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FCMB Group changes venue of AGM because of Covid-19 lockdown

FCMB Group Plc has announced that its 7th Annual General Meeting (AGM) will no longer take place at the Muson Centre at Onikan, as earlier scheduled.

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FCMB Group Plc has announced that its 7th Annual General Meeting (AGM) will no longer take place at the Muson Centre at Onikan, as earlier scheduled. Instead, the AGM will now hold at the company’s head office, First City Plaza, 44 Marina, Lagos.

A brief statement that was signed by the Company Secretary, Olufunmilayo Adedibu, as seen on the Nigerian Stock Exchange’s website, explained that the change in venue became a necessity due to the Coronavirus pandemic. As you may well know, Lagos is currently under lockdown, as part of measures to curtail the spread of the contagious Covid-19.

“This has become necessary in view of the Covid-19 pandemic and following the Federal Government’s restriction on public gatherings in order to ensure public health, safety and security of all stakeholders. All other details of the AGM, including resolutions to be proposed at the meeting, remain unchanged from those notified to shareholders on April 08, 2020,” the statement said.

Recall that FCMB Group had announced earlier this month that it will go ahead with its AGM which was earlier scheduled to take place on the 28th of April. The company had also informed stakeholders that the AGM will be conducted by proxy, so as to abide by the health officials’ social distancing directive. Now, with the lock down still persisting, the company has decided to shift the venue to its head office as a way of taking further precautions.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

COVID-19 Update in Nigeria

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,667 confirmed cases.

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 4,648 samples across the country.

To date, 61,667 cases have been confirmed, 56,880 cases have been discharged and 1,125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 595,283 tests have been carried out as of October 21st, 2020 compared to 590,635 tests a day earlier.

COVID-19 Case Updates- 21st October 2020,

  • Total Number of Cases – 61,667
  • Total Number Discharged – 56,880
  • Total Deaths – 1,1125
  • Total Tests Carried out – 595,283

According to the NCDC, the 37 new cases were reported from 9 states – FCT (8), Lagos (7), Taraba (5), Rivers (5), Adamawa (4) Kaduna (3), Anambra (2), Osun (2), Ogun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,733, followed by Abuja (5,943), Plateau (3,587), Oyo (3,421), Rivers (2,742), Edo (2,648), Kaduna (2,572), Ogun (1,987), Delta (1,812), Kano (1,741), Ondo (1,659), Enugu (1,314),  Kwara (1,050), Ebonyi (1,049), Osun (918), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 607 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business News

BRT owners, Primero says they lost N100 million to #ENDSARS protest

Primero Transport Services (PTS) Ltd, the owners of BRT Busses have lost over N100 million in 6 days due to the #ENDSARS protest

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Primero Transport Services (PTS) Ltd, the owners of BRT Busses have lost over N100 million in 6 days due to the #ENDSARS protest which has ravaged Nigeria’s economic capital of Lagos in the last 10 days.

According to a report from the News Agency of Nigeria, PTS Head, Corporate Communications, Mr. Mutiu Yekeen, said that the company made a lot of losses between Oct. 16 and Oct. 21.

“We are hoping something better will come out of the situation because, presently, the situation has impacted negatively on our business in terms of revenue generation. We have lost over N100 million in the last six days but we decided to stop operations to avoid damage to our vehicles and also for the safety of commuters as an organisation. We value our customers more importantly; that is why we stopped operation due to volatility of the state especially in Ikorodu. If you listen to the news this morning, you will discover that people cannot travel from Ikorodu to any part of Lagos,” Yekeen

Things got worse for BRT on Wednesday after suspected hoodlums burnt several buses at the Oyingbo/Iddo terminal in Lagos. According to NAN, a large number of new BRT buses yet to be deployed to routes but parked in the terminus situated behind the railway line in Oyingbo, have all been consumed by the raging fire.

Several government-owned buildings and assets were torched by protesters including across Lagos including Police Stations. The suspected hoodlums also set ablaze buildings belonging to private businesses while several shopping malls were looted.

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What this means: Following the curfew imposed across the state and the subsequent arson of the company’s buses and terminals, it is unlikely that they will return to business anytime soon.  The losses will likely continue and could lead to a request for a bailout if the company is to sustain operations.

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ENDSARS

#EndSARS: Ghanaian President says Buhari is committed to police reform

Ghanaian President has called for calm as he continues to speak to President Buhari on measures to resolve the crisis.

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Ghana’s cedi becomes investors’ best choice ahead Nigeria’s naira, Ghana restricts flights into country after detecting Coronavirus but Nigeria ignores measure

The President of Ghana, Nana Akufo-Addo, said President Muhammadu Buhari has begun the processes that will lead to police reforms, as he calls for calm and dialogue to resolve the issues surrounding reported cases of chaos related to the #EndSARS protests.

Akufo-Addo disclosed this in a statement on Wednesday evening, which comes a day after peaceful protesters are were allegedly shot at by the Nigerian military at the Lekki toll gate holdout.

“I join all well-meaning persons in calling for calm and the use of dialogue in resolving the #EndSARS impasse in Nigeria.

“I have spoken with President Buhari, who is committed to this end, and has begun the processes that will lead to reform,” Nana Akufo – Addo said.

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He added that the use of violence by security agents is not a solution and expresses his condolences.

“Violence, be it on the part of the police or protesters, cannot be the solution. To the families who have lost their loved ones, I express my sincere condolences, and I wish the injured a speedy recovery,” he added.

Akufo-Addo joins other global leaders like former US Presidential candidate, Hillary Clinton, who has called on President Muhammadu Buhari’s administration and the Nigerian Army to stop the killing of young protesters in the country.

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