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First Bank’s Future Uncertain as Shareholders Clash with Otedola’s Leadership

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A group of shareholders holding a 10% stake in First Bank of Nigeria Holdings Plc. has formally requested the convening of an Extraordinary General Meeting (EGM), in accordance with Section 215 (1) of the Companies and Allied Matters Act (CAMA). The company now has 21 days to organize the meeting.The primary agenda for the proposed EGM includes a motion to remove the Chairman of FBN Holdings, Mr. Femi Otedola, and Mr. Julius B. Omodayo-Owotuga, a Non-Executive/Deputy Chief Executive at Geregu Power Plc.The shareholders have raised concerns about the governance and stability of the institution since Otedola’s ascent to the chairmanship, alleging that it was influenced by the former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele. They claim Emefiele facilitated Otedola’s acquisition of a significant stake in FBN Holdings, which subsequently led to his appointment as Chairman.According to the shareholders, Otedola’s leadership has been marked by controversies, including the dismissal of key executives such as the former CEO, Dr. Adesola Adeduntan, and other senior figures, allegedly to consolidate control. They also questioned Otedola’s suitability for the role, citing his history with non-performing loans and involvement with AMCON bailouts during previous financial challenges.One of the contentious issues is the proposed N360 billion private placement of shares, which the shareholders fear could further cement Otedola’s control over the institution. They argue that a public offering or rights issue would ensure greater transparency and equitable participation by all shareholders.The group also highlighted other concerns, including the alleged sidelining of qualified candidates in leadership appointments, perceived favoritism, and interference in the bank’s internal affairs. These issues, they claim, undermine corporate governance and risk turning the institution into a personal fiefdom.The demand for the EGM has placed regulators like the Securities and Exchange Commission (SEC) and the CBN in the spotlight. It remains to be seen how these bodies will respond to the unfolding situation.Meanwhile, First Bank recently carried out a significant organizational restructuring, laying off around 100 senior staff as part of a strategic repositioning effort for 2025. However, some insiders allege that the restructuring aligns with Otedola’s efforts to replace key personnel with individuals loyal to him.Shareholders await the outcome of the EGM and potential regulatory interventions as the battle for control of one of Nigeria’s leading financial institutions intensifies.

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MAGGI Strengthens Stakeholder Understanding of Food Quality and Safety Through Immersive Value Chain Engagements

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As part of activities marking World Food Safety Day, MAGGI engaged stakeholders across its value chain through a series of immersive experiences designed to deepen understanding of the journey from ingredients to table and reinforce the collective responsibility required to uphold food quality and safety.The engagements brought together suppliers, distributors, consumers, journalists, and digital content creators, reflecting MAGGI’s commitment to transparency and continuous stakeholder engagement. Through interactive sessions and firsthand experiences, participants gained valuable insights into the processes, partnerships, and standards that contribute to delivering quality products to millions of Nigerian households.During the engagements, suppliers explored MAGGI’s quality requirements and manufacturing standards, while distributors were engaged on best practices in product handling, storage, and warehousing to help maintain product quality throughout the distribution chain. Consumers also had the opportunity to interact directly with experts, ask questions, and learn more about the ingredients, processes, and expertise behind MAGGI products.The initiative culminated with a factory experience at Nestlé Nigeria’s Agbara Factory, where journalists and digital content creators followed the journey of a MAGGI cube from locally sourced Soya beans ingredients to finished product. Participants gained deeper insight into how soya beans sourced from Nigerian farmers are transformed through carefully controlled fermentation processes and advanced manufacturing technology to deliver the distinctive taste, quality, and consistency consumers associate with MAGGI.The experience also highlighted the connection between traditional African food preparation methods and modern food manufacturing. Participants explored how fermentation techniques used in MAGGI production draw inspiration from time-honoured practices familiar to many Nigerian consumers through local seasonings such as iru, dawadawa, and ogiri.A key highlight of the visit was the opportunity to observe the rigorous quality assurance and food safety systems embedded throughout the production process. From ingredient sourcing and testing to manufacturing, packaging, and distribution, participants witnessed the extensive standards, continuous monitoring, and scientific expertise that help ensure product quality and food safety at every stage.Speaking on the initiative, Funmi Osineye, Category Manager, Culinary, Nestlé Nigeria, said: “MAGGI reaches millions of consumers through a value chain that includes farmers, suppliers, distributors, retailers, consumers, and many other partners. We believe quality and food safety are shared responsibilities, which is why we continuously engage stakeholders across the value chain to build understanding, strengthen collaboration, and provide greater visibility into the journey behind our products.””By opening our doors and creating opportunities for dialogue, we are helping stakeholders better understand the ingredients, expertise, and processes that contribute to the quality consumers have come to trust from MAGGI.”Also speaking, Talla Fall, Factory Manager, Nestlé Nigeria Agbara Factory, said: “At Nestlé, quality and food safety are embedded into every stage of our operations. From sourcing ingredients and testing raw materials to manufacturing and packaging, our teams work diligently every day to uphold the high standards that consumers expect from MAGGI. These engagements provide an important opportunity to demonstrate the care, expertise, and rigorous processes behind every product.”The programme also featured an interactive cooking session, where participants experienced the practical application of MAGGI products in everyday meal preparation. The session sparked engaging conversations around taste, quality, nutrition, and responsible product use, while allowing participants to experience the products firsthand.Through initiatives such as these, MAGGI continues to foster greater transparency, strengthen stakeholder confidence, and reinforce its commitment to delivering quality products that help consumers prepare tasty and nutritious meals every day.

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Over 21,000 Students Sit for InterswitchSPAK Pre-Qualifying Examinations as National Exams Kick Off Across Nigeria

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Lagos, Nigeria – June 11, 2026 – Interswitch, Africa’s leading technology company focused on creating solutions that enable individuals and communities prosper, has announced the commencement of the national pre-qualifying examinations for Season 8 of InterswitchSPAK, its flagship science competition for senior secondary school students across Nigeria. The examination phase began on Tuesday, June 9, 2026, and will run through Tuesday, June 16, 2026, with a total of over 21,000 students nationwide sitting for the examinations. This represents a 19.7 percent increase compared to the over 18,000 registrations recorded in Season 7, underscoring continued nationwide growth and interest in the competition. Now in its eighth season, InterswitchSPAK continues to strengthen its position as one of Nigeria’s leading platforms for identifying and nurturing exceptional Science, Technology, Engineering and Mathematics (STEM) talent at the secondary school level. The national pre-qualifying examinations mark the first stage of a rigorous selection process designed to identify the brightest young minds in STEM across the country. Successful candidates will progress through subsequent stages of the competition, culminating in a televised grand finale where finalists compete for scholarships and prizes worth over ₦40 million. Speaking on the commencement of the examinations, Cherry Eromosele, Executive Vice President, Group Marketing and Communications, Interswitch, expressed delight at the continued growth and participation in the initiative.“The remarkable increase in registrations for Season 8 reflects the growing enthusiasm among young Nigerians for STEM education and innovation. We are encouraged by the confidence students, parents, teachers, and schools continue to place in InterswitchSPAK as a platform for academic excellence and opportunity. As the examinations commence, we look forward to discovering another set of exceptional young talents who will shape the future of science and technology in Nigeria,” said Eromosele. This year’s registration process also introduced an expanded access model, allowing parents and guardians to register their wards directly, alongside the traditional school-based registration approach. This enhancement contributed to broader participation and reinforced Interswitch’s commitment to creating inclusive access to educational opportunities for talented students nationwide. Over the past seven seasons, InterswitchSPAK has continued to deliver impact through scholarships, mentorship, and national recognition for outstanding students, while consistently promoting educational equity and excellence in STEM education. The overall winner of Season 8 will receive a ₦15 million tertiary scholarship, including monthly stipends. The first runner-up will receive a ₦10 million scholarship inclusive of monthly stipends, while the second runner-up will be awarded a ₦5 million scholarship, also including monthly stipends. All scholarships are payable over five years. In addition, all nine finalists will receive brand-new laptops and other exciting prizes. Beyond the top prizes, Season 8 introduces enhanced rewards for finalists placed 4th to 9th, alongside increased recognition for the teachers of students who finish in the top nine. The expanded reward structure further underscores Interswitch’s commitment to celebrating academic excellence and recognising the vital role educators play in nurturing future STEM leaders. Through InterswitchSPAK, Interswitch remains committed to investing in Nigeria’s education ecosystem and empowering the next generation of scientists, engineers, innovators, and problem-solvers who will shape the country’s future and strengthen its global competitiveness. For more information and official updates, visit https://www.interswitchspak.com/ and follow InterswitchSPAK on Instagram, TikTok, Facebook, YouTube, and X.

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Interswitch Partners with Temenos to Scale Digital Banking Services Across Africa

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From Left: Santosh Rao, Managing Director, Middle East and Africa (MEA), Temenos, and Mitchell Elegbe, Group Managing Director and Founder, Interswitch Group, at the signing ceremony of a strategic partnership between Interswitch and Temenos to scale digital banking services across Africa, held recently during the Temenos Community Forum (TCF) 2026 in Copenhagen, Denmark.

Interswitch will use Temenos solutions to deliver managed services to banks and financial institutions across Africa Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, andTemenos (SIX: TEMN), a global leader in banking technology, today announced a collaboration, wherein Interswitch will adopt Temenos technology to enhance its digital banking capabilities, supporting its growth and expanding access to modern financial services across the continent.Interswitch will use Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa. This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.Jonah Adams, Managing Director for Digital Infrastructure & Managed Services (Systegra) at Interswitch, said: “By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets.This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa. Our partnership with Temenos is strategic in that it allows us to introduce a highly configurable banking platform that leverages the latest cloud technologies into our technology stack. Temenos delivers on this and brings an unmatched breadth and depth of capability to support our vision and scale our services across the continent.”William Moroney, Chief Revenue Officer, Temenos, commented: “Interswitch is an important new customer and partner for Temenos in Africa. The collaboration underscores the adaptability of our platform to power innovative banking services tailored to the needs of African markets. Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”Widely known for its Quickteller and Verve brands, Interswitch operates in 32 African countries, supporting more than 300 financial institutions. Through Quickteller, its digital payments and services platform, Interswitch has played a significant role in shaping consumer and merchant payments. Verve International, a domestic payment cards and tokens scheme and a subsidiary of Interswitch, recently surpassed 100 million payment cards issued. The business continues to drive innovation in tokenization, reinforcing its position as one of Nigeria’s most widely used payment cards and token platforms.

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