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Oceanic Bank to transfer 40.2% of its shares to Ecobank: Oceanic Bank said on Friday it would seek shareholders' approval for the transfer of 40.17% of its holdings to Ecobank Transnational Incorporation which it signed a merger deal with last month. Oceanic also said the proposal would hand over 49.8% of its shares to the state-owned Asset Management Corporation of Nigeria (AMCON), in exchange for the N290bn (US$1.9bn) rescue package it received from the Corporation this year. (Source: Reuters)

Union Bank shareholders to meet Sept. 30 on core investor: Union Bank Nigeria Plc (UBN), a lender bailed out by the central bank in 2009, said shareholders would meet on September 30, 2011 to approve an agreement between the bank and its core investor, African Capital Alliance Consortium. Shareholders will be asked to agree to a plan by the AMCON to put more funds in Union Bank, taking its assets to zero, before Union Global, a member of the African Capital Alliance, injects US$500m. Shareholders will also be asked to approve a rights issue that would raise N10bn (US$65.4m) and to discuss the number of shares to be held by existing investors in the bank. (Source: Businessnews)

Governors assemble legal team to challenge sovereign wealth fund: Media reports indicate that the 36 state governors of the federation under the auspices of the Nigeria Governors’ Forum have reached out to some lawyers to challenge the legality of the Sovereign Wealth Fund at the Supreme Court. The legal team is said to be headed by a former President of the Nigerian Bar Association, Olisa Agbakoba. (Source: Thisday)

PDP orders govs to pay N18,000, awaits Jonathan on single term: Governors elected on the platform of the Peoples Democratic Party (PDP) have been directed to implement the new N18,000 (US$118) minimum wage for their employees. The directive came from the PDP Acting National Chairman, Abubakar Baraje. Baraje also stated that President Goodluck Jonathan was yet to formally inform the PDP of his proposed six-year single term for the president and state governors. (Source: Guardian)

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