Below are the headlines found on The Punch Online Newspaper for today, Monday, 31 July, 2017.

APC lawmaker, others file suit for Banire's expulsion
Mon, 31 Jul 2017
Oladimeji Ramon Three members of the All Progressives Congress, including a lawmaker in the Lagos State House of Assembly, Wasiu Sanni, have urged the Lagos State High Court in Ikeja to expel the party's National Legal Adviser, Dr. Muiz Banire (SAN), over alleged anti-party activities. Sanni, who is the current Deputy Speaker of the Lagos []
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LGA congress: Peterside hails Rivers APC
Mon, 31 Jul 2017
Oladimeji Ramon The Director General of the Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, has praised the Rivers State chapter of the All Progressives Congress for conducting a rancour-free non-elective congress and electing delegates for the forthcoming party's national convention. Peterside, in a statement on Sunday by its media team, said the Minister []
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PDP knocks Oshiomhole for opposing scrapping of SIEC
Mon, 31 Jul 2017
Alexander Okere, Benin The Edo State chapter of the Peoples Democratic has faulted the immediate past governor of the state, Mr. Adams Oshiomhole, for objecting to the proposal to scrap states' independent electoral commission as part of the ongoing constitution amendment by the National Assembly. The Senate had, last week, approved the transfer of the []
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Ondo PDP expels Sheriff's faction chairman, others
Mon, 31 Jul 2017
Peter Dada, Akure The Ondo State chapter of the Peoples Democratic Party has expelled four members of the Ali Modu Sherif's faction of the party for allegedly frustrating the reconciliation process going on in the party. Among those expelled was the state chairman of the Sheriff's faction, Mr. Biyi Poroye. Others, who were sent packing []
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Economy in dire need of FDI
Mon, 31 Jul 2017
A renewed move by the Federal Government and the organised private sector to position the economy for investment is coming rather late in the day. Two years on, the Muhammadu Buhari administration has not made progress in transforming Nigeria into an attractive investment destination. This makes it harder for the country to emerge from recession. []
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Wapic plans better returns on investment to shareholders
Mon, 31 Jul 2017
Nike Popoola Wapic Insurance Plc has assured its shareholders of better returns on their investment. According to a statement obtained on Sunday, the Chairman of the company, Aigboje Imoukhuede, said the firm was maintaining its growth despite economic challenges. While explaining the 2016 financial performance of the company, he said Wapic recorded growth across all []
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Update your curriculum, NAICOM tells CIIN
Mon, 31 Jul 2017
Nike Popoola The Commissioner for Insurance, Alhaji Mohammed kari, has advised the Chartered Insurance Institute of Nigeria to update its curriculum for the benefit of the profession. He said this during the investiture of Mr. Funmi Babington-Ashaye as the institute's 48th president. Kari said, 'It is high time that the CIIN as a professional body []
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AIICO resumes annuity for retirees
Mon, 31 Jul 2017
AIICO Insurance has resumed the writing of the Annuity business under the Contributory Pension Scheme. During a press conference in Lagos, Head, Retail, AIICO, Mr. Sola Ajayi, disclosed that the company and its appointed First Pension Custodian, obtained the nod from the National Pension Commission to recommence the sale of the product nationwide. 'We are []
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FUG Pensions targets N500bn assets
Mon, 31 Jul 2017
Future Unity Glanvills Pensions Limited has said it hopes to grow its assets to N500bn in its medium-term strategic plan. According to a statement obtained from the firm, the Managing Director/Chief Executive Officer, FUG Pensions, Mr. Usman Suleiman, disclosed this during an event to mark the 10th anniversary of the company in Lagos. 'The company []
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Appeal panel upholds NCAA's N33.5m sanction against FirstNation
Mon, 31 Jul 2017
Maureen Ihua-Maduenyi and Okechukwu Nnodim The Nigerian Civil Aviation Authority has said a five-man appeal panel has upheld the sanctions it imposed against FirstNation Airways Limited. The NCAA had in February fined the airline and one of its pilots N33.5m for violating safety regulations. According to the NCAA, the panel's decision was contained in the []
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Africa seeks greater representation on IMO council
Mon, 31 Jul 2017
The Chairman, Association of African Maritime Administration, Dr. Dakuku Peterside, has called for increased representation of the continent on the International Maritime Organisation's Council and secretariat. Peterside, who made the appeal when he led a delegation of some members of AAMA executive committee to meet with the IMO Secretary-General, Mr. Kitack Lim, at the organisation's []
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Era of govt building industries gone
Mon, 31 Jul 2017
Ifeanyi Onuba, Abuja The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has said that the Federal Government is seeking more partnerships with the private sector to drive its industrialisation objective, and that scarce resources have made it difficult for the government alone to build, employ workers and equip industries. The minister, who stated []
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Sultan commends Tony Elumelu Foundation for job creation
Mon, 31 Jul 2017
The Sultan of Sokoto, Muhammadu Sa'ad Abubakar III, has commended the Tony Elumelu Foundation and its Founder, Mr. Tony Elumelu, for their contribution to entrepreneurship and creation of jobs for young people in the North. The Sultan made this commendation during a courtesy visit Elumelu, shortly before the National Dialogue Series at the Usman Danfodiyo []
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Financial reports: CBN directs banks to implement IFRS9
Mon, 31 Jul 2017
Oyetunji Abioye The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 on or before January 1, 2018 deadline. The Director, Banking Supervision, CBN, Ahmad Abdullahi, stated this at a breakfast roundtable organised by the Risk Managers Association of Nigeria, in collaboration with Olisa Agbakoba Legal Limited in []
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FCMB gets recognition for employee training
Mon, 31 Jul 2017
First City Monument Bank has bagged the Industrial Training Fund Merit Award as the Best Contributing Employer in Human Resource Development for the year 2016. The award, according to a statement by the bank, is in recognition of the lender's compliance with best practices, being up to date in its training programmes for staff and []
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GTBank celebrates 10th anniversary of LSE listing
Mon, 31 Jul 2017
Guaranty Trust Bank Plc is celebrating the 10th anniversary of its listing on the London Stock Exchange. In a statement on Sunday, the lender said it became the first Nigerian bank to be listed on the LSE a decade ago, and the first to dual list on an international exchange as well as the first []
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Apapa gridlock: Port users' costs rise by 400%
Mon, 31 Jul 2017
The gridlock around the Apapa ports, Nigeria's main entry point by sea, which has been compounded by the ongoing road rehabilitation along the Apapa/Ijora-Wharf Road, is taking a huge toll on corporate organisations operating in the area, ANNA OKON writes The cost of doing business for port users has risen by 400 per cent and []
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Julius Berger suspends work on Lagos-Ibadan Expressway
Mon, 31 Jul 2017
Okechukwu Nnodim, Abuja The Federal Ministry of Power, Works and Housing said on Sunday that Julius Berger Nigeria Plc had finally suspended work on the Lagos-Ibadan Expressway as a result of delays in the payment of agreed contract fees for work already done. Saturday PUNCH had reported that the contractor handling the reconstruction and expansion []
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Collapse: Govt to prosecute Lagos Island mast owner
Mon, 31 Jul 2017
Maureen Ihua-Maduenyi The Lagos State Government has disclosed plans to investigate and prosecute the owner of the mast at the collapsed building site on Massey Street, Lagos Island. Residents of the street and other eyewitnesses had alleged that the mast, which was erected about two weeks before, might have contributed to the collapse of the []
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2.3 million oil production target achievable 'Udoma
Mon, 31 Jul 2017
Ifeanyi Onuba, Abuja The Minister of Budget and National Planning, Senator Udo Udoma, has said that the target of 2.3 million barrels per day oil production volume for the 2018 fiscal year is achievable. He said this in Lagos where he presented draft proposals for the Medium Term Fiscal Framework/Fiscal Strategy Paper (2018-2020) to civil []
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PENGASSAN serves strike notice over labour issues
Mon, 31 Jul 2017
Ife Ogunfuwa The Petroleum and Natural Gas Senior Staff Association of Nigeria has issued a 21-day ultimatum to employers in the oil and gas industry to address lingering anti-labour issues or face a nationwide strike. The strike notice was served by the senior staff trade union after its Central Working Committee meeting in Abuja. According []
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How to claim money in payable-on-death bank account
Mon, 31 Jul 2017
The owners of many bank accounts, especially savings and fixed deposit accounts name payable-on-death beneficiaries for the accounts. That means that when the account owner (or the last surviving owner, in the case of a joint account) dies, the POD beneficiary can simply claim the money from the bank. The deceased person's will does not []
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Diamond Bank posts N10.8bn profit, Unity Bank slides
Mon, 31 Jul 2017
Stanley Opara Diamond Bank Plc, in its half-year 2017 financial results released on the floor of the Nigerian Stock Exchange, reported significant growth in all key financial parameters as profit before tax surged year-on-year by 2.8 per cent to N10.8bn. This followed the leapfrogging of gross income over total expenses during the period under review, []
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Leadway, Nollywood artistes agree on insurance cover
Mon, 31 Jul 2017
Nike Popoola Leadway Assurance Company Limted and its subsidiary Leadway Pensure PFA, in partnership with Pinewood Medicare have signed an agreement with 13 affiliates of the Nollywood Creative Sector Industry for the provision of an insurance scheme called NollyHealth Insured, for their members. According to a statement obtained on Friday, the Memorandum of Understanding was []
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Dangote Cement grows profit, Sterling Bank earnings rise
Mon, 31 Jul 2017
Dangote Cement Plc has reported a rise in its profit before tax to N155.6bn for the half-year of 2017 compared to N124.9bn recorded in the corresponding period of 2016. Its gross revenue stood at N412.7bn compared to N292.2bn reported in June 2016. In its report filed with the Nigerian Stock Exchange, it recorded a 12.6 []
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Builders to discuss construction industry challenges
Mon, 31 Jul 2017
Maureen Ihua-Maduenyi The Nigerian Institute of Building has expressed concern over the challenges facing the construction industry. Based on this, the institute has revealed plans to focus on the challenges, which range from the performance of building materials to environmental and safety issues. According to the Publicity Secretary of the institute, Mr. Musa Yakubu, the []
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Meyer, Chams, Capital Oil, Japaul report H1 losses
Mon, 31 Jul 2017
Meyer Plc, Chams Plc, Capital Oil Plc and Japaul Oil & Maritime Services Plc have recorded losses of various degree for the half-year financial performance of 2017. Meyer posted a group loss before tax of N98.3m, as against a profit of N9.4m in the corresponding period of last year. For the half-year ended June 2017, []
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Contributory Pension Scheme'll protect workers' future ' NLPC
Mon, 31 Jul 2017
Nike Popoola The Executive Director, NLPC Pension Fund Administrators Limited, Mrs. Bunmi Oyeleye, has said that it is relevant for employers to protect the future of their workers by ensuring that they open pension accounts. He said this during a forum in Lagos that was organised by the company for its pensioners. She said, 'It []
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How payable-on-death account works
Mon, 31 Jul 2017
Payable-on-death bank accounts offer an easy way to keep money, even large sums of it out of probate. All you need to do is properly notify your bank of whom you want to inherit the money in the account or fixed deposit. The bank and the beneficiary you name will do the rest, bypassing probate []
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Alade Market traders canvass govt's support on infrastructure
Mon, 31 Jul 2017
Traders at the new Alade Market, Ikeja, Lagos, have called on the state government to help provide good access roads, electricity and other necessary infrastructure to aid their business at the market. Speaking during the first anniversary of the relocation of the market to its new site, many of the shop owners said that the []
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Eaton eyes Nigeria's commercial real estate for investment
Mon, 31 Jul 2017
Maureen Ihua-Maduenyi Power management solutions company, Eaton, has indicated interest in Nigeria's commercial real estate market as well as other segments of the country's economy. The Marketing Director, Africa, Eaton, Sumaya Abdool, said Nigeria was a key focus in the company's five-year strategy for Africa, with key offerings and innovative solutions in construction and safety, []
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Guardiola confirms Iheanacho Leicester move 'Ndidi rallies teammates
Mon, 31 Jul 2017
Leicester remain confident of signing Kelechi Iheanacho despite a frustrating delay, Manchester Evening News reports. A deal to take the Manchester City striker to the King Power Stadium was expected to be announced by now. Pep Guardiola explained earlier this month that Iheanacho was omitted from the squad to the United States in order to []
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Quant capital plans programme for REITs growth
Mon, 31 Jul 2017
Quant Capital says it plans to deepen the Real Estate Investment Trust market in the country. The private equity investment firm stated that it planned to achieve this by holding seminars in multiple locations across country in August and September. According to a statement by the firm, REITs, which are modelled after mutual funds, provide []
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Zenith Bank b'ball: Dolphins vow to come back stronger
Mon, 31 Jul 2017
Idris Adesina Dolphins have vowed to return stronger for the Zenith Bank Women's Basketball League in 2018. Dolphins finished fourth in this year's competition after losing 65-64 to IGP Queens in the third-place match at the National Stadium, Lagos, on Saturday. The captain of the Lagos club, Tokunbo Olaosebikan, who won the three-point rebound challenge, []
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TrustBond rewarded for contributions to homeownership
Mon, 31 Jul 2017
Maureen Ihua-Maduenyi TrustBond Mortgage Bank Plc has been adjudged as an outstanding contributor to homeownership in the country by an international print journal and online resource reporting business, economics and finance, the Capital Finance International of United Kingdom. The organisation was also recently named the mortgage bank for 2016 and 2017 by the Nigeria Housing []
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I can help Klitschko beat Joshua
Mon, 31 Jul 2017
DANIEL Dubois is ready to help Wladimir Klitschko regain his world heavyweight titles from Anthony Joshua, The Sun reports. Londoner Dubois has made a massive impact since turning down a place on the Great Britain team at the Rio Olympics and is already referred to as the new AJ after just four explosive bouts. He []
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Custodian's profit rises by 31%
Mon, 31 Jul 2017
Nike Popoola Custodian and Allied Plc said the group's profit before tax improved by 31 per cent from N3.6bn in the first half year of 2016 to N4.7bn same the corresponding period of 2017. Its profit after tax also rose to N3.8bn from N2.9bn. A statement from the firm said the directors had recommended the []
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Mother, son steal show at Lagos badminton
Mon, 31 Jul 2017
Svetlana Zilberman and her son, Misha Zilberman, on Saturday won the Lagos International Badminton Classics mixed doubles, the News Agency of Nigeria reports. The Israelis defeated their Portuguese rivals Duarte Anjo and Sofia Setim, 20-22, 21-16 and 21-7, to claim the title at the Molade Okoya-Thomas Hall, of the Teslim Balogun Stadium, Lagos. Svetlana told []
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Mobil, Total, AxaMansard, UAC H1 profits drop
Mon, 31 Jul 2017
The profits of Mobil Oil Nigeria Plc, Total Nigeria Plc, AxaMansard Insurance Plc and UAC Nigeria Plc dropped in the half-year period of 2017. Mobil's profit before tax fell to N3.68bn for the half-year of 2017 compared to N6.5bn reported in the corresponding period of last year. It, however, recorded a turnover of N56.22bn compared []
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Dressel bags seventh gold at worlds
Mon, 31 Jul 2017
Caeleb Dressel won an historic seventh gold medal in Budapest, Hungary, on Sunday as the USA claimed the men's 4x100m medley relay title at the world championships, AFP reports. After Dressel swam the third leg, Nathan Adrian touched the wall first for the USA at three minutes, 27.91 seconds with Great Britain taking silver at []
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Police team win IG taekwondo
Mon, 31 Jul 2017
The Nigeria Police Taekwondo team emerged as winners of the 2017 edition of the Inspector General of Police National Open Taekwondo Championship at the Mobolaji Johnson Sports Centre, Rowe Park, Yaba in Lagos on Wednesday. Lagos State came second followed by Kebbi State in the third position. However, Zone Eleven emerged as the best zone []
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Abeokuta Golf Club seeks academy
Mon, 31 Jul 2017
Samuel Awoyinfa, Abeokuta Abeokuta Golf Club has called for the Ogun State Government to establish a Golf Academy in the state. The President of the club, Venerable Olukunmi Adekunke, said the academy would help to curb drug abuse, cultism, insurgency, militancy and kidnapping in the state. Adekunle made the call on Friday ahead of an []
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Arsenal win Emirates Cup
Mon, 31 Jul 2017
Arsenal on Sunday lifted the much coveted Emirates Cup in spite of a 1-2 loss to Spanish side, Sevilla, in their final game at the Emirates Stadium in London. Arsenal came into the final game leading the group on eight points, ahead of German side, RB Leipzig, on five points, which had earlier in the []
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How APC conned Nigerians on restructuring
Mon, 31 Jul 2017
Eze Onyekpere During the outgone week, the National Assembly embarked on voting for approval of bills that will scale the federal hurdle of amendment and alteration of the Constitution of the Federal Republic of Nigeria 1999, as amended. The bills that scaled the hurdle will thereafter be forwarded for the concurrence of state Houses of []
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