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Forfeiture Claim on Airtel Shares is False and Misleading – O&O Networks Limited, Subsidiary of Ecobank Group

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Sale of Airtel Shares; No Forfeiture Order against Ecobank Group, O&O Networks Limited

No Court Order to forfeit Sales Value of Our Airtel Shares – O&O Networks Limited, Subsidiary of Ecobank Group

O&O Networks Limited, Special purpose vehicle owned by the Ecobank Group says contrary to certain media reports, there is no forfeiture order of the Federal High Court of Nigeria in its proceedings that is directed against Ecobank Transnational Incorporate (ETI) or Ecobank Nigeria Limited. O&O Networks Limited is defending long-standing proceedings in the Federal High Court relating to its ownership of shares in Airtel Networks Limited that were once owned by it. The company which is a special purpose vehicle previously owned by Oceanic Bank, formed part of Ecobank Transnational Incorporated’s (ETI) in 2011 after the acquisition of Oceanic Bank. Legal proceedings were first initiated against O&O Networks Ltd in December 2006 by Broad Communications Ltd (“plaintiff”), in the Federal High Court of Nigeria.

A statement released by O&O Networks, pointed out that there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited.

According to the statement, there have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017, though a trial date on the substantive merits was recently fixed for May 28, 2019.

The statement reads: “Contrary to certain press reports, there is no forfeiture order of the Federal High Court of Nigeria in these proceedings that is directed against ETI or Ecobank Nigeria Limited, and neither ETI nor Ecobank Nigeria Limited has made or is required by law to make any payment to the Federal High Court of Nigeria in relation to this long-standing litigation. There have been no material legal developments in the plaintiff’s substantive claim for monetary compensation since 2017.

“In 2006, the plaintiff’s claim was grounded on an alleged right of first refusal over shares in Airtel Networks Limited that O&O Networks owned. The plaintiff claimed ownership of the Airtel shares based on its right of first refusal. In 2017, the plaintiff amended its claim to seek monetary compensation of USD equivalent of Naira 10 billion (approximately US$28 million) in place of its claim of ownership of the Airtel share.

” Since the matter was filed in 2006, it has not proceeded to trial on the substantive merits of the claim to date though a trial date on the substantive merits was recently fixed for May 28, 2019

“In August 2018, O & O Networks sold its shares in Airtel Networks Limited for Naira 22.5 billion (approximately US$62.5 million) with the permission of the Federal High Court on 7 June 2018 and subsequently in September 2018, the plaintiff filed an interlocutory application requesting the Federal High Court of Nigeria to grant an order directing O&O Networks to place Naira 22.5 billion (approximately US$62 million) – the entire proceeds of the sale of the Airtel shares and an amount which is significantly in excess of the plaintiff’s total monetary claim – into an escrow account in the name of the Chief Registrar of the court, pending the final determination of the substantive claim. The Federal High Court of Nigeria granted the plaintiff’s interlocutory application on 7 March, 2019.

“O&O Networks has filed a notice of appeal and an application for stay of execution to this ruling. O&O Network’s appeal to the interlocutory order is currently pending, and it intends to prosecute the appeal vigorously.

“O & O Networks Limited believes the substantive claim of the plaintiff is without merit and will continue to vigorously defend all proceedings – interlocutory and substantive – in relation to the plaintiff’s long-standing claim.”

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Ibom Deep Seaport Gets Presidential Approval as Tinubu Backs Project

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President Bola Tinubu has approved the long-awaited Ibom Deep Seaport project in Akwa Ibom State.

Tinubu announced the approval on Friday while responding to a request by Governor Umo Eno during a reception and rally held in his honour at the Godswill Akpabio International Stadium, Uyo.

The President, who was in the state to inaugurate projects executed by the Eno administration, said the development must promote inclusive growth, create economic value and bring progress to the people.

“Now, development must be even inclusive and reasonable, must bring progress and create economic value. I heard from my friend, my governor, my pastor, on behalf of the people and leadership of Akwa Ibom, request for Ibom’s deep-sea port,” Tinubu said.

After repeating the request, the President asked the crowd, “Will you vote?”

He subsequently declared, “Okay, It’s approved.”

The approval followed a pledge by Eno that Akwa Ibom would deliver two million votes for Tinubu’s re-election in 2027 if the Federal Government delivered the seaport.

“Give us Ibom Deep Seaport, we will deliver two million votes. This deep seaport is capable of unlocking the economy of the state, the South-South region and Nigeria at large,” the governor said.

Eno described the seaport as the most important economic demand of the people of Akwa Ibom, saying it would transform the state’s maritime, industrial and employment landscape.

He said the people of the state had remained loyal to Tinubu since 2023 and were asking him to fulfil his promise to build the facility.

Tinubu had, during his 2023 presidential campaign rally at the same stadium, promised to build the deep seaport, citing the Lekki Deep Seaport, developed during his tenure as Lagos State governor, as an example of what he hoped to achieve in Akwa Ibom.

Eno said the project, conceived during the administration of former Governor Victor Attah as the Ibaka Deep Seaport and Industrial City, had remained unrealised for decades despite featuring in successive presidential campaigns.

“This seaport would serve as a major transhipment hub. It will create thousands of jobs for our people. It will open Akwa Ibom to international trade and investment,” he said.

The governor also said Akwa Ibom had aligned with the Federal Government by joining the All Progressives Congress to attract greater federal presence and development.

He assured Tinubu that the state would mobilise support for his re-election in 2027, saying the seaport would be a major dividend of his administration.

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JUST IN: Court Nullifies Atiku’s Candidacy, Sacks Mark-Led ADC NWC Ahead of 2027 Elections

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*Says ADC’s leadership that produced him, other candidates illegal

A Federal High Court in Abuja has nullified the process that led to former Vice President Atiku Abubakar’s emergence as the African Democratic Congress (ADC) presidential candidate for next year’s presidential election. FollowPolitics

In a judgment on Thursday, Justice Peter Lifu also voided the emergence of former Senate President David Mark, ex-Governor of Osun State Rauf Aregbesola, and others as ADC national officers.

Justice Lifu also voided the nominations of all ADC candidates for the 2027 general elections, holding that they emerged from the ADC’s illegal and unlawful leadership.

The judgment was delivered in a suit brought by an aggrieved ADC Deputy National Chairman, Nafiu Bala Gombe.

The judge upheld Gombe’s contention that David Mark and Rauf Aregbesola emerged as party leaders through an unlawful and illegal process.

Justice Lifu set aside all actions taken by the Mark-led leadership in the name of ADC, holding that they were unlawful.

Details shortly…

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Breaking : End of an Era: Five-Time Ballon d’Or Winner Cristiano Ronaldo Retires from International Football at 41

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Portuguese Legend Bows Out After 23 Years, 146 Goals and 234 Appearances for Portugal

Portuguese football superstar Cristiano Ronaldo has announced his retirement from international football at the age of 41, bringing an end to an illustrious 23-year career with the Portugal national team.

The five-time Ballon d’Or winner made the announcement on Thursday, November 5, 2026, through an emotional video message shared on his social media platforms.

Ronaldo, widely regarded as one of the greatest footballers of all time, said the time had come to hand over Portugal’s iconic No. 7 shirt to the next generation of players.

The former Real Madrid, Manchester United and Juventus forward retires from international football as the highest goalscorer in men’s international football history, with an outstanding record of 146 goals in 234 appearances for Portugal.

His international journey began in August 2003, when he made his senior debut for Portugal as an 18-year-old. Over the following 23 years, he became the country’s most recognisable football figure and one of the most influential captains in the history of the national team.

One of the greatest moments of his international career came in 2016, when he captained Portugal to its first-ever UEFA European Championship title.

Portugal defeated host nation France 1-0 after extra time in the final, despite Ronaldo being forced off the pitch through injury in the first half. His leadership and encouragement from the sidelines remained an important part of the historic victory.

He also helped Portugal win the UEFA Nations League in 2019 and 2025, bringing his major international trophy haul with the country to three.

In his farewell message, Ronaldo reflected on his remarkable journey, describing wearing Portugal’s No. 7 shirt for 23 years as a privilege and responsibility.

He said the decision was not easy because it involved both his head and his heart, adding that it was time to pass the responsibility to the next generation.

Ronaldo leaves behind extraordinary records, including the most international appearances and goals in men’s football. He also became the first male player to score at six different FIFA World Cup tournaments.

Beyond his international achievements, the five-time Ballon d’Or recipient enjoyed a remarkable club career, winning multiple domestic league titles and five UEFA Champions League trophies.

His retirement marks the end of a significant chapter in Portuguese and world football, with his achievements, leadership, goalscoring records and commitment to his country likely to remain an inspiration to future generations.

Although he has ended his international career, Ronaldo’s legacy as one of football’s greatest-ever players remains firmly established.

Portugal will now look towards a new generation of players to carry forward the legacy of its legendary No. 7.

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