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Tag: Corporate Affairs Commission (CAC)

  • Court Strikes Out Ismaila Isa Funtua’s Suit Against 9mobile

    Court Strikes Out Ismaila Isa Funtua’s Suit Against 9mobile

    The Federal High Court in Abuja has struck out a suit filed by businessman, Abubakar Ismaila Isa Funtua, who alleged that his 43 million shares were transferred without his consent to Emerging Markets Telecommunication Services Limited (EMTS), operators of 9mobile.

    Delivering judgment in the case marked FHC/ABJ/CS/1971/2024 on September 24, 2025, Justice Mohammed Umar held that Isa, the lone plaintiff, lacked the locus standi (legal capacity) to institute the action against the nine defendants.

    The defendants in the case were: Seltrix Limited, Hayatu Hassan Hadejia, Teleology Nigeria Limited, Mohammed Edewor, EMTS, the Corporate Affairs Commission (CAC), the Nigerian Communications Commission (NCC), LH Telecommunication Limited, and General Theophilus Yakubu Danjuma.

    Isa, through his counsel Femi Atteh, SAN, had commenced the suit on December 27, 2024, seeking 11 reliefs, including a declaration that he was the beneficial owner of the disputed shares allegedly held in trust for him by Seltrix Ltd in Teleology Nigeria Ltd.

    However, the 3rd, 4th, 5th, 8th, and 9th defendants, represented by Michael Aondakaa, SAN, C.I. Okpoko, SAN, R.O. Atabo, SAN, A.T. Kohol, Esq., and C.C. Ogbonna, Esq., filed a joint preliminary objection dated February 5, 2025, urging the court to dismiss the case for want of jurisdiction and as an abuse of court process.

    After reviewing arguments from all parties, Justice Umar upheld the objection, ruling that Isa failed to show any legal interest in the subject matter.

    Justice Umar held: “I carefully perused the said exhibit to see if the allegation of the Plaintiff is substantiated, I did not find any. Nowhere was there any figure of the 43,000,000 million ordinary shares held in trust for the Plaintiff by the 1st Defendant mentioned.

    “In fact, the 2nd Defendant denied the Plaintiff did not controvert any business dealings with the Plaintiff and these facts. The said exhibits cannot by any imagination constitute a trust to confer locus standi on the Plaintiff. The Plaintiff tendered the said exhibits, but nowhere did it link the Plaintiff to his claims to enable him to institute an action on the facts alleged therein.”
    Furthermore, the court held that the plaintiff failed to establish the facts he asserted and to link his claims to the exhibits he himself tendered by virtue of averment in this suit.

    “I find that the Objectors have adequately countered the said exhibits in their reply on points of law in tandem with the law that failure to respond to a counter affidavit is deemed to be an admission,” Justice Umar held.

    In the final analysis, the judge added: “I resolve the issue of locus standi against the Plaintiff, and the law is that where a Plaintiff has been adjudged to lack locus standi, it does not matter what other issues have been raised for determination in the suit.”

    The court noted that since the Plaintiff lacked the capacity to institute the action, there was no need to make a pronouncement on grounds two to nine (2-9) of the 3rd, 4th, 5th, 8th and 9th Defendants’ Notice of Preliminary Objections, which included claims that the suit was statute-barred, incompetent, and that Isa was a “meddlesome interloper” seeking to frustrate the operations of EMTS.

    “I therefore make an Order striking out this action for lack of locus standi of the Plaintiff. This is the Order of this Court,” the judge added.

    The case was marked FHC/ABJ/CS/1971/2024.

  • Fidelity Bank increases share capital to N36.7bn

    Fidelity Bank increases share capital to N36.7bn

    Fidelity Bank Plc has increased its issued share capital from N26.7bn to N36.7bn following shareholders’ approval at its Extraordinary General Meeting held virtually on Thursday.

    The decision, detailed in a corporate notice filed with the Nigerian Exchange Limited, involved the creation of 20bn additional ordinary shares of N0.50 kobo each, bringing the total issued share capital to N36.7bn.

    In line with this development, shareholders authorised the Board of Directors to raise additional equity capital through various means, including private placements, rights issues, or public offers, in tranches and on terms deemed suitable by the Board, subject to regulatory approvals.

    “This capital raise is a strategic move to strengthen our balance sheet, enhance our competitive position, and ensure we can continue to deliver exceptional value to our customers and stakeholders,” Fidelity Bank stated.

    The resolutions also allow the Board to underwrite the capital-raising exercise, if necessary, to ensure full subscription. The newly issued shares will be listed on the NGX and will rank pari passu with existing shares.

    The bank noted that the capital increase aligns with its long-term expansion strategy.

    “We are positioning Fidelity Bank for sustained growth. This additional capital provides us with the financial flexibility to explore new opportunities, deepen our digital transformation efforts, and expand our market reach,” the company said.

    Shareholders also approved amendments to the bank’s Memorandum and Articles of Association to reflect the newly issued share capital and ensure compliance with regulatory requirements.

    Fidelity Bank emphasised its commitment to executing the next phase of its capital-raising plan in compliance with the Securities and Exchange Commission, Central Bank of Nigeria, and Corporate Affairs Commission regulations.

    The PUNCH reported that Fidelity Bank Plc has announced plans to increase its issued share capital from N26.7bn to N36.7bn.

  • Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness. Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

    Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

    It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year. 

    Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management. His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide, which signifies that the individual can effectively execute critical functions related to corporate liquidity, capital, and risk management.

    “We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

    Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK, as well as a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively. 

    “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said. 

    Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

  • PalmPay charges POS operators to register or submit CAC Certificate to prevent account freezing

    PalmPay charges POS operators to register or submit CAC Certificate to prevent account freezing

    Following the Corporate Affairs Commission’s Directive for POS operators to register and submit their CAC details on or before July 7, 2024, PalmPay has tasked its business users who have not yet complied with the directive to do so promptly.

    This directive follows Section 863 (1) of the Companies and Allied Matters Act (CAMA) 2020 and the 2013 CBN guidelines on Agent Banking.

    Speaking on this directive, Umuteme Enakeno, Head of Marketing and Communication at PalmPay, stated “PalmPay fully supports the CAC’s directive. To provide a seamless experience for our customers, we have integrated the registration portal with our Business App. In cases where the customers need support, we provide 24/7 customer support to our operators and also conduct weekly meetings to guide them on the process.”

    Enakeno disclosed that customers can register their businesses via the PalmPay Business App by ensuring that all necessary documents and information are provided accurately before submitting their applications.

    He further explained that customers must update their PalmPay Accounts with business details whenever they get the certificate to reflect their new corporate status.

    He noted that PalmPay is committed to doing its part to foster a secure financial ecosystem.

    “We urge all PalmPay Business customers to submit or register their CAC before the deadline. Failure to do so means that the account would be frozen,” he added.

  • Seplat Energy Appoints Udoma Udo Udoma as Chairman, Bello Rabiu as Non-Executive Director

    Seplat Energy Appoints Udoma Udo Udoma as Chairman, Bello Rabiu as Non-Executive Director

    Seplat Energy, a leading Nigerian energy company dual listed on both the Nigerian Exchange Limited and the London Stock Exchange, is pleased to announce the appointment of Mr. Udoma Udo Udoma as the Company’s new Independent Non-Executive Chairman to succeed Mr. Basil Omiyi, who will retire on March 31, 2024. Mr. Udoma’s appointment was approved after a unanimous vote by Directors of Seplat Energy, in compliance with the Nigerian Companies and Allied Matters Act (“CAMA”) 2020 and is effective April 1, 2024.

    Seplat Energy is also pleased to announce the appointment of Mr. Bello Rabiu as the new Senior Independent Non- Executive Director effective April 1, 2024, to succeed Dr. Charles Okeahalam who will be retiring March 31, 2024.

    These appointments are in line with the Board Succession Forward Plan announced via Corporate Announcement on April 25, 2023 (RNS: 3575X) and via a subsequent Corporate Announcement on November 1, 2023 (RNS: 0096S) wherein it was announced that Mr. Basil Omiyi and Dr Charles Okeahalam will retire from the Board on March 31, 2024.  These appointments further demonstrate the commitment of the Board to upholding its strong corporate governance culture and in establishing a truly independent Board.

    Mr. Udoma Udo Udoma: Mr. Udoma is an accomplished lawyer and seasoned board administrator. Mr. Udoma attended St. Catherine’s College, Oxford, England where he obtained a B.A. (Law) degree and a B.C.L. degree in jurisprudence. He was admitted to the Nigerian Bar in 1978. He founded the Law Firm Udo-Udoma & Belo Osagie in 1983 and retired from active legal practice in early 2020. Whilst in practice, Mr. Udoma specialized in advising on Nigerian investment laws and the investment environment, particularly in the petroleum, energy, and natural resources sectors. He advised Nigerian and international companies on company law, corporate restructuring, mergers and acquisitions and the raising of financing in the capital and money markets, as well as on major construction and engineering contracts.

    Mr. Udoma has served on a number of large sized company boards. He was Chairman of UAC Nigeria Plc and Union Bank Plc and served on the boards of companies such as Unilever Nigeria Plc., Linkage Assurance Plc and First Hydrocarbon Nigeria Limited. He has also held a number of public sector appointments. He was the first Chairman of the Corporate Affairs Commission (CAC) and has also served as the Chairman of the Nigerian Securities & Exchange Commission (SEC). He was the Special Adviser to the Minister of Petroleum and Natural Resources from September 1993 to March 1994 and served as Minister of Budget & National Planning from 2015 to 2019. He was elected to the Nigerian Senate in 1999 and served for two terms from 1999 to 2007. Mr. Udoma is currently the Pro-Chancellor of Akwa Ibom State University, Ikot Akpaden, Akwa Ibom State, Nigeria.

    Mr. Bello Rabiu: Mr. Bello Rabiu holds a Bachelor’s and Master’s Degrees in Mathematical Statistics from Ahmadu Bello University Zaria, Nigeria and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom. He attended many career advancements courses in Nigeria and abroad including the prestigious Wharton Executive Development Program from the University of Pennsylvania in Philadelphia, USA and Leading Global Business Program from Harvard Business School, Boston, USA.

    Before his new role as the Founder and Chief Executive Officer of Dankiri Farms and Commodities Limited, Mr. Rabiu retired from the services of the Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service. He retired from NNPC as the Chief Operating Officer/Group Executive Director (COO/GED), Upstream Business Unit. Prior to his appointment as COO/GED Upstream, NNPC. Mr. Rabiu held dual positions of Group General Manager, Corporate Planning & Strategy Division and Senior Technical Assistant to Group Managing Director, NNPC. He was also the General Manager, Competitive Analysis Department of the same Division from September 2010 till August 11th, 2015. He was at various times between 1991 and 2005 a planning officer and Pioneer Head, Material Management, Frontier Exploration Services at the National Petroleum Investment Management Services (NAPIMS) Division of NNPC.

    As COO/GED Upstream of NNPC, Mr. Rabiu oversaw the activities of the Corporation’s Upstream businesses, including; National Petroleum Investment Management Services (NAPIMS), National Engineering and Technical Company (NETCO), Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and NNPC Oil Field Services (NOFS). He has a balanced knowledge of the Exploration & Production industry in Nigeria with unusual capability which combines commercial/fiscal knowledge with operations. This was particularly valuable in the development of the 2016 Nigerian Government approved upstream Joint Venture funding scheme which has restored the confidence of the International Oil Companies (IOCs) and Independent Partners in Nigeria’s Upstream Joint Venture resulting in increased national oil production of 2.3mbpd by 2019.

    He was responsible for the implementation of the 7 Critical Domestic Gas Development Projects (including AGPC), an offshoot of Nigerian Gas Master Plan aimed at using gas for Nigeria’s industrialization, economic growth, and development – where significant consideration had to be given to strategic intent, fiscal rules, and commerciality of supply.

    Commenting on the appointments, Mr. Basil Omiyi, the Chairman of Seplat Energy, said: “Seplat Energy’s commitment to strong corporate governance remains unwavering and is demonstrated by the recent appointment of Mr. Udoma Udo Udoma and Mr. Bello Rabiu as the new chairman and SINED respectively.  

    “We are confident that under their guidance, Seplat Energy will continue to expand and consolidate its position as Nigeria’s leading energy company and the partner of choice to deliver energy transition for Africa’s largest economy and its rapidly growing population.”

  • NCC Extends Submission of Application for Hackathon

    NCC Extends Submission of Application for Hackathon

    The Nigerian Communications Commission (NCC) has extended the deadline for submission of applications and entries into the 2023 Talent Hunt through Hackathon to Saturday, September 30, 2023.

    To this end, the deadline for application/entries into the contest, which opened on September 1, 2023, and initially closed today (September 22, 2023), has now been extended to close on the last day of September 2023.

    The approval of the extension window by the Commission is to give ample time for more prospective and viable startups to tidy up their solutions in the required format for submission as well as to enable more upcoming technology entrepreneurs to participate in the competition.

    The talent hunt is one of the means through which the Commission gives concrete expression to its Strategic Vision Plan 2023-2025, by encouraging the development of new technologies and indigenous content through cutting-edge research to stimulate sustainable economic growth and development in Nigeria.

    Consequently, the Commission had invited the Tech Hubs, and Innovation-Driven Enterprises (IDEs) in Nigeria to enroll their start-ups and their solutions in the third edition of the NCC Talent Hunt Research through a Hackathon with a focus on three (3) thematic areas such as Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities, and Technology Solutions for Renewable Energy in Rural Areas.

    The NCC Talent Hunt Research through Hackathon leverages Emerging Digital Technologies to facilitate the development of home-grown innovative solutions and local content development in the telecommunications sector while fostering economic growth and social advancement in Nigeria.

    The competition enables the translation of novel ideas into the development of hardware/software solutions that address industry and societal challenges. The best three solutions, one from each of the three areas listed above will receive grants of N10 million each for the development of the solutions.

    The Commission has set out eligibility criteria for those seeking to participate in the competition, which include that the Enterprise applying must provide a certificate of registration with the Corporate Affairs Commission (CAC), the Enterprise must not have previously received support from the Commission, the project should have clear relevance to one of the three thematic areas above, it must provide a clear problem statement, proposed solution, and roadmap to deployment.

    Other requirements include a proof of concept (which may also include technical feasibility of the idea with diagram, algorithm, existing models, or case studies; the solution must be novel with the applicant making a declarative statement on ownership of the intellectual property, the solution including prototype development shall be concluded within 6 months of receipt of the Grant and must propose a detailed commercialization plan of the prototype.

    The Entry Submission format indicated that the proposal must include ideation,

    Minimum Viable Product (MVP) and solution, Current Sweat Equity Investment, Product-Market Fit status, Verifiable Go-to-Market status, Growth Feasibility Assurances, Maturity Model and Timeliness; and Exist time: Disaster Recovery, where applicable

    All applications should be made online and must follow the stipulated entry format and there is no financial cost to participating in the competition while full control and ownership of the intellectual property of the developed solutions remain with the Commission.

    The entries must be made by a Tech Hub/Innovation-Driven Enterprise that must show evidence of the relationship with the Start-up/solution being entered, a 4-page Executive summary of the project concept, a 3-5 minute video of the pilot project, names, age, contact details, passport photos and profile of all team members and the website (if available) as well as an E-mail address of the applicant.

    All interested and qualified enterprises should submit requested documents in a zip folder to https://ncc.gov.ng/talenthuntresearchhackathon2023 with the subject of the mail titled “Submission from <business name>” and the zipped file named after the business.  

    The Commission therefore wishes to notify members of the public that the deadline for sublimation has now been extended to September 30, 2023, when the application and enjoin the startup ecosystem to note their participation.

  • NCC Opens Applications for 2023 Talent Hackathon

    NCC Opens Applications for 2023 Talent Hackathon

    The Nigerian Communications Commission (NCC) has kicked off activities for the third edition of its Talent Hunt Research through Hackathon as part of giving expression to its Strategic Vision Plan 2023-2025, which is to encourage the development of new technologies and indigenous content through cutting-edge research. The goal of this initiative is to stimulate sustainable economic growth and development in Nigeria.

    Therefore, the Commission has invited Tech Hubs, and Innovation-Driven Enterprises (IDEs) in Nigeria to enrol their start-ups and their solutions in the Talent Hunt Research through a Hackathon organised by NCC. The Hackathon focuses on Blockchain-enabled Data Protection Solutions for Enhancing Regulatory Compliance; Assistive Technology Solutions for the Elderly and People with Disabilities; and Technology Solutions for Renewable Energy in Rural Areas.

    The NCC Talent Hunt Research Through Hackathon leverages Emerging Digital Technologies to facilitate the development of home-grown innovative solutions and local content development in the telecommunications sector while fostering economic growth and social advancement in Nigeria.

    The competition enables the translation of novel ideas into the development of hardware/software solutions that address industry and societal challenges. The best three solutions, one from each of the three areas listed above will receive grants of N10 million each for the development of the solutions.

    The Commission has set out eligibility criteria for those seeking to participate in the competition, which include that the Enterprise must provide a certificate of registration with the Corporate Affairs Commission (CAC), the Enterprise must not have previously received support from the Commission, the project should have clear relevance to one of the three thematic areas above, it must provide a clear problem statement, proposed solution, and roadmap to deployment.

    Other requirements include a proof of concept (which may also include technical feasibility of the idea with diagram, algorithm, existing models, or case studies; the solution must be novel with the applicant making a declarative statement on ownership of the intellectual property, the solution including prototype development shall be concluded within 6 months of receipt of the Grant and must propose a detailed commercialization plan of the prototype.

    The Entry Submission format indicated that the proposal must include ideation,

    Minimum Viable Product (MVP) and solution, Current Sweat Equity Investment, Product-Market Fit status, Verifiable Go-to-Market status, Growth Feasibility Assurances, Maturity Model and Timeliness and existing time: Disaster Recovery, where applicable

    All applications should be made online and must follow the stipulated entry format and there is no financial cost to participating in the competition while full control and ownership of the intellectual property of the developed solutions remain with the Commission.

    The entries must be made by a Tech Hub/Innovation-Driven Enterprise that must show evidence of the relationship with the Start-up/solution being entered, a 4-page Executive summary of the project concept, a 3-5 minute video of the pilot project, names, age, contact details, passport photos and profile of all team members and the website (if available) as well as an E-mail address of the applicant.

    All interested and qualified enterprises should submit requested documents in a zip folder to https://ncc.gov.ng/talenthuntresearchhackathon2023 with the subject of the mail titled “Submission from <business name>” and the zipped file named after the business.  

    The Commission has run an advertorial on the Hackathon for 3 weeks and hereby requests those in the startups ecosystem to note that the application closes by Friday, 22nd September 2023.