Labour Mobilizes For Nationwide Strike Next Week

 

A report has indicated that Organized Labour May Begin a nationwide strike on Monday, June 3, Over the new minimum wage.

Recall that Labour had walked out of the meeting last Tuesday after accusing government negotiators of unseriousness in the negotiation process.

According to Vanguard, some individuals are accusing the state governors of ganging up against the Federal Government to stall the ongoing negotiation.

Nonetheless, some Labour sources, who spoke to the aforementioned publication, stated that nationwide strike might start on Monday, depending on the outcome of the meeting to be held today.

According to the sources, organised labour is already mobilizing for a strike from Monday, June 3.

A labour leader said, “The outcome of tomorrow’s (today) will determine our next line of action. If the meeting comes out fruitful, better for everyone.

“But should government’s team continue with its carefree attitude and disdain for workers’ welfare, nothing will stop us from going on strike from Monday. We are already mobilizing for the strike.

“Everyone knows that the one-month ultimatum we gave to the government to conclude negotiations on the new national minimum wage ends tomorrow (today). We have been patient amid the hardship and mass suffering inflicted on us by the government’s anti-poor policies.

“Besides that, the issue of the minimum wage is statutory. The old Minimum Wage Act ceased to exist since April 18. We had more than six months, at least, to work on a new minimum wage.

“But the government has not been serious with issues affecting workers. Well, Nigerians can bear us witness that we have been patient with this government. If the government knows what is good for it, let its negotiators come up with something reasonable to meet workers’ expectations, otherwise, strike will be inevitable from Monday.”

A source from the presidency also told the publication that the unwillingness of the governors to comply to a reasonable new minimum wage is putting pressure on the federal government.

According to the Presidency source, “The unwillingness of most of the state governors to commit to a reasonable new national minimum wage is putting pressure on the federal government to do the needful.

“Even though what labour is demanding is on the high side, the Federal Government is under pressure from the state governors not to give in to labour’s demand. They have been insisting that they do not have the resources to pay a high wage.

“You can see that they have been shunning the ongoing negotiations because they are afraid to come to the open to put forward their arguments. They cannot continue to shy away. We know there are challenges, we have to face it one way or the other. We must come up with a new national minimum wage. It is a law that we have to abide with.”

New Minimum Wage: Nationwide Strike May Begin On Monday

 

There are strong indications that Organised Labour may begin a nationwide strike from Monday, June 3, over a new minimum wage.

This is as the tripartite committee on a new national minimum wage, NNMW, reconvenes today, following abrupt adjournment due to labour’s walkout of last Tuesday’s meeting, where it accused government negotiators of unseriousness in the negotiation process.

Meanwhile, accusing fingers are pointing to the state governors of ganging up against the Federal Government to stall the ongoing negotiation.

Labour’s negotiating team had on Tuesday, for the second time in two weeks, walked out of the committee meeting after the Federal Government increased its offer marginally to N60,000 from the N57,000 it offered on Wednesday, May 22.

Labour, represented by the Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart, had on May 15, walked out of the tripartite committee meeting after the government offered N48,000 and Organised Private Sector, OPS, offered N54,000, against its N615,000 demand.

Meeting reconvenes

However, in a letter reconvening the meeting, Ekpo Nta, member/Secretary of the committee on behalf of the National Salaries, Incomes and Wages Commission, NSIWC, dated May 29, said: “You are respectfully invited to attend the 7th meeting of the Tripartite Committee on National Minimum Wage which is scheduled as follows: Date: Friday, 31, May 2024

Venue: Nnamdi Azikiwe Hall, Nicon Luxury Hotel Plot 903, Tafawa Balewa Way Area 11, Garki, Abuja, Time: 10:00 am Prompt

“The minutes of the 6′ meeting and the draft agenda for the 7” meeting wil be circulated in due course.

“Please note that the following ‘Zoom link’ has been provided for any member who indicates inability to be physically present to participate in the meeting.”

Organised labour sources, nonetheless, told Vanguard that a nationwide strike might start on Monday, depending on the outcome of today’s meeting.

According to the sources, organised labour is already mobilizing for a strike from Monday, June 3.

A labour leader, who spoke to Vanguard anonymously, said: “The outcome of tomorrow’s (today) will determine our next line of action. If the meeting comes out fruitful, better for everyone.

“But should government’s team continue with its carefree attitude and disdain for workers’ welfare, nothing will stop us from going on strike from Monday. We are already mobilizing for the strike.

“Everyone knows that the one-month ultimatum we gave to the government to conclude negotiations on the new national minimum wage ends tomorrow (today). We have been patient amid the hardship and mass suffering inflicted on us by the government’s anti-poor policies.

“Besides that, the issue of the minimum wage is statutory. The old Minimum Wage Act ceased to exist since April 18. We had more than six months, at least, to work on a new minimum wage.

“But the government has not been serious with issues affecting workers. Well, Nigerians can bear us witness that we have been patient with this government. If the government knows what is good for it, let its negotiators come up with something reasonable to meet workers’ expectations, otherwise, strike will be inevitable from Monday.”

Govs gang-up

On alleged gang-up by governors, organised labour which appears not to be unaware of the gang-up, is already working on a series of industrial actions, including a total shutdown of nation’s economy to speed up the process.

According to a Presidency source, “the unwillingness of most of the state governors to commit to a reasonable new national minimum wage is putting pressure on the federal government to do the needful.

“Even though what labour is demanding is on the high side, the Federal Government is under pressure from the state governors not to give in to labour’s demand. They have been insisting that they do not have the resources to pay a high wage.

“You can see that they have been shunning the ongoing negotiations because they are afraid to come to the open to put forward their arguments. They cannot continue to shy away. We know there are challenges, we have to face it one way or the other. We must come up with a new national minimum wage. It is a law that we have to abide with.”

Reacting, one of the labour leaders in the negotiating team, told Vanguard that Labour was not ignorant of the antics of the state governors, but said the federal government had a fair share in whatever the governors were doing.

He said: “From the onset, the federal government created this problem by choosing governors that have breached the 2019 Minimum Wage Act as members of the tripartite committee, representing the governors.

“Check, none of the six governors in the committee is labour-friendly. They never fully implemented the N30,000 minimum wage. I remember that the NLC president raised the issue when their names were announced as members representing the governors in the tripartite committee on the new national minimum wage.

As we speak, many of them have refused to pay the wage award to their workers as a temporary measure to cushion the effects of the removal of petrol subsidy. Even some of them that agreed to pay have not paid more than two or three months. In fact, some of them are paying a meagre N10,000 or N15,000.

“They cannot run away from the reality. Whatever economic challenge we face today, they created it. They are all receiving more money from the federation account as a result of the removal of fuel subsidies and the excessive taxation of the people, among other sources of funds, such as IGR. They have no excuse or reason not to pay.

“We have lined up a series of industrial actions, including shutting down the economy, to speed up the process. We are just waiting for the May 31 deadline we gave on May Day to take the next line of action.”

FG pleads for labour’s understanding

Meanwhile, the Federal Government has appealed to organized labour to see reason with its offer.

The Minister of State for Labour and Employment, Nkeiruka Onyejeocha, who appealed yesterday, asked Labour to be considerate and patriotic in their demand in the ongoing negotiations.

She said the government had been consistent in taking steps to secure a fair and realistic wage for Nigeria workers but urged Labour to recognise that the nation’s economy is still on the path of recovery from the effects of the COVID-19 pandemic and other economic distress.

The minister said: “We appeal to organized labour and, indeed, other relevant stakeholders to be considerate and patriotic in their demands, recognizing that our economy is still recovering from the devastating effects of the pandemic and other global economic shocks. “We are committed to putting the people first and ensuring that our economic policies benefit all Nigerians, not just a select few.

“The government remains dedicated to prioritizing the well-being of our citizens and urge all relevant parties to demonstrate patriotism and understanding, particularly during this critical period when President, Bola Tinubu is working diligently to revitalize the economy.

“We recognize that the economic challenges we face are complex and multi-faceted, and we require the collective effort of all stakeholders to overcome them.”

The minister noted that last Tuesday’s meeting with Labour was a significant step in the ongoing efforts to secure a fair and realistic wage for Nigerian workers.

“As a government, we recognise the importance of ensuring that our citizens receive a decent standard of living, and we are committed to making this a reality.

After hours of intense negotiations, labour leaders took a recess to consult with other key stakeholders and have pledged to return to the negotiating table for further discussions today. We welcome this development and are optimistic that our continued engagement will yield a positive outcome.

“In light of the current economic conditions, we have made a concessionary move from N57,000 to N60,000. This increase is a demonstration of our willingness to listen to the concerns of labour and work towards a mutually beneficial agreement.

“We understand that the current economic landscape is challenging, and we are doing everything in our power to mitigate its effects on our citizens. This is the path this government has chosen to pursue, and we will not deviate or stray from the course.

“President Tinubu has been tireless in his efforts to revitalise the economy and improve the standard of living for all Nigerians. His commitment to creating jobs, stimulating economic growth, and reducing poverty is genuine, and we appeal to all to support him in this endeavour.

“As we move forward, we will continue to engage with organised labour and other stakeholders to ensure that our economic policies are inclusive and beneficial to all. We recognise that the times are challenging, but we are confident that with the collective effort of all Nigerians, we can overcome any obstacle and build a brighter future for ourselves and future generations.”

Breaking: Military Declares Total Clampdown On IPOB Over Killing Of 5 Soldiers

The military high command has vowed to clamp down on members of the proscribed Indigenous People of Biafra (IPOB) who masterminded killing of soldiers in the Southeastern part of the country while enforcing sit-at-home order.

Vehicles and tricycles (popularly known as Keke Napep) were also set ablaze by the rampaging IPOB terrorists while the attack lasted. South East governors and other stakeholders have condemned the dastardly act.

Speaking on Friday, the Director, Defence Media Operations, Edward Buba, said the military would retaliate the attack on its “troops and bring overwhelming pressure against the terrorists terrorising the zone.”

Buba, a Major-General, also confirmed that no fewer than five personnel of the military attached to “Operation Udo Ka” paid supreme price at Obikabia Junction Checkpoint in Aba metropolis while protecting the citizens.

“It is absolutely imperative that the military retaliate against this dastardly act against troops. The military would be fierce in its response. We would bring overwhelming military pressure on the group to ensure their total defeat,” the senior military officer said.

The director explained that the lifeline of the terrorists are people in some areas, insisting that winning the war without the support of the people is almost impossible.

He said, “Troops of OPERATION UDO KA deployed at Obikabia Junction Checkpoint in Obingwa Local Government Area adjourning Aba metropolis in Abia State were attacked and sadly killed by terrorists of IPOB/ ESN.

“The troops deployed to enforce peace in the area and protect the citizens were mass attacked by the terrorists. The terrorists in 3 tinted Prado Toyota SUVs and others from built-up areas surrounding the checkpoint, sprang a surprise attack on the checkpoint.

“The attack sadly took the lives of 5 personnel of the armed forces killed in action. The armed forces mourn the death of these troops as each and every soldier lost in battle is a terrible loss. Meanwhile, investigations are ongoing concerning the attack.

“Overall, it must be reiterated that the lifeline of the terrorists is the people and this situation is no exemption. Winning the war without the support of the people is close to impossible. The IPOB capitalised on this to perpetrate attacks on the troops. The situation leaves more to be desired.” 

Enugu State To Host Groundbreaking NgEducators International Model UN Conference

Enugu State is poised to host the inaugural NgEducators International Model United Nations Conference, a significant event being organized by the Enugu State Ministry of Education under the visionary leadership of His Excellency Dr. Peter Mbah. This landmark conference will function as a creative simulation of the United Nations General Assembly, as Nigerian students representative drawn from all over the country will be featured as international diplomatic delegates. Under the theme “Development of Education in Developing Countries,” the event will not only be a watershed moment for Educational discourse and innovation but aims to draft resolutions for the future of education in Nigeria through simulated plenary sessions, networking, and collaborative workshops.

The weeklong itinerary begins with a Welcome Reception on June 3rd at the Old Government Lodge, Enugu, followed by the grand inauguration at Okpara Square and the launch of Enugu Smart Green Schools in Owo. Intense Model UN Plenary Sessions and a meeting of Nigerian State Commissioners of Education will occur at the Old Government Lodge. The conference concludes with an awards ceremony on June 7th and a reflective valedictory session on June 8th.

Notable speakers include Vice President H.E. Kasim Shettima, Governor Dr. Peter Mbah, Minister of Education Prof. Tahir Mamman, UBEC Executive Secretary Dr. Hamid Bobboyi, Ambassador (Dr.) Tivlumun Innocent Ahure, and Prof. Ndubueze Mbah. They will inspire delegates and underline the event’s essence.

The Enugu State Commissioner for Education Prof. Ndubueze Mbah highlights the alignment of this conference with Governor Mbah’s ambitious plan to transform education in Enugu State. According to him, Central to this vision is constructing 260 ‘Smart Green Schools’ equipped with internet, computers, interactive whiteboards, 3-D printing, augmented reality, robotics, and artificial intelligence, aiming to cultivate a future-ready workforce.

This conference, part of the UN’s ‘Our Common Agenda,’ seeks to raise resolutions that accelerate progress towards SDG 4 in developing countries. By bringing together global, national, and local education stakeholders, it promises impactful discussions to reshape education. Enugu State stands on the cusp of an educational renaissance and hosting this event, demonstrates her commitment to initiating and fostering a culture of educational innovation and excellence, preparing students to thrive in an increasingly complex world.

Nigeria To Add 480,000bpd As NNPC, Exxonmobil Sign New Deal

 

Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy.

On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.

This is coming barely 24 two days after President Bola Tinubu announced his intervention in the debacle between NNPCL and ExxonMobil hindering the sale of the assets to Seplat.

The Minister of States for Petroleum, Heineken Lokpobiri, said recently that Nigeria had lost about $30bn in the past two and a half years as a result of the unsuccessful divestment.

The minister expressed concerns that Nigeria was losing about 480,000 barrels of crude oil per day due to the Seplat/ExxonMobil crisis.

He said the asset was producing about 600,000bpd until the crisis began in 2022, saying the nation was losing millions of dollars daily.

The PUNCH reported earlier that ExxonMobil and Seplat Energy had in 2022 announced a $1.6bn sales agreement deal that would see Seplat purchase ExxonMobil’s complete shares in the NNPCL.

However, just when all hopes were high for the completion of the deal, a letter dated May 16, 2022, by the Nigerian Upstream Petroleum Regulatory Commission to ExxonMobil, stated that the deal could no longer hold because the NNPCL had exercised its right of pre-emption first refusal on the assets.

Right of pre-emption is a legal right to parties in a joint venture to be the first to be considered for any planned sale or takeover of assets in the JVs if either party chooses to trade them off.

According to reports, the NNPCL objected to the sale of ExxonMobil’s equity to Seplat and insisted on exercising its first refusal right after which the company reportedly made an offer above $1.6bn to ExxonMobil.

But after about two years of litigation, there seems to be an end in sight to the crisis.

According to the minister, the oil output from the asset dropped to 120,000bpd down from 600,000bpd since the disagreement began.

Lokpobiri said, “For the past two and a half years, oil has been hovering around $80 per barrel. 480,000bpd, multiply it by two and a half years, it will give you about $34bn. If one asset was doing about 600,000 barrels; but because of the problems which we are trying to resolve, production declined to 120,000 barrels, which means we’ve lost about 480,000bpd. Multiply it by $80, every day you get about $240m; multiply it by two and half years; we are talking of over $30bn. Inject that into our economy today, the dollar will naturally drop. This exchange rate is a matter of demand and supply”.

The intervention of the President appears to have yielded the desired results with the NNPCL announcing the signing of a settlement agreement.

The energy company said, “Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited”.

It is believed that the resolution of the controversies surrounding the sale of the asset to Seplat would add about 480,000 barrels to Nigeria’s low oil production.

Seplat reacts

Alluding to this, Seplat’s Director of External Affairs and Social Performance, Chioma Afe, described the development as a good step.

Afe, in an interview with The PUNCH on Thursday, noted that the energy firm was waiting for approvals to be finalised, especially with the regulators.

“What Exxon and NNPC announced is a step in the right direction and it is a positive outcome,” Age stated.

She told our correspondent that the company did not have the details of the agreement as of Thursday, saying she would not be able to speak to its significance.

“What I can speak to is what we can take from that statement, which is that it is a good step. This was one hurdle. We needed NNPC and ExxonMobil to come to the table to sign an agreement that we agreed to the divestment. Which is excellent,” she explained.

Afe disclosed that other things need to take place, including the regulatory approvals and final government stamp, saying“We are waiting on that”.

Speaking on the impact of the resolution, Afe said it would serve to grow the overall business of Seplat.

On the nation’s economy, she said, “It will add to the number (of barrels) the country is seeking to be able to meet our OPEC number, that is more important; what it will contribute to the national number. It will contribute significantly to what the national output will be and that’s what we are very keen on”.

ExxonMobil has yet to reply to an inquiry sent by our correspondent as of press time.

The divestment deal between Seplat and ExxonMobil has been stalled for over two years.

On July 12, 2022, The PUNCH reported that NNPC blocked ExxonMobil’s asset sale to Seplat.

The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.

A judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.

The Lagos-based producer, Seplat, had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.

The report stated that NNPC wished to block the transaction and to take over the permits itself.

NNPC sued Mobil Producing Nigeria Unlimited on July 5, 2022, asking the Federal High Court either to order that a dispute had occurred between the parties over preemption rights or to order them to take the matter to arbitration.

Seplat, which was not party to the lawsuit, had said its deal with Exxon was “still valid” and the company “remains confident that the matter will be brought to a proper conclusion by the law.”

But with the announcement of NNPC on Thursday, the coast may be clear for the deal to be concluded.

The acquisition would give Seplat additional production of about 95,000 barrels of oil equivalent a day from shallow-water assets that Exxon operated in a joint venture with NNPC.

For more than a decade, international oil companies active in Nigeria have been offloading large parts of their portfolio across the country to domestic players, a trend that has recently accelerated.

Trouble For Kwankwaso As EFCC Begins Investigation On Alleged ₦2.5 Billion

 

The Economic and Financial Crime Commission (EFCC) has commenced an investigation into the misappropriation of the New Nigeria People’s Party (NNPP) campaign fund for the 2023 elections and the failure of its presidential National Working Committee to pay party agents who took part in the 2023 presidential and governorship elections, across the country.

Nuella's News learnt that the anti-graft agency had invited the National Secretary of the party, Oginni Olaposi Sunday, to substantiate the allegations of fraud levelled against Senator Rabiu Kwankwaso and his Private Secretary, Folashade Aliu, over the alleged misappropriation of party funds with a secret campaign and donations account.

A source who spoke with Vanguard said Oginni’s petition also allegedly indicted the signatories to the United Bank of Africa (UBA) account of the New Nigeria People’s Party, which includes Prof. Rufai Alkali, Abba Kawu and Dipo Olayokun.

The source noted that the EFCC may be compelled to probe Dipo Olayokun’s sudden wealth and how he acquired properties in choice areas of Abuja in less than two years of his tenure as signatory to NNPP’s account.

Confirming the development, the party’s National Secretary, Oginni, in a chat with the aforementioned publication, said the EFCC invited him to its headquarters in Abuja last Wednesday to make a statement and clarify the petition he signed on behalf of the party, alleging Kwankwaso and his team of N2.5 billion fraud.

He said, “Truly, I was invited by the EFCC. I honoured the invitation and I was satisfied with the professionalism of EFCC officers. I answered questions related to the petition I signed on behalf of NNPP without any harassment or intimidation.

“They want to be sure that the allegations are true and without any ill motives. We are very sure that Nigeria is in a very safe stance with these crops of EFCC officers who are ready to get rid of corruption at Nigeria high places without sacred cows.”

Youths Chase Out Cross River Traditional Ruler From Palace

Angry youths from Okuku Kingdom at Ogbaniko, Yala LGA of Cross River State, have chased out the traditional ruler of the community, HRH, Chief Odaji Ipuole, from his palace.

Report have it that the incident happened yesterday when the angry youths alleged that the traditional ruler had always refused to summon an all-inclusive meeting to address lingering cases of disputes, civil unrest and other problems affecting the community.

They described the attitude of the monarch as unbecoming, adding that his refusal has brough negative impact on the community.

The youths staged a peaceful protest to the palace, chanting songs and chased him out.

They said the palace would remain shut until he is ready to address the many communal issues.

A man, who gave his name as Pius Ireti said before this action, the youths had made several appeals to the traditional ruler to invite all parties to a peace meeting but the royal father declined.

He said, “As a result of his refusal to heed their calls, the youths wrote to the Eastern Yala Traditional Rulers Council, demanding that no chief from Okuku and Ogbaniko should be allowed to attend further meetings of the council.”

The Police Public Relations Officer in the state, Irene Ugbo, said the command was investigating the matter.

Special Task Force on Nnamdi Kanu’s Release Storms DSS

 

A Special Task Force for the Release of Nnamdi Kanu will today, Thursday, May 30, 2024, storm the Department of State Service (DSS) in Abuja to see the detained leader of Indigenous Peoples of Biafra (IPOB).

The Special Task Force would be led to the DSS by President General of Ohanaeze Ndigbo, Chief Emmanuel Iwuamyanwu.

According to report last night that the Special Task Force will, among others, ascertain the state of health of Mazi Nnamdi Kanu, his welfare in captivity, be debriefed on the activities of his legal team and brief him on the security situation in Igboland, as well as efforts being made to find a political solution to his incarceration and trial.

News of the scheduled visit was contained in a statement signed and made available to Nuella's News on Wednesday evening by Rev. Obinna Akukwe, Director General of lgbo Mandate Congress (IMC), and Media and Publicity Secretary, Special Task Force for the Release of Nnamdi Kanu.

He disclosed that members of the Special Task Force that will accompany Iwuanyanwu to the DSS include Barrister Cappeo Emejulu Okpalaukwu, Rev Obinna Akukwe, Igwe Uche Egenti, Eze Ibe Nwosu, and Prince Emmanuel Kanu (youngest brother of the IPOB Leader), among others available in Abuja at the moment.

Other members include; Chairman of South-East Traditional Rulers Council and Chairman of the Task Force, Igwe Lawrence Agubuzu, Archbishop of Methodist Church, Umuahia, Diocese, His Grace Raphael Opoko (Co-Chair); Eze Akajiofor and Traditional Ruler of Enugwu-Aguleri, Eze Chukwuemeka Eri (Co-Chair); Archbishop of Anglican Communion, Owerri Province, His Grace Sunday Onuoha; Chairman Ndi Eze Igbo of 19 Northern States, Eze Dr. Uche Egenti; Eze Igbo Maitama, Abuja, Eze David Kingston Okey-Dede; Igwe Obatobie 1 of Abuja.

The Executive Secretary of the Taskforce is Barr Emejulu Okpalaukwu-Okpalaezeukwu, leader of Ebube-Agu Ndi Igbo in Ohanaeze Ndi Igbo Worldwide.

According to the statement, the Task Force had earlier agreed with Iwuamyanwu on the need to discuss with Nnamdi Kanu in DSS detention during the briefing of May 17, 2024 and he promised to take action immediately the Ohanaeze Ndigbo Youth Leaders and Stakeholders Convention ended.

The statement also revealed that the Special Task Force has received signals from Presidency sources that the second letter to President Bola Ahmed Tinubu dated May 21st , 2024 appealing for the release of Nnamdi Kanu, is receiving attention and some responses have been given.

Union Bank Commemorates International Children’s Day with Barnyard Children’s Fiesta

   

Union Bank of Nigeria, as part of activities marking this year’s celebration of International Children’s Day and further to the financial institution’s support for the growth of the Nigerian child, recently hosted kids to a special Barnyard Fiesta at its multiple-purpose Sports complex, The Stable, located at Bode Thomas, Surulere.

The Barnyard Children’s Fiesta, held on Saturday, May 25th, 2024, entertained kids of various ages with video games, face painting, dancing, and singing contests.

The program also organised a talent show that showcased the creativity of the children who were in attendance on the day. 

The event, which was also well attended by parents and other fun seekers, played host to some of the Bank’s senior executive team, including Yetunde Oni, the Managing Director and Chief Executive Officer, who was on hand to cheer and interact with various children as they engaged in the different fun activities lined up for them. 

Speaking on the sidelines of the fiesta, the Managing Director and Chief Executive Officer of Union Bank, Yetunde Oni, reemphasised the bank’s commitment to empowering and supporting Nigerian Children. 

She said: "As a responsible corporate organisation, we recognise our obligations to support the next generation of Nigerian youths, who are represented by our current set of intelligent and talented children, in achieving their full potential through effective and sustainable positive engagement, even at this early stage of their development. Our ultimate goal is to continue being lifelong partners in facilitating success for our future great Nigerian citizens, as well as advocates for empowering and encouraging positive growth in our communities all around." 

Over the years, Union Bank has consistently championed and advocated for the rights of children within the country through its special interventions, such as the Edu360 initiative, the Awarri Innovation programme, and various products and services that have equipped them with the necessary knowledge, skills, and tools to thrive in the present global environment.  

Union Bank pledges to continue to assist Nigerian children in achieving and fulfilling their dreams. 

Breaking: Court Declares 25 Rivers Assembly Seats Vacant

 

A Rivers State High Court sitting in Port Harcourt has declared the seats of the 25 lawmakers, who defected from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, vacant pending the determination of a suit before it.

The court, however, ordered the Rt. Hon. Martin Amaewhule, to stop parading as the Speaker of the Rivers State House of Assembly and bared the 24 lawmakers, who are all Anti-Siminalayi Fubara, the governor of the state, from posing as lawmakers in the state.

Hon. Justice Charles Wali gave the order in Suit No PHC/1512/CS/2024, brought by Rt. Hon. Victor Oko Jumbo, Speaker, Rivers State House Of Assembly, Hon. Sokari Goodboy Sokari and Hon. Orubienimigha Adolphus Timothy, on the crises rocking the legislative arm of the state.

Defendants in the cases are Hon.martin Chike Amaewhule, Hon. Dumle Maol Hon. Major Jack, Hon. Franklin Uchenna Nwabochi, Hon.christopher Kagbang Ofiks, Hon. Azeru Opara, Hon. Enemi Alabo George, Hon.Granville Tekenari Wellington, Hon. Ngbar Bernard, Hon. John Dominic Iderima.

Others are: Hon.queen Uwuma Tony Williams, Hon.loolo Isaiah Opuende, Hon.abbey Peter, Hon. Igwe-obey Aforji, Hon. Justina Emeji, Hon. Ignatius Onwuka, Hon.chimezie Nwankwo, Hon. Lemchi Prince Nyeche, Hon. Barile Nwakoh, Hon. Emilia Lucky Amadi, Hon. Nkemjika Ezekwe, Hon. Davids Arnold Okobiriari, Hon. Nwankwo Sylvanus Hon. Gerald Oforji, and Wami Solomon.

The Rivers State Governor, Sir Siminalayi Fubara, and the Honourable Chief Judge Of Rivers State, Simeon Amadi, are the second set of defendants in the suit.

Wali in the Interlocutory Order, ordered that the lawmakers, who are Pro-Nyesom Wike, the Minister of Federal Capital Territory, from parading as lawmakers to the determination of the substantive case.

The order read, “An Order of Interlocutory Injunction is granted restraining the 1” to 25th Defendants from parading land holding out themselves as members of the Rivers State House of Assembly and/or meeting/sitting at the Auditorium of the House of Assembly Quarters located at Aba Road;

“…Port Harcourt or at any other place whatsoever to purport to carry out the legislative business of the Rivers State House of Assembly, their legislative seats having been declared vacant pending the hearing and determination of the substantive suit.

“An Order of Interlocutory Injunction is hereby made restraining the 26th to 28th Defendants from dealing with, interfacing, accepting any resolutions, bills and/or howsoever interacting with the 1at to 25th Descendants in their purported capacities as members of the Rivers State House of Assembly their legislative seats having been declared vacant with effect from 13th December,2023 pending the hearing and determination of the substantive suit.

“That this case is adjourned to 1st July, 2024 for Mention.” 

Stanbic IBTC Insurance Receives NAICOM's Approval For 2023 Financial Report Following Adoption Of IFRS17 Standardization

 

In a significant stride towards international financial reporting standards, Stanbic IBTC Insurance, a subsidiary of Stanbic IBTC Holdings, has emerged as the first insurance company in Nigeria to have successfully obtained vetting and approval from the National Insurance Commission (NAICOM) for its 2023 full year financial report.

As the first insurance provider to receive such vetting by the industry regulator, this achievement comes on the heels of the insurance company's adoption of the International Financial Reporting Standard (IFRS) 17 standardization process, showcasing its commitment to transparency and adherence to global accounting practices.

The International Financial Reporting Standard (IFRS17) which was issued by the International Accounting Standards Board in May 2017; implemented in Nigeria in January 2023 and adopted by the National Insurance Commission, mandates all insurance firms to upgrade their financial reporting model by migrating from the IFRS4 model to the IFRS17 model. The IFRS 4 model allows companies to continue using existing local accounting practices, leading to inconsistencies and challenges in comparing financial statements across different jurisdictions. Thus, the model lacked uniformity in accounting practices as well as hindered comparability and transparency.

Spurred by the need for a more robust and comprehensive standard that could better address the complexities of insurance contracts, the IFRS 17 represents a paradigm shift in accounting for insurance contracts. The model provides a consistent and transparent approach to insurance contract accounting. The model also gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows; as well as provides easier access to external capital and an increase in foreign direct investment. The new standardization process, the IFRS 17, includes the preparation of the 2023 financials along with the restatement of the 2021 and 2022 financial statements.

Commenting on the feat, Akinjide Orimolade, Chief Executive of Stanbic IBTC Insurance, noted that the vetting by NAICOM is a testament of Stanbic IBTC Insurance’s commitment to international financial reporting standards, while giving stakeholders a clear understanding of its financial position and performance.

"Being the first insurer to have our financial report vetted by NAICOM, following the adoption of the IFRS17 standardisation model, is a testament to our unwavering commitment to international accounting standards. This milestone reinforces our dedication to transparency, trust, and operational excellence” said Orimolade.

The insurer noted that the adoption of the IFRS 17 standardisation model of financial reporting by Stanbic IBTC Insurance underscores the company's dedication to upholding international financial reporting standards. It noted that by aligning its financial reporting with this internationally recognised framework, the insurer is not only demonstrating its commitment to transparency but also aiming to instill confidence in its stakeholders.

"The adoption of the IFRS17 Standardisation Model not only enhances the quality of our financial reporting, but also signifies our proactive stance towards aligning with global best practices. By embracing international accounting standards, we aim to set a high benchmark for transparency and integrity in the insurance industry" Orimolade said.

The Stanbic IBTC Insurance Chief Executive also noted that in a dynamic and rapidly evolving insurance landscape, the organistion’s commitment to international accounting processes sets a positive precedence for the industry. By promoting transparency and adopting best-in-class standards, the insurer is well-positioned to navigate challenges, drive sustainable growth, and deliver value to its customers and shareholders.

“Our commitment to industry standards of reporting goes beyond compliance - it reflects our vision to drive sustainable growth and build long-term trust with our stakeholders. The adoption of the IFRS 17 framework underscores our dedication to operational efficiency, accuracy, and the highest levels of financial governance" he added.

Overall, Stanbic IBTC Insurance's successful vetting and approval of its financial report by NAICOM reflects the company's steadfast dedication to operational excellence, regulatory compliance, and stakeholder confidence. As the insurance sector continues to evolve, such initiatives underscore the importance of embracing global accounting standards to foster trust, transparency, and long-term success in the industry.

Tinubu Signs Bill Returning Old National Anthem Into Law

 

President Bola Tinubu has signed the National Anthem Bill, 2024 reverting to the old national anthem of “Nigeria We Hail thee”.

President of the Senate, Godswill Akpabio announced this on Wednesday, during a joint session of the National Assembly to mark 25 years of uninterrupted democracy.

The joint session sang the new national anthem before the arrival of President Bola Tinubu and Vice President Kashim Shettima among other top government functionaries.

NAN reports that the Senate and the House of Representatives had previously passed the legislation to swap the national anthem from “Arise, O Compatriots” to “Nigeria, We Hail Thee” at separate sittings.

Following the signing of the bill by the President to reintroduce the old national anthem, the joint sitting jettisoned what has been in existence since 1978, to adopt the former (and newly signed) national anthem ‘Nigeria, we hail thee’.

The old anthem, “Nigeria, we hail thee”, composed when Nigeria gained independence on October 1, 1960, has replaced the “Arise, O Compatriots” anthem.

Breaking : CJN summons Kano Chief Judge, Federal Judge Over Conflicting Orders On Emirship Battle

 

The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, has issued a summon to the Chief Judge of the Federal High Court, and the Chief Judge of Kano State High Court to appear before him over conflicting interim injunctions regarding the Kano Emirate tussle.

Mr Soji Oye, the Director of Information, confirmed this to the News Agency of Nigeria (NAN) on Wednesday.

The Federal High Court in Kano, presided over by Justice S. A. Amobeda had issued an order for the eviction of Emir Muhammadu Sanusi II from the Kofar Kudu palace, reinforcing the authority of the 15th Emir of Kano, Aminu Ado Bayero.

Also, the Kano State High Court, presided over by Justice Amina Adamu Aliyu, issued an injunction to protect Muhammadu Sunusi and other key figures from potential harassment by state authorities.

This order prevents any interference with the Emir’s autonomy and the seizure of key symbols of his authority, such as the twin spear, the Royal Hat of Dabo, and the Ostrich-feathered shoes.

These conflicting orders have led to significant confusion regarding the rightful authority and protection of the emirs in Kano.

The State High Court’s case is set for further hearing on June 13, while the Federal High Court has adjourned its case to June 4.

Minimum Wage: Why We Rejected FG’s ₦60,000 Offer — TUC President

 

Trade Union Congress (TUC) President Festus Osifo on Tuesday shed light on organised labour’s decision to decline the Federal Government’s latest ₦60,000 minimum wage offer.

Osifo in an exclusive interview with Channels TV, articulated the meticulous approach taken by labour representatives during negotiations, emphasising the need for transparency and a detailed breakdown of living expenses embedded within the proposed wage.

“The division of labour has been very clear. The government came to the negotiation table. If you remember the last time, it was fifty-seven thousand naira, so they moved to sixty thousand naira.

“When they moved to 60 thousand naira, the first thing we asked was, ‘Please, can you tell us how you want a Nigerian to survive on this? Let’s assume this person is working in central area and lives in Lugbe or Maraba.

“Can you kindly give us the breakdown? What is the cost of transportation that is embedded in this sixty thousand naira? What is the cost of feeding? Give us the breakdown’ but they did not,” Osifo explained.

Drawing attention to the stark contrast between the proposed wage and the actual cost of living, Osifo pointed out, “So our problem is not actually the volume of money. You will hear 60 thousand naira and think this is a huge amount of money, but the question is, what is the value of this money?

“Our currency has eroded over time, and the purchasing power of our naira has greatly reduced, so fifty thousand naira today cannot buy for us what eighteen thousand naira could buy for us in 2011 or what thirty thousand naira could buy for us in 2019, so that is the essence of discussing the minimum wage.”

Despite the Federal Government’s revised offer, Organised Labour remains steadfast in its stance, citing the imperative to not only meet but exceed previous standards of living.

Osifo asserts, “So for us, we’re rejecting it. We are not there yet.”

As labour representatives persist in advocating for a wage that truly addresses the needs of Nigerian workers, Osifo maintains, “If the government sits up and tightens all loose ends, if they do what other governments in different parts of the world are doing, we believe they can offer Nigeria a minimum wage just as it is demonstrated today in Angola and several countries in Africa.”

It is worth noting that NLC President Joe Ajaero had also described as “unsubstantial”, the fresh proposals by the government.

“It is still not substantial compared to what we need to make a family move,” the labour leader had said of the current ₦30,000 wage paid to workers in the country.

“The economy of the workers is totally destroyed. In fact, the workers don’t have any economy. I think there are two economies in the country; the economy of the bourgeoisie and the economy of the workers.

“I think we have to harmonise this so that we can have a meeting point,” Ajaero had said.

You’re Willfully Blinded To Tinubu’s Achievements – APC Tells Atiku

The All Progressives Congress (APC) has berated former Vice-President Atiku Abubakar over his comment about the one year in office of President Bola Tinubu.

In a statement on Tuesday, Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 elections, said the nation’s economy has worsened under Tinubu.

The former vice-president said, despite high hopes when Tinubu took over as Nigerian president last May, the country is worse off.

Abubakar said Tinubu has “embarked on a cocktail of policies” with no concrete plans to achieve the remodelling of the economy he promised.

However, in a statement, Felix Morka, APC spokesperson, said the former vice-president’s comment belittling Tinubu’s policies shows “primordial political envy and crass desperation for power”.

Morka said Atiku is “willfully blind to the pace of progress” of the country under Tinubu’s administration.

The APC spokesperson said Tinubu’s administration has “attracted over $20 billion into the economy” in the last one year.

“Atiku’s self-serving efforts to minimise the bold, genuine and metamorphic policies and interventions of the present administration only smack of primordial political envy and crass desperation for the power that Nigerians have so wisely denied him,” the statement reads.

“The former Vice President lives in an alternate reality of prejudice and unpatriotic desire for Nigeria’s failure so he may scavenge his way to an even more elusive presidency.

“Quite contrary to Atiku’s claim, President Bola Tinubu’s administration has, in its first year in office, attracted over $20 billion into the economy while the stock exchange has ballooned from N18.12 billion in Q1 of 2023 to N93.37 billion in Q1 of 2024, representing an increase of over 400 percent with an annual economic growth rate leaping from 2.5 percent to 3.46 percent

Key sectors of manufacturing, telecommunications, oil and gas, solid minerals, e-commerce, and fintech have continued to attract increased and ceaseless flow of foreign direct investments (FDIs). Yet, Atiku remains willfully blind to the pace of progress that is so self-evident.

“President Tinubu set an audacious target of building a $1 trillion economy in the next few years and has put together a bevy of experts and professionals, and introduced far-reaching policies and programmes to drive the actualization of this desirable economic target.

“The President needs the support and encouragement of Nigerians, not the bile-filled pessimism of partisan Atikus.

“Atiku’s false alarm of an imminent food scarcity boldface ignores the widely acknowledged proactive measures already introduced by President Tinubu to guarantee food security in the country.

“In December 2023, the federal government set a target for the cultivation of 500,000 hectares of land across the federation.

“Cultivation of rice, maize, wheat and cassava on over 246,231 hectares of land in 30 states of the federation is in progress in addition to approving massive grants and other incentives to farmers.”

Tinubu’s One Year In Office A Reign Of Economic Hardship – Labour Party Reps

The Labour Party (LP) caucus in the House of Representatives has described President Bola Tinubu’s one year in office as a “Reign of economic hardship, insecurity and hopelessness,” which they said negates the Renewed Hope Agenda campaign promises of the current administration.

This was contained in a State-of-the-Nation statement in Abuja on Tuesday, May 28, 2024 signed by the caucus Leader, Hon. Afam Victor Ogene, to mark the first year anniversary of the current dispensation.

The LP caucus said it’s bewildering that the economy of the nation has dangerously continued on a free fall, one year after the inauguration of the current administration, thereby casting a cloud of doubt on the capacity of the All Progressives Congress ((APC) government to rescue the nation from the current situation, especially after what it described as “the precarious eight years of the past administration, characterised by widespread despair.

“After last year’s glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our Caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.

“But, as can be obviously felt by the blind, and seen by the deaf, the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the ‘legacies’ of his predecessor.”

According to the LP Reps, “The current staggering negative economic indices should alarm every Nigerian, as it has left many previous optimists, including ourselves, in glaring shock.”

It stated that the latest report of the National Bureau of Statistics (NBS), indicated that food inflation rate in March 2024 was 40.01 percent on a year-on-year basis – an increase of 15.56 percent points higher, compared to the 24.45 percent rate recorded in March 2023

“Curiously, the NBS had pointed out that the disturbing rise in food inflation was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits, considered to be mostly every day staple food for the ordinary man, who is now forced to battle with daily hunger as a result of food scarcity and decreasing purchasing power.”

The LP lawmakers also noted that “From 29.9% in January – the highest since 1996 – Nigeria’s general inflation rate today stands at 33.20% and a poverty rate of 38.9%.

“Price of petrol has risen from N238.11 per litre, to N701.24, which is an increase of 194.5 %. Cooking gas price has increased by over 70%, diesel from N844.28 per litre to N1,415.02, which is 67.6% and public debt from N87.38trn to N97.34trn, an increase of 11.4%.

“Also, interest rate for bank loans which manufacturers and small and medium enterprises depend on for business and economic activities has increased in the past year, from 22.41 % to 33.69 %, which is an increase of 31.15 %.

“These verifiable figures and the excruciating living conditions of the people, more than any other thing, underscore the fact that

in just one year, the APC government has earned an unenviable record of perpetuating a cycle of poverty and underdevelopment, in spite of the flowery campaign promises it made just last year.

The Caucus said further: “President Tinubu campaigned on the mantra of ‘Renewed Hope Agenda.’ This was anchored on an eight-point agenda, which formed his social contract with the Nigerian electorate: food security, poverty alleviation, growth, job creation, access to capital, inclusion, rule of law and anti-corruption fight.

“This economic plan raised cautious optimism in many because it embodies the concept of utilitarianism – ultimate good to the greatest number.

“But now, we hasten to ask, has Nigerians seen any indication of fulfillment of those promises? On the contrary, the ordinary man on the street is weeping and wailing, with pervasive hunger hunting millions of homes. So, what we see, in actual sense, are failed promises.”

“To make things worse,” the LP Reps continued, “Then in an attempt to stabilize the naira, the government at the beginning of the year committed another faux pas by floating it. This caused the naira to undergo substantial depreciation, such that by February, the naira exchanged at an alarming rate of N1,900 against the dollar in the parallel market – and hasn’t achieved any stability since then.”

In the area of security, the lawmakers said: “In his 80-page manifesto with a 10-point agenda unveiled in October 2022 during the campaigns, President Tinubu had pledged “To establish a bold and assertive policy that will create a strong yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry, and all other forms of violent extremism from the face of our nation.

“Given the security situation today, this appears to be a mere rhapsody of rhetorics, making many to believe that the administration lacks an effective security strategy, as Nigerians are bogged down by incessant abductions, displacements and massacres by non-state actors across the nation.

“As the nation begins the journey into the second year of this administration, we call on President Tinubu to, as a matter of urgency, prioritise on minimizing the suffering of Nigerians, by ensuring food security, access to clean water, healthcare and education.

“Tackling poverty and guaranteeing these necessities are pivotal to the sustenance of peace in the nation.

“We also call on government to intensify the fight against corruption, with transparent governance and accountability being paramount. We also warn that government should desist from throwing the nation to the whims of foreign financial institutions, whose policies in developing countries are often anti-people.”

Breaking: NLC Rejects FG’s New ₦60,000 Minimum Wage Offer, Suggest ₦494,000 As New Minimum Wage Instead

The organised labour, on Tuesday, rejected the government’s latest offer, the fourth proposal in about two weeks since negotiation talks resumed.

This time, the Organised Labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), rejected the offer of the Federal Government to pay ₦60,000 as new minimum wage for workers.

The Organised Labour also shifted ground from its ₦497,000 stance last week to ₦494,000.
A prominent member of the Tripartite Committee for the negotiation of a new minimum wage for Nigerian workers told Channels Television labour correspondent that the Federal Government and the Organised Private Sector (OPS) side of the talks proposed a ₦60,000 monthly minimum wage on Tuesday (today) as against the ₦57,000 they proposed last week when the committee last met.

The government and the OPS had initially proposed ₦48,000 and ₦54,000 last week, which were also rejected by the organised labour.

Deadlocked

The organised labour had also presented ₦615,000 as the new minimum wage but saw reasons to drop their demand to ₦497,000 last week and then to ₦494,000 on Tuesday (today).

Today’s meeting was, however, deadlocked as talks ended without an agreement on what to pay as a new minimum wage.

The Tripartite Committee for the negotiation of a new minimum wage for Nigerian workers is yet to agree on a new minimum wage just about three days before the May 31 deadline the labour unions gave to the government to conclude the negotiations.

The labour unions said the current minimum wage of ₦30,000 can no longer cater to the wellbeing of an average Nigerian worker, lamenting that not all governors are paying the current wage award which expired in April 2024, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The Act should be reviewed every five years to meet up with contemporary economic demands of workers.

Breaking: Tinubu’s Government Increases Minimum Wage Offer To N60000

President Bola Ahmed Tinubu’s government has increased the minimum wage offer to N60,0000 for Nigerian workers.

The government made the offer on Tuesday, May 28, 2024, at the Tripartite Committee meeting on Minimum Wage.

A prominent member of the committee disclosed this after the meeting saying that the Federal Government and the Organised Private Sector (OPS) side of the talks proposed a ₦60,000 monthly minimum wage on Tuesday (today) as against the ₦57,000 they proposed last week when the committee last met.

The government and the OPS had initially proposed N48,000 and N54,000 last week, which were also rejected by the Organised Labour.

The Organised Labour had also presented N615,000 as the new minimum wage but saw reasons to drop their demand to N497,000 last week and then to N494,000 on Tuesday (today).

Today’s meeting was, however, deadlocked as talks ended without an agreement on what to pay as a new minimum wage.

The Tripartite Committee for the negotiation of a new minimum wage for Nigerian workers is yet to agree on a new minimum wage just about three days before the May 31 deadline the labour unions gave to the government to conclude the negotiations.

The labour unions said the current minimum wage of ₦30,000 can no longer cater for the wellbeing of an average Nigerian worker, lamenting that not all governors are paying the current wage award which expired in April 2024, five years after the Minimum Wage Act of 2019 was signed by former President Muhammadu Buhari. The Act should be reviewed every five years to meet up with contemporary economic demands of workers.

NLC President Joe Ajaero had described as “unsubstantial”, the fresh proposals by the government. “It is still not substantial compared to what we need to make a family moving,” the labour leader had said of the current ₦30,000 wage paid to workers in the country.

“The economy of the workers is totally destroyed. In fact, the workers don’t have any economy. I think there are two economies in the country; the economy of the bourgeoisie and the economy of the workers”

Ebenezer Onyeagwu Crowns Successful Tenure With Banking Ceo Of The Year In Africa In The International Banker Awards 2024 For The Second Consecutive Year

 

The Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining this title for the second consecutive year. This award, published in the Spring 2024 issue of International Banker Magazine, United Kingdom, coincides with Dr. Onyeagwu’s completion of his five-year tenure as Group Managing Director/Chief Executive Officer on May 31, 2024.

Speaking on receiving the award, Dr. Onyeagwu expressed his gratitude to the publishers of International Banker for the honour. He stated, “It is indeed an honour to be recognised as the ‘Best Banking CEO of the Year in Africa’ for a second consecutive year. This award is a testament to our team’s collective efforts and our commitment to innovation, growth, and delivering value to our customers and stakeholders. It also reflects our dedication to sustainability and high ethical standards, which are integral to our overall strategy. I am immensely proud of our accomplishments and look forward to future opportunities for the bank as I hand over the baton to my successor and begin the mandatory regulatory cooling-off period.” Dr. Onyeagwu dedicated the award to the Founder and Chairman of Zenith Bank Plc, Dr. Jim Ovia, CFR, for his mentorship, which was crucial to his success as Group Managing Director/CEO; to the bank’s management team and staff for their unwavering commitment over the past five years; and to the bank’s customers for their loyalty.

Throughout his distinguished tenure, Dr. Onyeagwu has received multiple awards, including Bank CEO of the Year (2019, 2023) by Champion Newspaper, Bank CEO of the Year (2020–2023) by BusinessDay Newspaper, CEO of the Year (2020 and 2021) – SERAS Awards, and CEO of the Year (2022) – Leadership Newspaper, and Banking CEO of the Year, Africa (2023) – International Banker.

Appointed as the Group Managing Director/Chief Executive Officer on June 1, 2019, as part of Zenith Bank’s succession planning strategy, Dr. Onyeagwu has led the bank to achieve significant milestones in financial performance, financial inclusion, corporate governance, and sustainability. These achievements have earned the bank numerous local and international awards, including being named Best Bank in Nigeria for the fourth time in five years from 2020 to 2022 and in 2024 by the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria by the Euromoney Awards 2023; being listed in the World Finance Top 100 Global Companies in 2023; and being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine.

Zenith Bank has also been honoured as Best Commercial Bank in Nigeria for three consecutive years from 2021 to 2023 by the World Finance Banking Awards; Best Corporate Governance Bank in Nigeria by the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) by The Banker’s Bank of the Year Awards in 2020 and 2022; and Best in Corporate Governance Financial Services Africa for four successive years from 2020 to 2023 by Ethical Boardroom. Other recognitions include Most Sustainable Bank in Nigeria at the International Banker 2023 Banking Awards, Best Commercial Bank in Nigeria, and Best Innovation in Retail Banking in Nigeria at the International Banker 2022 Banking Awards.

Additionally, Zenith Bank was named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards; Bank of the Decade (People’s Choice) at the ThisDay Awards 2020; Bank of the Year 2021 by Champion Newspaper; Bank of the Year 2022 by New Telegraph Newspaper; and Most Responsible Organisation in Africa 2021 by SERAS.

In recognition of his significant contributions to the financial services sector in Nigeria and across Africa, Dr. Onyeagwu was awarded a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, on March 25, 2023, during the university’s 50th convocation ceremony.

Published by Finance Publishing Limited, the International Banker is a leading global source of authoritative analysis and opinion on banking, finance and world affairs. Its influence, integrity, accuracy and objective opinion have earned it global recognition. The International Banker Awards strive to recognise the most worthy financial institutions around the world – those not just doing their jobs well but exceptionally well – those operating at the industry’s cutting edge and setting new performance levels to which others will aspire. The 2024 Banking Awards focused on various criteria, including the provision of much-needed capital for economic growth, cutting-edge innovation to enhance security and efficiency, commitment to sustainability and ESG principles, as well as intelligent investing to maximise profits and shareholder value.

Army Personnel, NSCDC Officer Arrested By Police For Robbery, Hijacking Of Trucks

 

The Rivers State Police Command has arrested 13 people, including four soldier and a Nigerian Security and Civil Defence Corps ( NSCDC) officer, for alleged armed robbery, hijacking of foods trucks, and diverting them o other location.

The police spokeswoman in the state, Grace Iringe-Koko, disclosed this in a statement on Monday obtained by SaharaReporters.

She noted that the arrests followed a thorough investigation triggered by an initial arrest of suspected burglary in a private warehouse in Elimgbu community, Ohio/Akpor Local Government Area.

She said two of the initial suspects were identified as a corporal in the Nigerian Army serving in Delta State and an officer of the Nigerian Security and Civil Defence Corps serving in Kabba, Kogi State.

She said the arrested security agents confessed to abandoning their posts to engage in criminal activities in Rivers State.

Iringe-Koko said further investigations uncovered a larger criminal ring involved in armed robbery, hijacking and goods diversion.

She added that the gangs were involved in hijacking trailers loaded with various goods, including fertilisers, imported clothing, and POP cement.

The police recovered stolen items and a white Toyota Hilux used in the gang’s operations, she said.

She also said four soldiers involved were dismissed by the Nigerian Army and handed over to the police for prosecution.

Photos: Rising Stars Shine At Ecobank’s National Schools Team Chess Championship

 University of Lagos (UNILAG), DaySpring School, Lagos and Marvelvine Montessori School, also in Lagos, have emerged winners in the tertiary, secondary and primary schools’ categories of the 2024 Ecobank National Schools’ Teams Chess Competition at the Pan African Centre in Lagos over the weekend.

The Chess Competition which has been described as the largest gathering of chess players in Africa attracted over 1200 players from over 250 schools across 18 states in Nigeria and the Federal Capital Territory (FCT).

Speaking at the closing ceremony, Vice President, Nigeria Chess Federation (NCF), Prince Adeyinka Adewole, expressed excitement that the Championship which was introduced last year when the International Chess Federation (ICF) started the World Schools Team Chess Championship has grown in leap and bounds. He noted that the 2024 edition attracted over 1200 participants, describing NCF’s partnership with Ecobank as a shining example of the public-private partnership needed for the advancement of sports in Nigeria.

“118 primary schools, 86 secondary schools, and 42 tertiary institutions participated and jostled for prizes of over N15 million at the three-day tournament which took place between Friday 24th and Sunday 26th at the Ecobank Pan African Centre (EPAC) in Victoria Lagos. At the end of the highly competitive tournament, University of Lagos came tops in the tertiary school category and was followed by University of Benin and Chess in Slums Africa (CISA) while DaySpring School, Platforms School, Ireti Senior Grammar School came first, second and third respectively in the secondary school category. For the Primary school category, Marvelvine Montessori School came first while Scholars Academy, Ibadan was second best and followed by Okikioluwa Junior in the third position”. He stated.

Further, he said, “When we introduced this Championship last year, only 15 schools participated but today we have over 250 schools. This is a remarkable accomplishment for us in the Nigeria Chess Federation, and we wouldn’t have been able to achieve this without the unwavering support of Ecobank. We’re deeply grateful for Ecobank’s generous support and unwavering commitment to empowering young minds and fostering intellectual growth. Your sponsorship has made this event possible, and your dedication to the development of chess among Nigerian youth is truly commendable.”

He reiterated the Federation’s delight in providing a platform for young participants to horn their skill and become world champion, stating that the championship is a celebration of strategic thinking, the relentless pursuit of excellence, and the future of Nigerian chess.

Managing Director/Regional Executive, Ecobank Nigeria, Bolaji Lawal, said the decision of the bank to sponsor the Chess competition was to further showcase Ecobank’s commitment to supporting intellectual and sports development in Nigeria, being part of Ecobank’s strategic human capital development drive.

“The winners here today are ‘rising stars. And I must say this is in line with our objective of supporting children and youths as the next-generation of changemakers. This sponsorship aligns with our overall long-term vision of building a world class Pan African bank that contributes to the economic and financial integration of the continent. We are also using the opportunity of this competition to introduce and empower them with convenient, affordable, and accessible digital financial services they can access anytime and anywhere they are.  Arrangements are in place to make our partnership an annual event, as it is exciting and fulfilling for both the children and undergraduate students”. He stated.

In his comment the Minister of Sports Senator John Owan Enoh, represented by the Director, Federal Ministry of Sports Liaison Office in Lagos, Ms Ikana Mbora, said the ministry is proud of the NCF. He commended the students for their resilience and determination to win as “this represents the Nigerian can do spirit”.

It would be recalled that Platform Schools, Ikeja, Lagos emerged as the national champion at the first National Schools Team Chess Championship held last year earning the honor to represent Nigeria at the World Schools Team Chess Championship in Kazakhstan.

The Nigeria Chess Federation (NCF) is the national governing body for chess in Nigeria. It was established in 1975 and is responsible for promoting, regulating and developing chess in Nigeria. The NCF is a federation under the Federal Ministry of Sport Development, and it is affiliated with the International Chess Federation (FIDE) and follows its rules and regulations. 

The objectives of the NCF include organizing national and international chess tournaments, training and selecting chess players to represent Nigeria in international competitions, and promoting the game of chess at all levels, from grassroots to elite. The NCF organizes various chess events throughout the year, and has also been successful in producing strong chess players who have represented Nigeria in international tournaments. These players have achieved notable successes, including winning medals in African Chess Championships and participating in Chess Olympiads.

Gun Battle In Lagos As Hoodlums Attack Police Station; Casualties Reported

Hoodlums, numbering over 100 this Monday morning, May 27, 2024 attacked Ipaja Police Station in Lagos.

The attack led to exchange of gunshots during which some of the hoodlums were killed. 

Residents said the attack created panic in the neighbourhood. 

Many reinforcements of police operatives have been deployed to the area. 

Thugs, Anti-Abure Supporters Clash At Labour Party National Secretariat

 

Pandemonium erupted on Monday when suspected thugs attacked member and executives of The Edo state chapter of the Labour Party who came to protest the continued stay of the National Chairman, Julious Abure, in office after his purported suspension last week.

The hoodlums, numbering about 20 swooped on the demonstrators as they alighted from their vehicles, forcing them to retreat into the neighbouring streets.

Even the journalists covering the protest were not spared as the invaders made frantic attempts to break into the secretariat of the Nigerian Union of Journalists in Utako where they took refuge in the wake of the fracas.

The situation was, however, doused after security operatives intervened and appealed for calm on both sides.

The embattled national chairman, who has been battling the NLC over an alleged plot to hijack the party, was suspended on Friday by his Ward in the Arue-Uromi area of Esan North-East Local Government in Edo State for alleged high-handedness and anti-party activities.

A letter of suspension dated May 14, 2024, and another letter of ratification dated May 15, 2024, both of which were ratified at a meeting of the state executive committee on Friday night in Benin, stated that the suspension is with immediate effect.

It advised Abure to stop holding out or parading himself as a member of the party.

The State Executive Committee led by Kelly Ogbaloi was also reported to have endorsed the decisions of the ward and local government committee of the party on Friday.

However, the National Working Committee of the party kicked against the action, which it declared as illegal and unconstitutional.

The National Publicity Secretary of LP, Obiora Ifoh, had told The PUNCH that Article 17 subsection 1 of the 2019 constitution of the Labour Party is clear that only a national convention arranged solely for the purpose of suspension with a two-third majority can suspend or remove the national chairman.

Military Finally Reopens Banex Plaza In Abuja

 

The Nigerian military has reopened the popular Banex Plaza in Wuse 2 area of Abuja for business after over a week of siege on the market.

According to report, the plaza resumed operations around 2:30pm on Monday.

Nuella's news reported that the market was sealed by military authorities on May 18, following a violent clash between traders and military personnel.

Trouble started when thugs allegedly beat up some soldiers who had a disagreement with a trader in the plaza.

The trader had reportedly sold a bad phone to someone who invited soldiers.

The police stepped in to resolve the situation, but soldiers later stormed the plaza, forcing traders to shut down immediately.

Human rights activists, including Femi Falana, SAN, civil society organisations, among others had condemned the military action.