Business

FBN Holdings Plc has reacted to media reports that billionaire businessman, Femi Otedola, has acquired a significant shareholding in the company.

Muhammad Nami, executive chairman of the Federal Inland Revenue Service (FIRS), says the agency is proposing road infrastructure tax in Nigeria to make the informal sector contribute to building a modern society.

Otedola, being the largest shareholder, holds the highest voting shares, giving him power to dictate the direction of the bank through his voting power.

"If we must live together as one, we must strive to do those things that unite us and shun the ones that divide us."

A house of representatives committee has threatened to ask the Central Bank of Nigeria (CBN) to take over the operations of Heritage Bank over alleged debt to the federal government.

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Nigerians who invested in Imagine Global Solutions Ltd have been left stranded as a couple running the firm has reportedly fled Nigeria with funds invested by thousands of customers.

Reports say as much as N22 billion is at stake.

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The platform has since stopped reporting on the naira but the development hasn't improved the fortunes of the Nigerian currency.