It said that the constitution of the new board followed the successful completion of the tenure of the former board appointed by the Central Bank of Nigeria (CBN) and in fulfillment of the consequential transfer of final ownership to the new investors, Teleology Nigeria Limited.
“We thank all out-going members of the board for helping to shepherd 9mobile through the critical transition phase it has passed through since July 2017 and wish them the very best in their future assignments.
“For us, the composition of the new board of directors is another significant milestone, and this follows the issuance of final approval of no objection by the board of the Nigerian Communications Commission (NCC) to the effect that the technical and financial bids Teleology submitted for 9mobile met and satisfied all the regulatory requirements.
“This is indeed the dawn of a new era in the evolution of the 9mobile brand in the Nigerian market.
“Members of the new board of directors are: Nasiru Ado Bayero (Chairman), Asega Aliga (Non Executive Director), Adrian Wood (Non Executive Director), Mohammed Edewor (Non Executive Director). Winston Ndubueze Udeh (Non Executive Director). Abdulrahman Ado (Executive Director) and Stephane Beuvelet (Acting Managing Director)”
The company said that the new Chairman of the board had warmly received the appointment, “as we begin this new epochal phase, we wish to thank all the employees who built this viable business.
“Our debt of gratitude also goes to our subscribers even as we assure them to get ready for real best-in-class additional value for their relationship with the 9mobile brand.
“Without you, there could not have been a 9mobile business for us to invest in today. We will justify your confidence in our brand by making significant investments that will improve the value you get for using 9mobile.”
The CBN in collaboration with the NCC, had in July 2017, appointed a board of directors, chaired by Dr. Joseph Nnanna, a Deputy Governor of the CBN, to oversee the affairs of the company pending the completion of regulatory due diligence of the bid documents submitted by Teleology and sixteen others for its acquisition.
With the emergence of this board, the long process for the acquisition of 9mobile has reached a definitive end marking the beginning of a new era for the telecommunication company.
The bid process was superintended by Barclays Africa.
Source: Naija News
Multiple Oando Shareholders Challenge SEC As Court Restrains Commission From Carrying Out Actions Against Firm
The Securities and Exchange Commission (SEC) was slammed another lawsuit by displeased shareholders of Oando PLC. The shareholders filed for an interim order restraining SEC, its agents or representatives from acting on its May 31, 2019, letter sanctioning the Management of Oando. The order was granted and present in court were lawyers for both SEC (Usman Umar Fari Esq) and the shareholders.
The order restrains the SEC, its agents or anyone acting on behalf of the commission from disturbing or meddling with the affairs, management and activities of Oando PLC. It also restrains the SEC’s purported interim Management from meddling in the administration and activities of the company as well as an order restraining SEC from interfering with the shareholder’s exercise and performance of their statutory powers and duties as shareholders.
This is the second case in a matter of days against the SEC. The first saw a ruling in favour of an Oando shareholder Engr. Patrick Ajidua. He had challenged the regulator in a suit filed at the High Court of the FCT. He had challenged the SECs right to prevent the convening of an Annual General Meeting as a breach of his right to freedom of association.
In a hearing presided by Honorable Justice O. A Musa, all cases filed were granted in favour of Engr. Patrick. In summary, the judge declared that the May 31, 2019 letter of SEC to Oando sanctioning its management, as unconstitutional, null and void and violation of Engr. Patrick’s fundamental right to a fair hearing and his human right to receive information on the affairs of Oando and his interest and shares in Oando and more importantly directed that within 90 days of the ruling Oando must convene an AGM for her shareholders.
We Banned Cryptocurrency In Nigerians’ Best Interest – Emefiele
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the apex bank banned cryptocurrency in the interest of Nigerian depositors and the country’s financial system.
Emefiele made this known while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market on Tuesday.
The CBN governor described the operations of cryptocurrency as dark, dangerous, and opaque, saying the use of cryptocurrency contravened the CBN Act of 2007.
He added that the fact that cryptocurrencies were issued by unregulated and unlicensed entities, made it contrary to the rules and regulations of the apex bank.
Emefiele noted that the secrecy behind cryptocurrency makes it suitable to use for those involved in illegal activities such as money laundering, terrorism financing, purchase of small arms and light weapons and tax evasion.
He said: “Cryptocurrency is not legitimate money because it is not created or backed by any Central Bank.
“Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
According to the CBN boss, the ban of Cryptocurrency will not in any way, shape, or form affect the development of FinTech or a technology-driven payment system.
He noted that the Nigerian payment system had evolved significantly over the past decade, surpassing those of many of its counterparts in emerging, frontier, and advanced economies boosted by reforms driven by the CBN.
While urging that the issue of cryptocurrency be treated with caution, the CBN Governor assured that the Bank would continue its surveillance and deeper understanding of the digital space.
Emefiele stressed that the ultimate goal of the CBN was to do all within its regulatory powers to educate Nigerians on emerging financial risks and protect the financial system from the activities of currency speculators, money launderers, and international fraudsters.
Nigeria’s Economy Unexpectedly Exit Recession
Nigeria’s economy unexpectedly exited recession in the fourth quarter of 2020.
In a statement on Thursday, the National Bureau of Statistics (NBS) said the economy grew by 0.11 percent.
The development comes after two consecutive quarters of negative growth which resulted in a recession.
Nigeria’s economy beat projections from the IMF and the World Bank, both of which predicted Africa’s biggest economy to exit recession in 2021.