Otedola Backs Windfall Tax, Carpets Banks over $500m Expenditure on Private Jets Says extravagant lifestyle erodes public trust in financial institutions, diverts crucial resources from priority sectors, others
ames Emejo in Abuja The Chairman, FBN Holdings, Mr.
Femi Otedola, often referred to as the strongman of the financial and capital markets, yesterday threw his
weight behind the implementation of a windfall tax in the country, noting that the move would foster
a fairer and more equitable economic environment. Otedola also criticised some
bank chief executives who prioritise personal gains over their duty to shareholders and customers, thereby
jettisoning core banking values. Continued on page 9
FBN Holdings Grows Profit by 101% to N411.99 Billion in First Half 2024... Page 5 Thursday 01 August, 2024 Vol 29. No 10704. Price: N400
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Tinubu to Onwenu: May Your Music Never Fade, Find Where There’s ‘Dancing in the Sun’... Page 35
Consumers Face More Hardship as Panic Buying Push Up Demand, Prices Ahead of Protests Raheem Akingbolu in Lagos, Ahmad Sorondinki in Kano, Arinze Gedeon in Enugu, John Shiklam in Kaduna, Gbenga
Sodeinde in Ado Ekiti and Blessing Ibunge in Port Harcourt
Ahead of the nationwide protests
against lingering food inflation and pervasive hunger planned to commence today, panic buying and petrol scarcity pushed up the prices
of consumables, further visiting difficulty on an already exhausted citizenry across the country. A THISDAY survey in some ma-
jor cities and markets, showed there was pressure on stores, markets and petrol stations, as households moved in large numbers to stock
their homes ahead of the proposed protests. Continued on page 9
Northern Elders Back Protests, N’Delta Opts Out, Courts Restrict Protesters in FCT, Lagos, Ogun What to expect from states
Our reporters The proposed countrywide demonstrations to protest against alleged bad governance by the President Bola Tinubu administration, starting today, appears to have divided the nation along the north and Niger Delta divides. While some prominent northern leaders have declared support for the idea, because it seemed to reflect the reality and mood of the nation, the Niger Delta people have questioned the motive of the planned protests. This, notwithstanding, some state governments, including the Federal Capital Territory (FCT), while pre-empting the worst case scenario, had obtained court orders restricting movements of protesters and within a specified time frame. Conversely, indications of limited turn out from state to state as the protests commence today, have begun to manifest nationwide. Some Northern Nigeria elders and stakeholders had yesterday announced their full support for the planned nationwide hunger protest tagged #EndBadGovernanceInNigeria. In a statement by Professor Usman Yusuf, the elders and the stakeholders Continued on page 33
Facts Behind the Offer Presentation of FCMB Group’s Rights Issue...
L-R: A Director of FCMB Group Plc, Mrs. Mfon Usoro; Chief Executive Officer, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka; Group Chief Executive Officer, NGX Group, Mr. Temi Popoola; Group Chief Executive, FCMB Group Plc, Mr. Ladi Balogun; Executive Director, Coverage & Investment Banking of the Group, Mr. Femi Badeji and another Director, Mrs. Olapeju Sofowora, during the Facts Behind the Offer Presentation of FCMB Group’s Rights Issue held at the NGX in Lagos on Tuesday