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Nigeria Newspapers

FBN Holdings notifies NGX, investors of Remi Babalola’s resignation

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(NAN)

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FBN Holdings Plc has officially notified the Nigerian Exchange Ltd and the investing public of the resignation of Mr Remi Babalola, its Chairman and Non-Executive Director.

This is contained in the statement on investors’ relations signed by the Company Secretary, Mr Seye Kosoko, posted on the NGX website.

The statement was tagged: “Notification of recent changes on the board of FBN Holdings Plc.”

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Kosoko said Babalola’s resignation was effective on Dec. 17.

“Following the resignation of Mr Remi Babalola, the Central Bank of Nigeria (CBN) has approved the appointment of Alhaji Ahmad Abdullahi as Non-Executive Director and Chairman of the Company,” he said.

Abdullah is an economist and thorough-bred professional with long years of experience in academia, banking supervision and financial regulation, retiring as Director of Banking Supervision, CBN in February 2020.

He serves on the boards of the Africa Finance Corporation (AFC), FMDQ, NDIC and AMCON.

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The News Agency of Nigeria (NAN) reports that Babalola was appointed chairman by the CBN on April 30, 2021, due to some developments that led to the sack of the former Chairman, Oba Otudeko.

Babalola’s exit from FBN Holdings came as a rude shock to industry experts, a few days after it was confirmed that Femi Otedola made a significant investment in FBN Holdings with the acquisition of an additional 2.5 per cent stake, raising his entire stake in the company to 7.57 per cent.

Nigeria Newspapers

NAFDAC bans alcohol production in sachet, PET bottles

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Deborah Tolu-Kolawole, Abuja

The National Agency for Food and Drug Administration and Control has stopped the registration of alcohol in sachet, small volume PET and glass bottles below 200 millilitres.

The Director-General of the agency, Prof. Mojisola Adeyeye, disclosed this in a statement issued by the agency on Monday.

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Adeyeye said the registration of new alcoholic drinks in sachet and small volume PET and glass bottles above 30 per cent alcohol by volume had been banned by NAFDAC, following the recommendation of a high powered committee of the Federal Ministry of Health, NAFDAC, and the Federal Competition and Consumer Protection Commission and Industry in December 2018.

Other members of the committee are the Association of Food, Beverages and Tobacco Employers and Distillers and Blenders Association of Nigeria.

According to the NAFDAC boss, the agency will ensure that the validity of renewal of already registered alcoholic products in the affected category does not exceed the year 2024.

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She explained that manufacturers of low volume alcohol beverages (200ml) with satisfactory laboratory reports already submitted to NAFDAC for registration before the decision, have been directed to reformulate their products to the stipulated standards free of charge.

She said, “Distillers and Blenders Association of Nigeria was also given a matching order to embark on intensive nationwide sensitisation campaigns against underage consumption of alcohol by adolescents below the age of 18 years in the bid to stem the tide of alcohol abuse in the country.

“Producers of alcohol in sachets and small volume agreed to reduce production by 50 per cent with effect from January 31st, 2022 while ensuring the products are completely phased out in the country by 31st January 2024.

“The agency is committed to the strict implementation of the regulations and regulatory measures towards safeguarding the health of Nigerians particularly the vulnerable youths against the dangers of reckless consumption of alcohol.”

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Nigeria Newspapers

Ibrahim Abubakar bags 3-year imprisonment

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A Bauchi State High Court presided over by Justice M.M. Abubarkar has convicted and sentenced one Ibrahim Abubakar (aka Alhaji Sadiq Babati) to three years imprisonment.

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Abubakar was arraigned on a two-count charge of criminal conspiracy and cheating to the tune of N2, 250,000 (Two Million Two Hundred and Fifty Thousand Naira).

The charges were brought against him by the Gombe Zonal Command of the Economic and Financial Crimes Commission, EFCC.

The defendant who was arraigned on September 27, 2021, alongside one Hassan Lemaji (now a convict) had pleaded not guilty to the charge.

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In the course of the trial, he changed his plea to ‘guilty’, on which basis the trial judge, after the review of facts of the case, found him guilty and sentenced him accordingly.

He was however given an option of a fine of Fifty Thousand Naira (N50, 000), while the Court ordered that the sum of N2,250,000 recovered by EFCC be paid to the victim.

Abubakar’s ordeal started sometime between March and April 2019 when he obtained the said sum by falsely representing to the petitioner that the money was meant to facilitate employment for him at Tertiary Education Trust Fund ( TETFUND), Abuja.

An investigation by the Commission revealed this claim as false.

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It was also discovered that, as soon as the defendant received the money, he started avoiding calls from the petitioner who waited for eleven months for the non-existent employment letter.

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