Organisers of the proposed protest against the arrest and detention of human rights lawyer, Dele Farotimi over defamation charges, the Take It Back Movement has vowed to go ahead with its planned protests in Ekiti, Lagos, Abuja, London and Canada.

Their insistence comes despite a warning by Ekiti State Police Command banning unlawful gatherings, demonstrations, and the sale and use of fireworks across the state, citing concerns over public safety and security threats.

In a statement signed by the state police spokesperson, Abutu Sunday, on Friday, the command said, “Any form of unlawful gathering, demonstration, or protest is unacceptable”, adding that intelligence reports indicated plans by some individuals to exploit protests to incite violence and create panic.

However, a flier shared by the Take It Back Movement on its official X handle on Sunday, indicated that the rally would hold despite police directive.

The flyer for the protest was titled, ‘Nationwide/Global Protest Against The Nigerian Judiciary’ seen by our correspondent, urged Nigerians to refuse to be silenced.

The location of the protest as seen by Channels Television scheduled to be held on Tuesday, December 10, 2024, at the Police Headquarters, Ado Ekiti.

A one-minute video also posted by the organisers saw activist and politician, Omoyele Sowore, saying “An unjust act of oppression cannot stand no matter how ‘well presented’ that it was done under the colour of law!

“On December 10, 2024, in Lagos, Abuja, Ado-Ekiti, Benin City, Toronto, and the city of London, the people intoxicated by power will be confronted by the power of the people!”

The development comes after the Founder of Afe Babalola University, Ado Ekiti, Aare Afe Babalola (SAN), last Friday, insisted that Farotimi was out to tarnish his reputation which he had built following many years of hard work and diligent toil

Babalola, who said he petitioned the police to investigate the defamatory allegations made by Farotimi in the book titled, ‘Nigeria and its Criminal Justice System,’ said charging the activist to court by the law enforcement agency was for the law to take its due course on the matter.

Following the petition, the police in Ekiti State arrested Farotimi in Lagos on Tuesday, and arraigned him before an Ekiti State Magistrates Court in Ado Ekiti on Wednesday over allegations bordering on defaming the elder statesman.

While the police prayed the court to remand the defendant (Farotimi) to a correctional facility, Farotimi’s lawyer pleaded for bail for his client, but the Chief Magistrate, Abayomi Adeosun, ordered him remanded as he adjourned the matter till December 10, 2024.

The police have also filed fresh charges against Farotimi at a federal high court in Ado-Ekiti.

The new charges centred on cybercrime allegations picked from the activist’s online interviews.

According to the police, Farotimi appeared on Mic On Podcast hosted by popular broadcast journalist, Seun Okinbaloye, where he accused Babalola of corrupting the judiciary.

United Bank for Africa (UBA) Plc has delivered 375 per cent capital gains to investors in nearly five years, outperforming the average returns at the Nigerian stock market and the entire financial services sector.

Official data at the Nigerian stock market at the weekend indicated that investors in UBA have continued to earn an average annual return of about 75 per cent over some five years period. This highlights UBA’s impressive records as a high-yielding, inflation-hedging stock.

The trading report for the period between December 31, 2019 and December 06, 2024 showed that UBA recorded cumulative capital gain of 374.83 per cent during the period, representing average annual gain of 74.97 per cent.

This implies that an investor who had invested N500, 000 in the shares of UBA at the year’s opening price for 2020, now has a real, immediate market value of more than N2.374 million, due to accumulated capital gains. This excludes accrued cash dividends over the five-year period.

UBA, which pays dividends twice a year, is reputed as an investors’ friendly stock in terms of consistent and above-average cash dividend payment. It recently paid interim dividend of N2 per share on its first half 2024 results, the highest payout by any bank and one of the three highest yields in the entire stock market.

Such an investor who had invested N500, 000 at the 2020’s opening price would have received cash dividend of some N139, 860 as interim dividend for the 2024 business year, more than a quarter of his initial investment.

UBA is currently offering existing shareholders exclusive opportunities to increase their shareholdings in the bank with its ongoing N239.4 billion rights issue. The pan-African banking group is offering 6.84 billion ordinary shares of 50 kobo each to existing shareholders at N35 per share. The rights issue is pre-allotted on the basis of one new ordinary share of 50 kobo each to every five ordinary shares held as at November 05, 2024. The rights issue is scheduled to close on December 24, 2024.


Shareholders have hailed the decision on a rights issue as a deliberate incentive. In a survey, minority retail shareholders, who constitute nearly three-quarters of UBA’s nearly 280,000 shareholders, were excited about the rights issue, with most indicating possibility of applying for more than their pre-allotted shares. Extant rules at the Nigerian market allow shareholders to apply for more shares and also for the company to consider such requests for additional shares. Shareholders can also trade their rights at the stock market.


The three-digit capital gain highlights UBA as a major driver of the bullish trend at the Nigerian stock market, which has sustained five years of consecutive positive returns.

The benchmark index for the Nigerian stock market, The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), has shown resilience over the past five years, closing on the top chart for the world’s best performing stock markets.


Average return for Nigerian equities in 2023 stood at 45.90 per cent, among the three world’s best-performing markets. ASI had posted average return of 19.98 per cent, 6.07 per cent and 50.03 per cent in 2022, 2021 and 2020 respectively.

Average year-to-date return for the ASI closed weekend at 31.34 per cent, with the market firmly on course for its fifth consecutive positive return. UBA is ahead of the market with average year-to-date return of 35.26 per cent, more than twice the average year-to-date return of 15.53 per cent for the banking sector.


UBA’s average capital gain so far this year is also considerably higher than several key indices at the stock market. The NGX 30 Index, which tracks the 30 largest quoted companies, closed weekend with average year-to-date return of 32.97 per cent.

The NGX Premium Index, which tracks a group of high-end companies with enhanced corporate governance and financial performance, closed with 30.43 per cent. UBA is listed among the premium stocks. The NGX Pension Index, which measures average return on stocks that meet the special investment criteria for pension funds, has recorded average gain of 33.95 per cent so far this year.


Nigeria’s benchmark interest rate- Monetary Policy Rate (MPR) stands at 27.25 per cent. Inflation rate stands at 33.88 per cent, according to the October 2024 Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).

UBA’s share price had opened 2020 at N7.15 per share, its closing price for December 31, 2019. It closed weekend at N33.95 per share, 35.26 per cent above its 2024’s opening price of N25.10 per share, its closing price for December 30, 2023.


Shareholders said UBA’s track records of solid financial performance, dividend policy and capital gain were competitive advantages for the pan-African banking group.

Longstanding UBA’s shareholder and Founder of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said UBA has proven to be dependable and resilient, attributes that have endeared the stock to all cadres of investors.

“The bank is doing well, so also are its subsidiaries. From whatever angle you look at it, UBA is a good buy. And I’m talking as a long-time shareholder. It is one bank that prioritises shareholders’ happiness. Go down the lane and check the bank’s dividend history and critical decisions when it comes to shareholders’ issues. It’s a bank one can rest on, so, I’m advising other shareholders to pick up their rights, it’s an opportunity. We are picking up ours and even asking for more,” Nwosu said.

A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi, says President Bola Tinubu is responsible for the stiff opposition that has greeted the tax bills introduced by his administration.

Sowunmi, who was a guest on Channels Television’s Sunday Politics, faulted Tinubu of the All Progressives Congress (APC) for appointing his tribesmen as finance minister, revenue boss, governor of the Central Bank of Nigeria (CBN) and tax reform chair.

The PDP chieftain said that though the tax bills were good, the President created distrust among northerners by allegedly excluding their kinsmen from his economic and tax teams.

Sowunmi said, “They (Tinubu and his team) created it by themselves. You can’t have FIRS chairman Yoruba, finance (minister) Yoruba, Customs (boss) Yoruba, CBN (governor) Yoruba. You can’t do that. And then suddenly, the Yoruba people came and said we have a new tax regime. They (people of other tribes) will be nervous.

“People are not in the National Assembly or the Senate not to protect the interest of their people; that’s why they are there. They are representatives of their people. That’s why the pushbacks will come.”

He said there is no bill without grey areas but the Tinubu government “caused it by itself”.

“You may mean well but let me have some of my own seated at the table to be sure that you mean well. Nobody will sit at the table and cause injury to his tribe,” he said.

The new tax bills introduced by the Tinubu administration have been enveloped in widespread controversy and sparked scathing criticisms and stiff opposition from many including the 36 state governors under the aegis of the National Economic Council (NEC). The 19 governors in northern Nigeria have also unequivocally rejected sections of the bills.

Sowunmi said, “I think the President needs to tell them in very clear language that I won’t be sitting here as president and refusing to do the right thing for the country only because you want to threaten me with elections. When we get to the bridge of election, we will cross it.”