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VOL. 9, NO. 2960 FRIDAY, SEPTEMBER 5, 2014
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Qatar National Bank acquires major stake in ETI
Q •NSE chief Oscar Onyema
ATAR National Bank (QNB) acquired yesterday more than 11 per cent equity stake in Ecobank Transnational Incorporated (ETI) Plc in three deals worth about N35.4 billion. Regulatory filing at the Nigerian Stock Exchange (NSE) indicated that QNB, which has Qatar Investment Authority (QIA) as its major share-
By Taofik Salako
holder, acquired about 1.77 billion ordinary shares of ETI in an off-market trade. Offmarket trade implies that the deals were sealed outside the floor of the NSE, although ETI still has to report such transactions in compliance with the listing rules at the NSE. ETI is listed on the NSE,
Ghana Stock Exchange (GSE) and the BRVM. The acquisition transaction, which was concluded in three deals, was sealed at N20.01 per share, more than 20 per cent above ETI’s opening price of N16.62 per share yesterday at the NSE. Besides the ordinary shares acquisition, which gives QNB 11.1 per cent equity stake in
ETI, QNB also acquired about 732.28 million preference shares. The acquisitions, the first by QNB in shares of ETI, give the Gulf bank a major inroad into the African market. ETI is a pan-African financial services holding company and it is the parent company of all Ecobank banking brand including Ecobank Nigeria Limited.
According to the regulatory filing, the acquisition of the ordinary shares is expected to complete in three days while the acquisition of the preference shares is expected to complete shortly thereafter. NSE operates a T+3 trading cycle, implying that transactions will be fully completed three days after the trading day.
Boko Haram holds Bama as military pounds town Defence probes Cameroon’s claim of 400 soldiers’ desertion
T
HE battle for Bama, Borno State’s second largest town, which was seized by Boko Haram four days ago, got hotter yesterday. Amid heavy bombardment, the military fought to recover the town. Chief of Air Staff, Air Marshal Adeshola Amosun, has relocated to Maiduguri, the Borno State capital, to coordinate the air strikes.
From Yusuf Alli, Abuja
It was gathered that Boko Haram members have blocked all link roads to Bama. The “push in” by troops had recorded what sources described as “modest gain” but the military was yet to reclaim the town by last night. A top source, who spoke in confidence, said: “The insurgents were still holding on to Bama, they are still in charge.
PDP desperate to win in 2015, says Aregbesola
O
Typical of rag-tag insurgents, they are holding on to the last straws. “But the troops are gaining upper hand through heavy air strikes. We are mostly fighting the battle in the air in Bama and Gwoza. “The Chief of Air Staff, Air Marshal Adeshola Amosun, is personally supervising the aerial battle having relocated to Maiduguri from Abuja since Friday. This underscores the
importance attached to the air strikes. “With aerial bombardment, we are hopeful that the troops launching the “push in” will finally take over the town. “The insurgents are feeling the air strikes, they are suffering huge losses. From intelligence report, the bombardments have become unbearable for them and they might vacate the place within the next 24 to 48 hours.
“What we need to do now is for troops to gain access by land to Bama and dominate the place. We will reclaim these two towns.” Also yesterday, the military moved fast to unravel the circumstances surrounding the reported desertion of another 400 soldiers. Cameroon’s military claimed yesterday that the Nigerian soldiers are seeking refuge in the country after fleeing from
battle with Boko Haram militants in Borno State. The Defence Headquarters (DHQ), sources said, is trying to reach commanders at the “battle front” and may contact Cameroon for details of the matter. Though the General Officer Commanding (GOC), 7 Division in Maiduguri, the Borno State capital, was said to have told the military high Continued on page 4
From Bisi Oladele, Ibadan
SUN State Governor Rauf Aregbesola raised the alarm yesterday over plans by the Peoples Democratic Party (PDP) to use unwholesome means to win elections next year. He urged his party, the All Progressives Congress (APC), to refocus its strategy to wrest power from the PDP. Aregbesola spoke at the first APC Southwest Assembly in Ibadan the Oyo State capital. The event attracted the cream of the party’s leaders. The governor also gave an insight into how he won the August 9 governorship election. He said the masses, particularly women and school children, were those who defied the alleged intimidation of thousands of mostly masked security operatives who went round the state intimidating voters before and during the election. WHEN WILL According to him, women, THE CHIBOK particularly low cadre womGIRLS en, who are naturally overKIDNAPPED looked, and school children, ON APRIL 15
?
BE FREED?
Continued on page 4
•All Progressives Congress (APC) chieftain Pa Ayo Fasanmi (right) speaking at the event...yesterday. With him (from second right) are: Osun State Governor Rauf Aregbesola, National Vice Chairman (South West Zone), Chief Pius Oluwole Akinyelure and Oba Olatunji Hamzat
•SOCIETY P15 •SPORTS P24 •BRAND P26 •AGRIC P38 •POLITICS P45 •CITYBEATS P60