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Forfeiture Claim on Airtel Shares is False and Misleading – O&O Networks Limited, Subsidiary of Ecobank Group
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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Just IN : Relief in Kaduna as Soldiers Rescue 31 Kidnapped Easter Worshippers
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Troops of the Nigerian Army have rescued 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.
The rescue followed a distress call reporting that terrorists had invaded an ECWA Church in the community and abducted worshippers during the service.
In a statement posted on its X handle on Sunday, the Army said that upon receiving the information, troops swiftly mobilised to the scene and, with the support and guidance of members of the Ariko community, advanced in pursuit of the fleeing attackers.
The Army said the troops engaged the terrorists in a fierce firefight, overpowering them with superior firepower.
“Troops of the Nigerian Army, through a swift response, successfully foiled a terrorist attack, leading to the rescue of 31 civilians abducted during an Easter church service in Ariko Village, Kachia Local Government Area of Kaduna State.
“The swift response followed a distress call reporting the abduction of worshippers during an Easter service at an ECWA Church in Ariko Village. The troops, on receipt of the information, promptly mobilised to the scene. With the support and guidance of members of the Ariko community, they advanced in pursuit of the fleeing terrorists and engaged the criminals in a fierce firefight, overwhelming them with superior firepower.
“The pressure mounted by the advancing troops forced the terrorists to abandon 31 hostages, including one injured victim who is currently receiving medical attention,” the statement partly read.
However, the army disclosed that troops also recovered the remains of five victims already killed by the terrorists at the scene.
“Regrettably, the remains of five victims already killed by the terrorists were also recovered at the scene. The fleeing terrorists are believed to have sustained significant casualties, as evidenced by blood trails along their escape routes.
“Troops have since intensified pursuit operations to track the fleeing elements to their enclaves, with ongoing efforts aimed at rescuing any remaining captives and ensuring the perpetrators are brought to justice,” the statement added.
The army said additional troops had been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.
“To consolidate the gains recorded, additional troops have been deployed to the area to reinforce ongoing operations, enhance security presence, and prevent further threats to lives and property.
“The Nigerian Army reaffirms its unwavering commitment to the protection of citizens and the defence of Nigeria’s territorial integrity, in collaboration with other security agencies and local stakeholders. Troops remain resolute in sustaining offensive operations against all threats to national security.
“Members of the public are encouraged to continue supporting the Nigerian Army and other security agencies by providing timely and credible information, as collective vigilance remains vital to achieving enduring peace and stability,” the statement concluded.
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Breaking : Tinubu Moves to Fix Power Crisis with N3.3tn Debt Clearance
President Bola Tinubu has approved a ₦3.3 trillion payment plan aimed at resolving long-standing debts in Nigeria’s power sector and boosting the reliability of electricity supply.
The plan addresses legacy debts accumulated between February 2015 and March 2025 under the Presidential Power Sector Financial Reforms Programme.
Following a comprehensive review, the government agreed on ₦3.3 trillion as a full and final settlement, ensuring transparency and fairness.
A statement issued on Sunday by the special adviser to the president on information and strategy, Bayo Onanuga, stated that implementation of the repayment plan has already begun, with fifteen power plants already signed settlement agreements totalling ₦2.3 trillion.
The statement read, “President Bola Tinubu has approved the payment plan to finally settle the outstanding debts under the Presidential Power Sector Financial Reforms Programme.
“The debt repayment plan followed the final review of the legacy debts that have beset the power sector for more than a decade.
“The long-standing debts accumulated between February 2015 and March 2025. Following verification, ₦3.3 trillion has been agreed as a full and final settlement, ensuring a fair and transparent resolution.
“Implementation has begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion. The Federal Government has already raised ₦501 billion to fund these payments. Out of the amount, N223 billion has been disbursed, with further payments underway.
“What this means for Nigerians: With payments reaching the power value chain, generation will be more stable. With power plants supported, electricity reliability will improve.”
Commenting on the development, the Special Adviser on Energy to the President, Olu Arowolo-Verheijen, explained that the settlement would improve electricity reliability by stabilising the power value chain.
“This programme is not just about settling legacy debts. It is about restoring confidence across the power sector — ensuring gas suppliers are paid, power plants can keep running, and the system begins to work more reliably,” she said.
The adviser added that the reforms are part of broader initiatives, including better metering and service-based tariffs that link consumer payments to the quality of electricity received.
Priority will also be given to supplying electricity to businesses, industries, and small enterprises to support job creation and economic growth.
“The goal is simple: more reliable power for homes, stronger support for businesses, and a system that works better for all Nigerians,” Arowolo-Verheijen said.
President Tinubu commended all stakeholders involved in resolving the legacy issues and confirmed that the next phase of the reforms, Series II, will commence this quarter.
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Easter : Senator Araraume urges Nigerians to embrace sacrifice, renewed hope, prays for Tinubu’s leadership
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..…Says Christ’s resurrection symbolises Nigeria’s rising from challenges to glory
,,,,Commends President Tinubu’s bold reforms, calls for continued prayers
As Christians across Nigeria and the world celebrate Easter, a chieftain of the All Progressives Congress (APC), Senator Ifeanyi Godwin Araraume, has called on Nigerians to embrace the virtues of sacrifice, forgiveness, and renewed hope which the resurrection of Jesus Christ symbolises.
In his Easter message, which he personally signed, the former governorship candidate of Imo State reflected on the profound significance of the season, describing Easter as a divine testament that no night lasts forever, and that after every crucifixion comes a glorious resurrection.
“Easter is not merely a festival; it is a spiritual declaration that darkness does not have the final word. As Christ rose triumphantly on the third day, I believe Nigeria, too, is rising from every challenge to meet her God-ordained destiny,” Araraume stated.
The APC chieftain used the occasion to offer fervent prayers for President Bola Ahmed Tinubu, whom he described as a courageous leader steering the ship of state through turbulent but necessary waters.
“I pray that the God who raised Christ from the dead will raise every help that President Tinubu needs to succeed. I pray for divine wisdom, physical strength, and uncommon protection over his life. Let no arrow of the wicked find its mark in his camp. May his labours for our nation yield fruits that generations yet unborn will celebrate,” Araraume prayed.
He further commended President Tinubu for his bold and far-reaching reforms, acknowledging that while the policies may demand present sacrifice from citizens, the long-term dividends will be peace, stability, and shared prosperity.
“Mr. President has shown that he has the heart of a reformer and the backbone of a statesman. These are not easy times, but great nations are forged in the furnace of difficult decisions. I call on all Nigerians, regardless of party or creed, to support this administration with patience and prayer,” the Senator added.
Senator Araraume also urged Nigerians to show love to one another, especially to the less privileged, the grieving, and the displaced, noting that the true essence of Easter is found in selfless giving and communal solidarity.
“Let us visit the orphanage, feed the hungry, and extend a hand to our neighbour in distress. That is the gospel in action. That is the Nigeria we must build together,” he said.
He wished all Christians a peaceful, joyous, and spiritually fulfilling Easter celebration.
Signed:
Senator Ifeanyi Godwin Araraume
Chieftain, All Progressives Congress (APC)
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