Nuella's Blog: May 2024

Saturday 18 May 2024

Nigeria Has Collapsed Under Tinubu — Babachir Lawal

Former Secretary to the Government of the Federation, Engr Babachir Lawal, has said Nigeria collapsed after the swearing of President Bola Tinubu on May 29, 2023.

Lawal said the shocking announcement of fuel subsidy removal by Tinubu on the day of inauguration plunged the country into economic malady, stating that the policy was launched before the cabinet was assembled.

The ex-SGF said this while discussing state of the nation on Trust TV’s Daily Politics.

According to Lawal, the announcement of fuel subsidy removal led to increase in the transportation which is basically the engine of business for both the rich and common man in Nigeria.

Describing the action taken on May 29, Lawal said the non-existence of the cabinet and the Federal Executive Council to address the consequences of such a harsh policy was the undoing of Tinubu, leading to a total collapse of the country.

“I can only repeat what I said before. I’ve spoken on this before. First of all, I did say one time you came into government on the day you were inaugurated,” he said.

“After swearing in you embark on the first major policies that are very impactful on the lives of the society. It is like a cowboy, or macho man removing subsidy. At that time, he didn’t have a minister of planning, that should plan the outcome, the consequences to take care.

“You don’t have a minister of finance who will calculate the impact of this society. You did not even have the federal executive council that will approve that, you have nothing. As at that time, nobody to advise, nobody to break out ‘what ifs’”.

Speaking further, he said, “So immediately after that inauguration, Nigeria collapsed. It is like a balloon. Nigeria fell down. It deflated completely. Immediately transportation (fare) tripled,” he noted.

“That week! I used to buy animal feed for my cows from Zaria, I used to pay N270,000 per truck. Immediately that week, I couldn’t buy anymore, because transportation alone was going to cost me N1 million,” he explained from his personal experience as a farmer.

“I couldn’t afford it because the cost of fuel just jumped up. Everything. Last week I bought some equipment for my farm. I wanted to transport it from Kano, they were asking me to pay N3 million to transport three tractors and only to be put in a trailer. One trailer carrying three tractors!. Everything has gone up. So that policy alone crashed everything.”

6 Directors, 222 Workers Sacked As Govt Orders Refund Of 4-Year Wage

Six directors and 222 other staff members of the Anambra State Local Government Service Commission have been sacked for possessing fake certificates with which they gained employment into the commission.

In the same vein, two former staff members, one of whom was found to be working with the state owned Nwafor-Orizu College of Education at Nsugbe, and another with Nnamdi Azikiwe University, UNIZIK, Awka, who were said to be collecting salaries for four years have been directed to refund the illegal salaries they received to the commission.

Chairman of the Commission, Mr Vincent Ezeaka disclosed the scandals to newsmen at the Commission’s office in Awka on Thursday.

Ezeaka said that the sad developments were discovered in the ongoing verification and staff biometrics identification exercise being conducted by a four man committee headed by a retired permanent secretary, Dr. ( Mrs.) Ndidi Onuigbo.

He added that the exercise is part of Governor Chukwuma Soludo-led administration’s agenda deliberately initiated to sanitise the local government workforce.

Ezeaka further explained that between January and April 2024, a total of 222 ghost workers have been discovered and weeded out of the local government service commission.

He added that the two ex-staff of the commission who collected salaries from the coffers of the commission for four years while at the same time work as staff members of Nsugbe College of Education and the other as an accounting officer with the UNIZIK, Awka whose names he declined to disclose to newsmen would be prosecuted accordingly on the order of the state government.

The local government service boss, however, stated that from the verification exercise the bonafide staff member of the commission currently is about 4, 300, adding that they are the workers in the payroll of the commission pending when the verification committee would conclude it's assignment.

He stated that the state government is taking serious steps towards ensuring that communities and local government areas are sanitized for things to get better.

Lagos Dredging Projects Under Scrutiny: CHSR Calls For Immediate Appraisal

The Centre for Human and Socio-economic Rights (CHSR), a non-governmental organization dedicated to defending and promoting human and socio-economic rights, has called on Governor Babajide Sanwo-Olu to conduct an appraisal of the ongoing dredging and water transportation projects across Lagos State. This call comes amid growing concerns over the execution of these projects, which are crucial for improving accessibility and movement within the state.

During a press conference held at the Liberation Centre in Lagos on Thursday the 16th of May, 2024, CHSR President Comrade Alex Omotehinse highlighted the importance of these projects for Lagos’ economic transformation. Expressed disappointment over the perceived lack of progress and the quality of workmanship observed so far, particularly in the dredging of waterways and the construction of jetties.

The press conference underscored several key issues:

Misrepresentation Concerns: There were allegations of misrepresentation during the Ministry of Waterfront Infrastructure Development’s press briefing, where the progress of various projects was reported. Specifically, the claims of significant progress on the Jetty at Amuwo Odofin and other projects were questioned due to the visible lack of substantial work done.

Contractor Competence: There were concerns about the competence and equipment of the contractors involved in the projects. Stakeholders, including boat operators, have voiced worries about the suitability of the equipment used for dredging, fearing it may not meet the required standards.

Public Trust and Accountability: The CHSR emphasized the need for Governor Sanwo-Olu to address public concerns and suspicions surrounding the awarding of contracts and the management of funds allocated for these projects. Allegations of diversion of funds and the involvement of proxies in contract awards were raised, highlighting a need for transparency and accountability.

Call for Action: The CHSR demanded immediate action from Governor Sanwo-Olu, including investigations into the Ministry of Waterfront Infrastructure Development, rigorous scrutiny of contractor selections, and measures to prevent resource diversion. They urged the governor to prioritize water transportation to facilitate socio-economic development across the state.

Governor Sanwo-Olu’s administration had previously promised to enhance water transportation as part of its efforts to improve accessibility and mobility within Lagos. However, the concerns raised by CHSR and other civil society groups suggest that these promises may not be realized if immediate steps are not taken to address the issues at hand.

The press conference concluded with a call for Governor Sanwo-Olu to take swift action to ensure the successful completion of the dredging and water transportation projects, thereby fulfilling his commitments to the people of Lagos and contributing to the state’s socio-economic growth.

The press conference underscored several key issues:

Many Injured As Truck Rams Into BRT On Lagos-Ibadan Expressway

Several passengers have been reportedly injured after a truck rammed into a Lagos State BRT bus at Ibafo bus-stop along the Lagos Ibadan Expressway.

A PUNCH correspondent who went to the scene reports that the accident occurred around some minutes to 6am this Saturday, May 18, 2024.

According to a breaking news by PUNCH Online, “Officials of the Federal Road Safety Corps and Police on response call at the accident scene insisted that only their Public Relations Officers were authorised to speak.

“However, unconfirmed reports from onlookers noted that several people on the BRT bus were injured.

“Onlookers accounts noted that the BRT was parked loading its passengers at the bus stop before the truck loaded with cows heading to Lagos rammed into it, taking it off the road to destroy shops and kiosks by the roadside.

“The cow truck had been towed a little away from the scene so as not to hinder traffic.”

FG, Labour To Reconvene Next Week Over Minimum Wage Negotiation

The Tripartite Committee on Minimum Wage will reconvene on Tuesday,may 23 to further negotiate a reasonable new minimum wage for workers, after the organized labour walked out the negotiation on May 15.

An invitation letter sent to the labour leaders by the chairman of the committee, Bukar Goni, states that the other members of the committee have agreed to shift grounds from the N48,000 proposal which was made on Wednesday.

The letter appealed to the labour leaders to speak to their members and attend the reconvened meeting next Tuesday.

The organised labour comprising the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have proposed a new minimum wage of N615,000, which is way higher than the N48,000 proposal by the government.

The organised private sector, on the other hand, proposed an initial offer of N54,000. After dumping the talks, the labour leaders addressed a press conference where they expressed their anger over the Federal Government’s offer.

They blamed the government and the private sector for the breakdown in negotiation.

The Federal Government had failed to present a nationally acceptable minimum wage to Nigerians before the May 1 Labour Day.

The situation has forced labour to be at loggerheads with the government. In the wake of the tussle, the NLC President Joe Ajaero insisted on the N615,000 minimum wage, arguing that the amount was arrived at after an analysis of the economic situation worsened by the hike in the cost of living and the needs of an average Nigerian family of six.

Ajaero and labour leaders have given the Federal Government a May 31 deadline to meet their demands.

On January 30, Vice President Kashim Shettima inaugurated the 37-member tripartite committee to come up with a new minimum wage.

With its membership cutting across federal, and state governments, the private sector, and organised labour, the panel is to recommend a new national minimum wage for the country.

During the committee’s inauguration, the Vice President urged the members to “speedily” arrive at a resolution and submit their reports early.

“This timely submission is crucial to ensure the emergence of a new minimum wage,” Shettima said.

The 37-man committee is chaired by the former Head of the Civil Service of the Federation, Goni Aji.

With the cost of living rising following the removal of fuel subsidy, calls for a new minimum wage have continued to make headlines in Nigeria.

Thursday 16 May 2024

Abbey Mortgage Bank Gets Regulatory Sanction Over Violations

Abbey Mortgage Bank Plc has been sanction by the Nigerian Exchange for insider dealing in it's shares during Closed period a violation of the provision of Rules 17: 18: period of closure.

Insider trading refers to the practice of purchasing or selling a publicly traded company’s securities while in possession of material information that is not yet public information.

The close period, in accounting, is the time span covering the completion of a company’s finances and the subsequent release of those financials to the public.

During the close period, insiders are prohibited from trading company shares or making any relevant information public before it is officially announced.

As at May 14, the share price of the company closed at N2.46. The share price of the company had reached 52-week high of N3.23 as against 52-week low of N1.

The regulatory sanction on the mortgage bank was disclosed in May 10 X-Compliance Report, which is a transparency initiative of NGX Regulation Limited (NGX RegCo).

The X-Compliance Report is designed to maintain market integrity and protect investors by providing compliance-related information on all listed companies.

Incorporated in August 1991 and licensed to carry on business as a primary mortgage institution in January 1992, Abbey Mortgage Bank has in the last 30 years developed strong resilience and brand stability.

In 2020, Abbey Mortgage Bank added a strategic investor to its family, which has boosted and diversified investment opportunities and secured its future growth.

Within a year, Abbey Mortgage Bank grew its customer deposit by 250 percent, from N6 billion to N21 billion in 2021.

Why I can’t Have Kids Now, Burna Boy Reveals

Grammy-winning Nigerian singer Damini Ogulu, popularly known as Burna Boy, has revealed why he is not yet ready to become a father.

The 32-year-old artist shared that he feels unable to provide the necessary attention to children at this point in his life.

Burna Boy made these remarks during a recent Instagram live session when responding to a fan’s question about fatherhood.

He explained that he plans to have children only when he feels more settled or is married, ensuring he can give them the attention they deserve.

“Why haven’t I had kids yet? Bro, because I don’t want to have kids yet.

“Have you seen my mum the way she loves me? Have you seen my dad the way he loves me? I know I can’t give that to anyone right now with the life I’m living.

“So until I’m settled and I can be there for my children everyday, I’m not having no kid.

“I feel like my kids deserved better than I got. And I got both my mum and dad so you understand?”

On the allegations that he is impotent, Burna Boy said, “When I see the bants and the things people say [about me not being able to have kids], I said this is unimportant.

“Let’s assume that it is true that I couldn’t even have kids, you know that there’s something called IVF? But that is not even true,” he said.

Police Release Portable After Meeting Bail Conditions

The Lagos state police command has released Musician Habeeb Okikiola, a.k.a Portable after spending a night in the forces cell.

The Lagos state public relations officer, SP Benajmin Hundeyin confirmed the release to Vanguard this evening, stating that he was released this afternoon.

When asked if Portable has sorted out the issues, the spokesman added “I have no idea about it but what I can say is that he has been granted bail”

Recall that the ‘Zazzu’ crooner was nabbed on Tuesday following his alleged refusal to pay the debt he incurred when he purchased Mercedes Benz GLE 350 from Ogunsanwo Temitope (Temmy Autos), a car dealer in the state.

It was gathered that Portable had paid only N13 million after purchasing the vehicle, which was worth N27 million. He was said to have refused to pay the N14 million balance.

The Lagos state public relations officer, SP Benajmin Hundeyin confirmed the release to Vanguard this evening, stating that he was released this afternoon.

When asked if Portable has sorted out the issues, the spokesman added “I have no idea about it but what I can say is that he has been granted bail”

It was gathered that Portable had paid only N13 million after purchasing the vehicle, which was worth N27 million. He was said to have refused to pay the N14 million balance.

ASUU Threat: FG Sets Up Committee On Varsities’ Governing Councils

Federal government has set up a committee to ensure the reconstitution of the governing councils of 61 federal universities.

This came barely a day after the Academic Staff Union of Universities (ASUU) gave a two-week ultimatum for the councils to be reconstituted to avoid an industrial action.

Addressing a press conference in Abuja on Tuesday, ASUU president, Prof Emmanuel Osodeke, said Nigerians should hold the federal and state governments responsible if the matter of the governing councils is allowed to snowball into an avoidable industrial crisis.

The briefing followed its National Executive Council (NEC) meeting held at the Obafemi Awolowo University, Ile-Ife, between Saturday, May 11 and Sunday, May 12, 2024.

At the meeting, the union undertook a dispassionate and comprehensive review of the status of its engagements with the federal and state governments on how to reposition Nigeria‘s public universities for global reckoning and competitiveness.

But yesterday, the executive secretary, National Universities Commission (NUC), Dr. Chris Maiyaka, disclosed this in Abuja yesterday, during an interaction with the press.

The NUC boss, who is also a member of the committee, appealed to the Academic Staff Union of Universities (ASUU) to trust the ability of President Bola Ahmed Tinubu in delivering on his promises.

It would be recalled that President Tinubu’s administration had in June 2023 dissolved all the governing councils in federal universities in the country.

As the universities continued to operate without governing councils for over eleven months, stakeholders, including ASUU have expressed concerns, calling for its immediate reconstitution.

However, Maiyaka said, “Government is working to reconstitute the governing councils of 61 federal universities.

“Government is taking time to make sure that the most qualified people are brought in so that they can deliver on Mr. President‘s renewed hope agenda.”

The NUC boss added that as part of the plan, as soon as the governing councils are reconstituted, they would undergo orientation course in order to perform well.

Wednesday 15 May 2024

Nigerians Are In Pains, Kukah Tells Tinubu

Catholic Bishop of Sokoto Diocese, Bishop Matthew Hassan Kukah, says Nigerians are in pains, calling on President Bola Tinubu to open a channel of communication with the people on when his policies will begin to yield result.

Kukah said even though the “pains are unintended”, it was brought about as the results of certain policy decisions that hopefully, with time will serve the welfare of the people.

Kukah disclosed this to State House reporters on Wednesday at the Presidential Villa after meeting with President Bola Tinubu.

The clergy man said even though the times are difficult it is also a time for renewal, asking Nigerians to brace themselves because “building a good society takes a lot of time.”

“I came to see the President with the Director of the Kukah Centre. We came to discuss with the President an invitation we had earlier extended, which we renewed, to have a conference in which we will like him to be in attendance, addressing the theme of National cohesion. So, that’s really what we came to discuss.”

Asked to evaluate the one year administration of Tinubu, he said “I ’m sure many people will tell you that one year is not enough to make a judgment. However, from where we all stand, we know that we are all in a very difficult situation.

“Nigerians are in various levels of pain and they are pains that are unintended. But they are the results of certain policy decisions that hopefully, with time, can be amended in order to serve the welfare of the people.

“Because I believe that the essence of government is to guarantee the welfare and security of ordinary citizens. I believe that the times that we are in now are very difficult times and nobody should be under any illusion. But they are also times for renewal.

“We just need to commit ourselves to the fact that building a good society takes a lot of time. It’s not something that is done in one life time. And for me, the most important thing is to continue on the building blocks of the things that we think are being done well.

“My argument has always been that the government needs to very quickly improve the quality of communication so that Nigerians can at least get a sense of how long is it going to be before food is ready.”

On Rivers political crisis, Kukah said what is happening is politics and very often, “we ordinary people cry more than the bereaved. The important thing is politicians will fix their problems.

“Rivers State is a place that is very dear to me because I have been associated with them for a very long period of time.

“But look, when politicians fight, don’t get carried away because they have their capacity to fix their quarrel. And I hope and pray that Rivers State will sooner rather than later reposition because it is not an insignificant part of Nigeria.”

Cause Of Mohbad’s Death Cannot Be Ascertained – Pathologist Tells Coroner Inquest

The pathologist employed to investigate the cause of d£ath of late singer Ilerioluwa Aloba aka Mohbad has told the coroner inquest that the cause of d£ath of the late singer could not be ascertained.

Senior Advocate of Nigeria, Wahab Shittu, who was in court for the continuation of the inquest today May 15 told newsmen that the pathologist in his submission in court said that at the time the test was carried out the body of the singer had already decomposed.

Just In: Labour Rejects FG’s Proposed N48,000 Minimum Wage

The organised labour, comprising the Nigeria Labour Congress and Trade Union Congress has walked out of the ongoing minimum wage negotiations after the government and the Organised Private Sector made what the unionists described as “ridiculous offers” of N48,000 and N54,000, respectively.

According to a source who is a leader of the TUC in the meeting, while the government did not provide any data to back up its proposal, unlike Organised Labour, OPS, on the other hand, said none of its members pays less than N78,000.

The TUC source said, “Labour presented first and we stood on our N615,000 proposal after which the OPS presented N54,000. Later the government came and proposed N48,000. There was no iota of seriousness. There was no data to back it up and that was the moment we walked out. When they are ready to be serious, they will call us.”

“What I’ve Been Facing After My Dad’s Death”- Murphy Afolabi’s Daughter, Speaks A Year After

Moyosore Ewatomi Afolabi, the beautiful daughter of late Nollywood actor Murphy Afolabi, has opened up about her struggles in the year following her father’s passing. The Osogbo, Osun State-born secondary school student lost her father on May 15th, 2023, just days after his 49th birthday. On what would have been his 50th birthday on May 5th, 2024, Moyosore Ewatomi Afolabi took to her social media page to express her sentiments with the below headline.

“Happy Birthday to You Dad, I Miss You Every Day”– Murphy Afolabi’s Daughter, Moyosore Afolabi, Celebrates His Late Father’s Birthday on May 5th, 2024.

In an exclusive interview with popular journalist, Gbolahan Adetayo, the young and talented daughter of Afolabi shared the challenges she has been facing since her father’s passing.

“It hasn’t been easy since his departure. If you know the story, you’ll understand that it was difficult for me to be close to him when he was alive. However, he later brought me closer to him, and we became best of friends. Even at my tender age, he loved me dearly, but I loved him even more. He was a man with a heart of gold, and his untimely demise has left a deep void. Each time I remember that I no longer have a father, I experience immense trauma.

Sometimes, the memories overwhelm me to the point of fainting. When I regain consciousness, those who rescue me often report that I call out for my father. I bless God for the great mother i have, she’s always standing beside me.Sometimes, I behaves naughty but still correcting me. It’s been exactly one year today, and the reality of his absence weighs heavily on me. I miss him dearly. May his soul continue to rest in peace,” she said.

Man Detained For 14 Years Without Trial Runs Mad In Kirikiri Prison

The Court of Appeal in Lagos has freed Idris Musa who was detained for 14 years without trial.

He was arrested in 2010 by the police over the murder of one Ali Kolo and developed a mental disorder while in Kirikiri prison.

The appellate court took notice of the evidence that the appellant had developed a mental disorder following his long years of incarceration and ordered that he be released unconditionally.

Justice Jimi Bada held: “Before I make a final order in this appeal, I will draw attention to the fact that the appellant has been in the custody of the third respondent for the past 14 years without trial.

“And according to Paragraph 12 of the affidavit in support of the Fundamental Right Application filed at the trial court sworn to on July 18, 2017, the appellant as a result of his years of confinement without trial has developed grave signs of mental disorder.

“There is no counter-affidavit to contradict that fact from any of the first, second and third respondents.

“Therefore, the appellant is hereby ordered to be released unconditionally to any member of his family to enable them to take care of him adequately.”

The two other justices on the panel, Justice Folashade Ojo and Justice Paul Bassi, concurred with the lead judgment.

Musa was first arraigned before an Ebute Meta Magistrate Court, Lagos.

Magistrate Doja Ojo ordered that he should be remanded in prison custody on a holding charge pending a Directorate of Public Prosecution (DPP) advice.

Although the advice was issued several months later for his arraignment before the High Court, it took over two years before he was eventually charged before Justice Oluwatoyin Taiwo.

However, his trial was suspended when a prosecution witness testified that he was not the ‘Idris Musa’ that killed the deceased for which he was charged.

Thereafter, neither the Police nor the office of the Attorney-General of Lagos state pursued the matter, leaving the defendant in jail.

In 2017, the law firm of Charles Mekwunye & Co took up the matter and filed a fundamental human rights enforcement suit against the Commissioner of Police, the office of the Attorney-General and the Deputy Comptroller-General of Prisons seeking Musa’s release.

It held that the arrest and continued detention of the defendant without any formal charge or trial for eight years at the time of delivering the judgment was not unconstitutional or a violation of the defendant’s fundamental right to liberty.

The lower court ordered the Attorney-General’s office to expedite the prosecution of the defendant before a court of competent jurisdiction.

Despite the court order, the defendant remained in prison as no attempt was made by the AG’s office to bring him for trial before any court.

In 2020, Dr. Charles Mekwunye (SAN) filed an appeal before the Court of Appeal Lagos on behalf of the defendant.

He prayed the court to set aside the judgment of the lower court and order unconditional release of the appellant with compensation and public apology.

Mekwunye argued that the continued detention of the appellant in prison for 10 without trial and the Lagos AG’s refusal to arraign him before any court as earlier ordered by the lower court is a breach of his constitutional right to liberty.

The appellate court in a lead judgment by Justice Bada disagreed with Mekwunye’s argument.

It insisted that an arrest and remand properly made as in the instant case cannot constitute a breach of fundamental human rights.

The justice held that there were other avenues for the defendant to seek justice for the purported infringement of his fundamental human rights.

Justice Bada, however, took into consideration the appellant’s health condition and freed him.

Singer Portable Spends Night In Police Custody

Lagos State Police Command, on Tuesday, arrested controversial musician, Habeeb Okikiola, Popularly known as Portable, for refusing to pay the debt he incured when he purchased G- Wagon from a car dealer in the state.

Singer Portable spend night in police custody

The singer was arrested on Tuesday, May 14, over G-wagon debt. Here’s a video of him being arrested after he jumped a gate and attempted to flee.

Tuesday 14 May 2024

Sad ! Nigerian Customs Officer Shoots Self Dead In Abuja

An officer of the Nigeria Customs Service (NCS) serving in the Federal Capital Territory, identified as Abdulwahab Magaji has reportedly committed suicide in Abuja

It was gathered that the deceased shot himself with a pump-action rifle at his residence located at Binta Street, Farm Estate area, Abuja.

It was also said that Magaji’s family filed a report with the police about his untimely death, forcing policemen to storm the scene of the incident, Daily Trust reports.

According to a family source, when policemen arrived at the site, the victim was transported to a hospital and pronounced dead.

The source said, “A family of the deceased had raised the alarm that CSC Abdulahi Abdulwahab Magaji, a customs officer serving in Abuja, shot himself in his house at Farm Centre with a pump-action rifle.

“Police officers dashed to the scene of the incident and took the victim to the hospital, where he was certified dead by the doctor on duty.”

The source added that the body of the deceased had been handed over to the family for burial, according to Islamic rites.

Customs National Public Relations Officer, Abdullahi Maiwada, could not be reached for comments at the time of filing this report.

The police authorities in FCT have also not yet issued any official statement on the incident.

Speaking about Magaji’s demise, a friend named Lawan Al-Amin Mohammed, described him as a pillar of strength, source of comfort and guiding light during his lifetime.

Mohammed paid tribute to the late Magaji for his outstanding character and great integrity, adding that he lived a life of purpose.

He wrote, “But beyond his infectious laughter and boundless optimism, Abdul possessed a rare depth of character and integrity that set him apart. He lived his life with purpose and passion, guided by principles of honesty, compassion and empathy.

“He was more than just a friend; Abdul was a brother, a pillar of strength, a source of comfort and a guiding light in times of darkness. His unwavering support and unconditional love lifted me up when I stumbled, reminding me that I was never alone in my struggles. In his absence, I’m left with a profound sense of loss, a void that can never be filled.

“But as we mourn his passing, let us also celebrate the extraordinary life he lived and the countless lives he touched along the way.

“Abdul’s spirit will live on in the memories we hold dear and the lives he forever changed. Let us honour his legacy by embracing the values he held dear and striving to live our lives with the same grace, dignity, and compassion.”

The act of the uniformed men killing themselves has become rampant which might not be unconnected to depression.

In a simliar report, SaharaReporters had reported how a Deputy Commissioner of Police serving with the Force Criminal and Investigation Department, Alagbon, Lagos State, Gbolahan Oyedemi also committed suicide in his private house in his hometown, Ogbomoso, Oyo State.

Oyedemi was the Aide de Camp to the late former Governor of the state, Adebayo Alao-Akala, during his 11-month tenure as defacto governor in 2006.

Monday 13 May 2024

Federal Government To Reform, Restructure NYSC Scheme – Minister

The minister of youth development, Jamila Bio-Ibrahim has said that the National Youth Service Corps (NYSC) would be restructured to meet the demands of the future.

The minister said a team to undertake the review, restructuring, and reforms of the NYSC would be inaugurated soon.

She stated this at the opening ceremony of the maiden meeting of NYSC management with heads of corps-producing institutions in Nigeria, in Abuja on Monday.

The minister also announced that over 5,000 corps members will have their entrepreneurial ventures funded with close to N10 million.

She said: “Permit me to inform us very briefly that on what is to come regarding NYSC reforms. I’m pleased to announce that I will be inaugurating a team to undertake the review, restructuring, and reforms of the NYSC. The first of these reforms will be centred on reviewing participants with an entrepreneurship mindset and making skills development a core of the programme.

“The NYSC already does that but the objective is to work with them to strengthen what that mandate that they already have more efficient, effective, and beneficiary.

about the effective implementation of operational policies of the NYSC Scheme. I commend the decision of the NYSC to periodically bring critical stakeholders together to brainstorm on the best strategies for greater success, which aligns perfectly with the contemporary global best practices for achieving desired results. I therefore urge you all to participate actively and offer insightful contributions as you navigate the path ahead. At the end of the day, I am confident that this all-important engagement will be paving way for a more responsive, efficient, and impactful National Youth Service Corps.

“I consider it appropriate to use this forum to express appreciation for the enormous contributions of Corps Members deployed to serve in the Territory, especially in key sectors such as health and education. On our part, we will continue to accord priority to the security and general welfare of the Corps members.”

EFCC Tackles Bank Workers For Disclosing Investigation Information To Fraudsters

The chairman of the Economic and Financial Crime Commission (EFCC) Ola Olukoyede has lamented the unhealthy support which fraudsters receive from the banking sector in Nigeria.

Olukoyede made this known on Saturday, in a statement signed by Head, Media and Publicity, Dele Oyewale, in Ibadan, the Oyo State capital, calling on compliance officers of banks across the country to desist from unauthorised disclosure of EFCC’s investigation activities and request from banks to their customers.

The EFCC chairman, who was represented by the acting Zonal Director of the Ibadan Zonal Command of the agency, Hauwa Garba Ringim during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State, stressed that it was posing considerable challenges and concerns to the commission.

He urged them to always respond to letters received from the commission with certified true copies including instruments of transactions of beneficiaries or sources, as this would expedite the processes of investigation to a logical conclusion, adding that illegal dealings and trading in naira with the Point-of-Sale operators must stop.

He said, “The EFCC is aware of the fact that compliance officers give information to their clients regarding “letters of investigation activities” written to the banks from the EFCC.

“The act usually jeopardises the investigation exercise of financial crimes and delays corruption cases from being filed before the law court.

“What we notice and see around lately is that Nigerians can only withdraw a small amount of their money with the banks in Automated Teller Machine but POS operators evidently go around with huge amounts of money gotten from the banks. This is not fair to Nigerians and we must fight it head-on,” he added.

He, however, assured the compliance officers of the commission’s support at all times, as “they remain relevant stakeholders in the fight against economic and financial crimes.”

Analysts Place “Buy” On Fidelity Bank

Highly-rated, independent investment advisory firms have picked Fidelity Bank as a very attractive stock with potential to generate high returns for investors.

Independent investment research reports by many market pundits reviewed at the weekend showed that Fidelity Bank was assigned “buy” ticker, a recommendation to investors to consider the potential attractive returns of the bank.

The research reports were based on the historical and current operational performances of the bank as well as the clear-sighted implementation of the bank’s growth plan. The reports also considered the quality of board and management and the general human capital and resources of the bank.

after tax rising by 99 per cent to N99.46 billion in 2023. Earnings per share (EPS) thus jumped by 93 per cent to N3.11, providing a strong buffer for the bank to increase dividend payout without undermining its sustainability.

Interim report and account of the bank for the first quarter ended March 31, 2024 also showed that the bank started the current business year on stronger footing with three-digit growths across key performance indicators.

The three-month report, released at the Nigerian Exchange (NGX), showed that gross earnings increased by 89.9 per cent to N192.1 billion in first quarter 2024. The bank’s top-line performance continued to be driven by broad-based growths across income lines with interest income rising by 90.7 per cent and non-interest income growing by 84 per cent in first quarter 2024.

Growth in interest income was primarily spurred by a higher yield environment and strong earning assets base, while the increase in non-interest income was led by double-digit growth in account maintenance charges, foreign exchange (forex)-related income, trade, banking services, and remittances, supported by increased customer transactions.

Profit before tax doubled by 120 per cent to N39.5 billion in first quarter 2024 as against N17.9 billion in first quarter 2023. The bank’s performance was driven by expanding market share with total deposit rising by 17 per cent within the three months to N4.7 trillion, compared with N4 trillion recorded at the end of 2023. The bank also increased its supports for national economic growth with net loans and advances rising by 21 per cent from N3.1 trillion at the end of 2023 to N3.7 trillion by March 2024.

Managing Director, Fidelity Bank Plc, Nneka Onyeali-Ikpe said the bank’s performance was due to its strategic focus on customer-centricity, digital innovation and operational excellence.

“Despite the challenging macroeconomic environment, we remained resilient and agile, delivering double-digit growth on key income lines while advancing our business sustainability agenda.

“Beginning the year on this inspiring note reaffirms our strategy of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper. We are committed to our guidance as we build a more resilient business franchise with a well-diversified earnings base in 2024,” Onyeali-Ikpe said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

NLC, TUC Shut Down Ikeja, Ibadan DisCos Over Electricity Tariff Hike

Workers have stormed various offices of electricity distribution companies to protest over the Band A tariff hike.

The workers, under the aegis of the Nigerian Labour Congress and the Trade Union Congress, thonged the offices of the DisCos on Monday, preventing workers from resuming work for the day.

In Lagos, the workers were sighted at the corporate headquarters of the Ikeja Electricity Distribution company, singing and calling for the reversal of the Band A tariff.

In Oyo, protesters stormed the office of the Ibadan Electricity Distribution Company, picketing the same.

It was gathered that policemen were in attendance to forestall any breakdown of law and order.

The NLC and TUC gave the Nigerian Electricity Regulatory Commission (NERC) a seven-day ultimatum to reverse the revised tariff.

However, the Federal Government said a reversal of the tariff would spell doom for the power sector, urging Nigerians to bear the temporary pains.

Amid this, the International Monetary Fund has advised the Federal Government to remove electricity subsidies in other bands to save the economy.

The NLC and TUC gave the Nigerian Electricity Regulatory Commission (NERC) a seven-day ultimatum to reverse the revised tariff.

However, the Federal Government said a reversal of the tariff would spell doom for the power sector, urging Nigerians to bear the temporary pains.

Amid this, the International Monetary Fund has advised the Federal Government to remove electricity subsidies in other bands to save the economy.

United Nations Nigeria Partners Sterling One Foundation To Co-convene ASIS 2024

United Nations (UN) in Nigeria, led by the Resident Coordinator, Assistant Secretary-General Mohamed Malick Fall has committed to galvanizing the private sector for stronger partnerships and more impactful investments towards acceleration of the Sustainable Development Goals (SDGs).

This is part of the goals of its partnership with the Sterling One Foundation geared towards building more effective multi-sectoral partnerships on impact investments in critical sectors through the Africa Social Impact Summit (ASIS).

Last year, the UN and Sterling One Foundation co-convened the Summit with the support of various stakeholders working towards sustainable development. Since then, the UN Country Team (UNCT) has focused on using the platform to emphasize the role of partnerships in driving SDGs towards agenda 2030.

Mr. Mohamed Fall described such partnerships as important in galvanizing coordinated social impact support by the private sector, which is essential for rescuing the SDGs in Nigeria.

“What the UN System offers to such partnerships is coordinated and complimentary efforts to assist the most vulnerable households and ensure no one is left behind,”he added.

Sharing her thoughts on what to expect from a second year of co-convening with the UN, Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation highlighted the huge opportunities for including more sectors and investors in this year ‘s summit.

“What we hope to achieve this year is to build on the momentum we have gained from two years by engaging decision-makers from the private sector and other key sectors to move from commitments to action, as shown in the design of this year’s edition,” she said.

In addition to panel sessions on key issues ASIS 2024 will feature more sector-specific workshops focusing on SDG progress and solutions for acceleration.

The 2024 edition will be held from July 25 – 26, 2024 at the Eko Convention Centre, Lagos, and is open to leaders across the public and private sectors. More details on registration and other parts of the Summit can be found at www.theimpactsummit.org.

Sunday 12 May 2024

Our Taxes Are Not To Frustrate Nigerians But To Create A System – Vice President Shettima

He said contrary to speculations in some quarters, “We are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens.”

Vice President, Kashim Shettima, has stated that Nigeria’s tax reforms under the administration of President Bola Tinubu are targeted at improving the system for the overall benefit of all Nigerians.

The Vice President, represented by the Special Adviser to the President on General Duties (Office of The Vice President), Aliyu Moddibo Umar, spoke on Saturday at the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja.

According to a statement by his spokesman Stanley Nkwocha, the Vice President explained that the policy thrust of the Tinubu administration’s tax reforms, pointing out that the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.

“Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” he noted.

While expressing confidence in the ability of the committee to deliver on the mandate, the Vice President emphasised the significance of the task ahead, noting that “we are gathered today because we are transitioning from the phase of proposal in the operations of this committee’s work to the phase of implementation.

I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added.

Saturday 11 May 2024

Sharia Court Sentences Man To Die By Stoning For Homosexuality

A Sharia Court in Ningi headquarters of Ningi LGA in Bauchi state has sentenced a middle-aged man to death by stoning for the offence of homosexuality, having been found guilty of the offence as charged.

The Sharia Court presided over by Abdullahi Aliyu Doya delivered the judgement and pronounced the death sentence during the court session on Friday, 10th May 2024 in Ningi.

The Sharia Judge said that the Court commenced hearing on the case on 02/05/2024 and after listening to various arguments on the case, closed it on Thursday, 09/05/2024 for judgement and sentence.

The Sharia Judge explained that the outcome of the various witnesses presented before the Court coupled with the acceptance of guilt by the accused of engaging in homosexuality, the Court delivered the judgment and the sentence.

He therefore pronounced that, the accused, Abdullahi Sani, a resident of Unguwar Makara huta, in Ningi should be stoned to death for committing the offence of homosexuality.

Abdullahi Aliyu Doya explained that he delivered the judgment and the sentence in line with the provision of section 131, 132 da 133 of the Bauchi State administration of criminal justice, 2001.

It would be recalled that on 01/07/2022, a Sharia court presided over Munka’ilu Sabo-Ningi, delivered judgement and sentenced Three people to death by stoning having been found guilty of the offence of homosexuality.

Two Die In Lagos Tanker Explosion

The Lagos State Fire and Rescue Service (LSFRS). has disclosed that two men died in a tanker explosion which occurred on Friday night at the Ijesha end of the Cele link-bridge in Surulere area of the state.

The LSFRS Director, Margaret Adeseye, disclosed this in a statement on Saturday, adding that firefighters responded swiftly to the distress call to extinguish the fire..

The statement partly read, “At approximately 23:12hrs emergency services were alerted to a tanker truck, carrying 33k litres of petrtol, losing control while navigating the roundabout to ascend the bridge. The subsequent spillage ignited into a large fire, engulfing the surrounding area.

“Regrettably, two male individuals were discovered deceased, their bodies tragically burnt beyond recognition and handed over to the Nigeria Police Force, overseeing the necessary procedures. The Lagos State Ambulance Service also provided vital assistance throughout the operation.”

Adeseye added that efforts are underway to clear the wreckage of the involved vehicles from the road, to ensure free flow of traffic and to enable investigative procedures.

University Lecturer Stripped Naked In Lokoja

A senior lecturer with the Federal University Lokoja (FUL), Kogi state, on Friday, May 10, faced unexpected consequences, as he was stripped near naked over allegations of forceful sexual advancement towards a female student.

The lecturer whose full name was yet to be ascertained as at the time of filing this report was said to have incurred the wrath of some other female undergraduates of the English Department, where he teaches, when they got wind of his latest ‘escapede’ as they insisted he must be publicly ‘disgraced’, claiming that ‘his cup was full’.

The lecturer who was stripped to his boxers was however saved from further molestation by the combined efforts of the school security unit, at the Adankolo mini campus of the institution.

During the interrogation, the lecturer implicated his colleagues, including the Head of the Department (HOD), claiming that they usually provide him with names of female students to either “pass or fail” based on their level of intimacy or absence with them.

When contacted, the school’s spokesperson, Daniel Iyke, said that the management was already aware of the development and had immediately set up machinery to investigate the case.

According to him: “The thing is that the university has its own internal mechanism in taking care of it.

“The report has been brought to the attention of the vice-chancellor, and he has set up a body to look into it. This was done immediately and the report or outcome will be made known as soon as it comes out. At this point, this is all I can volunteer.”

Efforts to speak with the female victim or her father, who is reportedly a police officer, proved unsuccessful as they were shielded from interacting with our correspondent.

Defence Headquarters Receives Improved Armoured Personnel Carriers To Curb Insecurity

Defence Headquarters has received new Armoured Personnel Carriers to fight insecurity in Nigeria.

In a brief ceremony, the Permanent Secretary, Ministry of Defence, Dr Ibrahim Abubakar Kana who represented the Minister of Defence, Mohammed Badaru Abubakar, handed over the documents and keys of 20 APC to the Chief of Defence Staff (CDS), General Christopher Gwabin Musa.

According to defence spokesman, Brigadier General Tukur Gusau, “APCs are improved versions with improved weapons and communication systems that can locate adversaries from a distance and engage them effectively. They also allow for seamless military operations.

The Permanent Secretary during the handing over, said he is happy with the current synergy existing among the services while describing the consideration for contracting local manufacturers for the production of the APCs as a welcome development.

He added that this will save the nation a lot of money, create employment for Nigerians and reduce over reliance on foreign currency.

The CDS in his response thanked the Minister of Defence for the noble act.

He pledged to put the carriers to optimum and judicious use. He added that the machines will definitely boost the ongoing operations to rid the country of insecurity.

The APC’s were produced and supplied by an indigenous company based in Nigeria.

The chairman of the company, Engineer Kola Balogun, said the company will also train operators and provide after purchase services like maitainance, spare parts, and repairs.

According to him, the company will soon start exporting these machines to earn foreign currency for the country.

Friday 10 May 2024

Nigeria’s Naira Reverses Back As World’s Worst Performing Currency

Nigeria’s naira has reversed recent gains and is now the world’s worst performing currency in the last month, increasing pressure on the central bank to keep raising interest rates.

The naira has slipped to 1,466.31 to the dollar, its weakest level since March 20, hurt by the local scarcity of the US currency which on Thursday halved from the day before to just $84 million.

Finally, Yahaya Bello Agrees To Submit Himself

Former governor of Kogi State, Yahaya Bello, on Friday, finally agreed to submit himself to the Federal High Court in Abuja for arraignment on June 13 in the corruption charges against him.

Bello’s lead counsel, Abdulwahab Mohammed gave the undertaking to Justice Emeka Nwite on Friday shortly after the request for suspension of trial by the defendant was rejected by the court.

The senior lawyer claimed that the former governor was not afraid of arraignment but safety of his life in the hands of the Economic and Financial Crimes Commission, EFCC, in Abuja.

He said that the life of his client has been under consistent threats in Abuja, hence, his decision to go underground for safety.

The agreement to submit to court trial was informed by the remarks of Justice Nwite that EFCC as a law abiding body would not do anything against the provisions of the law.

The Judge said that Bello was not the first former governor to be merely invited by the anti-graft agency and would not be the last.

The Judge also said that the charges were based on allegations that have not been proved, adding that the law even presumed any accused person innocent until proven otherwise.

He advised the senior lawyer to prevail on his client to respect the law and order of court as a law abiding person.

Bello’s lawyer in response to the admonition, thanked the Judge for the hint, adding that with the assurance that the EFCC would not do anything untoward, the former governor would be brought to court.

“All my client needs is just an assurance for the safety of his life which has been under threat for some time in Abuja,” he said.

The lawyer requested for four weeks to bring his client before the court.

Based on the undertaking and no opposition from the EFCC counsel, Rotimi Oyedepo, SAN, Justice Nwite fixed June 13 for Bello to appear in court for his plea to be taken.

NAFDAC Shuts Down Illegal Alcohol Factory With N50million Products In Lagos

The National Agency for Food and Drugs Administration and Control (NAFDAC) has confirmed the shutting down of the operations of Mr Chinedu Okafor, am illegal drinks manufacturer operating from his residence on MTN Road, Badagry, in Lagos State.

This was stated in a press statement by the agency, revealing that Okafor’s operation raised suspicion from the Nigerian Army and he was arrested by the military.

The statement reads: “NAFDAC enforcement officers, aided by intelligence from the Nigerian Army’s 15 Field Engineering Regiment in Badagry, dismantled the operations of Mr. Chinedu Okafor, an illegal drinks manufacturer operating from his residence at No. 24, MTN Road, Badagry.

“Mr. Okafor’s suspicious activities caught the attention of the Nigerian Army, leading to his arrest and subsequent handover to NAFDAC officers at the Ports Inspection Directorate, Seme Border.

“Upon inspection, officers evacuated all equipment and materials used in the production of illicit drinks, effectively shutting down the illegal factory.

“Investigations revealed Mr. Okafor’s longstanding involvement in this criminal activity, which has potentially compromised regulated alcohol drinks in the Badagry area.

“NAFDAC emphasises the need for public vigilance and urges citizens to report suspicious activities to safeguard public health.”

“Mr. Okafor will face prosecution, and all offending products will be destroyed, with an estimated value exceeding fifty million naira (N50,000,000),” the statement added.

Nigerians Are Suffering, Gani Adams Urge Federal Government

The Are Onakakanfo of Yorubaland, Iba Gani Adams, has urged the Federal Government to address the suffering of Nigerians, caused by the removal of the fuel Subsidy and the increase in electricity tariffs.

Speaking during the 2024 edition of the Oke Ibadan festival, organised by Olokun Festival Foundation, OFF, which was held in Ibadan, Oyo State, Adams noted that Nigerians are concerned about the present situation in the country.

He pointed out that the idea of states having Independent Power Supply was one of the policies of this administration that he had applauded, adding that there are a lot of advantages the states can get from this initiative.

He said: “One of the major policies of this administration that I applauded at the onset was the idea of having an Independent Power Supply in the states.

“There are a lot of advantages the states can get from this initiative.

Nigerians have continued to raise their voices against the policy; even as power outages persist in the country. The new tariffs have become a big problem for Nigerians.

“The increase in electricity tariffs had taken a huge toll on the entire system. It has affected all the sectors of the Nigerian economy.

“Like the growing pain experienced through the hike in the electricity tariffs, the fuel subsidy removal has continued to bring more hardship to Nigerians. It has also affected the Nigerian economy, drifting the country to further inflation.”

On the need for state police, he said the security of lives and property is one of the major responsibilities of government.

Thursday 9 May 2024

Don’t Join Nigerian Army, IPOB Warns South-East Youths

The Indigenous People of Biafra (IPOB) has called on the Nigerian youths from the South-East region “not to join the recruitment exercise currently being advertised by the Nigeria Army.”

In a statement issued on Thursday by its media and publicity secretary, Emma Powerful, IPOB said it would amount to foolishness for any Nigerian youth to join the Army, alleging that it has depleted.

Recall that the Nigerian Army opened its portal for 87 Regular Recruits Intake for Non-Tradesmen and women, early May.

Reacting, the self-determination group cautioned, “Biafran youths not to join the recruitment exercise currently being advertised by the Nigeria Army,” adding that, “It will be foolish for any sane Nigerian youth, particularly Biafran youth to sacrifice his or her life.”

Stating its reasons, IPOB alleged, “The terrorists are seeking to create their own Islamic State in the North. These terrorists declared war on the Nigerian government and her soldiers and have successfully depleted the Nigerian Military’s manpower.

“Moreso, the low morale, tribalism, nepotism and poor salary in the Nigerian Army have forced a lot of soldiers to proceed on voluntary retirement.

“Some of the soldiers that applied for voluntary retirement and were refused by the Nigerian Army authorities absconded in what the military referred to as “Awol”. These factors have forced the Nigeria Army to advertise for recruitment almost twice or thrice in a year.”

“It is imperative to inform the Nigerian youths especially the Biafran youths to avoid being recruited by the Nigeria Army to be sent to be sacrificed for terrorism business of the cabals,” it added.

Update: Police To Go After PoS Operator Without CAC Registration

The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024.

The Registrar-General, CAC, Hussaini Magaji, disclosed this at the formal launch of the CAC registration of agents and merchants of fintechs on Wednesday in Abuja.

The event also marked the unveiling of a 24-hour service centre to help prospective applicants get a prompt response to enquiries and approvals.

The government had through the commission on Monday issued a two-month registration deadline for PoS operators to register as corporate bodies with the commission in line with the legal requirements and directives of the Central Bank of Nigeria.

The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.

It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.

PoS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

Last week, the CBN stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers. The fintech firms later warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.

Speaking at the event, Hussaini reiterated the government’s resolve to fully implement the mandate by providing a fully digitised service centre for easy registration.

He emphasised that the registration process aligns with both legal requirements and the directives of the CBN mandating individual, merchant or business entities to be captured in its database.

He further warned that the 60-day deadline would not be extended while stressing that defaulters would receive adequate punishments after the deadline.

He said, “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy. The secretariat is filled with staff members who have the responsibility of availability, and some are being saddled with the responsibility of approving requests. We have equipped the secretariat with the necessary facilities.

“This is to show you how the government is taking this issue seriously and the centre will be open for a 24-hour service. It will be open for compliance and any feedback from the public especially PoS operators who have been mandated to register their businesses with the commission.”

He added, “We have trained our staff to accommodate these activities and these staff can work from home and that’s why we said 24-hour service. We have equipped them with facilities and they can work from home for approvals and availability segment. The deadline remains 60 days and it will end July 7th.”

Zenith Bank Delivers On Promise Of Shareholders Value With Record Dividend Payout Of N125.59 Billion

Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Wednesday, 8 May 2024, approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion, which is the highest dividend payout by any bank.

In his opening statement at the Annual General Meeting, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.

The Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, CFR, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance.

In his words, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, CFR, and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure.

I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”

Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year. She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank.

Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date.

We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”

At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan.

He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”

Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders.

He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles.

The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”

In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023.

This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust.

Operating expenses grew by 32% YoY. Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits

In 2024, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; 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; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as 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. Similarly, Zenith Bank was named 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