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SEC withdraws from Stanbic IBTC’s N20.4b Rights Issue

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The Securities and Exchange Commission (SEC), on Tuesday, withdrew its earlier approval for the proposed N20.4 billion rights issue of Stanbic IBTC Holding Company Plc in view of the notice of an investigation into allegations of financial impropriety by the Financial Reporting Council of Nigeria (FRC) on the group’s financial statements. The SEC stated categorically that the rights issue exercise had been suspended until proper resolution of issues raised. Proceeds of the offer, the bank’s Chief Financial Officer, Arthur Oginga, had told investors recently, is to help Stanbic IBTC to “maintain adequate capital.” However, the SEC informed the investing public, particularly the shareholders of Stanbic IBTC, to beware of the proposed rights, in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the FRC. Reacting to the suspension in a two-paragraph statement, also on Tuesday, the management of Stanbic IBTC noted the suspension, promising that it would “continue to engage with the relevant regulatory bodies to ensure that these enquiries are addressed. Stanbic IBTC Bank Plc, the banking subsidiary of Stanbic IBTC Holdings Plc, remains well capitalised and has sufficient liquidity.” Specifically, the Executive Secretary/Chief Executive (FRC), Jim Obazee, who spoke after a meeting with the Director-General (NOTAP), Dan-Azumi Ibrahim, in Abuja, said the move was in response to a petition written by shareholders of the bank, which drew the attention of regulatory authorities to some unapproved transactions allegedly conducted by the bank with its foreign technical partners. In the petition, members of Trusted Shareholders Association alleged that tens of billions of naira were yet to be returned to the profit and loss account of Stanbic IBTC Bank. Based on preliminary discussions with both parties, Obazee said that the council realised that the petitioners had a valid case. Obazee said: “The petition from the stakeholders of Stanbic IBTC is on issues relating to Stanbic IBTC and the way they have been accruing some monies in their account. “And if you accrue money in your account… well there is nothing wrong with accrued monies…, but it must be disclosed properly. “Now they said the accruals were requiring the NOTAP approvals before they can make those payments. Now the person petitioning is saying that there is no need making those accruals, because Stanbic IBTC has not been able to secure NOTAP approval. “The petitions kept coming and then we invited Stanbic IBC to hear their side in the matter. And listening to their side of the story, we believe that the petitioners have a good case. “So, our next step is to look at the agencies that were duly involved. The NOTAP itself which will give the approval; this applies to the Central Bank of Nigeria as regulator and Securities and Exchange Commission, because they were asking for general mandate for the treatment of third-party transactions, which we were against because that will not be in line with related party transactions accounting standards. “We are here to also find out if the NOTAP approved any of these payments such as historical fees. We are looking at transactions from 2011 to date. “If they didn’t get approval for 2011 fees, didn’t get for 2012, 2013 and 2014, so why are they keeping these monies?” He said the FRC would also be visiting the top management of the SEC as part of its investigation on the matter, noting that after all the visitations, officials of the bank would again be invited for questioning. He also said that apart from the protection of the rights of shareholders, the agency was interested in the case because the Federal Government might have lost huge revenue from taxes if the bank was actually making the deductions from profit before tax without necessary approvals from the NOTAP. He said: “The other party that is part of this entanglement is the SEC. We intend to immediately put a call to them to stand down on whatever rights issue request that Stanbic IBTC is making in a hurry until this matter is resolved properly; this is because our jobs as government agencies is to protect investors and other stakeholders’ interest. “Government is also involved in this matter because if you are taking out some money out of profit before tax, and you are warehousing it for a number of years, you are actually defrauding the Federal Government because the government is supposed to have taxes from the profit. But if you are keeping money from profits before tax, it means that that money was taken off and government was denied its share. “So, government is losing out on it, and we want to straighten it out. We want to know if it wasn’t reported correctly in the financial statement. Otherwise, they will be subjected to the FRC disciplinary procedure. We can even ask them to withdraw the financial statement and reissue it.” Also commenting on the issue, Ibrahim said that no approval was granted by the agency to the bank for the transaction, following which it would be wrong of the bank to make any payment to its foreign partners for franchise. In his words: “We regulate the inflow of foreign technology into the country and at the same time develop local technology. “Well, the NOTAP is expected to register Stanbic IBTC with its foreign partner and we have a guideline on how we do our registration. We are guided by the forex manual of the CBN. “So whatever is not covered by the manual, we don’t approve. So, Stanbic IBTC applied for a franchising agreement, management fee agreement and we still did not render them that approval because management service agreement is not required in Nigeria. We have local firms that have this.”

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WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE

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WFA APPOINTS GLOBAL BRAND EXECUTIVES TO EXPANDED LEADERSHIP COMMITTEE

 

STOCKHOLM — The World Federation of Advertisers (WFA) has announced the appointment of senior executives from leading global brands to its Executive Committee, in a move aimed at strengthening its global influence and industry coordination.

The appointments were unveiled during the WFA Global Marketer Week held in Stockholm.

The new members, drawn from top multinational corporations, include executives from Driscoll’s, Haleon, IKEA and Nissan. They join an already influential body comprising marketing and corporate affairs leaders from major companies such as Best Buy, Danone, Diageo, Grab, Kenvue and Tata Group.

Also joining the Executive Committee are representatives of key advertiser bodies, including Josh Faulks, Chief Executive Officer of the Australian Association of National Advertisers; Simon Michaelides, Director General of the Incorporated Society of British Advertisers; and O’tega Ogra, Vice President of the Advertisers Association of Nigeria and Senior Special Assistant to the President of Nigeria on Digital Communications, Engagement and New Media Strategy.

WFA President David Wheldon and Deputy President Philip Myers of Ferrero will continue in their roles, alongside all regional vice presidents.

The newly appointed members are:

Jiunn Shih, Global Chief Marketing Officer, Driscoll’s

Silas-Lewis Meilus, Global Head of Media Operations, Haleon

Joel Renkema, Global Head of Insights, IKEA

José Román, Corporate Executive, Global Sales and Marketing, Nissan

Josh Faulks, CEO, AANA

Simon Michaelides, Director General, ISBA

O’tega Ogra, Vice President, ADVAN

Industry observers say the expanded committee reflects WFA’s commitment to deeper global collaboration and stronger representation across regions and sectors within the marketing and advertising ecosystem.

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FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

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FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

 

The Chief Press Secretary (CPS) to the Chairman of the Independent National Electoral Commission (INEC), Mr. Adedayo Oketola, has said that a purported X (formerly Twitter) account attributed to the Commission’s Chairman, Prof. Joash Ojo Amupitan, SAN, is fake and part of a coordinated disinformation campaign.

 

In a public statement issued on Monday in Abuja, Mr. Oketola disclosed that a comprehensive, multi-layered forensic investigation conducted by independent cybersecurity experts has conclusively established that the INEC Chairman does not operate any personal X account.

 

He said, “The Independent National Electoral Commission (INEC) , committed to a full forensic investigation, commissioned an independent forensic cybersecurity expert, who conducted a multi-layered forensic and digital investigation using X platform data, internet archive records, OSINT tools, identity forensics and cross-platform analysis.”

 

Oketola stressed that all posts, replies, and screenshots linking him to the handle @joashamupitan are fraudulent, forensically unverifiable, and technically impossible.

 

The controversy began on April 10, 2026, when viral social media posts alleged that the Chairman made a partisan comment — “Victory is sure” — in response to another user, supported by screenshots and purported digital records.

 

However, the CPS said the forensic investigation uncovered clear evidence of fabrication and impersonation, highlighting the following key findings:

 

· No Digital Linkage: There is no connection between the disputed X account and Prof. Amupitan’s verified email addresses or phone numbers, as multiple recovery and verification attempts failed to establish any link.

 

· False BVN/OPay Claims: Data used to suggest ownership of the account only confirms identity and does not establish control of any social media handle, making such claims a logical fallacy.

 

· Timestamp Manipulation: The alleged reply “Victory is sure” was posted 13 minutes before the original tweet it responded to—an occurrence that is technically impossible and definitive proof of fabrication.

 

· No Historical Record: Searches on the Internet Archive’s Wayback Machine showed zero evidence of the account or its alleged activity prior to April 2026.

 

· Non-Existence on X Platform: Live checks confirmed that the alleged reply does not exist and has never existed on the platform.

 

· Account Renaming Pattern: On the same day the screenshots went viral, the account was renamed @sundayvibe00, set to private, and labelled a “parody account,” indicating deliberate impersonation and damage control.

 

· Coordinated Multi-Platform Impersonation: At least seven fake accounts across Facebook and Instagram using the Chairman’s identity were identified, pointing to a sustained disinformation effort.

 

“The forensic evidence is comprehensive, multi-sourced, and unambiguous. The posts attributed to Prof. Joash Ojo Amupitan on X are fabricated. The account is a clear case of impersonation,” Mr. Oketola said.

 

Quoting one of the independent investigators, he described the development as “a coordinated digital impersonation and disinformation campaign,” warning that advances in artificial intelligence had made it easier to fabricate misleading content.

 

He urged the public to avoid sharing unverified information, noting that “the fact that content goes viral does not make it authentic,” and called on media organisations to prioritise accuracy over speed.

 

Mr. Oketola said the independent forensic report had been referred to the law enforcement agencies for necessary action. He also appealed to law enforcement agencies to investigate the origin of the fake account and prosecute those responsible under the Cybercrimes (Prohibition, Prevention, etc.) Act.

 

He said, “Media organisations, in particular, have a duty to apply strict forensic verification standards to social media posts and screenshots before publishing them, especially when such content implicates public officials or carries serious consequences for public trust and institutional credibility. Accuracy, not speed, must guide reporting in matters of this nature.”

 

He reiterated that all official communications from INEC are disseminated exclusively through its verified platforms, including its website (www.inecnigeria.org), verified X account (@inecnigeria), official Facebook page, online news portal (www.inecnews.com), formal press statements from its headquarters in Abuja, and official media briefings. Any account purporting to represent the INEC Chairman in a personal capacity, he said, should be treated as fraudulent unless formally verified by the Commission.

 

FORENSIC INVESTIGATION REVEALS FABRICATED X ACCOUNT TARGETING INEC CHAIRMAN – CPS

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How FirstBank is investing in Its People and Building Future Leaders

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FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

How FirstBank is investing in Its People and Building Future Leaders

For an average 9-5er, having a job isn’t enough. You want a career that grows with you, gives you stability, and opens doors to bigger opportunities. People everywhere are looking for workplaces that don’t just pay salaries but actually invest in their staff, helping them learn, lead, and succeed.

That’s exactly what FirstBank is doing. The Bank is building a future where every employee has the opportunity to grow, lead, and thrive. Through its human capital management and development agenda, FirstBank is creating numerous pathways for staff to transform their careers and become tomorrow’s leaders.

Conversion Programme: Turning Opportunities Into Careers

Needless to say that there is no desire for the 9-5er to remain in a temporary role when they can secure a full-time career. With FirstBank’s Conversion Programme, eligible non-core employees who have served for at least one year can transition into permanent positions. This initiative ensures that hardworking staff are rewarded with stability, growth, and the chance to contribute more meaningfully to the Bank’s success.

Leadership Programmes: Grooming the Next Generation

FirstBank has designed three flagship programmes to identify and nurture high-potential talents:

  • FirstBank Management Associate Programme (FMAP): A 24-month fast-track initiative that grooms future middle managers. Upon completion, participants are promoted to Assistant Manager grade, regardless of their previous grade.
  • Leadership Acceleration Programme (LAP): Focused on preparing internal middle-management talents for leadership responsibilities, ensuring the Bank’s succession pipeline remains strong.
  • Senior Management Development Programme (SMDP): A programme for senior managers who are proven leaders in their functions and critical to the Bank’s succession plan.

These programmes are not just training—they are career accelerators, designed to put staff on the fast lane to leadership.

FirstAcademy: Learning With Global Standards

Backing these initiatives is FirstAcademy, FirstBank’s corporate university, accredited by the Chartered Institute of Bankers of Nigeria (CIBN).

Staff also benefit from partnerships with institutions like Rome Business School and Association of Chartered Certified Accountants (ACCA), gaining access to world-class training—often at discounted rates

A Workplace That Values People

FirstBank’s parent company, First HoldCo PLC, was named second in the Best Workplaces in Financial Services in Nigeria. The Bank remains firmly committed to responsible employment practices, ensuring that all colleagues are treated with dignity, fairness, and respect.

The Future Is Human

With these initiatives, FirstBank is showing that its greatest investment is its people. By empowering staff through various growth opportunities, the Bank is not just building a workforce, it is cultivating leaders who will shape the future of banking in Nigeria and beyond.

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