.

It was learnt that Bella’s account was frozen between 1 April 2021 and 9 September 2021. She couldn’t withdraw from the account and UBA made the decision without informing her or seeking approval from the court.

Bella asked that the court rule that the action of UBA was illegal and... https://www.primebusiness.africa/ex-staff-wins-case-against-uba-judge-orders-uba-to-pay-her-n1-million/

Guaranty Trust Bank (GTBank), a subsidiary of Guaranty Trust Holding Company (GTCO) lost N35.55 billion in failed securities investments in Ghana for the financial period of 2022, Ripples Nigeria has learnt.

GTBank had invested in several securities offered by the Ghanaian government; Treasury bills, Eurobonds, Local US bonds and Cedis bonds.

According to the company’s financial reports released on April 14, the investments were made through GTBank Nigeria and its subsidiaries, GTBank Sierra Leone, GTBank Liberia, and GTBank Rwanda.

About N167.55 billion was held by GTBank in these investment instruments for profits, however, the financial institution recorded losses in every debt security investment.

According to the breakdown of the investments in the debt securities, GTBank had a total investment value of N34.71 billion in Treasury bills, but at the end of the year (2022), it lost N986.88 million, leaving the firm with... https://www.ripplesnigeria.com/gtbank-loses-n35-55bn-in-failed-treasury-bills-bonds-investments/

The Central Bank of Nigeria (CBN) has fined Union Bank of Nigeria (UBN) Plc for breaching its regulation on cryptocurrency trading in the country.

Union Bank was fined N200 million by the financial regulation for breaching the cryptocurrency regulation, Ripples Nigeria learnt on Wednesday.

Recall that the central bank warned commercial banks against enabling cryptocurrency trading by allowing accounts to receive and send money related to digital currency.

The CBN, led by Godwin Emefiele, has often spoken against cryptocurrency trading, leading to the ban of cryptocurrency trading in Nigeria on February 5, 2021.

Union Bank revealed the... https://www.ripplesnigeria.com/union-bank-fined-n200m-for-contravening-cbn-cryptocurrency-directive/

For contravening various guidelines, Stanbic IBTC Holdings Plc was slammed with fines by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Stanbic IBTC was also penalised by the National Pension Commission (PenCom), taking the total monetary fine to N159 million.

Prime Business Africa noted that the amount was imposed on Stanbic IBTC for the financial year of 2022. The fine is below the N233 million the firm lost to penalties in 2021.

It was gathered that the CBN fined Stanbic IBTC N44.85 million for failing to... https://www.primebusiness.africa/stanbic-ibtc-fined-n159-million-for-earnings-misinformation-hoarding-export-proceeds-others/

The dollar rate rose in the Bureau De Change window of the black market on Tuesday, 24 January 2023, as naira weakened by -1.07 per cent.

It was learnt that the cost to buy one dollar increased to an average of N753, as Bureau De Cange operators added N8 to their asking price when compared to the N745 the United States currency was sold on Monday, 23 January 2023.

The dollar rate at the black market maintained its premium price, which is N291 above the exchange rate in the official channel.

This means the gap between the Bureau De Change operators’ asking price is 61.3 per cent above the official exchange rate, which... https://www.primebusiness.africa/dollar-rate-gap-between-official-black-markets-rises-to-61-3/

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) increased the interest rate to 17.5 per cent on Tuesday, 24 January 2023.

This was disclosed by the central bank governor, Godwin Emefiele, during the post-MPC meeting held on Monday and Tuesday.

The 17.5 per cent interest rate is the highest in 22 years, as the central bank continues its push against inflation, which soared to 21.34 per cent in December 2022.

Recall that in November 2022, when the MPC held its last meeting last year, the interest rate was also increased to 16.5 per cent, from 15.5 per cent.

Prime Business Africa understands that the recent increment will raise the cost of borrowing and https://www.primebusiness.africa/why-cbn-raised-interest-rate-to-17-5-highest-in-22-years/

Unilever lost 64.51 per cent of its revenue to expenses in 2022, as production cost grew by 14.10 per cent during the same period in review.

According to the year-end financial statement 2022 obtained by Ripples Nigeria, Unilever reported N88.72 billion turnover between January to December last year.


The revenue increased by 25.80 per cent within 12 months when compared to the N70.52 billion generated by the company in 2021.

However, much of this revenue was lost to expenses after Unilever spent... https://www.ripplesnigeria.com/unilever-loses-64-51-revenue-investors-part-ways-with-firm/

Guaranty Trust Bank (GTBank) seems to have become the go-to financial institution for fraudsters, as they target account holders in the bank led by Miriam Olusanya, the managing director.

Customers of GTBank, which is a subsidiary of Guaranty Trust Holding Company (GTCO) say they have been experiencing fraudulent and suspicious deductions from their accounts, which happens mostly during Fridays and weekends.

Fraudsters targeting GTBank accounts, victims lament losses

Such a situation was experienced by paint manufacturer and housing exterior decorator, Oyeyemi Oluwatobi, whose account with GTBank was hacked, as a suspected fraudster withdrew about N700,000 from his account.

It was gathered that his account was first debited N450,000 and transferred to one Ojo Jeremiah account held in Sparkle Bank, while N249,900 was transferred to a Sporty Internet Limited account within minutes on Saturday afternoon, January 22, 2022.

His situation is one of many, as 15,024 suspected fraudulent cases were recorded in GTBank in https://www.ripplesnigeria.com/fraudsters-target-gtbank-accounts-as-customers-lose-millions/

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that Aliko Dangote’s oil refinery might exploit oil producers and Nigerians.

According to the oil marketers, Nigerians will be at the mercy of Dangote due to its refinery’s monopoly, as it will be the only refinery refining oil within the country, hence, dictating prices of the commodity.

Also, they ruled Dangote Refinery out as a perfect solution to the high cost of fuel in Nigeria, stating that the company will operate like https://www.primebusiness.africa/aliko-dangotes-refinery-might-still-exploit-nigerians-oil-marketers-express-fear/

aduna State governor, Nasiru El-Rufai, has stated that Nigeria would end up like Sri Lanka if fuel subsidy and multiple exchange rates continue in the country.

According to El-Rufai, the states are affected by the failure to remove fuel subsidy and operate a single exchange rate, as the Nigerian National Petroleum Company (NNPC) Limited has not been remitting proceeds of oil revenues into the federation account.

He made this known during the World Bank’s Nigeria Development Update and Country Economic Memorandum in Abuja on Thursday.

El-Rufai said the states had supported removal of fuel subsidy in 2022, but it was kept, “If we continue on this track, we would end up like Sri Lanka,” the governor stated.

“We agreed that by November 2022 fuel subsidies should go because we saw it would affect the solvency of many states, and affecting many states, but somehow the consensus was not implemented”

Speaking at the World Bank programme, El-Rufai opined that the danger with maintaining fuel subsidy is why the 2023 Presidential candidates have been campaigning on the assurance that subsidy will be removed.

States can’t pay salaries to workers

The governor disclosed that several states are under financial pressure and can’t afford to increase wages, as they don’t have access to the liquidity of the Central Bank of Nigeria (CBN) as the Federal Government.

El-Rufai revealed that the states are now dependent on the Federal Government to pay salaries, similar to the... https://www.primebusiness.africa/why-state-governments-are-unable-to-pay-salaries-gov-el-rufai/

Nigeria’s poverty population has risen by 5 million in 2022, the World Bank’s Chief economist, Alex Sienaert, has revealed, blaming the rise in inflation rate which has reduced the value of minimum wage in the country.

Prime Business Africa had reported that Nigeria’s inflation hit 21.47 per cent in November, surpassing the 21.09 per cent reported in October 2022.

According to the World Bank’s chief economist during the Corporation’s launch of the Nigeria Development Update for December 2022 Edition, and the Country Economic Memorandum held in Abuja on Thursday, 23 million more Nigerians could be thrown into poverty.

It was learnt that Nigerians are... https://www.primebusiness.africa/nigerias-minimum-wage-now-n19355-world-bank-says-reveals-factors-hindering-growth/

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has urged banks to source for foreign exchange (forex) through non-oil exports.

Emefiele said Nigerian banks, which consist of GTBank, Zenith Bank, Access Bank, Stanbic IBTC, Wema Bank, among others, should continue to ramp up their own sources of non-oil export that will generate forex through repatriation.

At a period Nigeria is struggling with forex scarcity, the apex bank boss said sourcing their own FX will enable the commercial banks to meet foreign exchange demands from account holders.

Prime Business Africa recalls that Emefiele had previously threatened to https://www.primebusiness.africa/cbns-godwin-emefiele-tells-gtbank-zenith-others-to-source-non-oil-export-forex/

The National Bureau of Statistics (NBS) has revealed that Nigeria's inflation was 21.47 per cent in November, surpassing the 21.09 per cent reported in October 2022.

Also, last more, Nigerians spent more on food, as the country's inflation closed November with.... https://www.primebusiness.africa/breaking-nigerians-spend-more-on-food-as-inflation-hit-21-47-in-november/

Seems money saved in Piggyvest by Nigerians are being stolen by fraudsters/hackers, with two customers already alleging they lost over N2.36 million – but the company said nothing can be done about it.

A Piggyvest customer by the name, Olaniyi Hafeez, was said to have lost about N165,300 to the fraudulent activity of the hackers,

His account was said to have been hacked, leading to unknown fraudster transferring the amount to a Sterling Bank account owned by an unknown third party.

Sharing Hafeez’s story via social media, a Twitter user who simply identified himself as Rotimi, claimed Hafeez had been operating the Piggyvest account since 2016, but lost N165,300 on September 16, 2022.

He explained that the amount consisted of $181 in dollar savings, which was converted into naira, and the money in Hafeez’s Flex account also domiciled in Piggyvest.

Ripples Nigeria gathered that the money was sent to a Sterling Bank account which is different from the bank attached to Hafeez’s account for withdrawal, indicating the fraudster had been allowed to change the account and bypass security of Piggyvest.

Rotimi questioned the ease with which the money was transferred. “How can an external person have access to his PiggyVest password to sign in and also have access to security question and answer without his consent?

“How can a withdrawal be made without having to attach the bank account to which withdrawal was made?”.

Rotimi questioned the ease with which the money was transferred. “How can an external person have access to his PiggyVest password to sign in and also have access to security question and answer without his consent?

“How can a withdrawal be made without having to attach the bank account to which withdrawal was made?”.

Rotimi shared an email said to have been Piggyvest response to Hafeez’s enquiry as to how his account was accessed by a third party, and his money withdrawn without his consent. Piggyvest in the email said the funds cannot be recovered because it has been “moved to the Sterling Bank account.” and offered the customer who was a victim of fraud “sincere apologies for the inconvenience.”

Meanwhile, another customer, simply identified as “The Caliphate” on Twitter, alleged that N2.2 million was transferred from their own account in Piggyvest within five days.

They alleged that the transfer started the same day Hafeez lost his N165,300, from September 16 to 20 of same month. They made this known tagging Piggyvest, and sharing screenshots of the money stolen from the account by the fraudster.

According to The Caliphate, Piggyvest customer care was reportedly unhelpful in recovering the N2.2 million stolen from the account. The customer said there was.... https://www.ripplesnigeria.com/hackers-steal-n2-36m-from-piggyvest-customers-accounts-firm-says-it-cant-help/