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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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Breaking : Tinubu Launches Five-Year Defence Plan to Crush Insurgency, Restore Security
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…Military eliminates over 15,000 terrorists in 3 years
…130,000 Boko Haram fighters and dependents surrender
The All Progressives Congress Presidential Campaign Council (APC PCC) has announced that President Bola Tinubu has finalised a comprehensive Five-Year Strategic Defence Operations Plan to end Nigeria’s 17-year battle against insurgency, banditry, and kidnapping.
The development was contained in a statement on Sunday in Abuja by the spokesperson for the APC PCC, Dele Alake.
The campaign council stated that the new framework is designed to overhaul the nation’s security architecture by aligning defence priorities, capability development, and expenditure with current and emerging threats.
According to Alake, the administration’s military operations over the past three years have yielded significant results, including the neutralisation of over 15,000 Boko Haram terrorists and bandits, alongside the surrender of more than 130,000 insurgents and their dependents through the government’s rehabilitation programme, Operation Safe Corridor.
“President Bola Tinubu is determined to end the 17-year scourge of insecurity ravaging parts of Nigeria through a comprehensive Five-Year Strategic Defence Operations Plan designed to strengthen the country’s security architecture, improve military effectiveness, and ensure a coordinated response to emerging threats,” Alake stated.
He explained that the initiative shifts the security apparatus toward a “more coordinated, intelligence-led, technology-enabled, and prevention-oriented system,” combining sustained kinetic military offensives with non-kinetic interventions.
Detailing the structural reforms undertaken to boost troop availability and rapid response, the APC PCC spokesperson said President Tinubu has created four new Nigerian Army divisions and restructured existing military formations to decentralise operations.
To accelerate recruitment, the President also approved establishing two new Army depots in Osogbo, Osun State, and Amasiri-Edda, Ebonyi State. Each facility can train 6,000 recruits simultaneously, adding a combined training capacity of 12,000 soldiers.
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Alake noted that the Osogbo depot is already operational, with 5,210 recruits currently undergoing training.
The statement also said the President has authorised a major recruitment drive across the security forces, approving the enlistment of an additional 28,000 soldiers into the Army and 50,000 new officers into the Nigeria Police Force to bolster internal security, improve policing capacity, and strengthen the country’s response to criminal activities.
On personnel welfare, Alake highlighted ongoing investments in military accommodation and operational infrastructure, citing the construction of a 700-unit military barracks in Ikere-Ekiti, Ekiti State.
“These measures reflect the administration’s determination to address manpower and infrastructure gaps, improve the capacity of security agencies, and ensure personnel are adequately trained, equipped, and deployed to areas facing security challenges,” the statement read.
On defence spending and combat readiness, Alake said the Five-Year Strategic Defence Operations Plan ensures clearly identified threats and national priorities guide security sector investments.
He added that the strategic framework is designed to close critical capability gaps, optimise available military resources, and eliminate unnecessary expenditure and waste across the defence sector.
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Politics Should Be About Issues, Not Violence – Let’s Protect Our Democracy, Says Tinubu
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I have followed recent reports of violence accompanying political events in different parts of the country.
Every form of violence stands condemned. Violence should never have a place in our political campaigns as we move toward the 2027 general elections.
Our campaigns should be about issues, a contestation of ideas that promote the welfare of our people and the progress of our country.
As the leader of this country, I commit myself to a peaceful, free, and fair election, and I urge political leaders and supporters across party lines to conduct themselves responsibly.
I have said that being in different political parties or pursuing different ambitions does not make us enemies.
As Nigerians, we are members of the same household living in different rooms. Therefore, our politics must elevate human conditions and focus on national progress and development.
I want to reiterate my previous directive to the security agencies: be strict and firm against anyone who seeks to test our resolve and will to preserve public order.
Our administration is committed to an orderly and peaceful election, and all political parties and candidates should be protected and free to campaign anywhere in the country without molestation or fear for their safety.
We shall not tolerate any irresponsible conduct by politicians and their supporters.
Security agencies are therefore authorised to confront thuggery and other anti-social and anti-democratic activities with full force.
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Update : THE COURAGE TO REFORM” BOOK TO BE UNVEILED DECEMBER 1 ,
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The Central Planning Committee for the official unveiling of the book, The Courage to Reform: Architecture of President Bola Ahmed Tinubu, GCFR, Beyond 2027 — Statecraft, Vision for National Renewal, has announced Tuesday, December 1, 2026, as the new date for the highly anticipated ceremony.
The unveiling, which was initially scheduled for Thursday, November 5, 2026, at the Bola Ahmed Tinubu International Conference Centre, Abuja, was earlier postponed following adjustments to the official schedule of President Bola Ahmed Tinubu, GCFR, who is the Special Guest of Honour at the occasion.
HON. IMAAN SULAIMAN-IBRAHIM
Honourable Minister of Women Affairs and Social Development
Chairperson, Central Planning Committee
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