When the Central Bank of Nigeria (CBN) in December 2023, mandated the linkage of Bank Verification Numbers (BVN) and National Identification Numbers (NIN) across all tiers of accounts in Nigeria, this brought a wave of panic amongst customers who had run their accounts without BVN or NIN.

The apex bank in a circular, signed by the Director, Payment System Management Department at the CBN, Mr Chibuzo Efobi and Director, Financial Policy and Regulations Department, Mr Haruna Mustapha, to all commercial, merchant, non-interest and payment service banks, other financial institutions and mobile money operators, stated that all individual existing and new tier 1, 2 and 3 accounts/wallets must have BVN or NIN.

Mustapha noted that the mandate was part of the apex bank’s effort in promoting financial system stability which has led to its amendment of Section 1.5.3 of the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (Guidelines).

The CBN’s circular also specified that existing unfunded individual Tier 1 accounts without BVN or NIN would be placed on “Post No Debit or Credit” immediately.

“For all existing Tier 1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied.

Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the circular read.

It further said that to ensure uniform and full compliance, the executive compliance officers, chief compliance officers or heads of the compliance functions are advised to acquaint themselves with the attached guidance notes which becomes applicable to all institutions regulated by the CBN.

Sources noted that the matter was being treated as a “national security issue”, adding that banks caught operating accounts without BVN or NIN after the expiration of the deadline “shall be severely dealt with”. Investigations further reveal that Nigerians have begun to besiege commercial banks and the National Identity Management offices as a result of the directive.

A look into the legal framework underpinning the policy indicates that the National Identity Management Commission (NIMC) Act 2007 established the NIMC and mandated the creation of a National Identity Database (NID) containing unique NINs assigned to Nigerian citizens and legal residents.

The Mandatory Use of the National Identification Number Regulation, 2017, further stipulates that NINs be used for various transactions, including employment, access to social intervention programs, and opening bank accounts whereas the CBN's policy builds upon this existing legal framework, aiming to enhance financial security and inclusion by mandating the inclusion of identity documentation across all segments of the banking system.

However, industry records reveal that NIMC has registered just over 100 million Nigerians whilst the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) as of October 9, 2023, revealed that there were 59 million (58,999,262) accounts with BVN. It is there expected that the regularisation of accounts without BVN or NIN can be achieved within the deadline given the progress that’s already been recorded on both fronts.


Looking deeper into this development, this policy provides a big boost in reducing identity theft, fraudulent activities and prevent unauthorised access to an individual’s account.

Battle against money laundering

At the Financial Action Task Force plenary held late October in Paris, France, Nigeria failed to scale a review of Money Laundering and Terrorism Financing Risk conducted by the global financial intelligence agency.

The global agency faulted Nigeria’s anti-money laundering war, which had landed the country on the international grey list in February alongside South Africa, and 20 other countries.

Although the Nigerian Financial Intelligence Unit said it had been working to meet the FATF recommendations on money laundering and terrorism financing, it did not scale the review carried out by the FATF at its last plenary.

Countries on the FATF grey list have been identified as having strategic deficiencies in their anti-money laundering, terrorist financing, and proliferation financing regimes. According to KPMG, the implications for the greylisting of two of the biggest economies in Africa may be far-reaching.

Concerning Nigeria, KPMG said that “FATF noted that although Nigeria had made some progress since the adoption of its Mutual Evaluation Report in August 2021 it is required to implement FATF’s action plans. This FATF greylisting adds another layer of risk and complexity to businesses that already perceive Nigeria as a high-risk country for anti-corruption and other financial crime risks. This may put businesses with connections to Nigeria under more regulatory scrutiny, as regulators may expect them to implement more stringent AML/CFT compliance measures to mitigate the risks associated with greylisting.”

Also, the greylisting may result in higher compliance costs and increased due diligence requirements for businesses, making transactions with Nigerian counterparties more difficult. A key component of the anti-money laundering requirement of FATF is Know Your Customer (KYC), which helps financial institutions verify the identity of new and existing customers. Hence, this directive by the CBN is a tool to get Nigeria off the grey list and strengthen its battle against money laundering in Nigeria.

Enhancing financial inclusion and financial security

So far, Nigeria has brought more of its citizens into the financial system but remains far from its goal of getting 95 per cent of the population fully banked this year 2024. According to EFInA, a UK government-backed firm, the percentage of adult Nigerians with formal financial services- including bank accounts, insurance and mobile money- rose to 64 per cent in 2023 from 56 per cent recorded in 2020. But just about 52 per cent have a bank account and more comprehensive adoption is hampered by widespread poverty in the country. This directive offers a much broader sense of increasing the number of financially included people especially if it is very much strictly implemented. Once this is achieved, scammers who previously relied on stolen information to conduct fraudulent transactions will face a bigger challenge.

Boost economic growth and improve revenue generation.

Apart from prevention and financial inclusion, this directive is expected to unlock new markets, drive entrepreneurship, and boost the creation of jobs. Similarly, with an accurate identification technique, tax evasion by individuals and companies becomes significantly harder. This can lead to increased government revenue and improved public services, benefiting all Nigerians.

Conclusion

The truth is that very few policies go through successful implementation in Nigeria, the onus is now on the CBN to revolutionize the country’s financial sector through financial security, empowering Nigerians, and stimulating economic growth through its latest directive. Although January 31, 2024 looks like a long period, the CBN & NIMC should do everything humanly possible to adeptly navigate potential pitfalls, unlocking the brighter future promised by this ambitious initiative.

Global Citizen and pgLang launch new ‘Move Afrika’ campaign to promote health and equity, tackle poverty


International advocacy organization Global Citizen and creative imprint, pgLang today announced ‘Move Afrika: A Global Citizen Experience’, a new long-term, large-scale effort to pioneer a first-of-its-kind international music touring circuit throughout the continent of Africa. Move Afrika’s first major music event, Move Afrika: Rwanda, will take place on December 6, 2023 at the BK Arena in Kigali, Rwanda.

Grammy Award, Pulitzer Prize winning artist and co-founder of pgLang, Kendrick Lamar will headline the event, and pgLang will serve as the Curator of Move Afrika for the next five years, from 2023 until 2028.

Move Afrika is Global Citizen’s latest effort to address the world’s inequities by creating job and entrepreneurship opportunities for the continent’s emerging generations through an annual series of world-class live events. Showcasing the best of Africa to the world, these events will drive transformative investments within local communities, engage local artists, vendors, agencies and crews, and provide opportunities for on-the-job skill development and training.

Producing a world-class experience for fans and artists alike, Move Afrika will set a new gold-standard for entertainment touring events, increasing demand from international and regional artists to tour in the region and building local capacity within host cities across the continent.

In partnership with the Rwanda Development Board, Kigali, Rwanda will host Move Afrika every year for the next five years. Each year, additional countries will be added to the tour schedule, which aims to expand to five countries by 2025.

Move Afrika: Rwanda, taking place on Wednesday, December 6 at Kigali’s BK Arena, will be headlined by Kendrick Lamar, with more regional artists to be announced. The event will feature a citizen-led advocacy campaign calling for urgent action and bold commitments from world leaders on major issues across the continent. Key issues include: the need for increased funding for health, with a specific emphasis on women and girls; addressing the climate crisis and its impact on food security; tackling the lack of access to economic opportunities for future generations; and encouraging civic participation. To take action on these issues, text +250 790 008 555 on WhatsApp.

Move Afrika builds on Global Citizen’s previous campaigns and events across the continent that include: Global Citizen Festival: Mandela 100, which brought Beyoncé, Jay-Z, Ed Sheeran, Usher, Eddie Vedder and Chris Martin of Coldplay to Johannesburg, South Africa in 2018; Global Citizen Live: Lagos that featured Davido, Femi Kuti, and Tiwa Savage at Fela Kuti’s New Afrika Shrine in 2021; and Global Citizen Festival: Accra, which brought Usher, SZA, Stormzy, and TEMS to the iconic Black Star Square in 2022.
Partners of Move Afrika include pgLang, the Rwanda Development Board and TimesLive.

“Africa is driving culture and creativity globally, but the Continent has been left out of the global music touring circuit for too long. By moving from one-off events to the sustained commitment of an annual tour, Move Afrika will drive transformative investments across Africa through the pioneering of a world-class touring circuit. Move Afrika will pave the way for many more artists to tour the Continent, while generating new economic opportunities within the entertainment industry for Africa’s booming youth generation. We are incredibly excited to bring this vision to life with pgLang and Kendrick Lamar, and are grateful for our partnership with the Rwanda Development Board, who shares our belief in this vision,” said Hugh Evans, Co-Founder and CEO, Global Citizen.

“Our goal with Move Afrika is to inspire local youth and artists to unlock their creativity. We hope to curate an immersive experience that empowers various communities and cultures across Africa and around the world for a lifetime," said pgLang.

“We are delighted to host Global Citizen and to provide a platform for Move Afrika. This is a unique collaboration that aims to showcase the best of African creative talent to the world, through curated memorable entertainment experiences that address development priorities of our continent. Creating employment and income generating initiatives of the private sector, with a spotlight on the youth, is Rwanda Development Board’s core mandate. Together with Global Citizen and Move Afrika, we will position Rwanda as an entertainment hub for all African countries to benefit from the global creative industry,” said Francis Gatare, Chief Executive Officer, Rwanda Development Board.

“I am honored and humbled to play a meaningful role that supports new age global efforts to deal with health inequity, challenge poverty, and empower women and girls. The neglect of these predicaments, including global warming, have a detrimental effect on the prospects of the citizens of Africa and this situation cannot be allowed to continue unabated. I am happy that the Global Citizen movement has reignited the debate about these critical matters and that it is continuing to keep Africa top of mind by having Move Afrika: Rwanda. Across the entire African continent there is huge excitement for driving economic development, tourism and world class entertainment. We look forward to announcing additional cities for 2024 and 2025 in the coming months,” said Tshepo Mahloele, Africa Patron, Global Citizen.

Since its inception in Australia in 2008, Global Citizen has grown to become the world’s leading advocacy organization and one of the largest, most visible platforms uniting people around the world to call on world leaders to end extreme poverty, defend the planet and address the inequity of women and girls.

The organization has taken its action-based live music events and campaigns from New York City to India, the United Kingdom, France, Germany, Nigeria, South Africa, Australia, Ghana, and Canada. Over the past 10 years, $43.6 billion in commitments announced on Global Citizen platforms has been deployed, impacting nearly 1.3 billion lives.

For more information visit the official website.

Retail giant Access Bank plc has unveiled the W initiative Womenprenuer Pitch-a-ton Season 5.

The W Initiative is aimed at inspiring, connecting and empowering women while riding on the Access Bank’s vision to be the Bank of choice for women in the markets and communities being served.

This is the basis of the Bank’s mandate to empower female entrepreneurs with financial and business skills through the Womenpreneur Pitch-a-ton programme.

The programme is designed to provide female owned businesses across Africa an opportunity to access finance, world-class business trainings as well as mentoring opportunities.

Speaking to newsmen recently, Abiodun Olubitan, Group Head W Initiative said: “This programme has been designed to create an enabling environment for female entrepreneurs to grow their businesses. Access Bank has been a leading advocate for women’s economic empowerment in Africa and this is the key motivation for the ‘W’ Initiative which caters to the women economy particularly in the areas of financing, capacity building and creating networking opportunities for women.

“We launched the first Womenpreneur pitch-a-ton initiative in 2019 in line with our value proposition to be the No. 1 Bank of Choice for women in Nigeria, and we have received over 150,000 applications over the last 4 years, awarded the Mini-MBA training to 300 women and provided over N45 million in grants. This year, we are making the programme bigger and better by increasing the number to 120 women entrepreneurs who will emerge as finalists.

“The 2023 Womenpreneur Pitch-a-ton programme will officially kick off on Monday, June 26 – August 11, 2023 and will offer financial grants, an exclusive certified capacity building program and business coaching aimed at empowering women entrepreneurs. Interested female entrepreneurs who meet the criteria of having an existing business for at least one year with at least 50% female ownership and between the age range of 18- 55 years are eligible and required to fill an online application.

“All online applications will be reviewed and screened by independent business experts for all five hundred (500) candidates who will be required to send in a sixty-second video pitch for the opportunity to be selected as part of the final top 120 candidates. They will benefit from an exclusive and certified Mini-MBA and grant prizes.

“The programme is designed for a 3-month period comprising 8 weeks of mini-MBA training in collaboration with the International Finance Corporation (IFC) and pitching sessions to a Pan-African Jury panel where the top finalists will pitch their businesses, infusing learnings from the mini-MBA and will stand an opportunity to win financial grants and other consolation prizes,” Abiodun concluded.

...seeks order restraining Dangote from taking benefits from 'incompetent agreement'


The Kogi State Government has dragged Dangote Industries Limited to a Kogi State High Court, sitting in Lokoja over the controversial ownership of Obajana Cement Company, now Dangote Cement Plc.

In the originating summons, the state government wants the court to determine whether upon careful examination and consideration of the agreements made between the Kogi State Government and Dangote Industries Limited on July 30, 2002, and February 14, 2003, respectively, it is not apparent that consideration (an essential ingredient of a valid contract) is lacking?

The government is also asking the court to determine whether in view of the clear lack of consideration (an essential ingredient of a valid contract), the agreements made between the Kogi State Government and Dangote Industries Limited on July 30, 2002 and February 14, 2003, respectively, are not null and void?

In the event that the above questions are answered in the affirmative, the state government prayed the court to declare that the agreements made between the Kogi State Government and Dangote Industries Limited on July 30, 2002 and February 14, 2003, respectively, "lack consideration, which is an essential ingredient of a valid contract".

The government is also asking the court to declare that the clear lack of consideration in the agreement made between the Kogi State Government and Dangote Industries Limited on July 30, 2002 and February 14, 2003, respectively, render both agreements null and void.

The state government is also seeking the following reliefs: “A declaration that Dangote Industries Limited cannot take any benefit, interest or rights from the incompetent agreements entered into on July 30, 2002 and February 14, 2003 respectively, having failed to furnish any consideration to the Kogi State Government.

“An order nullifying the agreements entered into on July 30, 2002 and February 14, 2003 respectively, for lack of consideration.

“An order of perpetual injunction restraining Dangote Industries Limited, any of its agents or assigns from further utilizing and or taking any benefit(s) from the agreement dated July 30, 2002 and February 14, 2003 between the Kogi State Government and Dangote Industries Limited.”

In an affidavit in support of the originating summons deposed to by the Secretary to the Kogi State Government, Mrs. Folashade Arike Ayoade, she said that Obajana Cement Company was solely registered in 1992 by the Kogi State Government.

According to her, the sole purpose of establishing Obajana Cement Company was to mine the huge lime stone deposit in Obajana and consequently produce cement for the economic benefit of the people of Kogi State.

She confirmed that the Kogi State Government and Dangote Industries Limited entered into two agreements on July 30, 2002 and February 14, 2003 for the purpose of producing cement for the economic benefit of the people of Kogi State.

However, she noted that no benefit by way of consideration passed from Dangote Industries Limited to the Kogi State Government.

No date has been fixed for the hearing of the suit.

Cement factory to remain closed, as Kogi issues Dangote 48 hours ultimatum to shut down
...Governor Bello orders immediate release of impounded trucks

As the ownership tussle between the Kogi State Government and the Dangote Group lingers, the Yahaya Bello administration has noted that the controversial cement factory will remain under lock until there is a workable solution while asking the business conglomerate to shut down it's operations within the next 48 hours

In a press statement released on Thursday by Kingsley Femi Fanwo, the state Commissioner for Information and Communications, the government also ordered the immediate release of all Dangote trucks impounded across the state, saying this will allow the innocent drivers caught in the unnecessary battle to go about their legitimate business without hindrance.

Explaining that the factory has to remain shut in order not to allow the Dangote Group shortchange the state of it's legitimate earnings, the commissioner noted that Governor Yahaya Bello is grateful to the people for their cooperation and wishes to thank them for their resoluteness in the ownership impasse.

He however urged the people to remain civil, law abiding and give room for constitutionalism, despite that the State Government recognises their rights to peaceful protest as witnessed across the state.

He wrote: "Breakdown of law and order will not be in the interest of anyone as we hope to remain the most peaceful state in Nigeria. To this end, the Governor has directed that trucks loading cement that are impounded across the State be released with immediate effect to either return to the plant or go to their destinations peacefully.

"As a State, we must retain the peaceful and business friendly environment that has attracted scores of investment giants to the state in the last seven years".

Fanwo added that the governor has urged the management of Dangote Group to ensure that the Cement Factory at is shut down within the next 48 hours in honour of the legislative arm of Government which ordered the plant sealed until the Dangote Group furnishes the legislature with the requisite documents demanded by the legislature.

"As a Government, we will defend and protect all Government institutions against impunity. The Governor wishes to assure the people of the state of his unwavering commitment to defending their interest without compromise.

"As the face of the struggle with the over four million Kogites behind him, he will ensure the interest of the state is defended with a high sense of integrity, responsibility and allegiance through democratic instruments.

"We call on the people to remain calm and law abiding as well as continue to have faith in the leadership of the Governor to deliver on the mandate of the people to take back what belongs to them.

"We also urge security agents to be on red alert to prevent anarchy in the face of the boiling anger of the people against exploitation and oppression. We can only win the battle ahead with cool heads. When our people come together like we are now, all we can do is win", the statement reads.

The Kogi State Government, on Wednesday, responded to Dangote Industries Limited's insistence on 100 per cent ownership of Obajana Cement Company, saying that DIL's efforts at making Kogi State's demand appear unreasonable had only justified the state's protest against what it described as "callous and deliberate asset grabbing." 

The state government maintained that Obajana Cement Company was solely founded in 1992 and owned by the state, which held 100 per cent of its shareholding in trust for its people, long before DIL ventured into the state and longer still before Dangote Cement Plc came into existence.

In a detailed response to Dangote Group's advertorial, titled, "Separating Facts From Fiction", the Kogi State Government noted that successive administrations had always invited Dangote Industries Limited and Dangote Cement Plc to prove that the Group paid anything at all  for the purported acquisition of Obajana and its alleged 100 per cent ownership, "but each time, DIL and DCP have woefully failed to do so".

In the response titled, "Separating Acquisition From Asset-Grabbing", the Kogi State Government disclosed that it took a loan of at least 15million Deutsche Marks to conduct feasibility assessments, which confirmed the existence of those 'vast limestone deposits' that DIL found so enticing years later.

"Sadly, for over a decade after DIL and DCP started posting profits from the operations of the Obajana plant, the Kogi State Government was still labouring to pay off the said loan and interests accruing thereon," the statement highlighted.

The Kogi State Government said in the interest of humanity and truth, it was pertinent to ask the questions: "How come years after DIL and DCP claim they acquired 100 per cent of the equity and assets of Obajana Cement Plc, Kogi State officials were still listed as shareholders of the company, holding shares for and on behalf of the people of Kogi State in filings made by DIL and DCP at the Corporate Affairs Commission (CAC)?

"Is the above not evidence that DIL and DCP which do not deny that Kogi State invited them to invest in Obajana Cement Plc in the first place, are lying when they defend their rapacity and duplicity by claiming that Kogi State allegedly abandoned her allotted shares and was subsequently kicked out of the company she founded by them, thereby allegedly extinguishing all rights and interests of Kogi State and her people in the operations of the company?

"By what rules of corporate acquisitions or even buy-outs are DIL and DCP operating in their highhanded dealings with Kogi State and people? At what point was DIL and DCP able to raise money and Kogi State Govt not able to raise money to take up their allotments, resulting in the alleged transfer of Kogi's shares in Obajana to DIL/DCP?

"Which money or consideration did DIL provide in 2002 for the alleged acquisition of the 90 per cent equity in Obajana Cement Plc, which used to be vested in the Kogi State Government and what money or consideration did DIL and DCP pay in 2003 to acquire the remaining 10 per cent of Kogi's shares in Obajana Cement Plc?"

The state government invited Nigerians and all persons of goodwill everywhere to ruminate on the issues raised and draw conclusions "on the ways and manner in which DIL and DCP have shamelessly gone about their conspiracy to dispossess Kogi State and her people of their rightful assets."

The Kogi State Government has warned the Dangote Group against venting its frustration on the State Government in the ongoing Obajana Cement ownership tussle, especially as regards the fire incident that occurred in the early hours of Monday.

In a statement signed by the State Commissioner for Information and Communications, Hon. Kingsley Fanwo, the State Government advised the Dangote Group and its image makers to focus on "proving its 'total ownership' of Obajana Cement Company rather than chasing shadows".

In response to a statement issued by the Dangote Group, the commissioner said the Group's latest attempt to malign the state government in its statement titled, "Dangote not involved in Kogi Assembly Outbreak", was a desperate one, insisting that the State Government has a "well defined channel of communication that is known to the public".

Fanwo said the current struggle over the ownership of Obajana Cement Company was not that of an individual but a collective agitation by indigenes of the state who had felt shortchanged for too long as regards the subject matter.

He stated: "We remain resolute on our position on the Obajana Cement Company and that remains the matter to be determined rather than any attempt to drag the state government into any mud fight.

"A few days ago, we released a credible intelligence to the public, of plans by Dangote Group to attack the state and officials of Government, among many other measures at stifling the voice of the Kogi State Government in the ongoing battle for the ownership of the Obajana Cement Company.

"A few days later, our Legislative Complex was razed down by fire. In the official statement of the Government of Kogi State, we called on security agencies to thoroughly investigate the matter and make their findings public. We reiterate that anyone found to be involved in burning down the Kogi State Assembly Complex will be prosecuted and made to face the test of justice."

Fanwo noted that only the truth could resolve the ongoing ownership tussle, maintaining that the State will "not succumb to any psychological warfare.

"We are aware of emails and deliberate harassment of the media to concoct unfounded stories around Kogi State and Governor Yahaya Bello. But this would do nothing to change the facts around the ownership of Obajana Cement Company, which the Kogi people, and indeed, Nigerians, are interested in," the Commissioner declared.

He pointed out that the struggle was about the good people of Kogi State and also the integrity of the nation.

"It is a battle we need to fight for the generation-next, while also setting a standard of transparent corporate governance.

"The present administration has created a conducive environment for investment and business growth. Many business entities have come into the state to the benefit from our economy and the people and they have very good stories to tell. What we demand here is what belongs to the state," Fanwo declared.

....attempt to set Commissioner's house on fire foiled





The controversy over the ownership of the Obajana Cement Company took a sad twist in the early hours of Monday, as arsonists believed to be agents of the Dangote Group stormed the State House of Assembly Complex and set it on fire.

The arsonists were suspected to have been sent to burn the Complex in an attempt to possibly destroy evidence relating to the ownership tussle between the Kogi State Government and the Dangote Group over the Obajana Cement Company.

The Speaker of the State House of Assembly, who had released a statement on Sunday, asking Dangote to come clean on the issue, expressed sadness over the recent turn of event, wondering how a business concern would go this low in an effort to twist history.

He called on security agencies to investigate the matter, pointing out that there was enough credible intelligence to show that the target of the arsonists was to destroy evidence relating to ongoing investigations on the Kogi-Dangote face-off over the ownership of Obajana Cement Company.

In a related development, security agents attached to the State Commissioner for Information and Communications, Kingsley Fanwo, foiled an attempt to attack his home, an incident that had never happened before, according to him.

The hoodlums, however, escaped with gunshot wounds.

When contacted, Fanwo accused Alhaji Aliko Dangote of "playing dirty and dangerous" over the Obajana saga, saying, "The resolve of the State Government to defend the people's rights cannot be broken."

He said, "The State House of Assembly was set on fire this morning. Remember we exposed plans to attack the Speaker of the Kogi State House of Assembly with fake soldiers yesterday.

"Having discovered that we exposed their satanic plans against the Speaker, they changed tactics to go and burn down the Kogi State House of Assembly. This is an attack on our institution and our people.

"Burning down our Assembly Complex will only further fuel our resolve to right the wrongs of the past. We will take back what legally belongs to us."

Recall that the State House of Assembly has been at the forefront of efforts at reclaiming the state's share of the company, which Dangote Group is claiming to own 100 per cent.

The disagreement reached a crescendo when the State House of Assembly ordered the sealing of the company, pending the presentation of the requested documents by the Dangote Group, with youths in the community trooping out to celebrate what they termed "the end of oppression".

On Saturday, the Kogi State Government exposed certain fight back plans by the Dangote Group, including distabilizing the state and going after key Government offices and officials.

The statement was signed by the State Commissioner for Information and Communications, Kingsley Fanwo.

...say 'Our mumu don do'




The ownership tussle between the Kogi State Government and the Dangote Group over Obajana Cement Company took another dimension on Sunday as the National Association of Kogi State Students vowed to defend the stand of the state government up to the World Court.

The students, in various institutions across Nigeria, threw their full weight behind the state government's demands in a statement signed by the National President, NAKOSS National, and Chairperson, Council of 36 States Student Presidents (CSSP), Rachael Mojirola Balogun.

They contended that the Dangote Group had, for long, carried out devastating economic injustice on the people of the state.

According to the indigenes of the state scattered across tertiary institutions of learning in the country, the state governor, Alhaji Yahaya Bello and the state House of Assembly should be commended for insisting on correcting what they described as the age-long economic intimidation and exploitation by the Dangote Group.

They accused Dangote of unfairly exploiting the state for years, with many either dying daily from environmental hazards arising from the Company's activities in the area or in the hands of its reckless drivers "that have killed many across  Nigeria (countless Kogi State students inclusive)."

According to the students, the failure of the management of Dangote Cement to show evidence of responsible transfer of the shares of the company belonging to Kogi State is a clear pointer to the fact that the group allegedly robbed indigenes of Kogi of their birth rights.

They therefore insisted on defending the state government's position up to the World Court.

They described as misleading, argument of the  Manufacturers Association of Nigeria over the incident, stressing that MAN and other naysayers' positions on the controversy were lopsided and lacking in merit.

The statement read in part: "As indigenes of Kogi State, we affirm that the Government of Kogi State, under Alhaji Yahaya Bello, should be commended for demanding evidence of a strange agreement that delivered our birth rights, 100 per cent, on a platter of gold to Dangote Group, despite the fact that Obajana Cement Factory was established and nurtured by the Kogi State Government until Dangote offered to partner with the state. There are documents already in the public domain detailing the economic injustice carried out against the Kogi people in view of an investment that has not for one day benefitted them.

"We have listened to the misleading argument of the  Manufacturers Association of Nigeria (MAN) in its press statement of Friday, 7th October, 2022, and we are duty bound to inform the public that the argument of this association, which the whole world knows is being controlled by Alhaji Aliko Dangote, is lopsided and lacks merit.

"This and other such arguments by other associations in the league of MAN are, to say the least, a slap on the faces of indigenes of our state who have been unfairly exploited for years, with many either dying daily from environmental hazards arising from Dangote's activities in the area or in the hands of its reckless drivers that have killed many across  Nigeria (countless Kogi State students inclusive). All these hazards, yet nothing accrues to the government from a concern it created.

"Let it be clear that we are students of Kogi State learning in higher institutions across Nigeria; but we can safely reflect the minds of even our family members that this struggle is not that of the Governor or the House of Assembly alone. It is our collective struggle and we will seek justice as far as the International Court.

"We acknowledge the efforts of Aliko Dangote to industrialize the country, create jobs and wealth through various factories, but we wish to state unequivocally that he cannot rewrite history in our own case as we know the story of Obajana from inception.

"This case is simple. Show evidence of consideration or payment, 100 per cent, for our Obajana and we will tell the whole world to judge.

"It is our strongly held opinion that the fact-finding action of the Kogi State House of Assembly that exposed the inability of the Management of Dangote Cement to show evidence of responsible transfer of the shares of the company belonging to Kogi State is an action in the right direction, especially that the company was given ample opportunity to provide proof.

"We wish to call on public commentators, industrialist groups and well meaning citizens to know the facts of the case before making public comments in order to avoid the counter-productive error of misinforming the unsuspecting public.

"While we appeal to both parties to embrace peace and dialogue, we strongly commend the Executive Governor of Kogi State, Alhaji Yahaya Bello and the State House of Assembly for the diligent efforts that culminated in shutting down the factory.

"Enough is enough, our mumu don do."

...say 'Our mumu don do'




The ownership tussle between the Kogi State Government and the Dangote Group over Obajana Cement Company took another dimension on Sunday as the National Association of Kogi State Students vowed to defend the stand of the state government up to the World Court.

The students, in various institutions across Nigeria, threw their full weight behind the state government's demands in a statement signed by the National President, NAKOSS National, and Chairperson, Council of 36 States Student Presidents (CSSP), Rachael Mojirola Balogun.

They contended that the Dangote Group had, for long, carried out devastating economic injustice on the people of the state.

According to the indigenes of the state scattered across tertiary institutions of learning in the country, the state governor, Alhaji Yahaya Bello and the state House of Assembly should be commended for insisting on correcting what they described as the age-long economic intimidation and exploitation by the Dangote Group.

They accused Dangote of unfairly exploiting the state for years, with many either dying daily from environmental hazards arising from the Company's activities in the area or in the hands of its reckless drivers "that have killed many across  Nigeria (countless Kogi State students inclusive)."

According to the students, the failure of the management of Dangote Cement to show evidence of responsible transfer of the shares of the company belonging to Kogi State is a clear pointer to the fact that the group allegedly robbed indigenes of Kogi of their birth rights.

They therefore insisted on defending the state government's position up to the World Court.

They described as misleading, argument of the  Manufacturers Association of Nigeria over the incident, stressing that MAN and other naysayers' positions on the controversy were lopsided and lacking in merit.

The statement read in part: "As indigenes of Kogi State, we affirm that the Government of Kogi State, under Alhaji Yahaya Bello, should be commended for demanding evidence of a strange agreement that delivered our birth rights, 100 per cent, on a platter of gold to Dangote Group, despite the fact that Obajana Cement Factory was established and nurtured by the Kogi State Government until Dangote offered to partner with the state. There are documents already in the public domain detailing the economic injustice carried out against the Kogi people in view of an investment that has not for one day benefitted them.

"We have listened to the misleading argument of the  Manufacturers Association of Nigeria (MAN) in its press statement of Friday, 7th November, 2022, and we are duty bound to inform the public that the argument of this association, which the whole world knows is being controlled by Alhaji Aliko Dangote, is lopsided and lacks merit.

"This and other such arguments by other associations in the league of MAN are, to say the least, a slap on the faces of indigenes of our state who have been unfairly exploited for years, with many either dying daily from environmental hazards arising from Dangote's activities in the area or in the hands of its reckless drivers that have killed many across  Nigeria (countless Kogi State students inclusive). All these hazards, yet nothing accrues to the government from a concern it created.

"Let it be clear that we are students of Kogi State learning in higher institutions across Nigeria; but we can safely reflect the minds of even our family members that this struggle is not that of the Governor or the House of Assembly alone. It is our collective struggle and we will seek justice as far as the International Court.

"We acknowledge the efforts of Aliko Dangote to industrialize the country, create jobs and wealth through various factories, but we wish to state unequivocally that he cannot rewrite history in our own case as we know the story of Obajana from inception.

"This case is simple. Show evidence of consideration or payment, 100 per cent, for our Obajana and we will tell the whole world to judge.

"It is our strongly held opinion that the fact-finding action of the Kogi State House of Assembly that exposed the inability of the Management of Dangote Cement to show evidence of responsible transfer of the shares of the company belonging to Kogi State is an action in the right direction, especially that the company was given ample opportunity to provide proof.

"We wish to call on public commentators, industrialist groups and well meaning citizens to know the facts of the case before making public comments in order to avoid the counter-productive error of misinforming the unsuspecting public.

"While we appeal to both parties to embrace peace and dialogue, we strongly commend the Executive Governor of Kogi State, Alhaji Yahaya Bello and the State House of Assembly for the diligent efforts that culminated in shutting down the factory.

"Enough is enough, our mumu don do."

...says Dangote distorting facts
...as committee asks govt to revoke CofO


The Kogi State Government has debunked claims by the  Dangote Group that Obajana Cement Factory is owned, 100 per cent, by the Conglomerate, insisting that there was no valid acquisition.

The state government also vowed to recover all accrued dividends from profits made over the years by the Dangote Group, including accrued interests on same.

As a first step, the Specialised Technical Committee on the Evaluation of the Legality of the Alleged Acquisition of Obajana Cement Company Plc by Dangote Cement Company Limited has expressly asked the Kogi State Government to cancel the existing seven Certificates of Occupancy.

This was part of the recommendations contained in the report of the 10-man committee, headed by the Secretary to the State Government, Dr. (Mrs) Folashade Ayoade, and submitted to Governor Yahaya Bello of the state.

Reacting to an official statement by the Dangote Group on Friday, the Commissioner for Information in the state, Kingsley Fanwo, said it was important to make it clear to the general public that the state had all the relevant documents to prove that the purported acquisition of Obajana by Dangote was null and void.

He noted that Kogi State indigenes would not be intimidated into forgoing their birth rights to any individual or institution, no matter how highly placed, adding that Governor Yahaya Bello was committed to his inaugural promise that his administration "shall exist for the sole purpose of serving the superseding interests of the people of Kogi State".

"We want to assure the good people of Kogi State that, with God on our side, what belongs to the state shall be recovered, including all dividends and interests on profits from inception till date. The Dangote Group is just distorting facts to save its face," Fanwo said.

The detailed Committee report, which was made public on Thursday, by the SSG, also charged the government to take steps to recover Obajana Cement Company Plc now changed to Dangote Cement Company Plc.

Ayoade had revealed with documents that the purported transfer of Obajana to Dangote Industries Limited, was “invalid, null and void”.

She disclosed in the report that three Certificates of Occupancy for Obajana Cement Company Plc, which were solely owned by the Kogi State Government at the time, were used to obtain a loan of N63 billion by Dangote.

According to her, the Committee, in view of its findings, has therefore recommended that Kogi State should take steps to recover the Obajana Cement Company from the Dangote Group.

Stressing the aberration in the arrangement, the SSG said, “Agreement between Kogi State Government of Nigeria and Dangote Industries Limited, dated 30th July 2002 and supplemental agreement dated 14th February 2003, as contained in Exhibit 71 of the Judicial Commission of Inquiry Report, purporting the transfer of Obajana Cement Company Plc to Dangote Industries Limited, are all invalid, null and void.

“There is no evidence of consideration paid by Dangote Industries Limited to Kogi State Government from the alleged transfer of Obajana Cement Company Plc and no dividend was paid to the state from the profits realised from the inception of Dangote Cement Company Plc to date.

“By the assignment of the three certificates of occupancy, the title in Obajana Cement Company Plc, still vests in Kogi State Government as the sole owner. The three documents were used to obtain a loan of sixty-three billion naira only (63,000,000,000.00) to finance the construction of the cement plant in Obajana."

The governments of Ghana and South Africa have announced the African Prosperity Fund, a joint initiative by both countries, which aims to deploy $1 billion to fund projects for economic inclusion and financial participation across the continent. The Fund will focus on projects in the African Continental Free Trade Area, including infrastructure development, financial access for the participation of women and youth, education, healthcare, technology, and sustainability, all for the benefit of Africa’s 1.3 billion people.

The announcement was made during the Global Citizen Festival: Accra that held at Ghana’s iconic Black Star Square on Saturday, 24th September 2022. Presented by Harith General Partners, it featured performances by Usher, SZA, Stormzy, Gyakie, Sarkodie, Stonebwoy, TEMS, and Uncle Waffles, and was hosted by award-winning actor, playwright and activist Danai Gurira. Presenters included Berla Mundi, Joselyn Dumas, Michaela Coel, Nomzamo Mbatha, and Sabrina Dhowre Elba.

Meanwhile, at the Global Citizen Festival: NYC held on the same day, U.S. members of Congress from both sides of the political aisle stood alongside world leaders, philanthropists, and trailblazers from the private sector to make announcements worthy of the 10-year history of the Global Citizen Festival. Over a video message, President Macron announced France will reallocate 30 percent of its Special Drawing Rights to the world’s poorest countries, specifically in Africa, to fight extreme poverty, pandemics, inequalities, and climate change.

Presented by Citi and Cisco, and hosted at New York City’s Central Park, the festival featured performances by Metallica, Charlie Puth, Jonas Brothers, MÅNESKIN, Mariah Carey, Mickey Guyton, and Rosalía and special guest performances by Angélique Kidjo and Billy Porter. Renowned actor, producer, author, and Global Citizen Ambassador Priyanka Chopra Jonas was the main host while Amber Ruffin, Antoni Porowski, Bill Nye, Chris Redd, Connie Britton, Folake Olowofoyeku, Jay Shetty, Katie Couric, Katie Holmes, Misty Copeland, Rachel Brosnahan, Scott Evans, Sofia Carson, Tamron Hall, and Van Jones were among the celebrity presenters.

According to Global Citizen, the six-week 2022 Global Citizen Festival campaign, the climax of which was the Saturday live shows in Accra and New York City, raised over $2.4 billion in commitments to end extreme poverty NOW. It saw 2 million actions taken by global citizens as part of Global Citizen’s mission to End Extreme Poverty NOW, more than doubling the record previously set by the international advocacy organization.

The days leading into the 10th anniversary Global Citizen Festival saw major commitments from world leaders, including Prime Minister Trudeau of Canada and President von der Leyen of the European Commission, who respectively committed CAD $1.209 billion and €715 million at the seventh replenishment of the Global Fund to Fight AIDS, Tuberculosis and Malaria. During the Festival, Prime Minister Trudeau and President von der Leyen thanked global citizens for acting.

“Amidst all the doomsday messages we hear today, hope lies in the fact that millions of citizens are rising up to take action, more than any other point in history. 10 years ago, Global Citizen was just an idea – and 10 years from now we’ll see a generation of global citizens running for office, starting companies, and transforming communities. The media is pushing us to the extreme left or to the extreme right, but the solutions lie in the center. Ending extreme poverty is not a partisan issue, and those most in need cannot be treated like political pawns. Our job is to not let our leaders forget that. If you are lucky enough to live in a democracy, use your voice!” – Hugh Evans, Co-Founder and CEO, Global Citizen

“Every problem that we face is a problem that we created. So, it’s a problem that we can solve together. A world of peace is not impossible, a world free of extreme hunger is not impossible, and reducing deepening inequalities is not impossible. It’s the world that we promised to ourselves through the 2030 Agenda of the United Nations and the Global Goals. But time is running out fast. We have a serious to-do list. It’s the 17 Global Goals and we need all your hands on deck!” – Amina Mohammed, Deputy Secretary-General, United Nations

“We have a limited window of opportunity to act decisively to lift millions of people out of poverty, promote inclusiveness and equality, and safeguard the health of our planet. Each one of us has a sacred and moral obligation to bequeath to the next generation a healthy planet, free from poverty, conflict, discrimination, hunger and disease. I call on the youth of the world, especially, and, in particular, the youth of Africa, to play an active role in achieving the SDGs. The world needs your creativity, knowledge, reach and energy to help find innovative solutions to the challenges facing our world.” – H.E. Nana Akufo-Addo, President of Ghana

“It's great to join you for the 10th year of this festival. Thank you for building this movement and making big things happen. Last month, I signed the biggest climate bill in history – the biggest ever: $369 billion to slash emissions by nearly half, improve health, advance justice, build a clean energy economy, and create generations of good paying jobs. And this past week, the Senate ratified historic Kigali amendment to phase down the use of super-polluting hydrofluorocarbons. This is a whole new chapter for America and for the planet. And we have to do a lot more. I pledged $11 billion a year to help poor countries fight climate change. Working with Congress and with your help, we can get this done.” – Joe Biden, President of the United States of America, via video address.

"Global Citizens, I hear you loud and clear! Europe is answering your call. We must put an end to hunger. We need to defeat deadly diseases like AIDS or malaria. We must take care of our girls and women! We must also take care of our planet. I call on all world leaders to step up! And I count on you to drive us forward." – Ursula von der Leyen, President of the European Commission.

At the outset of the campaign, Global Citizen called on world leaders, major corporations and philanthropic foundations to End Extreme Poverty NOW and invest $600 million into the future of women and girls; close the annual $10 billion climate financing shortfall; deliver $500 million to help African farmers respond to the global food crisis; reallocate IMF Special Drawing Rights to provide urgent relief from debts unjustly crushing economies, and defend advocacy. Though the campaign’s outcomes and commitments represent progress for the most urgent needs facing humanity and the planet, there is still much work to be done ahead of the G20 and COP27 in November.

Court orders arrest of Wema Bank MD, Adebise over alleged forgery, issuance of dud cheques


An Abuja court has ordered the arrest of Wema Bank MD, Adebise over alleged forgery, issuance of dud cheques.

A Chief Magistrates’ Court in Wuse, Abuja, has ordered the immediate arrest of the Managing Director of Wema Bank Plc, Mr Ademola Adebisi, over alleged forgery and issuance of dud cheques.

A warrant for the arrest of the bank chief was issued on Tuesday following his continued refusal to honour the court’s invitation to appear before it.

The court ordered the immediate arrest of Adebise by the Nigeria Police Force and other security agencies in the country wherever he is found.

Chief Magistrate Elizabeth Jones issued the warrant of arrest.

The arrest warrant read in part “You are hereby directed to arrest Ademola Adebisi and produce him before me.”

Before the court issued the warrant of arrest, the complainant in the matter, Barrister George Halliday, had informed the court that the issue began after a High Court of the FCT made a garnishee order absolute against Wema Bank Plc, directing them to pay him the sum of N50 million.

The lawyer claimed that Wema Bank complied by issuing five bank drafts of N10m each, totalling the judgment debt sum as directed by the high court and as payable by Bayelsa State Government, the judgment-debtor.

Halliday told the court that few days later, the drafts were returned by First Bank Plc as dishonoured with a letter attached stating that the drafts were twice presented for clearing and were twice rejected.

He added that Wema Bank, while trying to justify the failed drafts, forged the Internally Generated Revenue Statement of Account of Bayelsa State Government to show that the drafts were dishonoured because there was no money in the account.

He said in the affidavit to the suit: “That they further forged an affidavit which filing fees were paid in 2017 but commissioned in 2007.
“That the bank also forged a motion on notice that bears the same motion number with that of the judgment creditor.”

Halliday said it was against this background that the court summoned the Managing Director of Wema Bank Plc to appear before it and explain the forgery of the above said High Court processes.

A Senior Advocate of Nigeria, Adekola Mustapha had objected to the Adebisi’s appearance but the court overruled same and issued the warrant of arrest having refused to appear on five adjournments.

Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday storms the head office of NOVA Merchant Bank Limited to arrest the Chairman of the institution, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude.

NOVA Bank is an investment-grade merchant bank in Nigeria which offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.

Sources said that EFCC officials stormed the bank’s head office at 23, Kofo Abayomi Street, Victoria Island in Lagos to pick up Oduoza and Ude.

The duo are said to be under investigation following a petition by a staff member which accused them of fraud, conversion of tax and dollar round-tripping.

“EFCC is at NOVA bank to pick up the Chairman and MD on fraud. They are being investigated because a staff wrote a petition on fraud relating to the conversion of tax, dollar round-tripping,” an insider said.

Recall, in September 2021, the governor of Central Bank of Nigeria (CBN), Godwin Emefiele vowed to deal decisively with perpetrators of the forex market.

Emefiele said the apex bank would continue to restrict the activities of illegal forex dealers, advising banks to adhere strictly to CBN guidelines on forex sales.

Emefiele also said the CBN would hunt Nigerians who buy forex for Personal Travel purposes and later cancel such trips.

He warned bank customers involved in such fraudulent practices to desist from it.

“People buy forex from banks with PTA/BTA and cancel the flight later. We will find them and they must return the currency,” Emefiele had said.

Oduoza with about 30 years of banking experience, is the founder and Chairman of the board of Nova Merchant Bank Limited. He retired as the global CEO of UBA Group and was part of a small team that pioneered and established Diamond Bank Plc in the early 90’s.

The bank announced the appointment of Ude as its Acting Managing Director/Chief Executive Officer effective 3rd of October 2020.

Africa’s largest network of young business leaders and aspiring entrepreneurs, Under 40 CEOs, have tasked Nigerian youths to play a more active role in politics and governance in order to address the country’s development challenges while calling on the government to integrate more brilliant young people into key leadership positions at national and state levels for inclusive and sustainable economic growth.

Speaking recently at a forum organized by the group themed Dinner with Needle Movers, Founder and Executive Director—Africa, Familusi Akin Babajide, noted: “By current estimates, up to 70 percent of sub-Saharan Africa’s population is under the age of 30, representing about 806 million of the 1.151 billion people in this region. This demographic projection has significant implications for economic activity, public service provision, and state stability.”

“As the group with the most at stake, young African leaders deserve to be part of the policy discussions that seek to find solutions to the challenges confronting the continent. More qualified youths must be drafted into leadership positions in presidencies and state governments, parliaments, corporate boardrooms, as well as civil society and faith-based organizations to assist in conceptualizing and driving critical development initiatives.”

Commenting further, Familusi said: “As Under 40 CEOs, we cannot afford to sit on the sidelines. That is why we are hosting this event to connect young business and political leaders, as well as to create opportunities for collaboration between progressive public servants. Together, we must push the pedal and further move the needle towards a more desirous nation—one that’s equitable, prosperous and safe for all.”

In his remark, Tonye Cole, guest speaker at the event and winner of the All Progressives’ Congress (APC) ticket for the 2023 Rivers State governorship elections, noted that the lack of visionary leadership and accountability remain the biggest challenges to development in Nigeria and, indeed, all of Africa. He also stressed that active youth participation in politics is critical to the continent’s development.

“The truth is that African leaders have not always responded effectively to the needs of the continent and the respective countries. But there is hope in the rising generation of young people who can play a critical role in building accountability for successful economic transformation, representation, and public service. The urgency of these efforts cannot be overemphasized, as the youths have the most to lose if solutions are not enacted.”

“If we succeed in what we’re doing, the price of success far outweighs the cost of failure. The price of success is building an economy that will move our youths from the streets to expressing their talents and their gifts. Often times, a lot of us get frustrated by the system and just want to pack up and go. But Nigeria isn’t a lost cause. What we need are more young people with the audacity to stay and make a difference. Please don’t give up; you are the drivers of a new Nigeria.”

Under 40 CEOs Forum—a live interactive event—is an extension of the Under 40 CEOs television show. The forum offers a unique opportunity for current and aspiring CEOs to meet, share ideas and collaborate to create economic value across the continent. The latest outing, Dinner with Needle Movers, was co-hosted by Tolu Ibitola, Chief of Staff to the Ekiti State Governor, and had other notable young leaders from the public and private sector in attendance.

About Under 40 CEOs
Under 40 CEOs is a pan-African community focused on building the African economy on the shoulders of young Africans. Launched as a television series on TVC Entertainment and TVC News on 9th October 2015, the series subsequently launched on Silverbird Television Network on 13th January 2017 and has spotlighted inspiring young business leaders aged 40 and under from Nigeria, Ghana, Kenya, Rwanda and South Africa.

With serial entrepreneur Familusi Akin Babajide (Mr FAB) as Executive Director for Africa and host of the television series, and over 100 episodes till date, Under 40 CEOs has inspired, motivated and empowered millions of would-be young business leaders across Africa to take action and join in the rebuilding and re-shaping of the African continent. The show currently reaches over 2million viewers every week with a social media following of over 300,000 (and growing) and a cumulative social media content reach of over 8.6million.

In 2021, the Under 40 CEOs Institute was launched. With a faculty of experienced and established business leaders, it has tailored programmes to fill the knowledge gap and upskill emerging and aspiring entrepreneurs and executives.

Leading Nigerian fine living brand GbemiDH has introduced new variants to its popular home fragrance line, DreamHome Scents, offering its discerning customers greater choice.

The new collection boasts fifteen exciting scents in reed diffusers, room sprays, car diffusers and scent sachets. The brand has also launched a new website www.gbemidh.com for ease of shopping.

Speaking at the unveiling, Gbemi Elekula, Creative Director of DreamHome, said: “With its proven links to emotion and memory, scent is an integral part of how you feel within your own home or office, and how your guests feel about your space. An expertly chosen home fragrance can elevate a cherished sanctuary to new heights of comfort. That is why we have curated these beautiful fragrances.”

“Comparable to the best anywhere in the world, DreamHome Scents are produced from the finest natural ingredients and purest essential oils, intimately mixed to create the most pleasurable scent experience in any space. The potent oils in our blends can help to balance emotions, diffuse unnecessary worries, and promote an uplifted state of mind and general wellbeing.”

“I believe that the scent of a room and the ambience of a home should be chosen with as much care as the fragrance on your skin. And you cannot go wrong with DreamHome Scents,” said Solate Ovundah-Akarolo, a director at the company. “Made from rare scents and oils, DreamHome fragrances breathe life and atmosphere into every space, giving it sensorial sophistication.”

For Vivian Zadok, a guest and long-time customer of DreamHome, “There’s nothing better than walking into a room, and being enveloped by the soothing aroma of a beautiful fragrance. For years, I have trusted DreamHome Scents to create that calm and peaceful ambience in my home and office, and I am so excited about this new collection. With the introduction of the car diffusers and room sprays, now I can enjoy the scents in my car too.”

On the newly-launched e-commerce website, Elekula said: “There’s a growing demand for our products within and outside the country. With the introduction of the gbemidh.com website, we want to make it easier for our esteemed customers to shop DreamHome’s range of fragrances, and other lifestyle products—including arty furniture, décor accessories and HUMANx fashion pieces—and have them delivered anywhere in the world. The website accepts all major payment cards, and it is very responsive, safe and secure.”

A part of the multi-disciplinary fine living brand GbemiDH, DreamHome is a full-service interior design and styling company with expertise in residential, commercial, hospitality, retail, healthcare, and beauty projects.

Triller empowers content creators with first-of-its-kind dual-usage camera feature
Users can now record and broadcast using both cameras on their devices simultaneously


Triller, the AI-powered open garden technology platform for content creators, has announced the launch of a first-of-its-kind dual-usage camera experience. The breakthrough innovation will allow the platform’s 65 million active users to record and broadcast using both the front and back cameras on their devices simultaneously. This breakthrough functionality is currently available for iOS users and will soon be available for Android users too.

“Effectively, it puts a multi-camera studio into the palm of your hand,” says Mahi de Silva, Triller’s Chief Executive Officer. “The new Dual Reaction Camera feature gives the user a super-easy way to capture their own face and that of their subject simultaneously, which is perfect for prank memes or for capturing in-game footage. And it’s just one of the ways in which Triller is pushing the boundaries of technology to provide content creators with imaginative techniques to engage with their audiences.”

In addition, Triller’s most recent Combined Capture update brings split-flow video recording into one seamless flow, allowing users to add music or other commentary directly into their videos straight from the initial recording. Previously, users had to choose whether to record video with music or to record an OG sound at the start of the process. The new update allows users to seamlessly and easily record and post their Triller content with music enhancement.

These are just two of a whole suite of new tools designed to enhance the robust video and recording experience Triller offers. They deliver a streamlined and diversified recording offering that will take user-generated content to an entirely new level.

“We’re especially proud to be hosting the dual-usage camera functionality on our app,” says de Silva. “especially as we’re the first of all the major social media platforms to offer it. And we’re really excited to see what kind of content our users will generate with this great upgrade.

“It’s yet another expression of our position as a social media disruptor and of our intention to involve everyone in the Trillerverse in an entirely new era in music, arts and culture. It provides a new and unique feature to enhance social media interactions, offering a platform for users from all walks of life to CREATE, CONNECT and SHARE.”

By Bola Aina

In spite of the prevailing harsh time, which is projected not to subside soon, MultiChoice announced new rates for its offerings, starting April 1, 2022. This latest price increase angers everyone who sees it as insensitive on the part of DStv and GOtv’s management.
The premium package on DStv is N21,000, no longer N18,400. Compact Plus has jumped from N12,400 to N14,250; while Compact moves to N9,000 from N7,900.
On the mid and low-range packages, Confam costs N5,300 and is no longer N4,615; while Yanga subscribers will pay N2,950 and not N2,565. The new prices for the GOtv packages are GOtv Max for N4,150, GOtv Jolli for N2,800, GOtv Jinja for N1,900, GOtv Lite for N900.
From all indications, MultiChoice is playing on the intelligence, or ignorance, of its esteemed customers who mostly do not know nor explore other pay-TV options.
As far as pay-TV entertainment is the topic of discussion in Nigeria, there are just two contenders, StarTimes and MultiChoice (with its DStv and GOtv variant offerings). Each of these options provides equally entertaining channels and content, but the big question is, at what cost?
While they all stream good programmes, DStv presents the most expensive subscription plans, while giving a cheaper option in its GOtv plans. StarTimes on the other hand is targeted at providing quality content to the average Nigerian at affordable prices. For the purpose of this article, let us do a comparison of the GOtv Jolli bouquet and the StarTimes Basic bouquet.

Cost:
The GOtv Jolli offering comes at a cost of N2,800 monthly for 68+ channels, while StarTimes Basic bouquet is purchased at N1,700 monthly with almost 80 channels. StarTimes equally offers weekly and daily options for its subscribers so that with as little as N160, a subscriber can access all of the channels available on the basic bouquet in a day. As of yet, GOtv does not have any weekly or daily subscription plans that allow users to pay as they use.

Entertainment:
For entertainment, both packages have local and foreign movies and news channels for subscribers.
GOtv Jolli has 5 Africa Magic channels – Family, Epic, Igbo, Yoruba, and Hausa; and two ROK channels 2 and 3. There is however a downside to this. Most of the movies and series streamed on Africa magic channels to the GOtv Jolli subscribers have already been streamed weeks or months earlier on DStv higher bouquets, but this may not matter much to its subscribers.
StarTimes Basic package has AMC Movies (HD channel), ST Nollywood, PBO TV, Area Ten, Wakaati TV; five Yoruba channels – ST Yoruba, Nigbati, Kaftan Yoruba, Orisun TV, and NTA Yoruba; Isi Mbido (Igbo); and Hausa channels – Arewa 24, ST Dadinkowa, Farin Wata and NTA Hausa. A lot of the movies on AMC Movies and PBO TV are Africa Magic Urban standards.
On the foreign scene, GOtv Jolli subscribers get Hollywood movie channels, TNT Africa and M-Net Movies 4; StarTimes Basic has ST Zone and TNT Africa.

Telenovelas:
Both have an almost equal amount of telenovela and Bollywood content. When it comes to Bollywood, both GOtv and StarTimes have the StarLife channel; GOtv Jolli has Zee World and B4Umovies; while StarTimes Basic has Zee Cinema and Zee One, a sister channel of Zee World. The catch for StarTimes is that some of these series are dubbed in local languages. Turkish series lovers can catch captivating series on the Dizi channel on StarTimes.

News Channels:
Both have BBC News, NTA Parliament, Al Jazeera, TVC News, and NTA 24 News; Arise News and CNN are on GOtv Jolli while Stv News 24, News Central, Trust News are on StarTimes.

Kiddies:
Let’s go to kiddies’ content. Both brands have Nickelodeon and Jim Jam, but Jolli also has PBS Kids, Davinci Kids, and Disney Junior, while StarTimes Basic has Toonami, ST Kids, Cbeebies, NTA Knowledge, and Pineapple TV for children to enjoy. So GOtv Jolli has 5 kiddies’ channels while StarTimes Basic has 7.

Conclusions:
It is safe to say that despite paying less for the StarTimes Basic package, one would be getting more value for it, and a wide variant of programs and content suitable for all members of the family. Another plus for StarTimes is that it has the StarTimes ON app which can be used to watch programs on the go with your phone irrespective of location. Subscribers can successfully connect one decoder to three mobile devices and watch wherever they might be. GOtv is yet to have such an app that would help subscribers stream live, although DStv subscribers have the DStv NOW.
StarTimes also allows non-subscribers to stream from the app without owning a decoder. For instance, sports lovers can watch all live matches shown on StarTimes on a weekly subscription of N400 only. While GOtv is taking its time to adopt this flexible option, StarTimes stays two steps ahead, giving customers flexibility and much more quality content on the go, for less.
With the current situation, probably not many Nigerian families are willing to spend too much on monthly pay-TV subscriptions even though they still want the best entertainment options and StarTimes makes this possible with its affordable plans, daily and weekly subscription options, and an app that allows you stream even without a decoder.
If you ask me to choose between GOtv Jolli and StarTimes Basic, it’s StarTimes Basic Bouquet for me. What about you?

Finale of first Gamr X tournament to hold in Lagos, Nigeria on Saturday, 2nd April

Triller, the AI-powered open garden technology platform for creators, today announced it has partnered with esports and gaming platform Gamr to launch the first edition of Gamr X tournament. Gamers from 10 African countries will battle it out for the opportunity to compete in five popular games for the chance to win a prize pool of $15,000.

Gamers from Nigeria, Ghana, Tanzania, Uganda, Senegal, Cameroon, Cote D’Ivoire, Kenya, Algeria and South Africa will be competing across five game titles in FIFA21, Call of Duty Mobile (CODM), PlayerUnknown's Battlegrounds (PUBGM), Mortal Kombat and Street Fighter V. This gaming bonanza culminates in a nail-biting finale at the Eko Hotel Convention Centre in Lagos, Nigeria on 2 April 2022 and livestreamed on Triller, where five champions will be crowned across the five game titles.

The partnership with Gamr provides the infrastructure for seamless intercontinental engagements across the global gaming culture, and supports Triller’s core vision of offering a platform for people from all walks of life to create, connect, and share. It also provides a channel for online gaming creators to reach their prime mobile-first audiences in Africa.

How to register:
As a player: Head to the Gamr website https://app.gamr.africa/home and find the qualifiers for your country. After which you can join as a player or a team.

As an attendee: Head to the events website http://events.gamr.africa/events and click join to get your free ticket.

“This partnership is a major win for everyone, including five lucky gamers” said Strategic Partnerships Manager for Africa, Dapo Ayo-Adeusi. “The Gamr community boasts 67 000 gamers from Nigeria, South Africa, Cameroon, Algeria, Tanzania, Kenya, Ghana, Senegal, Somalia, Uganda, Zambia, Cote D'IVoire, and Egypt - and we’re excited to be connecting them with millions of Triller users.”

For more information, visit www.triller.co and follow @trillerafrica on Instagram.

Triller is available to download from the Apple App Store and Google Play.

By Kayode Osuntokin

Began by Bianca Ojukwu, adopted by MultiChoice to slap its customers with an exorbitant price increase, and grown so rapidly to a global stage as Will Smith slapped Chris Rock on the Oscar stage, this cannot but be an era of slap.

But unlike the case of Bianca and Smith who were infuriated by the actions of the slapped, MultiChoice infuriated and slapped its customers same time.

A recap of the story. Last week, MultiChoice announced new rates for its offerings, the firm’s latest price increase that angered its customers.

The firm said from April 1, subscribers will pay more for all its bouquets and its premium package on DStv will cost N21,000, no longer N18,400. Compact Plus which cost N12,400 before will now go for N14,250, while Compact will cost N9,000 instead of N7,900. Confam will cost N5,300 and no longer N4,615, while Yanga subscribers will pay N2,950 and not N2,565. MultiChoice blamed “rising costs of inflation and business operations” for the increase which also affects GOtv.

The new prices for the GOtv package are GOtv Max for N4,150, GOtv Jolli for N2,800, GOtv Jinja for N1,900, GOtv Lite for N900.

The increase comes days after Nigeria’s consumer protection agency ordered MultiChoice to introduce features that allow the option of suspending their subscription at least four times a year.

The directives were the latest regulatory efforts by the Nigerian government to intervene in the South African company often accused of anti-competitive behavior and customer exploitation. Multichoice increased prices in 2020 and an attempt to further raise its rates last year stalled.

Still dazed from the slap of the new price regime starting April 1, MultiChoice’s helpless customers are provided with temporary pain relief – ‘Customers who renew their subscriptions before April 1 would enjoy the old price,’ MultiChoice said in a statement.

‘It’s your moment,’ according to DStv’s tagline. But this moment is all the more unreasonable given the present harsh living conditions.

Nigeria’s cost of living is hurting households, and it won’t be over soon. Power supply is epileptic. For weeks, families and businesses have been struggling to buy fuel and when they manage to buy it, it is very expensive.

At a time when Nigerians are struggling from poor governance, non-payment of salaries, the rising cost of food, and a host of others, the best a brand that cares is to understand the pain point of its customers. Certainly, not MultiChoice.

The news left customers groaning as they question the empathy of the company.

“I have been struggling to ensure my drinks are chilled for customers and now I have to pay more for television. The cost of operating this business alone is tiring as I spend virtually all my profits, and sometimes more just to stay in business,” Akpan, a GOtv customer lamented on Twitter.

“Before now I usually do the premium package on my DStv, but after incessant increment, I had to stop. Where will I even get 21k to do that now after the news of the latest increment?” another customer queried.

“We have not had light for two weeks and I subscribed, meaning that’s a waste for two weeks,” Laju lamented.

MultiChoice appears to have an annual tradition of hiking prices, after doing some sort of promotion to get in more customers. The new price which takes effect on April 1, 2022, will bring the price to a total of 132 percent price hike in 13 years, tracking from the hike in September 2009. DStv Premium, for instance, has gone from N9,000 in 2009 to N21,000 in 2022. Compact Plus which was N6800 has jumped to N14,250 in 2022.

But DStv and GOtv are not the only pay-TV brands in the market. Strong rival, StarTimes, is not known for incessantly increasing price. The cost of doing business is equally high for StarTimes, but the brand chose to understand customers’ plight. StarTimes has equally been heavily investing in Nollywood with productions like Ile Alayo, Okirika, and partnership with Africa Movie Academy Awards, etc. Yet, it’s not passing the brunt on to customers. What then is MultiChoice’s excuse?

If the slap by MultiChoice hurts you, it hurts me too. And I can’t just laugh it off. I am certainly not Chris Rock.

Osuntokin, a social commentator and writes from Abuja

Lt. Colonel (retired) Paul Edor Obi, who was an Administrator of Bayelsa State, Nigeria from July 1998 to May 1999 during the transitional regime of General Abdulsalami Abubakar, was yesterday arraigned before Justice Mojisola Dada of an Ikeja Special Offences Court, Lagos over an alleged fraud.

The Retired administrator was charged alongside two others: Felix Onyakhamoh, a former staff of Oceanic Bank, and one Adewale Mesioye.

The Economic and Financial Crimes Commission, EFCC, arraigned the trio over allegations of forgery and possession of fraudulent documents.

The three defendants were docked on an eleven count charge of conspiracy, forgery, and possession and use of false document.

The trio, however, pleaded not guilty to all count charges.

During the proceeding yesterday, while the charges were being read, the antigraft agency told the court the alleged offences were committed sometime in 2021 in Lagos.

The anti-graft agency, through its prosecuting Counsel, Mr Franklin Ofoma, stated that the defendants, with intent to defraud, knowingly forged a form CAC 2A Return of Allotment of Dreamworld Leisures Limited.

Part of the charges read, "Paul obi, Onyakhamoh and Mesioye sometime in 2021 in Lagos, with intent to defraud knowingly forged a documents title ‘The Federal Republic of Nigeria companies and Allied Matters Act, 1990 Company Limited By Shares, Special Resolution of DreamWorld Leisure Limited Dated 10th day of September 2020.

“Paul obi, Onyakhamoh and Mesioye, sometimes in 2022 in Lagos, with intent to defraud knowingly used a false document titled ‘The Federal Republic of Nigeria companies and Allied Matters Act, 1990 Company Limited By Shares, Special Resolution of DreamWorld Leisure Limited dated 10th day of September 2020 at the Corporate Affairs Commission.

"Paul obi, Onyakhamoh and Mesioye, with intent to defraud knowingly forged a documents titled ‘Deed of Surrender dated 11th day of November 2020’ purporting the said document to have emanated from Oceanic bank international PLC”.

Also, the charges were sequel to a petition signed on behalf of UFC International Limited and Wemtab Limited, both of whom are Shareholders of Dreamworld Leisure limited, dated March 26, 2021 titled: “a petition against some directors and company secretary of Dreamworld Leisure Limited”.

The petition stated: "It recently came to our clients notice that sometime in November 2020, conspirators caused to be filed at the CAC on 17 November 2020 a return a allotment form (Form CAC 2A) dated 14 September 2020, purportedly evidencing the allotment to various persons of (a) 77, 500, 000 ordinary shares previously held by Oceanic Bank International Plc (Oceanic Bank”) in the company (the “Oceanic Shares”)…”

The EFCC Counsel further urged the court to remand the defendants in prison custody, while requesting a trial date.

But the Defence counsel, Lawrence Imolode, prayed the court to take custody of the defendants instead of remanding them at the correctional service center.

The defence Counsel argued that the offence is a bailable offence and defendants were not a flight risk.

Imolode further informed the court that one of the defendants was a former administrator in Nigeria and another is a Regional bank manager, and therefore would not evade trial.

The defence lawyer also tendered his call to bar certificate in bid to reassure the court of producing the defendants for trial on the next adjourned date.

Justice Dada, however, granted the prayers of the defence Counsel and released all three defendants to him.

The judge thereafter adjourned the matter till May 24 for trial.

The families of Mr. Adegoke Timothy Oludare, 37, have cried out over the whereabouts of their brother, who has been missing since November 5, 2021.

The native of Eruwa in Ibarapa East Local Government of Oyo State, Timothy was said to have departed Abuja to Ile-Ife for his examination at Obafemi Awolowo University where he’s presently studying for his Master of Business Administration (MBA).

Oludare was said to have lodged in Hilton Hotels and Resorts, owned by Mr Rahman Adegoke Adedoyin. The hotel is located in Ife, Osun State.

According to the report gathered from his family, “Timothy left Abuja on Friday 5th November 2021 to Akure airport, from there to Ife. He later lodged at Hilton Honour Hotel at Ile Ife in Osun state. The hotel is located opposite Ife Central Local Government.

“It was at the hotel they allocated him room 305 after payment of thirty seven thousand naira (N37,000) for two nights.

“After we were unable to reach him, we went to the hotel with Police Anti-kidnaping squad of Oshogbo to make enquiries but they denied the identity of our brother at the hotel. After some hours of investigation, the police had to arrest like six of the hotel staffs, it was then they confirmed that Mr. Adegoke Timothy Oludare lodged at the hotel.

“In our efforts to trace the hotel inventory, we got to noticed that they have doctored the record documents for the days my brother spent there. As I speak to you, the six of them are still with the police, yet to reveal why they removed his contact for that day. The owner of the hotel is Adedoyin”.

Following a police investigation, money paid by Oludare for lodging was traced to one Adesola, who works in the hotel.

A source, however, allegedly that the owner of the hotel, who also owns Oduduwa University, Mr Rahman Adegoke Adedoyin and other workers initially denied that Oludare was at the hotel.

The source in a text made available to SaharaReporters said: “Adegoke Timothy Oludare is a student of Obafemi Awolowo University studying MBA executive programme. He is also a Director of Finance of FJJ Company. Adegoke Timothy Oludare frequented Ile-Ife between October 22nd to October 24th; October 29th to October 31st; and November 5th to November 7th, 2021 to take MBA exams at Obafemi Awolowo University and he had been consecutively lodging at Hilton Hotels and Resorts owned by Rahman Adedoyin.

“On Friday, November 5th, 2021, Adegoke Timothy Oludare contacted his wife (in Abuja) that he had arrived Ile-Ife and had lodged at an undisclosed hotel.

“The following morning, her wife was calling Adegoke Oludare’s phone line to extend morning greeting but the line kept ringing with no one picking up the call. The line was ringing throughout the day (Saturday 6th, 2021).

“Adegoke’s wife contacted relatives and the relatives immediately sent delegates to the examination centre of the OAU to confirm whether their son was in the examination hall. The examination coordinator checked the attendance for Saturday and Sunday (6th and 7th November) and they discovered that Adegoke Timothy Oludare did not come to take the exams.

“OAU Management and relatives proceeded to the police station to report the matter and investigation began. In the effort of the OAU Management, the chairman of the hoteliers’ association was contacted to reach out to hotels whether Adegoke Oludare lodged in any of the hotels but no positive response was received.

“On Wednesday, November 10th, 2021, wife of Adegoke Timothy Oludare discovered the receipt of the hotel in which her husband lodged the penultimate weekend to November 5th, 2021. The name of this Hotel was Hilton Hotels and Resorts.

“The investigation panel proceeded to Hilton to enquire whether Adegoke Oludare lodged again in the penultimate weekend which was 5th November 2021. They met the proprietor of this hotel (Chief Rahman Adegoke Adedoyin) but they denied that Adegoke Timothy Oludare lodged at their hotel.

“On Thursday 11th November 2021, investigation revealed that Adegoke Timothy Oludare transferred the sum of N37,000 from his account to a lady whose name is Adedeji Tobiloba Adesola and the details of the transfer showed that the transaction took place on Friday, 5th November 2021 that Adegoke Oludare’s wife claimed that her husband reported to have lodged at a hotel in Ile Ife.”

The source also alleged that an Islamic cleric was also involved in the matter and that six persons have been arrested as suspects in connection with the case.

“Upon tracking the phone number on the said account, it was discovered that the owner of that number was at that moment at the Hilton Hotels and Resorts owned by Rahman Adedoyin. Police proceeded to the venue and Adedeji Tobiloba Adesola was fished out to be a staffer of the said hotel.

“Adedeji Tobiloba Adesola was apprehended and she confessed to allocating room 35 of Hilton Hotels and Resorts to Adegoke Timothy Oludare the same Friday. She was arrested and she was taken to the police headquarters, Osogbo.

“On November 12, 2021, her confession led to arrests of 6 other suspects by the police. One of the suspects who is a self-acclaimed Alfa (Islamic cleric) claimed to have left Ile-Ife for Ejigbo on Friday.

“Before Alfa’s confession, police tracking had shown that Adegoke Timothy Oludare’s phone was moved from Ile-Ife to Ejigbo between 5th and 6th November, 2021.

“On November 13, 2021, the proprietor of Hilton Hotels and Resorts mobilised three lawyers to Osogbo in order to pervert the investigation process. The police also seem to be compromising in their investigation process.

“We call on well-meaning Nigerians to intervene and help us. Rahman Adedoyin is also the owner of Oduduwa University and he is claiming to be more powerful on this matter,” the source added.

However, when SaharaReporters tried to reach Adedoyin, his SA (Special Assistant), Mohammed Oladapo, who answered the call, said, “This is not Adedoyin. You are talking to his SA. Well, I can’t deny that it happened because the country itself is battling with insecurity. But, I won’t like to say anything so as not to jeopardise the investigation that is going on. You can call me back in the next two or three days.”

We knew it would get to this. We knew when they made surreptitious moves for us to stop the report, that the campaign to malign THE WITNESS would soon begin. But the end to this Nestoil Group saga is not yet on the horizon.

A while back, THE WITNESS, one of Nigeria’s most credible news sources, published a story on Nestoil Group and its group managing director (GMD)’s interface with the Economic and Financial Crimes Commission, EFCC.

The story was direct, indicating that one of Nigeria’s new generation banks had reinstituted its battle against Ernest Azudialu-Obiejesi and his Nestoil Group, over an unpaid loan amounting to the tune of N20.3 billion.

In a petition to the EFCC, the lender had alleged that Azudialu-Obiejesi and his company had refused to service or pay the said loan which was allegedly used to finance Nestoil Towers, a 5-floor structure on Akin Adesola Street, Victoria Island.

As it is our tradition over the years that we have been in this business of reportage, before we published the story, our reporter contacted Mr. Nnaji Igwe, Nestoil’s associate director and chief of staff, for the company’s angle to the development on Thursday, 11th November 2021 at 10.14 a.m.

He responded to us at 11.37 a.m. that he had forwarded the inquiries to the corporate communications department of the company and promised that they would revert but there were no responses before it was published 24 hours later on Friday, 12th November 2021.

The only thing that appeared as a response was the fact that a few hours later, someone who introduced himself as their consultant contacted us through a media colleague and made moves to influence us to drop the report.

In a brazen volte-face option when the initial option failed, a writer who is probably in the company’s payroll has been going about writing expletive-laden pieces just to spit out what seem like face-saving lies to the public while at the same time calling THE WITNESS and its journalists unprintable names. But we are not swayed because we know their type, that they can whitewash even the devil to look clean for some filthy lucre.

We live in interesting times where dog-eat-dog syndromes reign supreme, but we will not be cowed by any intimidation from any quarters especially when we go the extra mile to balance our stories.

While we stand by the report, we would like to state the following facts for the record:

Contrary to what was stated in the Nestoil’s feeble rebuttal, THE WITNESS, did not mention in its report that Dr. Azudialu-Obiejesi and his organization were being investigated by the EFCC for financial crimes and fraudulent activities, rather, we reported the fact that the anti-graft agency had RECEIVED A PETITION FROM A NEW GENERATION BANK TO ASSIST IN RECOVERING AN UNPAID LOAN AMOUNTING TO THE TUNE OF N20.3 BILLION which was extended to Azudialu-Obiejesi and his company.

2. Also, contrary to their statement, THE WITNESS, did not report that the Ikoyi property of the businessman was sealed over the N20.3 billion loan, rather, we only made reference to a report that widely trended in the media with photo evidences of HOW THE EFCC MARKED THE IKOYI PROPERTY OF AZUDIALU-OBIEJESI AND RESTRICTED ACCESS AND EXITS FOR SEVERAL HOURS ON 16TH OF MAY 2021. The reference was without any allusion to the N20.3 billion loan saga.

It is, however, shockingly ironic that the writer who has undertaken to play to the gutters because of a paltry sum was the first to report the sealing of the said property. What has now changed?

THE WITNESS did not report that Azudialu-Obiejesi’s Nestoil Tower was “marked by the EFCC.
If the matter had been resolved as claimed by Nestoil, why didn’t the company official state so when our reporter contacted them for their angle of the story?
All the facts listed above as reported by THE WITNESS, were corroborated in the watery rebuttal by Nestoil Group.
Our original story can be confirmed via this link.

We wish to state categorically that all reporters at THE WITNESS, are well-trained to abide by the ethics of the profession and are not attracted by inducements of any sort, whether financial or otherwise.

We shall not bow to any harassment as we continue to serve our readers accurate and reliable information without bias, about happenings within the nation and abroad.

– EDITOR, THE WITNESS NEWSPAPER

An Ikeja Special Offence, Lagos has heard how Access Bank and its Regional Manager, Sydney Nmeka, forged series of cheques, falsified documents and stole the sum of N50 million from an account belonging to one of its customers, Aerol Hotels Limited.

Nmeka, the then Regional Manager at the Festac Branch, alongside Access Bank, is currently standing trial on a five count charges bothering on conspiracy to commit felony, stealing, forgery, using false documents and false accounting.

The Economic and Financial Crimes Commission, EFCC, alleged that the defendants (Nmeka and Access bank), who committed the offence sometime in 2014 in Lagos, used false documents (forged cheques) to authorize the illegal transfer of money from account No: 088952246 belonging to Aerols Hotel Ltd to other persons with intent that it may in a way be used as having been made by the customer.

A prosecution witness, Mr Babatunde Emmanuel, who is a hotelian and owner of Aerols Hotel Ltd, narrated how Nmeka used his position to forged his signature to divert funds from his company’s loan account into other fraudulently non existing/ unregistered companies, with the bank, without his consent.

Mr Emmanuel told the court that he met Nmeka sometime in February 2014 when he (defendant), as then Regional Manager Access bank, Festac Branch, approached him with a bank loan offer.

Earlier while led in evidence by the EFCC prosecutor, Ayanfeoluwa Ogunsina, the witness said, “Sometime in 2014, Nmeka approached me with an offer of helping me secure a loan with Access bank, and I asked how because I had no account with the bank, at that time.

“Nmeka said I shouldn’t worry that he would open an account for me and secure a loan of N50m. So he later opened the account, Aerols Hotel Ltd, and Access bank credited the account with the sum of N50m sometimes in May (two months after).

“But later, I realised that I wouldn’t be needing up to N50m so I put a call across to Nmeka to return part of the money. But he advised that the money would be going to my loan account and that I can sign the cheque for him to be crediting my loan account.

“But surprisingly, the loan kept going up, even without my effort of repaying. So the company, Aerol Hotel Ltd, engaged the services of an auditor to audit its account with Access bank and the auditor discovered illegal and fraudulent transactions of debits in the account”.

The witness said that the auditor found out that his signature was forged and used to withdraw very large sums from the account in favour of individuals and companies.

“Aerols Hotel Ltd account was debited and the funds were diverted to companies such as: Saviour Fair Montessori School (N500, 000), Dan Logistics Nigeria Ltd (N7m), J. O Universal Nigeria Concept Ltd (N5m), Helem Global Logistics Ltd (N5m), Sizu International Ltd (N15m) and Sydgold Investment Ltd (N10m).

“These companies were used to divert the funds paid to the loan account by me, geared towards paying down on the facility/loan account.

“Again, the sum of N15m paid for the reduction of the loan was fraudulently and criminally diverted to Sizu International company Limited rather than the purpose of loan liquidation.

“Sir, further inquiry into the companies used to criminally steal funds from the loan account were found not to be registered in CAC but they maintained accounts with Access Bank.

“I do not know these companies neither have I ever dealt with them personally or otherwise,” the 49-year-old businessman said.

During cross examination, the witness was asked by the defence counsel, the reason he issued different post dated cheques said that he trusted what the defendant told him and he never for once thought a bank manager would steal and defraud him or his company.

According to him, “He is the bank manager and I trusted him. That is why when he told me that I could issue those cheques, I did”

When also asked if the cheques he complained about was used to take money out of the company accounts and who signed it, the witness replied, “I signed some, and didn’t sign some”.

The witness further said that he never knew what was going on in the account until forensic analysis was carried out on the instruction of his lawyer.

“I don’t do electronic transfers yet, some of this was known after forensic analysis was done on the account that a huge amount of money had gone out without my consent.

“My Lord, still this period didn’t receive any sms alert on my phone on all this transaction. So, what we decided was to quickly report to the EFCC and also write to the M.D of Access bank to complain of the fraudulent transaction”.

The matter was further adjourned till the October 25, 2021 for continuation of trial.

…query MD, Oluwatomi Somefun

Shareholders of Unity Bank Plc have expressed serious concerns over the challenges facing the bank now, urging the board and management to urgently address them.

The shareholders made this known at the lender’s 15th Annual General Meeting (AGM) held on the 1st of July 2021 at its headquarters situated at Plot 42, Ahmed Onibudo Street, Victoria Island, Lagos.

At the AGM of Unity bank plc, which was streamed online and monitored by our correspondent, the shareholders said they were worried that the board was yet to find a suitable investor to save the bank from crumbling.

One of them, Mrs Adebisi Bakare, the national coordinator of the Pragmatic Shareholders Association of Nigeria (who represented over 30,000 shareholders of Unity bank) while speaking on behalf of her group lamented that the red flag raised by the bank’s auditor, KPMG, was worrisome and further asked when the board plans to fully recapitalise the bank.

According to her: “I want to talk about the external auditors’ report on key matters with respect to material uncertainty related to going concern. I want to ask what the board and management are doing to address the issues [raised] as regards a negative shareholders’ fund of N275 billion.

“I want to know when exactly the bank will be recapitalised. Are we expecting new investors before end of this year or next year?

“Furthermore, there have been issues of increasing cyber attacks and frauds in financial institutions, how has our bank been able to weather the storm to ensure safety of depositors’ funds?

“Also, what are the steps the board is taken to have three independent directors as required by CAMA 2020?”

In his response, the chairman of Unity Bank, Mr. Aminu Babaginda, said, “COVID has basically slowed down the recapitalisation process and every other thing. There were a lot of interested parties and there are still interested parties that we are still engaging with and I think that in due time, we will get there, but until we finish the negotiations, we will not bring it to light.”

Another shareholder who was at the meeting representing other shareholders who could not physically attend due to COVID-19 restrictions, Mr. Kabiru urged the bank’s management team led by Mrs.Oluwatomi Somefun, to address the negative rumours about the company, saying “we don’t want to hear anything bad about Unity Bank again.

“MD, we are tired of the negative news in the media. We don’t want to hear bad news anymore; we want to hear positive news about the bank.

“I also want to appeal to our chairman, who is a young man with energy and resources, to ensure that this bank continue to survive.

“We know what is going on all over the world and the economy and our

profit, which went from N3 billion to N2 billion, and we know God willing, the bank will survive.

“For me, if I can’t say good things about this bank, I should better keep my mouth shut. To be frank, I am among the oldest shareholders. I have always been with the bank. I have been banking with the Unity Bank since when I was in secondary school and I am still with the bank up till now. The bank can check my records to confirm and that is why I don’t want this bank to collapse. I hope the challenges the bank is facing will become history soon.”

A close look at the books of Unity Bank shows that the lender is in dire need of urgent capitalisation if it must eventually survive the CBN hammer.

Even the bank’s external auditor, KPMG Professional Services, raised a red flag in 2019 and 2020 on the existence of Unity Bank, when it pointed out that the bank’s total liabilities exceeded its total assets by N279 billion and that the lender did not meet the required minimum CAR of 10 per cent for a national bank.

KPMG had warned that “a material uncertainty exists that may cast significant doubt about the bank’s ability to continue as a going concern.”

Agusto & Co. had also assigned a “BB-” rating to the bank, meaning that it is junk, which is below investment grade.

However, the board has expressed strong confidence that it would salvage the situation and get the financial institution back on its feet.

In the 2020 reporting year, the auditor again warned about this persistent matter and in the results. It was noted that in the year, Unity Bank only managed a pre-tax of N2.1 billion, lower than N3.4 billion in 2019 and its total liabilities exceeded its total assets by N275 billion versus N279 billion in 2019, with CAR of -101.29 per cent as against -200.8 per cent in 2019).

“The bank, therefore, did not meet the minimum capital requirement and the CAR as stipulated by the CBN for a bank with a national banking license which is 10 per cent.

“The directors acknowledge that uncertainty remains over the timing of the recapitalisation of the bank.

“However, the directors have reached an advanced stage with both local and multinational investors in the fund mobilisation for the bank,” the results said.

In the last five years, the performance trend of the financial institution has hardly tickled investors and there have been patches of weaknesses here and there, indicating that all is not well with the bank.

For instance, Unity bank plc profit before tax slumped 82 per cent from N13.639 billion in 2014 to N2.342 billion in 2015. It also dropped by 22 per cent from N2.342 billion in 2015 to N1.816 billion in 2016.

In 2017, the bank had a loss before tax of N14.243 billion compared with the pre-tax profit of N1.816 billion in 2016 and in 2018, in its restated results, the bank recorded a loss before tax of N7.554 billion, but in 2019, it was a pre-tax profit of N3.642 billion and in 2020, it slumped to N2.223 billion.

A close look at the 2020 financial results of the bank showed that the lender has not recovered as its profit plunged again over credit and revaluation loss.

The lender’s profit dropped 38 per cent to N2.08 billion compared to N3.38 billion a year before.

The report of the independent auditors for Unity Bank, KPMG Professional Services, showed that as at December 31, 2020, the total liabilities of the bank “exceeded its total assets by N275 billion and the bank did not meet the required minimum Capital Adequacy Ratio (CAR) of 10 per cent and the minimum capital requirement of N10 billion for a national bank as required by the Central Bank of Nigeria (CBN).”

From the analysis of the results, the total assets of Unity bank plc stood at N492.0 billion in the period under review, while the total assets stood at N767.4 billion, with the CAR at -101.29 per cent. These indicators are worrying.

Earnings per share fell 38 per cent to 17.8 kobo per share from 28.9 kobo per share the previous year.

Personnel expenses rose by 10 per cent to N10.4 billion compared to N9.4 billion in 2019, while depreciation of property and equipment dropped to N1.69 billion compared to N1.7 billion in the same period of 2019.

The bank paid N22.1 billion income tax in 2020, a 38 per cent decline compared to N 36.2 billion paid the year before.

There are concerns among shareholders of the lender that there may not be time to achieve these lofty goals as last year, the bank had to receive a N50 billion short term loan from the CBN to meet working capital requirements and this credit facility is expected to mature on September 19, 2021. This loan and others have increased the debt of the financial institution.

A critical look at the financial statements in 2020 showed that Unity Bank is no longer enjoying the patronage of individual and government depositors, except for corporate depositors.

Last year, the deposits from the government reduced to N27.1 billion from N30.9 billion, while the deposits from individuals dropped to N99.1 billion from N123.0 billion.

Only deposits from corporate organisations rose to N230.4 billion from N103.8 billion and this contributed to the increase in the customer deposits of Unity Bank in the year to N356.6 billion from N257.7 billion in 2019.

In the year, Unity Bank said its profit before tax dropped to N2.2 billion from N3.6 billion, while the profit after tax went down to N2.1 billion from N3.4 billion.

The Association of Master Bakers and Caterers of Nigeria (AMBCN), Abuja, has urged cried to the federal government to intervene in the recent price hike of flour by BUA Group – IRS Flour Mill (owned by billionaire Abdul Samad Rabiu), Super Four Mill, and Golden Confectionery, claiming that the hike is killing their businesses and may result in the abolition of many jobs if no action is taken.

The price of flour was N9,500 not long ago, but it has now risen to N16,200, according to Kabiru Hassan Abdullahi, the association’s national publicity secretary who also serves as the state secretary for the Kano State branch.

“The federal government should please come to our aid,” Abdullahi says.

“Our businesses are being harmed by the hike, and it’s unfortunate that they are refusing to do anything about it.

“The increase is more than 50%, which is even more disappointing because even when the dollar exchange rate was over N500, we could still buy flour for the same N9,500; why are they increasing the price now that the rate has dropped? This is absolute depravity.

“What BUA Group, IRS, Super and Golden Confectionery’s Abdul Samad Rabiu is doing is bad for us and the Nigerian economy. In fact, they intend to increase it by N7,000 again. Can you imagine it?”

“One thing is certain: if we are kicked out of the market, the country’s unemployment rate would quadruple because tens of thousands of people will lose their jobs. We’re still meeting, and given the current situation, we may be forced to go on an indefinite strike.

Bread bakers and the Gurasa Bakers Association of Kano state have threatened to go on indefinite strike unless the flour businesses (BUA Group – IRS, Super Mill, and Golden Confectionery) reversed the price of flour, this was contained in an earlier story publish by other online platform.

Gurasa is a flour-based Kano indigenous local bread that is a popular delicacy among Hausa people in the state.

The Gurasa Bakers Association’s chairperson, Fatima Auwalu, stated that nothing has changed since they called off the warning strike; rather, it is increasing day by day, leading them to go on indefinite strike until authorities and stakeholders take action.

She went on to explain that, in addition to the price rise, the product’s quality has deteriorated, and that “this has significantly damaged our business.”

Amidst the rising cost of living, football fans are looking for affordable means to watch live matches and MultiChoice seems not to be the answer.
MultiChoice boasts of rich football content from the English Premier League, UEFA Champion’s League, La Liga and the ongoing EURO 2020, but most subscribers say these top-flight games are above their reach.
The ongoing EURO 2020 is a bag of mixed feelings for subscribers who hitherto have been promised the live actions, only for those on lower-segment subscription to realize that they can only access select matches, which they could equally have watched on terrestrial TV stations.
EURO 2020 is not exclusive to MultiChoice, its major digital-TV rival, StarTimes, that also boasts of an array of topflight football rights, offers all the matches live and in HD as low as N1700 monthly, while some terrestrial TV stations like ONtv, Silverbird TV and Wazobia Max are airing select matches. Terrestrial TV picture quality can’t compare with digital TV which offers crystal-clear picture quality.
Expressing their shock, subscribers took the cry to DStv and GOtv’s social media handles. On Facebook, James Kayode said: “Can you imagine, we can't watch Euro 2020 with #2560 on Dstv, while StarTimes is showing all matches at #1700.”
Another subscriber asked: “Why can’t package 2,600 show this Euro matches again, except the selected matches? Why was 204 channel remove from d package?”
While Olamide Adeyinka Adeyemi said: “This is rubbish the match that those using free to air decoders are watching for free what’s not available on yanga package. Hell with you Dstv.”
Subscribers also besieged Twitter during UEFA Champions League final to express their regrets. @official_sonataslim said “how will I subscribe compact and you guys won't show the final, mhen DSTV sucks”
@official_sonataslim said “Dstv u guys are thief @dstvnigeria why won't u show d match on compact package”
@god_with__uss “so i can't watch on compact? lol Dstv?”
@diiceofficial_ “I thought u guys are showing it on compact, nawa ooo. Naso una dey do??
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