Business
FCMB Moves To Increase Stakes In Firm
FCMB Group has notified Nigerian Stock Exchange (NSE) that it has entered into an agreement with other shareholders of Legacy Pension Managers Ltd. for acquisition of additional 60 per cent stake in Lthe firm.
The Tide source reports that this was contained in a notification letter by FCMB Group to the exchange pasted on NSE web site, it said that the proposed acquisition would increase FCMB’s interest in Legacy to 88.2 per cent, thus making Legacy a subsidiary of FCMB.
According to the notification, the proposed transaction is subject to the approval of the Central Bank of Nigeria (CBN), National Pension Commission and the Securities and Exchange Commission.
The Tide source reports that FCMB Group is listed on the NSE with the ticker symbol (FCMB) and has 19,802,710,781 ordinary shares held by over 521,000 shareholders.
FCMB Group and its subsidiaries each function as separate and distinct operating companies with separate Boards of Directors and Executives.
It has approximately 3.7 million customers and 204 branches in Nigeria.
FCMB has a banking subsidiary in the United Kingdom through FCMB Bank (UK) Ltd (which is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA in the United Kingdom).
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
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