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Business News

Baba Ijebu is now the largest shareholder in Wema Bank Plc

A new majority shareholder may have taken shelter in Wema Bank Plc, going by the recently-recorded spike in the company’s sales volume. 

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Wema Bank Plc

A new majority shareholder may have taken shelter in Wema Bank Plc, going by the recently-recorded spike in the volume of shares traded.

The Strategic Investor Revealed: According to some stockbroker with insights into the transactions that happened on the bank’s stocks between Monday and Tuesday, the large transaction volumes point to the fact that a strong strategic investor is taking a controlling stake in the company. This strong investor was specifically identified as Nigerian billionaire Adebutu Kesington.

“There were large volumes on Wema shares transaction on Monday and Tuesday. A strategic investor suspected to be Adebutu Kesington is taking controlling ownership of Wema Bank.” -Anonymous

Figures from marketscreener.com show Adebutu holds 10,685,688,150 shares or 27.7% of the bank’s outstanding shares.

 

Shareholders are okay with this: According to Patrick Ajudua, the President of New Dimension Shareholders Association, any measure that is taken to keep the bank competitive is a welcome development.

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“Whatever it will take to reposition the bank in order to compete with its peers is a welcome development for minority shareholders. You will recall that there is a movement in trading of the bank shares in last three days, which is an indication of possible boardroom changes. Also, it is just recently that the bank is able to declare dividend after 14 years. So I welcome the new development.”

Meanwhile, the President of the Progressive Shareholders Association of Nigeria said Boniface Okezie,  said-

“If the man has the capacity to run the place as a core investor he is welcome on board, but I must also warn that the management must be allowed to operate with free hands with less interference.”

Note that between Monday and Tuesday, there was an unusual upsurge in the volumes of transaction in the bank’s shares, with 2,695,950,744 and 2,399,041,825 shares traded respectively. The value of Wema Bank’s shares traded on Monday was N1.71 billion, representing 43.6% of the total value of shares which is N3.93 billion. The value of the bank’s shares traded on Tuesday was N1.48 billion.

[READ MORE: Is a key investor selling down a stake in Wema Bank Plc?]

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Between Monday and Tuesday, the bank’s share gained 3 kobo to close at 63 kobo

The company topped the activity chart of the Exchange on the two days after a total of 5.095 billion shares changed hands in the period.

Note that Wema Bank has not confirmed this development, even as no written statement has been issued to the Nigerian Stock Exchange on this matter.

Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Hospitality & Travel

Covid-19 protocol: FAAN insists that arriving passengers can only be picked up at car parks

The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government.

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Murtala Muhammed Airport (MMA), FAAN recruitment, FAAN in recruitment scandal as politicians takeover, Federal Airports Authority of Nigeria, 2019: Lagos airport records growth in passenger, aircraft and cargo movement  

The Federal Airports Authority of Nigeria (FAAN) has insisted that arriving passengers are to walk to designated car parks to board their vehicles as no driver would be permitted to pick up arriving passengers at the front of the airport terminal.

The directive is in accordance with laid down Covid-19 protocols which was issued by the Federal Government to help contain the spread of the coronavirus disease across the country.

This disclosure is contained in a press statement issued by FAAN and signed by its General Manager, Corporate Affairs, Henrietta Yakubu, on Monday, April 12, 2021.

FAAN in its statement said that drivers are only permitted to park and wait at the car parks adding that they can only drop off the passengers in front of the terminals and are not permitted to wait for any reason.

What FAAN is saying 

The statement from FAAN reads, “The Federal Airports Authority of Nigeria (FAAN) hereby advises passengers, drivers and other airport users, particularly those at the General Aviation Terminal, Lagos, to always comply with all laid down protocols on Covid-19 to ensure the safety of all airport users,” the statement read.

“No driver is permitted to pick up arriving passenger(s) at the frontage of the terminals. All drivers must park and wait inside the car parks, while arriving passengers walk down to the car parks to board their vehicles.

“For departing passengers, drivers are only allowed to drop off passengers in front of the terminals. They are not permitted to wait for any reason after dropping their passengers, it is only a ‘Drop Off’ zone.

“We will like to advise all our esteemed customers to strictly adhere to these rules, to ease facilitation and enhance the safety of all airport users.”

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In case you missed it

It can be recalled that FAAN, on Friday, advised passengers and airport users to arrive at the airports early, particularly those at the Nnamdi Azikwe International Airport, in order to complete their check-in procedures in good time and avoid unpleasant experiences associated with missing their flights.

In July 2020, the Minister for Aviation, Hadi Sirika, announced that domestic passengers are expected to arrive an hour and a half before departure.

FAAN had also said that anyone, including Very Important Personalities (VIP), who refuses to comply with Covid-19 protocols will not be allowed access to airport facilities.

 

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Billionaire Watch

How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

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Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

Blaster ($500)

A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

This was his first business endeavour which he started and sold.

READ: Tesla investor sues Elon Musk for causing problems with his tweets

ZIP 2 ($340m)

After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

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Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

X.com/PayPal ($1.5bn)

Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

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What you should know

Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

“If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

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