Dangote Refinery will sell its refined oil at international price to Nigeria when it commences operation next year. The refinery which is being constructed in Lagos, won't sell according to domestic price despite operating within Nigerian.

According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the location of the refinery was a determining factor in the choice of the refinery's market price. The refinery is situated at the Export Processing Zone, Lekki, in Lagos State, and it is expected to refine 650,000 barrels of crude oil per day.

Reason For Allowing Dangote Refinery To Sell At International Price

Ahmed disclosed that the only benefit of the refinery operating in Nigeria is that it eliminates shipping cost. She told NTA’s ‘Good Morning Nigeria’ programme on Monday, that this will.... https://allnews.ng/news/fg-defends-dangote-over-plan-to-sell-fuel-at-international-price

One of the housemates in the ongoing Big Brother Naija Lockdown edition, Kiddwaya, said he was shocked by the reaction of Erica, a fellow housemate, to Laycon. Kiddwaya said he never expected the confrontation to get to the extent Erica took it to.

Both Erica and Laycon had been at loggerhead over claims made by Laycon, that Erica tried to kiss him on some occasions. The statement infuriated the upcomingactress Nollywood actress, leading her to insult him on several occasions.

She confronted Laycon to tell her the occasions she tried to kiss him aside when she was drunk, but Laycon ignored her. Erica had already been issued two strike, with three strike being disqualification from the reality show.

While addressing Erica’s disqualification, Kiddwaya, who Erica was romantically involved with, said he didn’t.... http://bencollinspro.com/2020/09/07/kiddwaya-shocked-by-ericas-attack-on-laycon/

Sterling Bank has been accused by farmers of opening accounts for them without their authorisation and knowledge. Sterling Bank was said to have opened the accounts in disguise in order to obtain loans that are given to farmers.

According to two farmers, Umar Abubakar and Muhammad Sani-Abdul, they got an unexpected and unexplained loan alert which stated they have a debt of NGN1,291,888.00 per person, to pay Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL).

The accounts were opened with... https://allnews.ng/news/sterling-bank-accused-of-opening-fake-accounts-to-secure-loan

Guaranty Trust Bank (GTBank) has been involved in series of fraudulent transfers from customers' accounts. Customers accounts are being debited illegally, with the money transfered to bet companies. There are assertions that GTBank is reportedly using customers money for betting without authorisation, as customers money are being debited for betting only in recent times.

Series Of Fraudulent Debits In Customers' GTBank Accounts

One of the affected customer, Funke Adeoye said GTBank transferred NGN200,000 from her account balance to an account belonging to Bet9ja, but gave her flimsy reasons for the deduction, and another GTBank customer, Abimbola Omolade, said NGN45,900 was transfered from his GTBank account to a Sporty bet account.

While Hannah Obeahon, an Agricultural economist, said her sister's GTBank's account was illegally debited, with about NGN500,000... https://allnews.ng/news/gtbank-accused-of-using-customer-s-money-to-play-bet-as-customers-lose-about-n770-000

Hackers are reportedly in possession of accounts belonging to about 2000 Access Bank customers. Some of the account details have been posted online by an unknown individual. Access Bank said criminals posted information of their customers, but the bank didn't confirm the validity of the details.

In a video seen by AllNews, a man stated that he hacked Access Bank's system server to obtain customers' personal information to show the vulnerability in Access Bank's internal security. The unknown person said none of the customer information is safe.

According to the man in the video, he could debit the accounts of customers he was able to obtain...

Some companies might lose their tax waiver as pioneer status as the Federal Inland Revenue Service (FIRS) complained that the tax exemption is being abused. FIRS said some companies don't deserve the tax incentive and they are abusing the opportunity.

The criticism of companies comes at a period the tax administration is trying to unlock revenue sources which has been hit by the COVID-19 pandemic. Nigeria's economic growth slowed in Q2 2020 due to the slight impact of the pandemic, and the economy has been projected to slide into recession.

While speaking of the observation of FIRS, Coordinating Director of FIRS tax operations, Femi Oluwaniyi, said some companies that have obtained the pioneer status tax Waiver are not qualified for the status, as most of them are not really pioneers in their market.

Some Companies Will Be Sanctioned Despite Tax Waiver

In Nigeria, companies with pioneer status are given tax holiday for three years. They also get a possible extension of one or two years. This is to support the company's growth in an unfamiliar market that the company is just unraveling. The pioneer certificate is issued by the Nigerian Investment Promotion Commission.

The tax waiver for pioneer status is part of the Industrial Development (Income Tax Relief) Act, but going forward.... https://allnews.ng/news/firs-to-clampdown-on-some-companies-with-pioneer-status-tax-waiver

During his inauguration speech for his first term, President Muhammadu Buhari made it known that he was for everybody but for no one. The statement reverberated throughout Nigeria that it became a slogan for the administration's anti-corruption crusade.

President Buhari had been the flag bearer of the anti-corruption fight since he resumed office in 2015. His first term ended with a minor crack within his administration, as Kemi Adeosun was disposed of her Ministerial position for alleged certificate fraud which she struggled to douse.

While corruption charges against former Akwa Ibom Governor, God'swill Akpabio, was dropped for him to cross-carpet into the ruling party, APC, from the opposition party, PDP. The crack in the wall expanded a little bit in the first year of the second term when President Buhari inserted Akpabio into his cabinet - criticism trailed the decision, but the self-proclaimed corruption fighter was unshaken.

Still, it seemed like the house was in order until... https://allnews.ng/news/how-2020-civil-war-exposed-corruption-in-president-buhari-s-administration

Airtel's customer service representative, Jeremiah Mustapha, conspired with a fraudster, Nurudeen Salimu, to fraud one of Airtel Nigeria's subscribers of N2.2 million through the use of his phone number. Mustapha diverted messages, alerts and calls of the Airtel subscriber to the fraudster, to enable him impersonate the subscriber at the bank, and also disconnected the line from the network to hide their activities.

Salimu was said to have gone to the bank to act as the owner of the account in order for him to access and withdraw the N2.2 million. The actual owner of the account was identified as Kazeem Dele. His signature was forged to withdraw the money from Skye Bank. They committed the crime on October 10, 2016, in Lagos.

According to Sgt. Cyriacus Osuji, Mustapha used his position at Airtel Nigeria to... https://allnews.ng/news/airtel-s-staff-steals-n2-2m-with-subscriber-s-phone-number

The competition in the telecommunications market in Nigeria has gotten more intense, most especially between Airtel and local network provider, Globacom. Both companies have been on each other's jugular for months, but Airtel Nigeria has now lost to Glo, while 9mobile has been struggling to stop its subscribers from porting to other networks.

Battle In The Telephony/Voice Subscriber Market

In an industry deep dive by AllNews, it was gathered that 9mobile continued to lose subscribers - and this has become a culture in the company. In one month, 9mobile lost over 114,000 subscribers, after its subscriber base declined from 12.22 million to 12.11 million in June. Note that 9mobile also lost 342,000 subscribers between April ending and May.

During the same period of June, which 9mobile lost a significant number of its subscribers, Airtel Nigeria recorded... https://allnews.ng/news/data-war-airtel-loses-to-glo-as-over-160-000-subscribers-leave-9mobile

Nigerian banks recovered N50.32 million within nine days from debtors after the financial institutions began the Global Standing Instruction (GSI) which enables Nigerian banks to go after debtors' accounts in other banks to retrieve their loan. The implementation of the GSI began on August 1, 2020.

The GSI increased the rate of recovery of debt following the challenges banks face with Non-Performing Loans. Some debtors have been avoiding repayment and not servicing their debt - this promoted the Central Bank of Nigeria (CBN) to empower banks to apply the GSI.

AllNews had reported the new banking policy last month. While... https://allnews.ng/news/banks-now-debiting-debtors-external-account-withdraw-n50m-in-nine-days

The COVID-19 measures adopted by Nigerian banks are enriching the Bureau de Change operators in Lagos at the detriment of POS operators. Since the banking industry opened fully to the public after two months of skeletal operation caused by the nationwide lockdown, bank premises have been crowded within the state.

The banks had closed some branches as they gradually opened to the public since May 4, 2020. This decision had led to overcrowding in the branches opened and coupled with the directive that customers should be at a minimum in the banking hall, many customers were denied services by the banks.

Daily, the queue in GTBank branches, Access Bank, Zenith Bank, UBA, and many other first-tier banks stretched beyond the compound of these banks, and many customers have to come to the banks for two or three days before they get attended to, while some customers have still not visited their banks due to the queue and difficulty in getting attended to.

Bureau De Change Take Advantage Of The Lapses

While the stress and difficulty in getting bank services are due to safety measures, the new process in banks is affecting the business of POS operators, as they can't withdraw cash for their businesses. Some POS operators go and leave the banks empty-handed due to the queue.

Except for POS operators who arrive as early as 6 am before the queue becomes long. Yet, the process has been affecting their business financially and consuming their time, as POS operators now spend less time at their kiosk than they use to post-COVID-19.

In order to avoid leaving the banks empty-handed or standing on the queue for long hours, POS operators now have to.... https://allnews.ng/news/banks-indirectly-enriching-bureau-de-charge-operators-at-pos-operators-detriment

Right now, you probably feel no idea can do better than Facebook, Twitter, and Instagram, but truth is, just when you think the world has seen it all when it comes to social media apps, a new social app drags you into an innovative world different from the current ones you are familiar with.

One thing you need to realise is, there's always a paradigm shift in the social media app. Prominent apps always struggle to remain relevant, while new ones' ambition is to render the leading social media apps redundant and switch users' loyalty through innovative features - after all, they all competing for the same user market.

Before Facebook, Twitter, and Instagram, there were 2go and hi5, but users' memory of these social apps have been erased by the emergence of Facebook, Twitter, Instagram, and WhatsApp.

While many social media users can't see beyond Mark Zuckerberg and Jack Dorsey, AllNews has done the hard part for you by scouting for social apps that are filling the loopholes on Facebook, Twitter, and other prominent social apps. With the innovative features embedded in these next-generation social apps, the future will be different from what we know of today.

Four Next-Generation Social Apps

Tapebook: In a world where texting is gradually becoming inconvenient, Tapebook is trying to take advantage of that, by offering... https://allnews.ng/news/four-next-generation-social-apps-that-will-change-the-future

E-commerce company, Jumia, has revealed that its online business wasn't necessarily favoured by the COVID-19 pandemic following projections that the e-commerce market was one of the few sectors that wasn't negatively impacted by the pandemic which disrupted operations of many industries.

Jumia, Konga, and other rivals had become the go-to marketplace for many Nigerians following closure of physical stores by the Federal Government after adopting lockdown to curb the spread of the virus. Buyers had migrated online to make purchases of goods for home delivery due to restriction of movements.

Jumia's Shocking Revelation

The migration was projected to result....

After the intervention of the Federal Government, Air Peace has revealed that it will not be recalling all the pilots it sacked in the first week of August 2020 as it will snub some pilots in favour of others according to the director, public affairs for the ministry of aviation, James Odaudu.

AllNews gathered that airline company only agreed to recall some of the over 70 sacked pilots in order not to place a financial burden on the company. This is despite the National Association of Airline Pilots and Engineers (NAAPE) dropping its planned strike in the Aviation industry.

NAAPE had threatened to withdraw its pilots and engineers following series of dismissal by Bristow Helicopters and Air Peace. But the Federal Government intervened in the faceoff between the union and the airline companies. This led to NAAPE cancelling its strike after promises by the airlines to revert the sack of pilots.

Air Peace's Allen Onyema Says Pilots Ungrateful

However, not all the pilots will benefit from the intervention of the government as Chairman of Air Peace, Chief Allen Onyema, said he was disappointed at the attitude of the sacked pilots at a period the company needed their understanding. He said the company had... https://allnews.ng/news/air-peace-s-allen-onyema-says-sacked-pilots-ungrateful-to-overlook-some-during-recall

Stanbic IBTC Bank Plc has reacted to claim that a Federal High Court judge ruled in favour of Ascon Oil Limited, authorising the oil company to takeover a property, a fuel retail station, along Lekki Admiralty Way, Lagos State. According to Stanbic IBTC, Justice Mohammed Liman never made such ruling.

In a statement received by AllNews, Stanbic IBTC said Justice Liman never ruled in favour of Ascon Oil, but still, the oil firm disregarded the court ruling by forcefully taking possession of the property that now belongs to another entity, Rainoil Ltd, which happens to be Ascon Oil's competitor in the oil market.

It was learnt that the fuel station was undersold by Stanbic IBTC at N1.53 billion, which is below the reported market value of N2.5 billion. Stanbic IBTC had taken over the property and handed it to a Receiver to monitor the property over the N1.7 billion Ascon owed the bank. Ascon had paid N500 million and informed Stanbic IBTC that it has the balance, but the bank went ahead to sell the property to Ascon's rival, which Stanbic IBTC happen to be its banker.

According to Ascon Oil in a report seen by AllNews, it was claimed that.... https://allnews.ng/news/stanbic-ibtc-threatens-ascon-directors-as-dispute-with-ascon-oil-intensifies

The Managing Director and Chief Executive Officer (CEO) of First City Monument Bank (FCMB), Adam Nuru, has claimed that the N573 million traced to the church account of Emmanuel Omale, founder of the Divine Hand of God Prophetic Ministries, where Ibrahim Magu, suspended Chairman of the Economic and Financial Crimes Commission (EFCC), worships, was sent in error.

Nuru made the shocking claim while facing the Justice Ayo Salami panel that is investigating the financial allegations made against Magu. The N573 million was sent to the account in 2016, but FCMB's Nuru said the mistake wasn't noticed until four years after.

The company only realized it accidentally sent funds belonging to other customers to an account owned by Magu's Pastor when the panel invited the bank to explain the money traced to the account No: 1486743019, Business Day reported. The Pastor was said to have bought a property for Magu in Dubai from the N573 million after allegedly laundering the money.

How FCMB "Mistakenly" Transferred N573m To The Church Account

While defending the action of FCMB, Nuru said FCMB made an error in its... https://allnews.ng/news/fcmb-ceo-shockingly-claims-n573-million-mistakenly-sent-to-magu-s-pastor

The role of China in Nigeria's debt problem has led to a confrontation between the Executive and the House of Representatives. The Federal Government had been questioned on why China remains its major source of loan as the fear of China, thanks to it's antecedent in underdeveloped and developing countries, spreads across Nigeria.

The government has also been criticised over the contract terms of the agreement it had with China in respect of the project finance, which includes sovereign guarantee. The contract clause has led to many believing FG has transferred Nigeria's sovereignty to the Asian country just to obtain financial support from China - but this is a misconception of what sovereign guarantee actually mean.

What You Should Know About Nigeria/China Debt

Reduces Nigeria's Debt Service Provision: Compared to other sources of loan, China provides - through Beijing-based Export-Import Bank of China - Nigeria with soft loan that are project tied. The loan comes with low interest rate of 2.5 percent with a tenor of 20 years, including grace period of seven years. This reduces the Debt Service provision in the Annual Budget lower than it would have been.

The Infrastructures Built From Chinese Loans: [/b]The Chinese loans are project tied. It is spent on eleven projects; Nigerian Railway Modernization Project (Idu-Kaduna section), Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernization Project (Lagos-Ibadan section).

Part of the project includes Rehabilitation and Upgrading of Abuja-Keffi- Makurdi Road Project. These projects will play a role in the repayment of the Chinese debt, as they are revenue generating projects or have the potential to generate revenue for the country.

The Debt Management Office (DMO), while reacting to the controversy trailing the Chinese loan, had stated that, “the projects also have the added benefits of job creation, not only by themselves but through direct and indirect service providers, a number of which are Small and Medium Enterprises”.

[b]China Is Not Nigeria's Main Source Of Loan

China, according to DMO, accounts for 3.94% of Nigeria’s total public debt of $79.303 billion, as China's loan to Nigeria stands at $3.121 billion. This represents 11.28 percent of Nigeria’s external debt profile of $27.67 billion at the time.

Meanwhile, other loan sources on Nigeria's external debt list show that the World Bank Group tops the list of Nigeria's external debt with $10.1 billion, Eurobonds account for a total $10.86 billion or 39% of external debt.

Also, as of February 2020, Nigeria has an African Development Bank (AfDB) outstanding loan of $2.1 billion - Amidst the COVID-19 pandemic, Nigeria got about €288.5 million in addition. Nigeria got $3.4 billion IMF COVID-19 relief loan in April. Meanwhile, three months ago, Nigeria was relieved of the €22.4 million (N8.9 billion) debt it owed Germany.

Why China Became Nigeria's Go-to-source For Loan

While China is not Nigeria's main source for loan, it has become the most recent source for quick or project tied loan. Aside from China providing Nigeria soft loan of low interest rate, the Asian country was the only.... https://allnews.ng/news/breakdown-of-china-s-role-in-nigeria-s-debt-problem-and-misunderstanding-of-sovereign-clause

Banks have been directed to pay telecommunications companies for the use of Unstructured Supplementary Service Data (USSD) by their customers. There have been series of confrontations between the Banks and the network providers over charges of USSD, after the cost was initially placed on customers.

The USSD charge for bank services placed on customers resulted in an uproar from Nigerians who protested the decision. This led to counter-accusations between the banks and network providers, as they faulted each other over the decision to charge customers using USSD code for bank services.

The banks said the it was the network providers who decided to charge customers, while the telcos said the banks pushed the charges on customers. In order to settle the issue, the government stopped the.... https://allnews.ng/news/banks-ordered-to-pay-mtn-glo-airtel-customers-ussd-charges

The Central Bank of Nigeria (CBN) has disclosed that it will disburse funds to relevant companies in the healthcare sector looking to research and manufacture vaccines, drugs or herbal medicines that could stop further spread of COVID-19 and any other communicable or non-communicable diseases in Nigeria.

The CBN stated that the health fund is for its new initiative "Healthcare Sector Research and Development Intervention Scheme (HSRDIS)" which was launched to strengthen Nigeria's response to infectious diseases and "boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs of the drugs, herbal medicines and vaccines in Nigeria." a statement obtained from CBN and seen by AllNews said.

Companies Qualified For The Fund

AllNews learnt that the companies that will benefit from the healthcare research and development funds are.... https://allnews.ng/news/cbn-to-release-funds-for-research-and-production-of-covid-19-vaccine-others

The Central Bank of Nigeria (CBN) has disclosed that it will disburse funds to relevant companies in the healthcare sector looking to research and manufacture vaccines, drugs or herbal medicines that could stop further spread of COVID-19 and any other communicable or non-communicable diseases in Nigeria.

The CBN stated that the health fund is for its new initiative "Healthcare Sector Research and Development Intervention Scheme (HSRDIS)" which was launched to strengthen Nigeria's response to infectious diseases and "boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs of the drugs, herbal medicines and vaccines in Nigeria." a statement obtained from CBN and seen by AllNews said.

Companies Qualified For The Fund

AllNews learnt that the companies that will benefit from the healthcare research and development funds are.... https://allnews.ng/news/cbn-to-release-funds-for-research-and-production-of-covid-19-vaccine-others

The Chairman of United Bank for Africa (UBA), Tony Elumelu and the Chairman of the Senate Committee on Ethics, Privileges and Public petition, Ayo Akinyelure, are involved in a faceoff over fraud allegations that includes NITEL, the defunct telecommunication company and national carrier.

What Happened: The Allegation

Akinyelure stated that of the N42 billion deposited in UBA by liquidators after NITEL was sold to MTEL, the bank defrauded NITEL of N41 billion. Akinyelure accused UBA of four unauthorised withdrawals, alleging that UBA stole N41 billion out of the N42 billion in the account belonging to the liquidated telecommunications companies.

The lawmaker based his allegations on petitions submitted by J .U Ayogu and Co, on behalf of NITEL/MTEL. It was disclosed that N29 billion, N11 billion, N6.8 million and N22 million were withdrawn at different times by the Nigerian bank between 2006 and 2015 from the accounts - the same period Elumelu led UBA before becoming the Chairman.

The petition submitted against UBA also stated that UBA officials have been hiding under a litigated N685 million it withdrew from the accounts.
Akinyelure Wants UBA GMD To Appear Before Senate

This led to the lawmaker insisting on the... https://allnews.ng/news/fraud-allegations-pit-senator-ayo-akinyelure-against-uba-s-tony-elumelu

The Federal Inland Revenue Service (FIRS) and the Nigerian Postal Service (NIPOST) recently revived their beef over the collection of stamp duty which has pitted both agencies against each other. The recent attack was initiated by the Chairperson of NIPOST, Maimuna Abubakar, who accused FIRS of actions that could eliminate NIPOST.

Abubakar said if the tax administrative is allowed to take charge of the stamp duty, FIRS will "kill and bury NIPOST", so the decision to empower FIRS to collect stamp duty should be reverted. She pleaded for the support of the general public to help NIPOST retrieve its responsibility of collecting the stamp duty.

In reaction to Abubakar's statement, FIRS' Director for Communication and Liaison, Abdullahi Ahmad, accused NIPOST of operating illegal stamp duties account, of which the postal agency is using to collect charges of stamp duties. Ahmad said FIRS will ensure all charges collected by NIPOST are accounted for and transferred into the Treasury Single Account (TSA).

How They Got Here

The confrontation started when the National Assembly passed the Finance Act which gave FIRS the power to collect stamp duty, taking the responsibility from NIPOST. The decision pitied both NIPOST and FIRS against each other, with workers of NIPOST storming the headquarters of the Federal Ministry of Finance in Abuja in December 2019, to make their grievances known.

The workers hindered guests and government officials from going in or out, thereby, preventing the presentation of the 2020 Budget at the main auditorium at the headquarters in December. Since the protest, both government agencies have been at loggerheads. The situation was later doused until the recent outbursts between Abubakar and FIRS.

Ministers Fighting Over Both Agencies

Both the Minister of Communications and Digital Economy, Isa Pantami and the Minister of Finance, Ahmed Zainab are the two ministers involved in the confrontation between NIPOST and FIRS - both agencies have the backing of each minister, giving room for the show of power and public confrontation.

Zainab had initiated the... https://allnews.ng/news/how-power-tussle-between-isa-pantami-ahmed-zainab-fuels-nipost-firs-dispute

PR firm, Chastex Consult's Country Director, Ini Archibong, has reacted to AllNews report that Shoprite will be shutting down its operation in Nigeria. Archibong denied the report stating that Shoprite has no intention, but his statement contradicts the official report from Shoprite Group.

Archibong said Shoprite is only allowing Nigerian investors into the South African retail company, and not packing up from Nigeria. According to him, the superstore giant won't shutdown its $30 billion investment as it makes no sense, "Shoprite is not leaving Nigeria.

"We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion invest and close shop? It doesn't sound right. We only just given this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.

"I have tried to say this as too many people as I can. There should be no panic at all and all of that. There is no truth in that report." Archibong told Vanguard in a report. However, his statement further shows a communication gap between Shoprite Holdings and its consultancy agency in Nigeria.

Disconnection Between Chastex Consult And Shoprite

While Archibong denied closure of Shoprite in Nigeria, the South African company had released an operational and voluntary trading update on the Johannesburg Stock Exchange (JSE), informing its investors that it... https://allnews.ng/news/loopholes-in-chastex-consult-claim-as-it-contradict-shoprite-holdings

South African retailer, Shoprite, is planning to leave Nigeria as it struggles to make sales. The superstore market has been more competitive in recent years, with more players entering the market. The increase in rivals has been splitting the revenue which Shoprite once held sway over.

Shoprite began operation in 2005, it had since established about 25 stores across Nigeria, but 15-years after it made an inroad into Nigeria, the superstore might eventually shutdown, and divert its investment into its South African branches. This will bring an end to the company that relaunched the revolution of supermarkets in Nigeria after years of mom and pop stores reign.

History Repeating Itself In Nigeria's Superstore Market

Prior to Shoprite, Nigeria was home to superstores like Leventis Stores and UTC Stores in the 1980s, but these supermarket brands couldn't survive the economic situation in the country. Their demise was caused by various reasons which included currency depreciation, inflation and high store maintenance costs.

These stores were independently importing and purchasing the products being sold to the customers, thereby, taking on as many risks as possible. But their... https://allnews.ng/news/two-methods-shoprite-will-use-to-leave-nigeria-as-it-seeks-to-reduce-risk-exposure

The Executive Director of Transcorp Hotels, Helen Iwuchukwu, has resigned from her position in the hospitality company. The resignation of Iwuchukwu was disclosed in a statement obtained by AllNews. It was gathered that her resignation was approved by the Board of Directors of Transcorp Hotels.

Her resignation was announced today, July 21, 2020, but it was accepted by the Board of Directors of Transcorp Hotels on July 20, 2020. However, Iwuchukwu will remain in her position as Executive Director for the next two months until October 20, 2020, which is when her resignation will be effective.

"We write to formally notify the investing public... https://allnews.ng/news/transcorp-hotels-executive-director-helen-iwuchukwu-resigns-amidst-revenue-decline

Gokada has reacted to the gruesome killing of its founder, Fahim Saleh. AllNews had reported that Saleh was murdered in what was termed an assassination. Gokada expressed its sadness over the killing, stating it is a tragic loss to the company which Saleh established in 2016 in Nigeria.

In a statement released through their official twitter account, @GokadaNG, and seen by AllNews, Gokada said, "We are deeply saddened to inform you about the sudden and tragic loss of our founder and CEO, Fahim Saleh. Fahim was a great leader, inspiration, and positive light for all of us.

"Our hearts go out to his friends, family and all those feeling the pain and heartbreak we are currently experiencing, here at Gokada. Fahim's vision and belief in us will be with us forever, and we will miss him dearly. Thank you for understanding as we get through this. All updates and changes... https://allnews.ng/news/gokada-to-announce-changes-react-to-founder-fahim-saleh-s-assassination

The new director-general of the Securities and Exchange Commission (SEC), Lamido Yuguda, has his mind set on market manipulation as he assumed duty of the capital market. Yuguda stated this as part of his plan after the acting director-general of SEC, Mary Uduk, exited the position.

As Yuguda and three executive commissioners, Reginald Karawusa, Ibrahim Boyi and Dayo Obisan, resumed office on Monday, he said the new management will continue to tailor its activities in line with the capital market master plan launched in 2014. He also stated that the new management will build on the effort of the outgoing management team.
Yuguda To Target Market Manipulators

Recall that on May 19, 2020, President Muhammadu Buhari appointed Yuguda as Uduk's replacement. Before his appointment, Yuguda was a member of the Board of SEC. Speaking on the work on ground for his team, Yuguda said curbing market manipulation would be on his agenda as they will make efforts in protecting consumers in the capital.

He also stated that “Many of the plan’s initiatives have been successfully implemented while many others are work in progress in line with its objectives. Therefore, the continued implementation of the plan will be one of the major focus of the incoming management, while we also seek possible ways of strengthening it for enhanced impact.

"We would equally work towards improved market regulation, surveillance and general development. Together we must set our sights on achieving those milestones that are capable of making the capital market a powerful engine of growth for the Nigerian economy.”

Note that some individuals in the capital market usually use trade secrets or... https://allnews.ng/news/new-sec-boss-takes-over-controversial-seat-to-face-market-manipulation-by-insiders

The Group Chairman of United Bank for Africa (UBA), Tony Elumelu has reacted to the appointment of Ayoku Liadi and Oliver Alawuba as Deputy Managing Directors of United Bank for Africa's (UBA) Nigeria and Africa businesses, respectively. He clarified the purpose of their appointment after the position was created to have Liadi and Alawuba on the management. The decision comes after AllNews released the list of most profitable banks in Nigeria for 2019.

Elumelu said the decision was taken to best served UBA's clients as the bank is present in 20 African countries, serving over 20 million clients, "In 2005, we set out our pan-African vision. Fifteen years later, we are present in 20 African countries, serving over 20 million clients... These senior appointments represent... https://allnews.ng/news/uba-makes-crucial-appointments-as-it-escapes-last-position-on-2019-most-profitable-bank

9mobile continues to lose subscribers every month to its rival, MTN, Glo and Airtel. It has become a tradition for the network provider as hardly any month passes without hundreds of thousands of subscribers dumping 9mobile in pursuit of better options in the market. In a recent industry check by AllNews, it was gathered that over 342,000 subscribers dumped 9mobile's voice (telephony) service.

The number of telephony service subscribers of 9mobile dropped from about 12.5 million in April to 12.2 million in May as active subscribers. Although, 9mobile for the first time this year recorded growth in April after its subscribers increased from 12.1 million in March to 12.5 million in April, 2020. But 9mobile was unable to maintain the growth as it lost over 342,000 subscribers in one month.

While 9mobile continued to lose subscribers, Visafone's subscriber figure has remained stagnant for the past four months since February, holding onto the 137,086 subscribers it dropped to after the figure declined from the 138,144 subscribers it recorded in January this year.

Meanwhile, despite... https://allnews.ng/news/9mobile-losses-over-340-000-subscribers-as-glo-and-airtel-continue-data-war

Chaos, fear and anxiety are currently rocking Heritage bank following two suspected coronavirus cases within a space of months. The new suspected coronavirus case was at Heritage Bank branch located at Allen, Ikeja, Lagos, after one of the employees developed COVID-19 symptoms, leading to fear among workers that could have come in contact with the worker during work hours.

The suspected case of COVID-19 was detected last week after the unnamed worker began to show signs of the symptoms. Throughout this week and last week, the staff of the Allen branch were told to stay back at home, while they were asked if they had come in contact with the worker in order to isolate themselves.

The worker that developed the symptoms was tested to know the status. The bank had been operating a one week on and one week off after coronavirus spread into Nigeria. Presently, there are 27,110 confirmed coronavirus cases in Nigeria.

AllNews efforts to reach Heritage Bank proved abortive, as the lender didn't respond to an enquiry sent to the company's official mail. A staff reached via phone call declined to comment officially though he said that... https://allnews.ng/news/covid-19-chaos-as-heritage-bank-workers-develop-covid-19-symptoms-one-die