₦airaland Forum

By Dipo Olowookere

United Bank for Africa (UBA) has incurred the wrath of one of its customers over the disappearance of his Children’s Trust Fund accounts he opened with the bank about 30 years ago and since the bank has failed to listen to him or explain what truly happened, he has taken the financial insitution to court to seek redress.

The affected customer, Mr Ade Olusanjo, wants the court to give an order to compel UBA to reactivate and credit the affected accounts with N705,096.24 each being the capital and interest accruing to the account as computed by a firm of chartered accountants.

Mr Olusanjo also wants the bank to order the payment of N1 million as general and special damages for breach of contract.

In a suit filed before the Ogba Magistrate’s court through his lawyer, Barrister Peter Ehijinwa, Mr Olusanjo said he opened the accounts for his three under-aged children for their education trust fund and opened another account for his wife with the bank in 1986.

He explained that the account was opened as future saving for the education of his children and was paying N1000 each annually.

According to him, he deposited into the account between 1986 till 1995 before he relocated to United Kingdom where they reside till now, noting that he did not make any withdrawal from the accounts since then.

In the claimant’s particulars before the court, it stated that before the claimant relocated to England, an average of N10,000 each was in the account and N8,000 was in his wife’s account.

The customer said the accounts had remained dormant and could not be operated because UBA was unable to trace the records despite repeated demand from him.

But responding, the bank, through its counsel, Barrister Sophia Abiri-Franklin, stated the banks usually maintain dormant account pool meant for accounts that have gone dormant for a period of time.

She stated that banking regulations stipulate that for security reasons and to prevent fraud, balances in dormant account may be closed and transferred to a general pool account.

The regulations stated, “On request by account holder, such monies accruing to the account could be transferred to the account after the necessary security check.”

www.businesspost.ng/2016/11/24/customer-drags-uba-court-account-money-disappears/

By Modupe Gbadeyanka

The monthly environmental sanitation exercise which hitherto held for three hours on the last Saturday of every month in Lagos State has now been terminated.

A statement issued on Wednesday by the Commissioner for Information and Strategy, Mr Steve Ayorinde, explained that the decision to cancel the monthly exercise followed a resolution arrived at Wednesday’s Executive Council meeting which approved the need for a robust review of the environmental laws and procedures in the state in order to meet the present day challenges and to promote a clean and healthy environment.

The Commissioner revealed that the state government observed that considering the present economic situation in the country, it was no longer appropriate to restrict movement of people for three hours in a mega city like Lagos at a time they should be pursuing commercial and entrepreneurial activities.

According to the statement, Lagos has grown exponentially into a mega city in the last two decades with the attendant huge environmental problems associated with managing a population of over twenty million people.

But sadly, the environmental laws, policies and procedures being practiced in the state have not been able to match the phenomenal growth and the dream of a 24-hour economy, hence the need for the reform.

Mr Ayorinde said the state government was not unaware of a recent Court of Appeal judgment.

According to him, the thrust of the fresh initiatives, among others, is to promote holistic and modern solutions to the unique environmental challenges confronting the State, while encouraging citizens to voluntarily partner with government to achieve the desired goals.

The statement said, “After a careful consideration, the State Executive Council has therefore resolved that the present economic climate can no longer support the continued lock down of a mega city like Lagos, when the citizens should be free to engage in commercial and entrepreneurial activities that can promote economic growth and prosperity.

“Furthermore, Government will also accelerate the introduction of fresh reforms through the passage of the new harmonized environmental laws that will drive meaningful changes in areas of harmonized billing, waste management, modern Landfill sites, noise pollution, introduction of an Environmental Trust Fund and an Environmental Advisory Council.

“The Government wishes to reiterate its strong commitment to a clean and secure environment for the benefit of its citizens, and will continue to provide the necessary leadership to meet the environmental challenges of a mega city like Lagos. Lagosians and visitors alike are therefore urged to embrace these changes and imbibe a culture of voluntarily maintaining and preserving their environment to create a beautiful and healthy city that we all can be proud of.”

The statement added that the state government would henceforth be tougher in ensuring expeditious enforcement against contraventions of its policies and regulations and as such, residents should voluntarily comply with the necessary laws and support government in its bid to have a clean and healthy environment.

http://www.businesspost.ng/2016/11/23/lagos-cancels-monthly-environmental-sanitation/

**As FG Policies Sustain Rising GDP Figures In Agric, Solid Minerals Sectors

By Modupe Gbadeyanka

Third Quarter GDP figures released by the National Bureau of Statistics (NBS) has revealed a consistent growth in Agric and Solid Mineral sectors, indicating the success of the Buhari administration's economic policies even though overall economy is still in recession.

The over-riding impact of the oil and gas sector, where vandalism and sabotage of critical installations negatively affected production output, explains the persistence of the recession, as the non-oil economy posted a very slight growth.

However, efforts to resolve the Niger Delta situation are continuing as the Federal Government has opened several channels of communication with all relevant groups in the Niger Delta.

Also, urgent fiscal and monetary measures to spur the economy back to overall positive territory are certainly in the offing including those targeting manufacturing.

According to Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu on the latest NBS reports, “The third quarter results just released by the National Bureau of Statistics show that the Nigerian economy is still in recession.

“Growth in Gross Domestic Product fell by -2.24% in the third quarter as compared to the decline of -2.07 percent experienced in the second quarter.

Concluding part of the very long article here: http://www.businesspost.ng/2016/11/21/nigerias-non-oil-economy-records-slight-growth/

By Modupe Gbadeyanka

Few days ago, the Central Bank of Nigeria (CBN) released the list of beneficiary banks that received the $660 million it disbursed to the manufacturing sector through the interbank market over a one month period.

From the list released on the CBN website, it was observed that the banks received a total of $660,173,976.46.

The apex bank revealed few weeks ago that the release of the money followed claims in some quarters that manufacturers were finding it difficult to access forex.

The $660 million was made available to the manufacturers through the interbank market to source for raw materials and spare parts to boost production capacity over a one month period.

See the list and beneficiaries here:

http://www.businesspost.ng/2016/11/21/660m-forex-list-beneficiary-banks-manufacturers/

By Modupe Gbadeyanka

The planned eviction of traders at the popular Aleshinloye market in Ibadan South West Local Government Area of Oyo State is already meeting a brick wall.

This is because traders at the market have rejected the council’s eviction notice issued to them and have now called on the state government led by Mr Abiola Ajimobi and the Oyo State House of Assembly to urgently intervene in the matter.

The local government had in a letter entitled ‘Notice to Quit’ dated November 18, 2016, directed all shop owners within the vicinity of Aleshinloye market clinic to vacate their stalls within seven days.

The market was to pave the way for the construction of a shopping complex.

The letter was signed by one Ayelagbe O. A on behalf of the Caretaker Chairman, Mr Rauf Folarin.

According to the News Agency of Nigeria (NAN), all efforts made by the market executives and the affected traders to stop the planned eviction, which expired last Friday, have failed.

One of the affected traders, Mr Saka Salami, who was at the meeting, told newsmen that the council authorities were bent on demolishing the shops.

“We were at the local government with the market executives to prevail on the chairman but he refused.

“He gave us seven days ultimatum. We told him that we were not illegal occupants but we were given permit.

“All appeals fell on deaf ears. Instead, the chairman said that when completed, a shop shall be allocated to two people,” he said.

A female trader, who simply identified herself as Mama Ayo, also maintained that the traders had valid allocation.

She said: “We were given permanent allocation by the council and we also pay tenement rate annually.

“It is wrong to revoke our permit. We were not given any long notice. Why would the council that legalised our stay turn round against us?”

Eze Quintus, a fresh university graduate and trader at the market, said: “Now there is no job in the country. I am a graduate; I used my allowance to get the shop.

“If we are evicted from the market, do they want us to steal? Some of our executive members in the market are compromised.

“We are appealing to the governor and the House of Assembly to intervene in this matter before things go wrong.’’

It was learnt that the traders had obtained the allocation paper to trade on the land in 1992 and it was signed by the Commissioner for the Justice of the Peace to the council.

The Information Officer in the local government, Mr Segun Adeyemo, confirmed the development, saying the council chairman directed that the eviction notice be served on the traders.

According to the council’s spokesman, the Director of Estate and Valuation in the council, Mr Gabriel Oyeniyi, said the notice was served on traders adjacent to the fence of the zonal revenue office of the local government and sharing the same premises with the market clinic.

http://www.businesspost.ng/2016/11/21/market-demolition-oyo-traders-dare-government/

By Modupe Gbadeyanka

The presidency has disclosed that the selected 200,000 graduates for the federal government’s N-Power programme will resume work on December 1, 2016.

This disclosure was made on Sunday in a series of tweets.

On Saturday, Mr Laolu Akande, who is the spokesman to the Vice President, Mr Yemi Osinbajo, had revealed that the successful applicants would be notified very soon.

The 200,000 graduates selected for the jobs would be employed as teachers, agriculture and health workers, the presidency confirmed.

It was learnt that they were chosen about two weeks ago and their names have now been sent to state governments and Abuja for deployment to specific assignments.

However, their names would be published this week on the N-Power portal, the presidency noted, but notification text messages will also be sent to them from Monday, November 21 (tomorrow).

“In total, @npower_ng will engage and train 500,000 young unemployed graduates. It is a paid volunteering programme of a 2-year duration.

“The 500,000 @npower_ng beneficiaries will be expected to exit after two years to economically viable job and business opportunities.

“Participants will be provided teaching, instructional and advisory solutions in the focus areas, and paid a monthly stipend of N30,000.

“The 4 main focus areas are in basic education, agriculture extension services, public health & community education (civic & adult education).

“Besides the @npower_ng programme for graduates, there are other schemes for non-graduates: N-Power Knowledge & N-Power Build,” the Presidency stated in the tweets on Sunday.

http://www.businesspost.ng/2016/11/20/200000-n-power-applicants-begin-work-december/

By Modupe Gbadeyanka

No fewer than 24 members of staff of Kaduna Electric have been sacked by the management for fraud related cases.

The affected employees were laid off after being investigated and found guilty of the offences levelled against them.

Head of Human Resources of Kaduna Electric, Hajia Khadija Kabir, noted that the investigation was conducted by a Disciplinary Committee set up by the management to look into the allegations.

“The staff were relieved of their duties after they were found guilty for various offences which range from stealing company funds, meter theft, illegal meter installation and signature forgery,” Hajia Kabir said.

She explained that the process to establishing their guilt was a thorough one pointing out that there are checks in the system that notified the Supervisors who directly work with those indicted.

“The offenders were first issued a query for them to explain themselves and those whose explanation were genuine enough were allowed to go, while those whose explanations were not convincing were forwarded to the Investigative Committee,” she said.

Hajia Kabir further disclosed that the process is an ongoing one to checkmate the incidence of fraud and other negative behaviours, adding that there are still cases currently under investigation for different offences.

She therefore called on all staff to desist from all forms of fraudulent activities and to see themselves as stakeholders who are expected to maintain a high level of integrity, which according to her will be beneficial to all on the long run.

“The decision and process leading to the laying off of the culprits is clearly in line with the company’s policy and best practices which gave each accused the right to fair hearing irrespective of tribe, ethnicity or religion,” she explained.

http://www.businesspost.ng/2016/11/20/kaduna-electric-sacks-24-staff-fraud/

By Modupe Gbadeyanka

Shares of Skye Bank Plc fell to a record low, hitting the floor price set by the Nigerian Stock Exchange (NSE), as investors fretted about the lender’s future in the face of rising bad debts and a shrinking economy.

The stock slid 3.9 percent to 50 kobo as of 1:16 pm in Lagos, Nigeria’s commercial capital on Friday. That extended declines this year to 68 percent, the worst performer in the 171-member NSE All Share Index after Forte Oil Plc.

Skye Bank, which had its management replaced by the central bank in July, is planning to sell majority stakes in its units in Gambia, Guinea and Sierra Leone to ease pressures on its capital, people familiar with the matter said last week.

By selling the businesses, Skye would no longer need to maintain a capital adequacy ratio of 15 percent as it will become a national bank that only needs a CAR ratio of 10 percent. The lender, which hasn’t released earnings for the first half, had a CAR of 12 percent at the end of 2015.

“Nobody really knows how challenging its financials are,” Olubunmi Asaolu, a banking analyst at Lagos-based FBNQuest, said by phone. “If somehow, something positive comes out in the company’s quarterly results, and they have a positive story on how they can turn the bank around, there could be a change.”

Business Post reports that at the close of trading activities on Friday, Skye Bank shares, which closed on Thursday at 52k per share, finished on Friday at 50k per share, indicating a 3.9 percent crash, while investors traded 3.7 million units of the bank's stocks in 28 deals valued at N1.9 million.

http://www.businesspost.ng/2016/11/20/skye-bank-shares-hit-record-low-investors-fears-thicken/

By Dipo Olowookere

The United States has expressed its deep concerns over the deaths of dozens of Nigerians during clashes between individuals participating in a Shia procession and the Nigerian Police Force in Kano State on November 14, 2016.

A statement issued on Friday by the US Department of State said while the matter is still under investigation, it is troubled by the apparent inconsistent response by the police.

This is the latest in a series of violent incidents between security forces and members of the Shia Islamic Movement of Nigeria (IMN), some of which have resulted in deaths, destruction of property, and the arbitrary detention of IMN members.

The United States has therefore called for calm and restraint on all sides, a reduction of tensions, and greater communication between Shia citizens and government authorities.

Members of the Shia community, like other religious communities, have the right to assemble, peacefully express their religious beliefs, and mark their celebrations, the US government stressed.

“We call on the Nigerian government to protect and defend these rights. It is also incumbent on members of the IMN and all Nigerian citizens to respect the rule of law and cooperate with the police as they attempt to maintain public order,” the statement said.

“We continue to urge the government to ensure accountability for the deaths of more than 300 IMN members during December 15, 2015 clashes between the IMN and security forces in Zaria, Kaduna State.

“We also call on the Nigerian government to conduct a transparent investigation of the latest incidents and bring to account anyone responsible for violating the law,” the US advised.

It would be recalled that the Inspector General of Police, Mr Ibrahim Idris, justified the killing of Shia Muslims in the Kano clash.

http://www.businesspost.ng/2016/11/18/america-blasts-nigeria-police-deaths-kano-clash/

By Modupe Gbadeyanka

Nigeria’s Senate President, Mr Bukola Saraki, has stressed that the upper legislative chamber of the National Assembly will not rescind its decision to reject the $29.96 billion loan requested by President Muhammadu Buhari about two weeks ago.

Mr Saraki, speaking on Thursday via a press statement signed by his Special Adviser on Media and publicity, Mr Yusuph Olaniyonu, expressed disappointment that his meetings with the President recently was being misconstrued to mean he was being cajoled to overturn the Senate’s decision.

The Senate President advised politicians and the media to stop making empty speculations about his recent visits to the Presidential Villa.

“Like I once told the media, these politically-motivated commentaries are trivialising a serious national issue and presenting it as if it is a personal matter that can be decided at meetings between Saraki and President Muhammadu Buhari.

“The National Assembly which I head as Senate President has taken a position on the issue as required of it by the laws of the land and legislative conventions.

“At every point, the present National Assembly will make decisions based on national interest and we have vowed that we will always act in the interest of our people. That is why despite the fact that members belong to different parties, when national issues come to the floor we forget about party affiliations and act as Nigerians elected to protect the interest of Nigeria,” Mr Saraki said.

He further said, “A visit to the Presidency by the Senate President is a normal thing because we need to consult, discuss, exchange ideas and make suggestions to each other from time to time.

“More importantly, at this time, when the nation is facing economic crisis, there is need for frequent engagements by the Presidency and the National Assembly.

“It is in fact very unfortunate that these empty speculations by the media are now forming the basis for commentaries by some politicians who are in a position to be better informed. Politicians should stop playing to the gallery or drawing political capital from all issues.

“When serious national issues are on ground, we should refrain from making statements based on mere sentiments. Similarly, the media should exercise restraint in their reportage and commentaries in order to properly serve our people.

“At a time when we are about to prepare a budget which is aimed at responding to the current recession and our plan is to ensure all issues concerning the budget are ironed out before the budget comes to the floor so that we will have a less tedious process than that of last year, the media should be ready to witness more of these engagements between the Presidency and the National Assembly.”

It would be recalled that shortly after the Senate rejected the loan request based on failure of the executive to present a blueprint of how it intends to spend and repay the loan, Mr Saraki visited the Aso Rock Presidential Villa, where he met President Buhari.

Mr Buhari had said he intends to use the money to provide infrastructure in the country, saying he plans to get the loan from foreign financial institutions, including the International Monetary Fund (IMF).

http://www.businesspost.ng/2016/11/17/30b-loan-senate-wont-shift-ground-saraki-insists/

By Modupe Gbadeyanka

The Nigerian Senate on Thursday rejected two nominees on the Governing Board of the Nigerian Communications Communication (NCC).

However, it confirmed five nominees on the Board.

The rejected nominees are Mr Aliyu Sa’ida Abubakar (Bauchi State), nominated for the position of Stakeholders Management and Mr Ezekiel Yissa from Kwara State, nominated as Non-Executive Commissioner.

One of the rejected nominees, Mr Aliyu Sa’ida Abubakar, had led a protest to the National Assembly, calling for its dissolution.

During his screening at the Senate Committee on Communications on October 18, 2016, lawmakers confronted Mr Abubakar with evidence that he led a protest against the National Assembly. He did not deny it, but maintained his stand and insisted that the Senate should be scrapped.

Presenting the report of the committee on the floor of the Senate, Chairman of the Committee, Senator Gilbert Nnaji, noted that Mr Abubakar was not prepared for the demands of the office.

“Abubakar’s response to the questions and issues raised by the committee unveils him as a candidate who is not prepared for the demands of office,” Mr Nnaji said.

On the part of Mr Yissa, the committee chairman said, “Yissa’s background as a career nursing officer will not put him in good stead to be able to effectively cope with the dynamics of the communications sector if his nomination is confirmed.”

The five nominees confirmed by the Senate are Olabiyi Durojaiye (Ogun) Chairman, Sunday Dare (Oyo) Executive Commissioner, Clement Baiye (Kogi) Non-Executive Commissioner, Okoi Obono-Obla (Cross River) Non-Executive Commissioner and Ifeanyi Ararume (Imo) Non-Executive Commissioner.

http://www.businesspost.ng/2016/11/17/senate-rejects-ncc-nominee-wants-senate-scrapped/

By Dipo Olowookere

The drive by the Oyo State Government to promote cultural tourism in the state has started yielding positive results, as some Brazilian tourists arrived Oyo State last week on a tour of sites and discussions on the development of a partnership between the Yoruba culture in Bahia, Brazil and Oyo State with a view to evolving a tourism axis in major cities of the Yoruba race.

Receiving the tourists led by Baba L’Orisa, Leopoldino Alves De Campos also known as Baba Ogundare, the Commissioner for Information, Culture and Tourism, Mr Toye Arulogun said that it was expedient to promote the potentials in the cultural tourism sector of the state, saying that the Ministry’s recent meetings with the Brazilian Embassies in Abuja and Lagos have started yielding fruits manifesting in the visit of the first set of Brazilians who have come to Oyo state on a cultural tourism mission.

Mr Arulogun said that the state government is committed to the Yoruba cultural exchange with the Brazilians, adding, “We are aware that there is a strong inter-cultural relationship between the Yorubas here and those in Brazil, especially Bahia, where they do things in common with us in the South western part of the country.

“We are ready to help them to trace their cultural origin. This will lead to the official connection between Brazil and Nigeria and promote the two countries’ relationship. Hopefully we would soon have a twin city arrangement and understanding.”

In his response, the leader of the delegation, Leopoldino Alves De Campos said it excites Brazilians to visit Nigeria, especially the South Western part of the country which shares the same cultural values with Brazil, noting that there are several thousands of Yoruba traditional worship centres in the country.

He promised that they are ready to preserve the culture and tradition of the Yoruba heritage, noting that many Brazilians are enthusiastic take a trip down to Nigeria, in order to further rediscover their origin.

Leopoldino Alves De Campos said the team will visit the Oke’badan shrine and Oje market in Ibadan, Egungun initiation centre in Oyo, the Igbo Oranmiyan in Ile-Ife and other tourist attraction centres in the South west region of the country.

It would be recalled that the Commissioner for Information, Culture and Tourism, Mr Arulogun paid a working visit to the Brazilian Ambassador and Consular General at different times and the two parties agreed on a bilateral relationship that will further unite Nigeria and Brazil as well as strengthening the ties between the Yoruba culture in Bahia, Brazil and Oyo State.

http://www.businesspost.ng/2016/11/17/brazilian-tourists-vow-to-promote-yoruba-culture/

By Modupe Gbadeyanka

A latest report by global ratings firm, Moody’s, has stressed that while subdued US dollar supply in the context of prolonged lower oil prices remains a key challenge for corporates in Nigeria, especially those companies constrained by foreign exchange restrictions on certain imports, growth prospects over the next three years are attractive.

This was revealed in a report published Wednesday on Moody’s website titled ‘Corporates — Nigeria: US Dollar Scarcity Remains Key Challenge to Improvement in the Corporate Sector’ and it is available on www.moodys.com.

Moody’s subscribers can access this report via the link at the end of this press release. The report is an update to the markets and does not constitute a rating action.

“Nigeria is still undergoing a severe economic realignment to adjust to lower oil prices and the knock-on effect on its US dollar oil exports, which have led to reduced US dollar supply and lower GDP growth,” said Aurélien Mali, a Moody’s Vice President and local market analyst for the Government of Nigeria.

“The naira’s depreciation by nearly 60% in June partially cleared accumulated US dollar demand and stabilised foreign currency reserves. However, access to US dollars through official channels remains challenging for some companies.” said Douglas Rowlings, a Moody’s Assistant Vice President and the report’s co-author.

Foreign capital inflows into Nigeria are unlikely to rebound strongly as the existence of a parallel market acts as a deterrent. Investors are hesitant to invest capital into Nigeria as long as there is uncertainty around the propensity for a further devaluation of the naira versus the US dollar.

Moody’s expects foreign investment inflows to continue to be constrained until the parallel market Naira per US dollar exchange rate moves closer to the official exchange rate.

The supply of US dollars will improve over time as real growth rates pick up, which will be supported by investment by multinational corporates wishing to further strengthen their domestic position in Nigeria or establish a presence in the country. This, in turn, should be underpinned by improving GDP growth.

The foreign exchange limitation continues to pose challenges for corporates’ day-to-day operations, capital expenditure (capex) and financing activities.

Corporates servicing US dollar debt commitments will continue to have priority access to US dollars but will need to issue requests at least three months in advance to be assured of requisite availability, while corporates requiring US dollars for their purposes, such as capex outside Nigeria, will continue to face difficulties in obtaining sufficient US dollars.

Another source of US dollars through a rebound in oil production could support the reserves in the future, but it is hypothetical at this stage. If such a development were to occur at the current exchange rate, it could balance supply and demand for US dollars in Nigeria.

This, in turn, would lead to the eclipsing of the parallel market, which would encourage net portfolio inflows and should ensure that the official US dollar supply meets the total demand from Nigeria’s economy.

Looking ahead, growth prospects remain attractive for corporates over the next three years.

Although Moody’s expects Nigerian consumers’ purchasing power to remain under pressure over the next 18 months, both domestic and foreign investment is expected to take advantage of Nigeria’s compelling economic fundamentals and are likely to rebound once the economy has fully stabilised.

Nigeria remains the largest economy in sub-Saharan Africa on a purchasing power parity basis, offering a sizeable market for corporates. A growing middle class – both in percentage and absolute terms – and increasing consumer wealth levels will continue to support higher levels of discretionary income expenditure.

http://www.businesspost.ng/2016/11/17/nigerias-growth-prospects-attractive-despite-dollar-scarcity-moodys/

By Adeniyi Ogunfowoke

ATMs have made sending and receiving cash very easy. You don’t really need to visit the bank to perform banking transactions. However, with the increased use of these machines, ATM related fraud has increased. In some cases, you will receive alerts when you have not used your card. So, don’t just insert your ATM card in any machine. We gather some signs to look out for whenever you use an ATM.

Pinhole camera

Almost every ATM comes with a pinhole camera. The camera captures every person who uses the machine. So, before you use the machine, you should check whether the camera has been tampered with or not. A cyber thief may just be waiting at the other end to pounce on your hard-earned money.

Check number pad

The number pad usually works alongside the camera. Another number pad is usually placed on the original ATM number pad by the ATM thief. Once the number pad is installed, anyone who uses that particular machine is at risk of losing his money.

Beware of the ATM location

It is safer to use an ATM which is located at the bank premises. It is difficult to walk into a bank and manipulate the ATM. Jumia Travel advises that you avoid using random ATMs. And if you don’t trust ATM, you perform your transaction in the banking hall.

The wanderer

The wanderer doesn’t have anything to do than to observe and watch every person who uses the ATM in order to dispossess them of their money. This usually happens at weird hours of the day. Again, use the ATM situated at a bank.

www.businesspost.ng/2016/11/16/4-things-look-using-atm/

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) has come out to defend Heritage Bank following a report that the financial institution was in distress.

The apex bank, in a press statement issued on Tuesday by its Acting Director of Corporate Communications, Mr Isaac Okorafor, disclosed that bank “is not in distress” as being speculated and urged its depositors to “go about their transactions without fear.”

CBN said it also was not true that Heritage Bank was “unable to discharge its obligations to its depositors” and insists that “no Nigerian Bank is in distress.”

“The CBN, as the industry regulator, has a duty to depositors, in particular, and the economy, in general, to ensure the soundness of all financial institutions.

“We therefore wish to assure all depositors of the safety of their deposits.

“The CBN also wishes to state that it will remain alive to its responsibility of ensuring banking system stability and soundness through constant monitoring and supervision of all licensed institutions.

“The Central Bank of Nigeria wishes to reiterate that the banking system remains resilient enough to weather the current economic storm,” Mr Okorafor said in the statement.

Sahara Reporters had claimed Heritage Bank was in distress and further alleged that the CBN was only covering things up for the bank.

Though Business Post had made efforts to hear from Heritage Bank from its PR agency, Power Light Nigeria, but as at press time, we had not heard from them.

http://www.businesspost.ng/2016/11/15/heritage-bank-not-distress-cbn/

Below is the controversial report by Sahara Reporters:

Heritage Bank Plc is currently stuck in a debilitating liquidity situation; SaharaReporters has learned.

Our sources disclosed on Monday that the bank is unable to meet customers’ immediate withdrawal requests and has wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank's directors.

First Bank Plc, which handles Heritage Bank's universal clearing activities, has threatened to blacklist the bank and stop further clearing transactions if its outstanding deficit of over N5billion is not cleared.

At the weekend, at a meeting held at a secret location between the Managing Director and some top management staff, it was resolved that the Managing Director and two Executive Directors should resign their appointment for their role in throwing the institution into distress.

Sources said the bank's operations in the Northern part of the country region are sustained by one customer, Rano Oil Limited, which maintains a deposit with Heritage Bank because its Chairman is unaware of the severity of the situation in the bank has slipped into.

Among others, the Managing Director is alleged to have been involved in the laundering of about N12.8billion. Two insurance firms: IEI Insurance Plc, and the National Insurance Commission of Nigeria, are said to be connected to the matter.

SaharaReporters gathered that the Economic and Financial Crimes Commission (EFCC) was prepared to charge the Managing Director to court, but did not, following the intervention of Senate President Bukola Saraki, who is a part-owner of the bank. The EFCC, whose chairman is awaiting confirmation by the Senate, stepped back.

Customers with foreign currency deposits are facing severe difficulties because they no longer have access to those funds.

Because of the magnitude of the bank's problems and the possibility of prosecution, the Managing Director is said to have taken ill.

Out of about 500 Automated Teller Machines (ATMs) of the bank in the Lagos metropolis, only 138 are currently dispensing cash, the bank lacking money to feed the others.

Bank sources said a sum of N140million is required to supply all the ATM locations, and Heritage struggles to provide N10million for these ATM locations, which is why its machines rarely dispense cash.

The bank's situation is further worsened by boardroom intrigues, tribal politics and ownership tussle.

The Managing Director and one Executive Director are said to run the bank like sole proprietors. The Managing Director and another Executive Director, Mary Akpobomen, who has been promised the position of the Deputy Managing Director by December, are in the same camp. The Yoruba interest in the bank, with Board Chairman, Mr. Seyi Akinfenwa, also has Mr. Tayo Ayeni and two Executive Directors, Mr. Niyi Adeseun and Mr. Ola Olabimjo on another side. On yet another side are Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), who is the main pusher of Delta State/Agbor interest. The battle axes are said to be two other Executive Directors, Mrs. Ada Eze and Mr. Jude.

The three-dimensional feuds have ensured that positions, postings or deployments are made on lines of group loyalty, with competence plainly ignored. The bank's Treasurer, Mr. Abidemi Shonaiki, was eased out of the bank when the Managing Director was on leave.

Insiders revealed that the bank has been turned into a compost heap by its top management staff, who among other misdeeds, use customers' naira deposits to finance the acquisition of private properties in Lagos, Abuja, and Port Harcourt. They are also said to award contracts at inflated costs to the Managing Director, relatives, and friends of executive directors; employ top management staff without clearance from the CBN; bribe CBN staff on banking inspection with dollars; and cover up the bank's liquidity problems by buying cash from other banks without the required documents or due diligence.

The Heritage Bank management portfolio of misdeeds is also said to include paying N100million bribe to pension funds officials for patronage retention; illegal warehousing of N1.2billion that should be in the Treasury Savings Account; as well as illegal clearance of customers' deposits via issuance and payments of questionable ‘PRs’ in hundreds of millions.

The CBN Governor has ensured that these misdemeanors are kept hidden due to political pressure by the owners of the bank, and because the CBN doesn't want to give the appearance of further distress in the banking sector following the recent crisis at Skye Bank.

The bank's ailments have also manifested in the practice of debiting customers' accounts for transfers without crediting the beneficiaries for days, blaming it on network failure; arbitrary sacking of staff who insist on standards; sacking of staff who exposed the fraud involving the Nigeria Ports Authority through which N7billion was illegally warehoused and diverted in clear violation of TSA directives; and refusal to report fraudulent activities involving relatives and cronies of the Managing and Executive Directors.

Other symptoms of poor corporate governance include the transfer to Abuja, but not sanction, of an Executive Director and General Manager from Lagos for committing fraud; promoting Managing Director’s relatives without appraisal; fraudulent conversion of bank properties by the Managing Director and top management staff; and the procurement of N2billion worth of furniture items and N3billion Toyota cars without passing through tender procedure.

Also, the bank awarded all cleaning contracts to one Mrs. Akpobome, who used different names for contracts, which cover North, South, West, East and Abuja outlets of the bank. The Managing Director and other top management staff also award contracts to their wives and children without due diligence.

The bank, the sources added, employed school certificate holders as officers, assistant managers, deputy managers or managers, even without experience.

http://www.businesspost.ng/2016/11/15/heritage-bank-not-distress-cbn/

By Modupe Gbadeyanka

No fewer than 40,000 youths are expected to benefit from a skill empowerment programme put in place by the Senate President, Mr Bukola Saraki.

At the launch of the scheme on Sunday in Ilorin, Kwara State, Mr Saraki said he was moved to do this as his own way to helping the government tackle unemployment problem in the country.

According to the Senate President, the initiative tagged ‘Skill Acquisition, Training and Empowerment Programme (STEP)’, will ensure 40,000 youths are trained in the next four years “with advanced skills that will focus on computer engineering, software development, animation, cinematography, agriculture and other areas that can boost self-employment.”

At the launching of the programme, the Senate President explained that the goal of STEP was to make participants globally competitive in the sectors for which they will be trained.

Also speaking at the occasion, National President of Ilorin Emirate Descendants Progressive Union (IEDPU), Alhaji AbdulHameed Adi, praised Mr Saraki for the laudable scheme and urged other public office holders to emulate the Senate President.

He said if others do like the Senate President, the society would be a better place.

Meanwhile, Mr Saraki has expressed optimism that STEP would go a long way to empower youths in Kwara State and Nigeria at large.

http://www.businesspost.ng/2016/11/14/40000-youths-sarakis-skill-acquisition-scheme/

By Modupe Gbadeyanka

A new report by the National Bureau of Statistics (NBS) has disclosed that Nigeria’s annual inflation as at October 2016 was now 18.3 percent.

In the report posted on the agency’s website on Monday, it was disclosed that the figure rose from 17.1 percent it was in September 2016.

The reason for this, Business Post gathered, was because of the higher prices for electricity, clothing and food in the country.

The 18.3 percent inflation rate is Nigeria’s highest in more than 11 years and the ninth straight monthly rise.

The agency explained that, “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels.”

A business analyst in Lagos, Mr Olalekan Adesanya, told Business Post that the latest report shows another sign of the crisis in Africa’s biggest economy.

Nigeria has been struggling with her economy since the inception of the present administration in 2015.

Prices of commodities in the country have skyrocketed, and in some cases, by over 200 percent.

Last week, Minister of Budget and National Planning, Mr Udoma Udo Udoma, revealed that President Muhammadu Buhari would unveil the government’s economic recovery plan next month.

http://www.businesspost.ng/2016/11/14/nigerias-inflation-hits-18-3-october/

By Modupe Gbadeyanka

American Capital Energy & Infrastructure (ACEI) has announced the sale of its energy investments, which it invested in over a three year period.

ACEI explained that the deal is expected to generate a compounded annual return of 18.1 percent and a 1.32x multiple on invested capital, after the payment of near-term deferrals which are expected to be realized.

The investments had a weighted average hold period of less than 16 months and will yield aggregate proceeds of $108.6 million.

ACEI’s exited portfolio consisted of interests in Azura Power Holdings Ltd, BMR Energy LLC, the Taiba Ndiaye Wind Project and PT Arkora Hydro.

ACEI’s stake in Azura, the majority shareholder of the Azura-Edo IPP, a 1,500 MW power station complex in construction in Edo State, was sold to Actis, the global growth markets investor.

In addition, Actis’ portfolio company, Lekela Power, acquired ACEI’s co-development rights and sole rights to invest in the 158 MW Taiba Ndiaye Wind Project in Senegal.

ACEI sold its investment in BMR, which operates a 36 MW wind generation project in Jamaica, to an affiliate of the Virgin Group.

PT Arkora Hydro, a developer and operator of an 84 MW portfolio of 10 mini-hydro projects across Indonesia, was sold to investors affiliated with the majority owners.

CEO and co-founder of ACEI, Mr Paul Hanrahan, explained that, “The sale of the four projects ACEI invested in the last three years validates the market thesis that the emerging markets have tremendous potential.

“Even though we had to exit these investments much earlier than planned, the returns were very strong.

“It has always been our goal to support areas of our world that are in dire need of infrastructure investments.

“We also wanted to demonstrate that these investments not only help the local economy, but can also be secure and lucrative investments for investors.

“I believe our results prove this model to be true and I am immensely proud of what ACEI has achieved.”

http://www.businesspost.ng/2016/11/13/acei-sells-azura-edo-ipp-3-other-firms/

By Dipo Olowookere

Life was rosy for Femi Otedola until it took a sudden turn leaving him billions in the red. He had to start all over again.

The article below tells his story and it first appeared in Forbes Africa and was reproduced by CNBC Africa.

In 2008, a shipment containing one million tons of diesel set sail, heading for the shores of Nigeria. The owner of the vessel, Mr Femi Otedola, Chairman of Forte Oil, a petroleum and power generation company, had grown the company to one of the largest in Nigeria, with over 500 gas stations, according to Forbes. The growth had been rapid and profits were at an all-time high. Then disaster struck.

“I had about 93 percent of the diesel market on my fingertips. All of a sudden oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34,” says Otedola.

That was only the beginning of his problems. The naira was subsequently devalued and interest began to skyrocket. When the dust settled, Mr Otedola had lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest and then finally $160 million when the stocks crashed.

“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through. You see God prepares you for greater things and of course experience is the best teacher so I had to learn my lessons. I took the bitter pill,” he says.

Read concluding part here: http://www.businesspost.ng/2016/11/13/day-i-lost-everything-femi-otedola-reveals/

By Dipo Olowookere

An employee of Diamond Bank Plc, Mr Babatunde Fato, has been arraigned by the Economic and Financial Crimes Commission (EFCC) on allegation bordering on, false declaration of assets and fraud to the tune of $1 million.

Mr Faro was brought before Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja on a 4-count charge on Friday.

He was arraigned alongside another suspect, Mr Sada Adamu.

The EFCC accused Mr Adamu of making cash payment of the said sum being an amount exceeding the stipulated N5 million threshold payable cash by an individual according to law, to Faro.

The offence, the anti-graft explained, was a breach of Section 1(a) of the Money Laundering Act, 2011 as amended and punishable under Section 15(2)(b) of the same Act.

But the accused persons pleaded not guilty when the charges were read to them.

In view of their plea, counsel to EFCC, S. A. Ugwuebulam, asked the court for a date to commence trial.

However, W. Y. Maman and W. T. Iorshe representing Mr Adamu and Mr Faro respectively prayed the court to grant the accused persons bail pending trial.

Opposing the motion, Ugwuebulam stated that, “the offences border on money laundering and other financial transactions without licenses. I urge the court to discountenance the motion for bail and order speedy trial of the case”.

Justice Dimgba, thereafter, adjourned to November 14, 2016 for ruling on the bail application and ordered the accused persons to be remanded in Kuje prison.

http://www.businesspost.ng/2016/11/12/diamond-bank-staff-court-1m-fraud/

By Dipo Olowookere

A Disaster Assistance Response Team (DART) would be dispatched to Nigeria by the US Agency for International Development (USAID).

Announcing this on Thursday, November 10, 2016, the USAID explained that the team would support government’s efforts to reduce food insecurity in the Boko Haram-affected regions of the country's northeast.

“The U.S. Government is deeply concerned about the humanitarian crisis in northeast Nigeria and the surrounding region. Approximately 9.2 million people are in need of humanitarian assistance,” said Administrator Smith. “With the announcement of the DART, we are acting swiftly to accelerate and expand our humanitarian response in partnership with the Nigerian government, UN agencies and NGOs. We ask that other donors join the United States and do more, and do it quickly.”

Since 2015, the U.S. government has been the largest donor for the humanitarian response in the region, providing more than $366 million for life-saving assistance.

USAID's response includes emergency food assistance, nutrition activities, safe drinking water, improved access to hygiene and sanitation, health services, and emergency shelter materials.

USAID is promoting an increasingly proactive monitoring approach to quickly report on the alarming conditions in newly accessible parts of north-eastern Nigeria.

As part of this effort, the USAID-funded Famine Early Warning Network (FEWS NET) released the results of a nutrition survey on October 21 that indicated that 20 to 50 percent of children screened over the past six months were acutely malnourished.

http://www.businesspost.ng/2016/11/10/boko-haram-us-deploys-disaster-response-team-nigeria/

By Modupe Gbadeyanka

The equities market in Nigeria recovered from its six-day losing streak on Thursday with the major market indices closing in the green zone.

The market capitalisation rose by N16.5 billion to close at N9.03 trillion compared to N9.01 it achieved on Wednesday.

The all-share index also gained weight at the close of trading at the Nigerian Stock Exchange (NSE) today with an appreciation of 0.18 percent or 48.06 basis points to finish at 26,221.75 basis points.

Total led the days’ declining stocks at the market with a depreciation of N25.88k to close at N290 per share, while Forte Oil followed with a drop of N9.67k to finish at N104.5k per share, Mobil lost N4.99k to end at N185.1k per share, Nigerian Breweries shed N1.50k to close at N142 per share and Cadbury slumped by N1.25k to finish at N11.70k per share.

Contrariwise, GTBank grew by 96k to close at N21.61k per share, International Breweries gained 53k to finish at N19.53k per share, Zenith Bank appreciated by 49k to end at N14.70k per share, Access Bank improved by 15k to close at N5.30k per share, while Airline Services and Logistics Plc chalked up 13k to finish at N2.90k per share.

Business Post reports that a total of 3,283 deals were executed on Thursday, involving an exchange of 137,638,444 units of shares, amounting to about N991 million in value terms.

http://www.businesspost.ng/2016/11/10/nse-stock-market-recovers-6-day-losing-streak-gains-n16-5b/

By Ebitonye Akpodigha

A former banker has been jailed in Kano State for allegedly stealing over N21 million from a microfinance bank in the state.

The convict, identified as Mr Aliyu Suleiman, was brought before a Kano State High Court on September 30, 2014, by the Economic and Financial Crimes Commission (EFCC).

Ruling on the matter on Wednesday, November 2, 2016, Justice Dije Abdu Aboki found the suspect guilty of the offence and sentenced him to 195 years imprisonment.

Mr Suleiman, a former staff of Oceanic Bank, which later metamorphosed into Ecobank, was accused stealing over N21 million from Albasu Microfinance Bank, but upon his arraignment, he pleaded not guilty to all the count charge brought against him by the EFCC.

In her judgment, Justice Aboki sentenced the convict to serve two years on each of count one to 44 and fine of N300,000 on each. She ruled that where the convict defaults the fine, he is to serve additional six months imprisonment on each count.

She also held that from count 45 to 74, the convict was sentenced to fine of N500,000 or 12 months imprisonment on each count, while on count 75 to 105, he is to pay fine of N200,000 or 12 months imprisonment on each count with the exception of count 97 which appeared to be duplication.

The sentences are to run concurrently and the convict was also ordered to restitute the sum of N14.8 million to the Albasu Community or spend five more years in prison.

The convict was engaged and entrusted by the Albasu Community to take charge of their Microfinance Bank, but while in charge, he violated that trust and siphoned over N21 million by forging signatures of the other signatories to the funds.

http://www.businesspost.ng/2016/11/03/kano-court-jails-ex-banker-195-years-n21m-fraud/

By Dipo Olowookere

Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading Plc (NBET), Dr Marilyn Amobi, has said the country cannot achieve its target of 20,000 megawatts of electricity target by the year 2020.

Mrs Amobi, while fielding questions from members of the House of Representatives Committee on Power led by Mr Dan Asuquo, also noted that deploying nuclear and wind energy in Nigeria would remain a mirage.

She told the lawmakers, who paid her agency a working visit, that the 20,000MW target was capital intensive, stressing there is no way the country will meet up within the time frame.

“We cannot run nuclear in Nigeria, and the question of wind energy, forget it. It’s just a story. We cannot run all that in Nigeria. It’s just a wish list (because Nigeria is not financially buoyant enough for such venture),” Mrs Amobi emphasised.

However, Mr Asuquo queried the mode of engagement of 14 companies by NBET under its Power Purchase Agreements (PPA).

“If there was no proper guideline, the process of acquiring those 14 companies was null and void. I can assure you if we leave here with that, there’ll be an investigation on this. If the standard is not in line with global best practices, of course, there will be a lot of questions. Whoever directed such a thing, will appear before us,” the lawmaker said.

But Mrs Amobi told the congressmen that the in-house guideline produced in 2011 in accordance with global standards was used for the engagement of the companies.

She noted that it would not be used in future as a new guideline is being developed.

http://www.businesspost.ng/2016/11/02/nigeria-forget-nuclear-wind-energy-nbet-boss/

By Dipo Olowookere

Nigerians may have to start gearing up to pay more in this harsh economy if they wish to continue accessing television contents from popular PayTV provider, DSTV.

This hint was dropped recently by the General Manager, Sales and Marketing of MultiChoice Nigeria, Mr Martin Maputo.

MultiChoice Nigeria is the parent company of DSTV, which has provided interesting contents to Nigerians for many years, including the English Premier League (EPL).

Checks by Business Post revealed that since the country went into recession, some Nigerians have found it difficult to do some things, including paying for monthly DSTV subscriptions and others.

Prices of goods in the market have skyrocketed especially due to the exchange rate of the Naira against the Dollar, forcing some to cut down on their spending. Jobs have been lost during the period and some companies forced to lay off workers.

Speaking recently, Mr Maputo warned that subscription fees in Nigeria may go up if the foreign exchange (forex) problem facing the country was not addressed by the government.

He said currently, DStv is trying as much as possible to avoid any price increase but instead concentrating on upgrading its contents across all bouquets, but maintained that if government fails to curtail the forex crisis, which has made it more expensive for the company to buy foreign content, especially the EPL, it might be forced to consider price increase.

“Most of the content we buy such as EPL and others from abroad are dominated in Pounds and Dollars.

“So, we are not only operating in the market but also responding to the market. At this stage, we are trying as much as we can to avoid any price increase but if there is nothing done to curtail the forex issues, we might be forced to increase (our subscription fees),” Mr Maputo said in Lagos while unveiling new content upgrade on all DStv bouquets.

Business Post learned that Mr Maputo’s warning is coming when MultiChoice has already reduced subscription rates in other African countries.

From November 1, 2016, Kenya, Zimbabwe, Malawi and other countries in Africa started paying reduced monthly subscription fees on DStv and GOtv bouquets.

According to the Nation, his may be a response to the harsh economic realities sweeping across the continent.

For example in Uganda, the company announced about 15 percent cut in subscription fees, in a move to entice more customers amid weak economic realities.

MultiChoice Uganda Public Relations and Communications Manager, Ms Tina Wamala, was quoted to have said, “We are facing hard economic times not just as a company but also our customers,” just as its General Manager, Mr Charles Hamya, was also quoted to have explained in a statement that, “This significant price drop, coupled with the major boost in entertainment value across all DStv bouquets demonstrates our commitment to ensuring DStv customers receive the best possible access to great entertainment and outstanding value.”

Also in Malawi, MultiChoice announced a drop in DStv subscription rates.

It was reported that under the reduction regime, DStv Premium in Malawi is down to K55,600 from K61,100, Compact Plus is at K35,700 from K42,000, Compact is at K22,300 from K23,800 while Family is reduced to K12,700 from K16,700.

“MultiChoice’s priority is to put customers at the heart of our business and that is why the whole of this year, despite the economic challenges the country is facing, we did not increase our subscription prices.

“It’s been 20 years that we have been doing business in Malawi and we strive to do business differently and that is why tonight’s press briefing is named ‘Business Unusual’,” its Marketing Manager, Chimwemwe Nyirenda, was quoted by the Nation to have said during a press briefing at Atmosphere Restaurant in Blantyre.

However in South Africa, the home country of the company, there would not be a hike in the subscription fee.

“We review the DStv prices once a year when we do our business planning – our prices for next year will be announced before April 1, 2017.

“When reviewing our packages and pricing in each country, we take into account local dynamics such as inflation, content costs, foreign exchange rates, local taxes and overheads required for each business.

“We’ve done a lot of research into what pay-TV costs in other parts of the world, and we believe that DStv offers good value for money in the countries in which it operates.

“In South Africa, we’ve implemented a number of cost-saving options for our customers – those who pay annually receive one month free, and our Price Lock packages enable customers to freeze their package price for two years,” MultiChoice South Africa reportedly said.

The Nation also reports that “the firm is alleged to be making an average of about N8 billion from its over 4 million subscribers every month in Nigeria and about N80 billion as turnover per year.”

Business Post recalls that in April 2015, Nigerians vehemently kicked against hike in the subscription fees of DSTV.

The matter even went to court and a Federal High Court sitting in Lagos restrained MultiChoice Nigeria Limited from going on with its new rates and increase in tariffs payable by its subscribers across board.

The restraining order was given by Justice C.J. Aneke following a suit filed, with number FHC/L/CS/404/2015, by two Lagos-based lawyers, Mr Osasuyi Adebayo and Oluyinka Oyeniji.

www.businesspost.ng/2016/11/02/multichoice-may-increase-dstv-subscription-fees/

By Modupe Gbadeyanka

Governor of Ogun State, Mr Ibikunle Amosun, has maintained that he never dismissed any worker from the state’s civil service due to the ongoing industrial action.

On Monday, the Governor approved the dismissal of the state chairman of the Nigeria Labour Congress (NLC), Comrade Akeem Ambali, his Vice and the state chairman of the Nigerian Union of Teachers (NUT), Comrade Dare Ilekoya, 14 others.

Those dismissed were A.O Oshin, Nola Balogun, Eniola Atiku, Solaru.O, Adebanjo.T, Akinola.A.S, Oyolola .S.A, Obafemi. O.B, Ogunsola Peter, Akinlade.S.A, Christopher.T.A, Ogunrombi A.A, Azeez.K.I and Taiwo A.O.

Those suspended were Odusanya S.A, Comrade Akapo, Adegbesan J.O, Adelami S.I, Obadara O, Ogunnuga O.A, Ayokambi T.A, Tijani A.A, Adegbesan J.O, Idowu A.O, Olaifa O.A, Bayo Lasore, Ahmodu S.A, Oludotun Oliyide, Tijani Y.A, Awode I.A, Dada O.A and Adesanya Abiola.

The move has generated mixed reactions since yesterday, with some calling the Governor a tyrant, who wants to cow oppositions in the state.

But reacting on Tuesday via a statement signed by Senior Special Assistant to the Governor on Media, Mr Adejuwon Soyinka, Mr Amosun said there was no iota of truth to this speculation.

“Contrary to such claims, what truly transpired is that the Ogun State Civil Service Commission, in furtherance of its statutory responsibility of maintaining discipline and adherence to public service rules and extant regulations, on Monday, took the decision to sanction some civil servants.

“The affected civil servants were alleged to have been involved in certain acts of misconduct in the course of the 2016 World Teachers Day celebration on October 5, 2016 way before the ongoing strike action commenced.

“In a statement issued on Monday and signed by the Ogun State Head of Service, Elder Sola Adeyemi, the State Civil Service Commission explained that it received complaints from concerned members of the public against some public and civil servants allegedly involved in various acts of misconduct in the course of the 2016 World Teachers Day celebration.

“The allegations against the affected civil and public servants include the fact that, contrary to extant public service rules, they got involved in partisan politics by publicly admitting receiving money from a politician and also hiring a musician with whom they sang praises of the said politician while chanting political slogans in the course of the World Teachers Day celebration.

“To determine the veracity of such complaints and give the affected civil and public servants the opportunity for fair hearing, the Civil Service Commission said it set up an administrative panel of Inquiry on October 17, 2016.

“The panel’s term of reference include, among others, to investigate the events of October 5, 2016 at the NUT Multipurpose hall, Kuto, Abeokuta with a view to identifying the public and civil servants directly or indirectly involved in partisan political activities; determine the culpability or otherwise of the identified public servants and recommend appropriate disciplinary actions in line with the public service rules and extant regulations.

“Before arriving at its decisions, the panel issued queries and invited the affected civil servants who in turn made written and oral representations.

“After listening to all parties involved including witnesses, as well as reviewing the evidences at its disposal, the panel, in its wisdom, recommended the dismissal of 16 public and civil servants.

“Those recommended for dismissal include Comrade Akeem Ambali, the state chairman of the Nigeria Labour Congress, NLC and Comrade Dare Ilekoya, the state chairman of the Nigeria Union of Teachers, NUT. They were all found to have contravened the Public Service Rules 04401, 04402 (c&d) and 04406 (a) due to their involvement in the political rally they held under the guise of World Teachers Day celebration event.

“The panel also recommended the suspension of 19 others while exonerating one Mr Abiodun Oriyomi Samuel who was said not to have been involved in the alleged partisan act.

“From the foregoing, it is clear that the State Civil Service Commission only acted in fulfilment of its statutory responsibility and this has nothing to do with Governor Amosun or the ongoing strike action embarked upon by a section of the workforce in the state.”

http://www.businesspost.ng/2016/11/01/i-never-sacked-workers-cos-strike-action-amosun/

By Prince Kelly O. Udebhulu

In Esan people’s norms, culture and tradition; it stated that the eldest son, in the monogamous family setting especially, inherits every single property belonging to the late father and mother, though same culture/tradition also demands that he must take care of the upkeep of his brothers and sisters but this is not always the case resulting to bitter family conflict and division. Many said it is unfair while conservatives viewed it as tradition that must be obeyed.

I mentioned in some of my cultural reviews that under Esan burial rites, the oldest surviving son of the deceased has the sole traditional right to perform and lead the burial rites of the dead parent(s) before the extended family. He bears the burden to bury his late dead father and may be or optionally assisted by his siblings which are sometimes done by levying them in anticipation of sharing the estate property with them or allowing them to farm on the family land or remain in the family home.

Typically, at the death of an Esan man, his oldest living son inherits his entire estate and hereditary titles, if any. His wife or wives are included except his mother. The first son also inherits his late mother’s landed properties, while his wife inherits her personal properties like wardrobe and cooking apparatuses. Under polygamous setting, it is contemporarily unfair before other children from different mother but tradition demands that they must obey the instructions from the eldest surviving son of their dead father; else, the ancestral spirit may strike any child who disobeys the eldest son traditionally. Notably, findings by this writer have shown that the feature of such inheritance is that of a “trustee”.

Read concluding part of the long article here: http://www.businesspost.ng/2016/11/01/inheritance-first-son-takes-esan-culture/

By Modupe Gbadeyanka

Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, has explained that those in the custody of the agency are not product of witch-hunted by the All Progressives Congress (APC)-led government as being speculated in some quarters.

Mr Magu, speaking yesterday at the Commission’s office in Abuja, played down on the rumour that the likes of Mr Musiliu Obanikoro, Mr Reuben Abati and Mr Femi Fani-Kayode were arrested because they oppose the government of President Muhammadu Buhari.

But according to the EFCC boss, the trio are in detention in order to cleanse and make Nigeria a better place for all.

He made this known when a popular Catholic priest, Rev Fr Mathew Kukah, visited the Abuja office of the agency on Monday.

Mr Magu, speaking after the visit of the Bishop of Catholic Diocese of Sokoto, assured the inmates that their incarceration was not personal.

“It is not personal. This is all about Nigeria and making it better. And I think there is a consensus around this,” he said.

During yesterday’s visit, Mr Kukah met with the inmates, including Mr Obanikoro, Mr Fani-Kayode and Mr Abati, where he prayed for them.

He also urged them not to be downcast, but to see their temporary imprisonment as divine.

“I discussed with some detained suspects like Femi Fani-Kayode, Musiliu Obanikoro and Reuben Abati; and I am quite pleased they are looking cheerful.

“I was also happy with the humility of the acting Chairman who took me round and the way he interacted with the detainees. This is what is important for our country so that nobody takes these kinds of things personal. I am happy I came.

“We are all staff of EFCC to the extent that we want a better country and we are doing what needs to be done. We’ll continue praying that God guides you, keeps you safe and ensure that we build a country that we all will be proud of.

“This country has suffered so much, but we hope and pray that we can bring the suffering and trauma to an end as we collectively fight corruption,” Mr Kukah said at the visit.

The trio of Mr Fani-Kayode, Mr Obanikoro and Mr Abati are presently being held over allegations bordering on fraud.

http://www.businesspost.ng/2016/11/01/arrested-obanikoro-fani-kayode-make-nigeria-better-efcc/

By Dipo Olowookere

No fewer than 50 persons in the payroll of Skye Bank have been asked to leave the company, Tribune is reporting.

It was reported that the affected employees are in the outsourced and auxiliary functions of the financial institution, which according to a recent report by Bloomberg, was close to being insolvent.

Reports say the dismissed workers were showed the exit door based on performance, disciplinary issues as well as right sizing.

However, the numbers of the affected non-core staff were not stated since they are not direct employees of the bank.

Most of the affected are Staff in Outsourced Functions (SOF) comprising Tellers, Drivers and Internal security guards.

The Management of Skye Bank, it was learnt, had also approved payment of generous entitlement and severance packages to those affected as contained in their engagement letter and as agreed with the workers union.

The bank thanked the affected staff and expressed its appreciation for their work while in the employment of the organisation.

It would be recalled that part of the mandate of Skye Bank’s re-constituted Board is to run a lean and efficient organisation, control cost, aggressively recover debts owed by debtors and grow deposit liabilities and shore the liquidity position of the Bank.

Skye Bank, designated by CBN as one of Nigeria’s eight Systemically Important Bank (SIB), is one of Nigeria’s leading retail and commercial banks with over 373 branches and cash centres across Nigeria offering premium financial services, with subsidiaries in the West Coast of Sierra Leone, The Gambia and Guinea.

http://www.businesspost.ng/2016/10/31/breaking-skye-bank-sacks-50-workers/

By Cynthia Meduoye

It however Yoni Massage, simply a massage of the vàgina, may seem new in the Nigerian landscape but it is not a new concept.

Usually recommended for three major benefits: emotional healing, deep stress relief and sèxual awakening; the Yoni Massage certainly ends with a very deep sensual satisfaction for the recipient.

In recent times, kazmani.com, Nigeria’s Number 1 Premium Home/Hotel Massage Service Company, has noticed that a number of Nigerian women –especially those in Lagos- have been opting for this massage which focuses on all the areas around plus all the various parts of the vàgina.

And having done some researches to justify the increased interest, we have compiled a list with five reasons. Read on to discover:

http://www.businesspost.ng/2016/10/31/5-reasons-lagos-girls-embraced-yoni-massage/

By Walter Duru, Ph.D

In September 2016, Civil Society and Media practitioners in Nigeria gathered in Enugu to review the country’s anti-corruption war. The meeting, supported by the Justice for All of the British Council, was attended by about 50 Civil Society and Media practitioners interested in the anti-corruption war.

Top on the agenda were the several cases involving politically exposed and influential persons, or what one may call high profile corruption cases; many of which have gone to sleep, as well as transparency concerns within the country’s anti-graft agencies.

One of the major issues raised was that of the immediate past Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde. Many questioned why he is not being investigated on allegations of misappropriation of over One Trillion Naira as Chairman of the EFCC; as alleged by one Dr George Uboh, an Abuja-based Whistle Blower. If we have One Trillion Naira now, Nigeria will not be talking of borrowing about Thirty Billion Dollars to finance the 2016 Budget. What about the immediate past Governor of Rivers State, Chibuike Rotimi Amaechi - why is he not being investigated over allegations of misappropriation of more than Two Hundred Billion Naira belonging to Rivers State? Will investigating him open a can of worms? Are the authorities playing safe? What about the Chief of Staff to the President, Abba Kyari and the MTN Five Hundred Million Naira bribery scandal; as well as Secretary to the Government of the Federation, Babachir David Lawal and the Two Hundred and Seventy Million Naira IDP grass cutting scandal? Is it a case of sacred cows? Time shall tell!

Other cases examined at the Enugu meeting were those involving some Ex-Governors, Ex-Ministers, Ex- Lawmakers, Ex-Federal and State Civil Servants, members of the private (Banking) sector and businessmen.

Former Governor of Rivers State, Peter Odili is said to have gotten a perpetual injunction restraining the country’s anti-graft agencies from investigating, arresting or prosecuting him. The judicial pronouncement granted former Governor Odili judicial immunity on the frivolous ground of fundamental human rights. That can only happen in Nigeria. But, why was it not appealed? As absurd as it were, none of the country’s anti-graft agencies approached a superior court to set aside the order? Many will blame it on absence of political will to prosecute; but there is definitely something they are not telling Nigerians.

What about the case of the governor of Kaduna State, Mallam Nasir El-Rufai? Many will argue that he is presently enjoying immunity and cannot be prosecuted, but he is less than two years old as Governor, while the matter dates back to about 2010. As former Minister of the Federal Capital Territory, El-Rufai was arraigned on an 8-count charge of abuse of office and gratification through his office.

The matter was before a Federal Capital Territory High Court (12), Abuja, with number: FCT/HC/CR/05/2020. It is on hibernation today.

Another case of interest is that of the daughter of Nigeria’s former President, Olusegun Obasanjo, Senator Iyabo Obasanjo-Bello. She was arraigned on a 56-count charge bothering on corruption. Plea was taken, but the case was stalled, as defence lawyer filed to challenge charges and application pending for determination. The application is no doubt, one of those frivolous applications to delay trial. The case is not moving forward, despite the birth of the Administration of Criminal Justice Act.

What about our own Farouk Lawan, former Chairman, Adhoc Committee on Fuel Subsidy Regime and former Chairman, House of Representatives Committee on Education? He was arraigned before a Federal High Court in Abuja over bribery and corruption allegations amounting to about Ninety Six Million Naira (N96,000,000.00). Is the case dead, or resting?

Again, former Managing Director of Federal Airport Authority of Nigeria- FAAN, Roland Iyayi’s case has gone to sleep. Iyayi was arraigned on an 11-count charge bothering on corruption and abuse of office before a Federal Capital Territory High Court, Maitama, Abuja. In his case, plea was taken, trial commenced, prosecution witnesses were already testifying, before the matter went underground.

Dr Dayo Olagunju, Ex-Secretary, National Commission for Mass Literacy, Adult and Non-Formal Education, Joshua Alao, Alice Abang, Jibrin Waguna, Ahmed Abubakar, Shehu Abdullahi, Dr Victoria King-Nwachukwu, Adamu Khalid, Moses Oseni, Francis Awelewa and Bashir Suleiman were arraigned before Justice Anuli Chikere of the Federal High Court, Abuja, with suit number: FHC/ABJ/111/2009. They were arraigned on an 83-count charge on offences under the Public Procurement Act, Money Laundering and stealing. Plea was taken and the matter adjourned for trial. Today, the matter is in the dream land.

What about former governor of Plateau State, Joshua Dariye? He was arraigned on a 23-count charge of criminal misappropriation of public funds, embezzlement and criminal breach of trust. The case lingered at the Supreme Court on the issue of jurisdiction until recently. He is accused of stealing over Seven Hundred Million Naira and was arraigned before a Federal Capital Territory High Court, Gudu, Abuja, with suit number: FCT/ABJ/CR/81/2007.

Interestingly, Dariye, now a Senator representing Plateau Central in the upper legislative chamber, in September, 2016, decamped from the Peoples Democratic Party-PDP to the All Progressives Congress- APC, claiming that his former Party, the PDP is in crisis. Pundits however argue that he may have joined the ruling Party in order to avoid the reopening of the case of corruption hanging on his neck. The impression created so far, no doubt, is that joining the ruling Party gives the individual(s) immunity from prosecution.

The list is endless. But, why are the old cases, some of which have lingered for over a decade not moving forward? Is it about political will or judicial collusion or even compromise on the part of the prosecuting agencies/counsels? Why are the new cases of corruption involving public office holders not being investigated? There is no shortage of reasons for the retreat of justice in high profile corruption cases, but the time has come for Nigerians to refuse to accept any excuses for failure to prosecute corruption cases.

The amount of money stolen from public treasury is so huge that the fact that Nigeria is still standing firm is a miracle. Corruption is at the root of virtually all the country’s woes; it is the cause of unemployment, poverty, underdevelopment and hunger in our land.

One of the promises made to Nigerians by President Muhammadu is to fight corruption. The war has not started, until the hibernated high profile corruption cases are resuscitated and concluded.

The legal framework against corruption in Nigeria needs to be strengthened. The Proceeds of Crime Agency (POCA), Nigeria Financial Intelligence Centre (NFIC), Whistle Blowers Protection (WBP) and Mutual Legal Assistance (MLA) Bills should be passed without delay.

The country’s anti-corruption agencies must be sanitized; persons with toga of corruption disengaged from public offices, ‘corrupt sacred cows’ demystified, investigated and prosecuted.

When the above steps are taken, Nigerians will be reassured that the anti-graft war is real. While all the accused persons are presumed innocent until proven guilty, steps must be taken to urgently conclude the cases, started with Nigerian’s tax payers’ money.

Whoever the courts acquit, so be it, but let the cases be concluded and not be in hibernation forever. The time to act is now!

Next in the series, we shall address some other high profile corruption cases that have gone to sleep.

Dr Walter Duru is the Executive Director of Media Initiative against Injustice, Violence and Corruption-MIIVOC and a Communication expert.

http://www.businesspost.ng/2016/10/31/hibernating-high-profile-corruption-cases-time-action/