Telecom Mogul, Mike Adenuga’s Globacom Refuses To Pay N200Billion Licence Renewal Debt, Others To Nigerian Government Amid NCC Exec. Vice Chairman, Danbatta’s Protection


SaharaReporters learnt that the move was to grant such licences to companies linked to their cronies and associates in the Aso Rock Villa, as well as a close ally of Bola Tinubu, who was the president-elect at the time.

Mike Adenuga, founder and owner of Globacom Limited, one of the biggest telecommunications companies in Nigeria, has refused to pay about N200 billion in spectrum license renewal fees, annual operating levies, and numbering plan fees of his company to the Nigerian government, sources told SaharaReporters.

Sources within the presidency accuse the telecoms tycoon of compromising the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta with bribes and promises of presidential intervention to secure his two-year term.

“Hence, Danbatta has shielded Globacom or Glo from regulatory enforcement,” one of the sources said.

In May, it was exclusively reported how Isa Ali Pantami, then Minister of Communications and Digital Economy and Sabiu “Tunde” Yusuf, who was former President Muhammadu Buhari’s personal secretary, reportedly colluded to ensure the granting of licences for broadcast frequencies in the 600MHz spectrum band by the NCC in the twilight of the Buhari’s administration.

SaharaReporters learnt that the move was to grant such licences to companies linked to their cronies and associates in the Aso Rock Villa, as well as a close ally of Bola Tinubu, who was the president-elect at the time.

A source within the presidency confirmed this, adding that Pantami and Tunde Yusuf had also been attempting to shift earnings from sales to private bank accounts, which was another attempt to siphon additional public assets before handing over to the incoming government.

This mischief also included a 50% discount on the licence.

It was gathered that the four licences were issued and shared between Pantami, Tunde, MAFAB Communications, and another company linked to a cabal within the Aso Rock Villa.

In a similar scenario, sources within the presidency have told SaharaReporters that Danbatta in August tricked the current Minister of Communications, Innovation and Digital Economy, Bosun Tijani, into signing off on a spectrum license trade that violates the one-year operating requirement, and also dispatched his son to India to lobby President Bola Tinubu’s son, Seyi, on his behalf.

One of the sources said, “Since President Tinubu took office, Danbatta has showered those around the Aso Villa with bulletproof cars and cash to secure his position. His recent blunder of allowing Glo to ‘murder’ Nigerians without paying its N200 billion debt is a test of the president’s resolve.

“Upon learning of the presidency’s awareness of his misdeeds, Danbatta issued a fake threat to his staff to suspend all regulatory services to Glo. The question is, why did he not do so in May when the money was due?

“This story is a cause for concern because it suggests that Adenuga is using his wealth and power to evade his financial obligations to the government. It is also a cause for concern that Danbatta is using his position to protect Adenuga instead of upholding the law. His bribery of those around the Villa further suggests that he is trying to buy influence.”

However, efforts to reach the Mr Arinze Anapugars, Senior Manager, Communications for Globacom, were not successful as he neither answered his calls nor replied to the text message sent to him.

In October 2021, It was reported how Conpurex, a wholly-owned subsidiary of Mike Adenuga’s oil and gas conglomerate ConOil was being pursued by creditors for a combined debt of about $7 million by a foreign company and a local company.

In 2016, ConOil was pursued by creditors for a debt of over $140.5 million owed to two foreign companies and one local company.

Depthwize, a drilling contractor based in Ibadan, the capital of Oyo State, said it was owed more than US$6,248,441.27 ($6.2 million) by Conpurex, making it unable to pay its US partner Megadrill.

After it exceeded 365 days, Megadrill hired New Orleans law firm, Jones Walker, to recover the funds from ConOil, SaharaReporters learnt.

A letter by Attorney John Duveilh to Erekata Julius, Chief Financial Officer at ConOil, said: “It is not the desire of Megadrill or Depthwize to produce a drawn-out legal battle, but rather simply get paid for work already performed and contractually owed. However, if Conpurex refuses to meet their contractual obligations, and the amount is not paid immediately, Megadrill will be forced to take appropriate actions.”

The Lagos headquarters of Depthwize also wrote to Conpurex to warn that the non-payment of its invoices was significantly hampering its operations, leaving it unable to renew the insurance cover on its assets.

Uche Dimiri, Depthwize’s CEO, in the letter dated August 16 said: “As of today, we have a total of US$6,248,441.27 dollars due and unpaid ageing over 365 days.

“Importantly, and sadly so, as an organisation, we have been unable to renew the insurance cover on our operating assets because of a liquidity squeeze attributable in large parts to your non-payment of our invoices. We cannot overemphasize the negative impact this situation is having on our ongoing operations.”

Zukus Industries Limited, an oil and gas services contractor, had written to ConOil three times in 2021 over outstanding invoices due from 2017 and 2018 totalling N317,750,268.09 (about $700, 000).

Its first letter of March 3, 2021, signed by Uzor and addressed to the Managing Director, Con Oil Producing Limited, was titled: ‘Demand For Payment of Outstanding Invoices.’

It read....

For full details visit:
https://www.dailyrecordng.com/telecom-mogul-mike-adenugas-globacom-refuses-to-pay-n200billion-licence-renewal-debt-others-to-nigerian-government-amid-ncc-exec-vice-chairman-danbattas-protection/

Chiedu Ebie: A technocrat takes on the NDDC, By Tonye Timi


On the day announcement was made of the appointment of Mr. Chiedu Ebie as new Chairman of the Niger Delta Development Commission (NDDC), the oil flow station at Owa-Alidinma, a shouting distance from Agbor-Alidinma, Chiedu Ebie’s community was crowded with workers and engineers of Pan-Ocean Oil Company as if they were gathered to welcome the new chairman of NDDC back to the petroleum industry. This joyous group was supported by workers from Obi Anyima cluster of oil wells and Ekuku-Agbor oil well.

For a seasoned technocrat and a player in the oil industry whose ward harbour oil yielding wells and crude gathering stations from many drilling points in Pan-Ocean’s OML 147, Chiedu Ebie’s appointment as Chairman of the board of the NDDC presents a new challenge for him to impact on the development effort of the devastated oil producing communities of the Niger Delta. Now his community and the entire nine states where crude oil is presently produced in Nigeria look up to him and his interventionist agency to ameliorate their deficits in infrastructure and human capital development.

Chiedu Ebie from birth was always expected to be an outlying achiever and much has always been expected of him as the scion of the respected academic and administrator, Professor John C. Ebie, a psychiatrist and pioneer Chief Medical Director of the University of Benin Teaching Hospital, UBTH and helped nurture the institution to the excellence it has achieved today. His uncle Sir Fortune Ebie was also the pioneer Chief Executive of Federal Housing Authority, FHA. Fortune Ebie was the one who ideated and built FESTAC Housing Estate in Lagos with then Brigadier Obasanjo as Minister of Works and Housing and thereafter moved to Nairobi, Kenya to head Shelter Afrique.

Mr. Ebie from this progeny of great men and women has continued in and is advancing the achievements of his ancestry.

His first stint in public service of Delta State was when he was appointed as the Commissioner for Education (Basic & Secondary), an assignment he took on so well, that Governor Ifeanyi Okowa during the 3rd anniversary celebration of his administration singled him out as the most outstanding of his appointees. For his diligence, hard work and commitment, Okowa rewarded him by making him the Secretary to Delta State Government (SSG) at the start of his second term. This elevation to SSG was known to all and sundry to be purely on merit. Before then, he was a player in the oil industry. He brought with him to government, steady hands and a quiet panache to a charged political environment. This quality proved invaluable in stabilizing the government of Dr. Ifeanyi Okowa.

Ebie’s two year stay as Secretary to the State Government of Delta state, has remained remarkable as the years of achievement of the Okowa administration in the state. His organizational skills, hands on commitment to the job held the state steady and is still applauded as the years of achievement even when Governor Okowa immersed himself in national politics and was projecting to the national stage.

Without being accused of any wrong doing, Mr Ebie was removed as the Secretary to State Government in a brusque and unfair manner. Rather than this removal hurting him, it rather energized him to work with others in convening a pan Deltan political group, Delta Unity Group (DUG) to collaborate and work with APC in the recently concluded elections.

The involvement of DUG in APC created a strong resurgence in the party, that gave her the victory at the national and indeed at the state where her victory will soon be properly scheduled after the tribunal judgement.

He will be supported by Rt. Hon. Monday Igbuya, one of Delta’s finest public officers as Delta State Representative at NDDC. Igbuya, an experienced public administrator was a one time Local Government Chairman, Member of Delta State House of Assembly where he attained the office of the Speaker. It is instructive to note that Igbuya was the Chairman, House Committee on DESOPADEC. This exposed him to the yearning and aspirations of the oil producing communities in Delta State. It is now clear that providence was taking him through the trajectory in preparation for this onerous task. A task we are convinced is not beyond him, considering his experience and pedigree.

The loud roar or statement from the jungle by the Lion through these selections and appointments is that only the best is good enough for Delta State and Nigeria. Never again will situations where top government offices used to promote cronyism, mediocrity and inefficiency be tolerated or accepted.

We are assured that Mr. Chiedu Ebie and Rt. Hon. Ovwigo Igbuya will bring their usual commitment and panache to the infrastructural development of oil producing states in Nigeria.


https://www.dailyrecordng.com/chiedu-ebie-a-technocrat-takes-on-the-nddc-by-tonye-timi/

dailyrecordng.com

Controversial businessman, Tunde Ayeni, in fresh trouble as Heritage Bank petitions EFCC over debt



After sinking Skye Bank, Heritage Bank battles controversial businessman, Tunde Ayeni over N40bn debt

In what appears to be a case of the rich getting richer and cornering depositors’ funds for personal use, controversial businessman, Tunde Ayeni is in the news again for the wrong reasons, THE WITNESS reports.

Fresh from seemingly getting reprieve from his Skye Bank legal battle – a bank he allegedly ran down – Ayeni, a former chairman of the defunct Skye Bank Plc, is enmeshed in another financial scandal over an alleged unpaid N40 billion loan he secured from Heritage Bank.

THE WITNESS reliably gathered that the bank has petitioned the Economic and Financial Crimes Commission (EFCC) over his alleged indebtedness to the lender.

Recall that Ayeni and the then managing director of the defunct Skye Bank, Timothy Oguntayo, faced 10 charges bordering on money laundering to the tune of N25.4 billion brought before them by the EFCC in 2019.

The alleged heist by the duo during their time at the bank eventually brought the financial institution down, prompting an intervention from the Central Bank of Nigeria (CBN) in September 2018. The apex bank took over the struggling lender, christened it Polaris Bank Limited, and eventually sold it to new investors in October 2022.

In July last year, the EFCC withdrew its case against Ayeni and Oguntayo, after allegedly entering into a secret settlement with the businessmen that may have involved the forfeiture of N15 billion in cash and assets.

However, while Ayeni may have gotten a letup from his EFCC headache over his alleged financial impropriety during his time at Skye Bank, another legal tussle and battle is starring him in the face.

On his indebtedness to Heritage Bank, THE WITNESS gathered that there was an initial arrangement for the Asset Management Company of Nigeria (AMCON) to take over the debt, but up till today, nothing has been done.

Meanwhile, Heritage Bank has been unable to take over the properties Ayeni used as collateral for the said loan for other legal reasons.

A top official of the bank told THE WITNESS that the lender has formally dragged Ayeni to the EFCC, and will be looking forward to the commission doing the needful as it was determined to recover the funds.

“Yes, the case is now with the EFCC,” said the official who craved anonymity because he hasn’t been authorised to speak.

“We are pursuing the process legally.

“So, we’re going to do all that is necessary to recover it.

“As you can see, all is not well with the bank and people like Ayeni are one of the reasons for the challenges the bank is going through today. These loans are depositors’ funds.

“If the bank finally ceases to exist, do you know how many staff will lose their jobs with their families stranded? Ayeni doesn’t seem to be bothered if the bank collapses.

“If he doesn’t pay up, we will give him the Senator Andy Uba treatment. We will mobilize and protest at his residences,” the official concluded.

Recovery of the sum will come in handy for Heritage, which has also had struggles of late.

Heritage is gradually moving from a state of comatose to a complete death situation with customers’ deposits on the line.

The bank’s bankruptcy issues, and inability to meet obligations to depositors have worsened and grown from bad to worse.

Recall that some workers of Heritage Bank had in June 2021 besieged the residence of Andy Uba, former senator from Anambra State, over a loan they said he owes the financial institution. The staff of the bank, who were seen with placards, gathered in front of his residence in Abuja, asking the politician to pay the purported loan to save their jobs.

In 2020, the CBN took a step ahead of the defaulters by allowing banks to seize funds in the accounts of loan defaulters to protect depositors.

Also, the senate in 2021 passed a bill that strengthened the power of AMCON to recover bad loans by allowing it to seize and sell properties traced to debtors, whether or not such assets are used as security/collateral for obtaining the loan in question.

THE WITNESS contacted a media consultant of Mr. Ayeni to seek the businessman’s reaction to the development. He however did not get back to our correspondent as at press time.


https://www.dailyrecordng.com/controversial-businessman-tunde-ayeni-in-fresh-trouble-as-heritage-bank-petitions-efcc-over-debt/

Nigeria's real estate industry and its prevalent challenges, By Olawale Ayilara


As the chief executive officer of LandWey Investment Limited, a prominent real estate development company in Nigeria, I have witnessed firsthand the challenges and triumphs that come with this industry.

Today, I want to share my personal reflections on the misconceptions and judgment that often plague those who fail to consider the complexities of real estate development in Nigeria. In this article, I will shed light on the impact of economic instability, inflation, and other factors on the delivery of our passionate residential developments, while highlighting the values and strategies that have enabled Landwey to build a reputable company.


Navigating Economic Instability:

Nigeria's economy has experienced its fair share of turbulence, with inflation rates fluctuating and economic stability often being challenged. As a real estate developer, these circumstanceshaves significantlyimpactedt the delivery of our residential projects.

The soaring costs of construction materials, increased f rates, and limited access to long-term financing pose considerable challenges.

Despite these obstacles, LandWey remains committed to delivering exceptional developments while staying resilient in the face of economic volatility.

The Challenge of Inflation:
Inflation is a universal concern, and Nigeria is no exception. Rapid price increases in construction materials, labour costs, and even land prices can disrupt project timelines and budgets. In such an environment, it becomes essential to reassess our strategies and adapt to the changing landscape. At LandWey, we have re-established strong relationships with manufacturers & suppliers, allowing us to negotiate better pricing and secure reliable sources for materials. Additionally, we focus on innovative cost-saving techniques and closely monitor market trends to keep mitigating the impact of the alarming inflation.


The Impact on Delivery:

Real estate development is a complex process that involves multiple stakeholders, intricate planning, and coordination. Economic instability and inflation create a ripple effect, affecting the timely completion and delivery of projects. Delays in obtaining approvals, disruptions in supply chains, and the unpredictability of market cost, FX, etc, can all contribute to project setbacks. However, at LandWey, we keep developing our project management skills, implementing robust risk assessment frameworks, and developing contingency plans to ensure we remain on track despite external challenges.


Building a Reputable Company:

LandWey's journey from a fledgling startup to a reputable real estate development company has not been without hurdles. However, we have always prioritized transparency, integrity, and exceptional quality in our work. By establishing a strong corporate culture that encourages accountability and innovation, we have gained the trust of our clients and partners. Our focus on customer satisfaction, meticulous attention to detail, and a commitment to delivering on promises have been instrumental in building long-term relationships and a sterling reputation.


Conclusion:

Real estate development in Nigeria is a dynamic and demanding
industry that requires perseverance, adaptability, and forward-thinking.
As CEO of LandWey, I have learned that success lies in overcoming
challenges, navigating economic instability, and staying true to our core
values. While misconceptions and judgments may arise from those who
fail to consider the intricacies of our work, we remain undeterred.
LandWey will continue to strive for excellence, delivering top-quality
residential developments that contribute to the growth and
transformation of Nigeria's real estate sector.


- Ayilara is the Chief Executive Officer of LandWey Investment Limited.

Alleged suspension: Kyari not desperate, serves at President’s discretion – Group
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A civil society group, Society for Good Governance and Transparency, SoGGT, has slammed purveyors of fake news and their paymasters on the purported suspension of the Chief Executive Officer of the Nigeria National Petroleum Company Limited, NNPCL, Mallam Mele Kyari, by President Bola Tinubu.

Late Saturday, the social media was agog with claims of the alleged suspension of Kyari by President Tinubu barely 24 hours after the removal from office of the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele and his subsequent arrest and detention by the Department of State Services, DSS.

The SoGGT in a statement late Saturday, described the rumour of Kyari’s sack as mischievous, calculated smear and attempt to dictate to the president by entrenched interests opposed to the reforms at the NNPCL.

“The alleged suspension of the CEO of the NNPCL, Mallam Mele Kyari, by President Bola Tinubu is cheap, mischievous and a calculated smear campaign by some entrenched forces not at ease with the reforms ongoing in the petroleum sector.

“It should be stated, and unequivocally too, that Mallam Kyari, that we have keenly watched his activities over time, is not a desperate person and is serving at the discretion of the president.

“While the PIB Act gives him a tenured office, he is still serving at the pleasure of the president and nothing more.

“Those who are flying this obnoxious kite should rather be worried for themselves as their antics to continue to scam and skim the system is no longer tenable,” the statement signed by Prince Oyebanji Ademola and Sarki Inusa, national coordinator and secretary, respectively, stated.

According to the duo, the recent end to crude oil swap and relentless war against crude oil theft and vandalism of oil assets in the country has pitched the NNPCL against some of these economic saboteurs.

The SoGGT noted that under Kyari, the NNPCL has boosted daily oil production to over 1.6 million barrels per day, which has seen the country according to the Fourth Quarter 2022 figures, regained its position as the largest crude oil producer in Africa, ahead of Algeria’s 1.021 mb/d and Angola’s 1.088 mb/d in November 2022.

"Also, we note that the company posted its second consecutive year of ‘profit’ of N674.1 billion in the 2021 financial period and growing it from N287 billion in 2020. The figure represents an increase of N387 billion, or 134.8 per cent.

"In terms of gaining international confidence, the NNPCL and IOCs signed various Production Sharing Contracts, PSC, agreements that would ensure the production of about 10 billion barrels of crude oil and generate over $500 billion in revenue," the further stated.

Contrary to speculations making the round that President Bola Tinubu has directed the suspension of Mallam Mele Kyari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, there is no such directive from the President.

Presidency sources confided in this newspaper on Saturday night that the President has not given such directive for the suspension of Kyari as NNPC Boss.

Social media platforms were abuzz on Saturday evening with several posts claiming the President had directed the immediate suspension of Kyari as NNPC GCEO.

The social media posts of the purported suspension of Kyari gained traction as it was coming barely 24 hours after the Presidency announced the suspension of Godwin Emefiele from office as the Governor of the Central Bank of Nigeria.

Multiple sources in the Presidency however disclosed that there is no such plan to suspend Kyari as the GCEO of the NNPC.

One of the sources said, “We got to know about the purported suspension through social media posts. But I can confirm to you that there is no such directive coming from the President. Nigerians are known to play a lot with trends and someone may just have sat down somewhere to make such posts.

“There is no iota of truth in that post claiming that the President has suspended the NNPC GCEO. There is nothing to be worried about because the Petroleum Industry Act is clear on how the NNPC GCEO or any member of the NNPC Board could be removed.”

An aide to the Secretary to the Government of the Federation noted that they have not received any of such directive from the President.

“Please disregard those reports because they are fake news. We don’t have such directive from the President to suspend Kyari,” the Aide said.

The source said the Presidency will not dignify rumour mongers with an official response.

Abia Gov Ikpeazu runs to Sokoto State to shop for judgment ruling against Gov. Elect Otti

… INEC insists not to honour such judgment

Bernard Ebele.

The outgoing governor of Abia State, Mr Okezie Ikpeazu is making last minute move to use the judiciary to obstruct the swearing in of the gubernatorial winner of the March 2023 elections, Alex Otti of Labor Party to pave way for the Peoples Democratic Party (PDP) candidate, Okechukwu Ahiwe.

This is following a judgment by a Kano Federal High Court Judge, Justice Mohammed.N. Yunusa who gave an order cancelling the elections that brought in LP candidates in Kano which spiralled to Abia State candidates. Yunusa was once suspended by the National Judicial Council in July 2016 and also alleged by the Economic and Financial Crimes Commission for judicial bribery.

The Kano judgment has been appealed by the leadership of the Labor Party and Otti.

We gathered that a female Judge in Abia was again approached to give another judgment nullifying Otti’s candidature but she told them that it is impossible in law to give such orders.

Our source stated that they are currently in Sokoto State, allegedly led by Ikpeazu’s former Chief of Staff, ACB Agbazuere. They have slept in Sokoto for two nights shopping for a judge that will give an order stopping the inauguration of Alex Otti.

An Independent National Electoral Commissioner (INEC) Federal Commissioner who spoke on condition of being unnamed stated that no judgment brought can stop the inauguration of any governor when a superior court has been appealed to. He noted that they have received court papers from LP showing that the Kano judgment has been appealed and cannot do anything until the Appeal Court decides.

Senator Godswill Akpabio’s ambition to become the president of the 10th Senate has obviously assumed desperate proportions with suppositions and accusations of some highly placed individuals working against him. It is against this backdrop that rumour mill has come alive with information circulating in Akwa Ibom State that Governor Udom Emmanuel is ferociously against Senator Akpabio’s emergence as senate president.


While it is commonplace that the animosity between these two eminent personalities of Akwa Ibom State is at a feverish pitch, it is important for the media spin doctors of Senator Akpabio to address a few grey areas in their claims. Firstly, one of the anonymous claims is that certain personalities in Akwa Ibom held a meeting with some senators and even tried to influence them to ditch the Senator Akpabio project. Now, without a mention of even the name of one of the several senators said to have met with one former and the current governor of the state, the accusation falls flat. Clearly, nothing can be far from the truth as it is all a ruse and an attempt to paint these personalities in a bad light before the people.

The unfounded rumours were a calculated attempt by the purveyors of mischief to sow seeds of discord and unnecessary hatred among the people and supporters of the eminent personalities.

Though Akpabio is rumoured to be choice of the president-elect, Bola Tinubu to mount the number three seat in the country, his past and antecedent may have continued to haunt him.

Instead of Akpabio to seek to redeem his image and character which has continued to haunt him and present a manifesto that will convince Nigerians and the senators-elect to support his ambition, he has continued to chase shadows and sponsor hatred amongst the people in Akwa Ibom State.

How can Governor Udom work against him when he Is not a member of his party, APC, yet he didn’t work against him to become a minister or win the senate seat?

It is on record that the former governor was arrested in 2015 by the Economic and Financial Crimes Commission (EFCC) over alleged theft of N108.1billion Akwa Ibom funds. Akpabio, now senator, was elected in 2007 as Akwa Ibom governor, at a time the nation enjoyed robust oil revenue.

Again, in April 2023, the EFCC invited the former minister of Niger Delta Affairs for interrogation over allegations of a N40 billion fraud perpetrated in the Niger Delta Development Commission, NDDC, which was headed by Akpabio for three years. Also, there were allegations of over N86 billion contract scams involving the senator-elect and a former acting managing director of the NDDC, Prof Kemebradikumo Pondei, which the EFCC had been investigating.

This is a man who has lost the confidence of his allies and friends in the All Progressives Congress (APC) and the south-south region for obvious reasons.

Notably amongst the top APC chieftains against Akpabio’s choice is the outgoing senate president, Ahmad Lawan who has reportedly vowed to oppose the aspiration of the former minister of Niger Delta Affairs of succeeding him. Despite visits to Lawan for support, the outcome of such visits never yielded any positive result. Not even the press conference held by the dreamer of the senate presidency changed the mind of Lawan.

According to a report by a national daily, Lawan was said to have told Tinubu when he led some group of senators-elect to visit the president-elect at his residence in Abuja recently that his endorsement would not translate into victory for Akpabio in the senate. It was reported that Lawan was said to have alleged that Akpabio was “bogged down by credibility baggage, which disqualified him from the contest.”


The senators were said to be angered by the management of the Niger Delta Development Commission (NDDC) under the watch of Akpabio as supervising minister of the interventionist agency for the oil-rich belt. The report further revealed that the senators were particularly piqued that Akpabio allegedly frustrated the inauguration of the board and management appointed and duly screened and confirmed by the senate on November 5, 2019, thus paving the way for the appointment of a corrupt-ridden interim management to oversee the running of the commission for almost three years.

A leading APC lawmaker who spoke recently on Akpabio’s ambition noted that the former Akwa Ibom governor “will eventually sell out the senate if allowed to emerge the senate president.”

“Remember what he did in 2018/2019. The PDP honoured him as a first-timer in the senate by giving him an exalted position of minority leader. Without any just cause, save for his pocket and selfish interest, he abandoned the PDP midstream and joined APC. He was rewarded with a ministerial position. Such a person who betrayed his former party, the PDP that made him cannot be trusted as a senate president. He is unstable.

In the end, the eminent personalities who transformed Akwa Ibom into a pacesetter state and always seeking the prosperity of the state beyond politics will not do anything to stop the progress of any indigene of the state in any field of endeavour. Without a doubt, Senator Akpabio is looking in the wrong places for the reasons and causes of his seeming rejection and the sooner he looks beyond his dear Akwa Ibom State and desist from angling to use then exalted office of the senate president to settle non-existent scores, the better for him and his political future.

Help find 16-year-old Ajibade Israel
The family of 16-year-old Ajibade Israel, have declared him missing after he ran away from home.


According to his sister, Adedayo, Israel left their home located at Adisa Akintoye street, Tipper Garage, Ketu in Lagos state on February 25, 2023 and has not been seen since then. Adedayo told LIB that Israel fled home after his mum asked him to wash the dishes and he refused. He got angry, left their home and didn't return.

All efforts to find him has proved abortive. The matter has been reported at the Alapere police station.

Anyone with useful information on how to find him should please call these numbers 09054424261 or 07016411288.

Help find 16-year-old Ajibade Israel

Customer shares how he bought LandWey's UrbanPrime property in Lekki for N32m in 2020 and sold it for N75m in 2023

Eko Atlantic City and Isimi Lagos: Two Modern Legacies Designed by the Same Architect

In the realm of urban planning and architectural marvels, two cities in Nigeria stand out as shining examples of visionary design and sustainable development. Eko Atlantic City and Isimi Lagos are two of the most ambitious megaprojects in Africa, each with its unique purpose and location. However, what unites them is their shared architectural layout designer—MZ Architects.

Renowned for their innovative and contemporary designs, MZ Architects has left an indelible mark on the global architectural landscape, having designed notable structures in Dubai, Qatar, and beyond. Their expertise and vision have now found expression in the landscapes of Eko Atlantic City and Isimi Lagos, two world-class developments that draw inspiration from the rich culture and traditions of West Africa.

Eko Atlantic City, a testament to modernity and sustainability, captures attention with its futuristic skyline, towering skyscrapers, and captivating waterfront promenades. Meanwhile, Isimi Lagos, situated further inland, showcases the adaptability and versatility of MZ Architects' shared design prowess. As Nigeria's first wellness and polo city, Isimi Lagos embodies a seamless blend of nature, technology, and architectural brilliance, all carefully crafted to provide peace of mind to its residents.

These two projects share a common goal—to transform Lagos into a global city and set a new standard for urban development in Nigeria and Africa as a whole. The architectural layouts of Eko Atlantic City and Isimi Lagos pay homage to the traditional architecture of West Africa while ensuring harmony with the surrounding nature. By incorporating elements that resonate with the local culture and history, these cities transcend their physical structures, becoming vibrant spaces that breathe life and embody the spirit of their inhabitants.

MZ Architects' design acumen has masterfully blended the best of both worlds in Eko Atlantic City and Isimi Lagos. Eko Atlantic City represents a modern metropolis, pushing the boundaries of architectural innovation, while Isimi Lagos stands as a proud reflection of cultural diversity and historical roots. From the sleek skyscrapers of Eko Atlantic City to the nature-inspired, technology-powered design of Isimi Lagos, these cities embody a harmonious coexistence between the contemporary and the traditional.

As Eko Atlantic City and Isimi Lagos continue to evolve, the legacy of their shared architectural masterpiece extend far beyond the physical structures, shaping the future of urban planning and inspiring cities across Nigeria and Africa to embrace innovative and sustainable design principles. Eko Atlantic City and Isimi Lagos are not just urban marvels but the realization of a visionary dream, where architecture becomes a catalyst for progress, unity, and the celebration of local heritage.

Members-elect, coalition accuse Gbajabiamila of imposing Abbas, Kalu as Reps speaker, deputy


A non-governmental organization, Democrats Alliance for Good Governance (DAGG) on Saturday condemned in strong terms the report making the rounds concerning the "secret adoption" of one of the aspirants for the position of the speaker of the 10th House of Representatives, Hon. Tajudeen Abbas from Kaduna State and Hon. Benjamin Kalu from Abia State as the deputy speaker.

In the same vein, a group of members-elect who frowned at the purported "secret adoption" which reportedly took place on Friday night, described the exercise as "an affront on the parliamentarians and the National Assembly as an institution."

The coalition's national coordinator Dr. Williams Martins stated this in a statement made available to journalists in Abuja.

He said: "We are most jolted and sincerely betrayed especially when we got the hint that the preferred aspirant was taken by hand to be introduced to the president-elect.

"This development for us is not only demeaning, but degrading and absurd for the calibre of Nigerians who were elected by over 50 million electorates during the 25th February and supplementary elections."

According to the group, "Men of goodwill and conscience as well as elected public office holders cannot afford to fold their hands to allow someone who is being reported to be adopted as chief of staff to the incoming president-elect, although a member-elect in the 10th assembly, to recklessly feel he can succeed in imposing any candidate on the people's parliament.

"To allow such means, they (pembers-elect) are unfit for the task of representation and will definitely fail in holding the executive arm of government to account when the need arises within the span of four years of the 10th assembly.

The coalition's national coordinator therefore warned against any action that may frustrate a united 10th assembly and the tenets of democracy.

"To put it succinctly, all the actors in the Nigerian project should be seen as honourable men and women who honour gentlemen's discussion and reciprocate same at all times.

"Rather than doing this, we wish to state unequivocally that none of the us as parliamentarians will subscribe to anything short of what the constitution stipulates on independence of the legislature.

"You'll recall that some of the aspirants met with the outgoing speaker, Hon. Femi Gbajabiamila to express their grouse about the unhealthy and unparliamentary actions and inactions of adopting his stooge.

"As if they were taken for a ride, the convener of the meeting, denied the allegation of adopting our colleague, Hon. Tajudeen Abbas from Kaduna State and Hon. Benjamin Kalu from Abia State as the deputy speaker," he noted.

While calling for a rethink, the group's coordinator urged the president-elect and the outgoing speaker to desist from any act that could bring their names to disrepute.

"We actually thought that with the way the speaker spoke to his colleagues during the closed door meeting was in genuine faith, but as you can all see it was a deceptive meeting," he lamented.

Meanwhile, one of the aggrieved lawmakers who spoke under condition of anonymity dismissed insinuations over the alleged ill-feelings against Hon. Tajudeen Abbas and the spokesman of the House, Hon. Benjamin Kalu (APC-Abia).

He said: "While we do not have anything against the person and aspiration of the gentleman, we wish to stress that the will of the people and by extension of constituents will determine the choice of who to lead the 10th assembly.

"For us, what played out some few weeks back has further exposed the hidden agenda of the promoters of division among his contemporaries. Rather than reciprocating the kind gestures extended to him by most of the high ranking members who out of persuasion and honour, stepped down their speakership ambitions in the wake to the inauguration of the 9th assembly.

"But it is glaring that nothing can be done to change the nature of the chameleon.

"History will not forgive us if we fail to put in perspective the fallback of the similar antics that produced the anchor of this failed project of imposition and the ill-feelings created by some of the offers dangled before some of the reception adopted to ensure the emergence of the Tajudeen Abbas project. This time, "No Green Card will work"! I repeat, "No amount of Green Card will work in the 10th assembly!!!"

"On this note, we wish to state categorically that we will not cave in to ongoing plan to impose any candidate on the house by whosoever until a level playing field is created for all the aspirants who have their own right to choose their leaders.

"It is worthy to also put on record that, discussions are ongoing among the aspirants to turn the parliament into an appendage of the executive arm of government.

"Our position remains that as democrats, we shall not under any guise subscribe to any form of 'master and servant relationship' in the 10th assembly.

"Therefore we call on all men of goodwill and lovers of democracy to speak against ongoing moves to deepen "godfatherism" in the country."

"We must stand up to resist Femi Gbajabiamila’s imposition on members. We will not buy in," the lawmaker said


https://www.dailyrecordng.com/members-elect-coalition-accuse-gbajabiamila-of-imposing-abbas-kalu-as-reps-speaker-deputy/

A foremost civil society organisation (CSO), Network Against Corruption and Trafficking (NACAT), has challenged Cross River State governor, Ben Ayade to go to court if he is aggrieved over its exposé on how he misappropriated state funds and diverted over N500 billion to private accounts of different companies and government functionaries in eight years.

Recall, NACAT at a press conference in Abuja on Tuesday called on the Economic and Financial Crimes Commission, EFCC and the Independent Corrupt Practices Commission, ICPC to investigate Governor Ayade over the alleged financial sleaze.

The group had said it embarked on a comprehensive audit of the Cross River State government’s accounts between 2015-2020 and discovered financial infractions and irregularities ranging from circumvention of procurement processes, suspicious payments of money, possible money laundering, to award of contracts to non-existent shell companies.

NACAT made reference to various payments made to certain account numbers without any explanation of what they were meant for contrary to financial regulations.

It cited Financial Regulations 603 which states that, “all vouchers shall contain full particulars of each service such as dates, numbers, quantities, distances and rates and will invariably be supported by relevant documents such as LPOs, invoices, special letters of authority, time, sheets, rates etcetera.”

NACAT said that the governor had engaged in money-laundering schemes by using his personal companies, Leophina Works Limited and Hally Brown International Limited and the office of the chief of staff to divert public funds.

According to the group, Leophina Works Limited was incorporated in Port Harcourt, Nigeria with registration Number 631232 with the following directors, notably, Ayade Alami Elizabeth, Alade Akinseye Peter, Akinseye Francis, Francis Ayade and Ben Bengioshuye with company’s registered address as Plot 4, Ada George Street Port Harcourt, Rivers State.

“On 2nd February 2015, a transfer of N17,813,530.93 was made from CRSG RECURRENT EXP. (FAAC) ACCOUNT, 2017445579 (First Bank) to Hally Brown International Limited. The company is owned by Ben Ayade, Francis Ayade and Goddy Tedy Agbbe.

“On 02/11/2016, HALLY BROWN INTERNATIONAL LIMITED owned by the family of Governor Ben Ayade received payments of N49,000,000.00 and N42,872,614.72 from the CRSG CONSOLIDATED ACCOUNT with number 2030459287 domiciled with First Bank of Nigeria. The company’s directors are Dr Ben Ayade, Francis Ayade, and Goddy Tedy Agbbe.

“Cross River State government needs to explain in details the following ‘in-and-out’ transactions in Zenith Bank account 1012499828 in the name of Leophina Works Limited. Who are the beneficiaries of the following debit entries and for what? 22/2/2018 – N200,000,000 and 16/1/2018 – N200,000,000.

“Cross River State government needs to further explain similar ‘in-and-out’ transactions in Access Bank account no. 0007104615 in 2019, through Leophina Works Limited, especially the debits. 07/03/2019 -N170,000,000; 28/03/2019 – N30,000,000; 28/3/2019 – N10,000,000; 13/02/2019 – N170,000,000; 7/01/2019 – N170,000,000; 03/07/2019 -N170,000,000; 02/08/2019 – N170,000,000; 02/09/2019 – N170,000,000; 07/03/2019 – N170,000,000; 28/03/2019 – N30,000,000; 28/3/2019 – N10,000,000 and on the 13/02/2019 – N170,000,000

“On what basis did Leophina Works Limited receive two transfer of N50 Million each, totaling N100 Million on 03/05/2019 as TRUSTFUND PENSIONS? The government should speak on this.

For full details please visit:
https://www.dailyrecordng.com/alleged-n500bn-corruption-go-to-court-if-untrue-nacat-challenges-governor-ayade/

LandWey Investment Limited, one of Nigeria’s leading real estate development companies, has just completed its flagship Urban Prime 1 residential development in Abraham Adesanya, Lekki-Ajah, Lagos, setting a new standard for premium living in the area.

A statement by the company on Friday, said the stunning multi-billion naira development is a template project for others along the corridor, with its great infrastructure, including a 33KVA Megawatts dedicated power line to provide uninterrupted power supply, water infrastructure, roads, sewage, and a beautiful natural landscape.

landscape, offering a perfect balance between technology, architecture, and nature. With its impressive infrastructure, the development is designed to provide residents with the highest quality of life, offering unmatched premium experience and comfort.

“The landmark project is a testament to LandWey’s commitment to excellence, and it is sure to attract a new wave of premium homebuyers to the area,” the statement added.

Commenting on the project, Mr. Olawale Ayilara, Chief Executive Officer of LandWey, said: “We are proud to have completed the Urban Prime 1 development, which is a testament to our commitment to excellence in real estate development. We believe that quality living should be accessible to all, and we are proud to have provided an exceptional living experience to our clients.


“Despite the challenges we faced during the development process, we remained focused on our goal of delivering exceptional homes that provide comfort, security and an unmatched lifestyle experience. We can now say we are proud of what we have achieved, and we look forward to launching the completion of the Urban Prime series as well as other projects under our portfolio.

“The Urban Prime 1 development offers a range of stunning residential properties, including terraces, semi-detached houses and apartments, each designed to the highest quality standard and comfort.

“The development is also strategically located, with easy access to the city’s major attractions, including shopping malls, restaurants, and entertainment centres.

“The Urban Prime 1 project was recognized as the Best Residential Development Project in the 2021-2022 African Property Awards. The recognition is a testament to LandWey’s dedication to delivering exceptional homes that meet international standards,” he noted.

Ayilara further added that the company’s Urban Prime 2, UrbanPrime 3, and Urban Prime 4 are in the pipeline for delivery later in the year and next year.

With the completion of the Urban Prime 1 development, LandWey has once again demonstrated its leadership in the Nigerian real estate industry, setting a new standard for premium living in the country.

Agbadaola, Company Secretary, LandWey, at the official opening of the multi-billion naira LandWey UrbanPrime1 residential development in Lekki-Ajah, Lagos, recently
LandWey has built a reputation for delivering quality and innovative real estate solutions to Nigerians over the years, as evidenced by its issuance of the ISO 9001:2015 Certificate for commitment to standard procedures and quality management.

The company is dedicated to creating homes for both the low and middle-income earners in Nigeria. As a result of its successful business model, the Company’s Net Asset Value grew exponentially by over 50% year on year, making it one of the largest real estate companies in Nigeria.

LandWey’s target segments are residential real estate development, particularly in the affordable and middle-income segments; commercial and retail developments and mixed-use developments

LandWey is internationally recognized for its excellent practice, innovation, designs, and its customer-centric approach to providing quality service.


L-R: Seun Eyitayo, Chief Operations Officer, LandWey Investment Ltd; Olamide Opadiran, Financial Controller, LandWey; Mr. Olawale Ayilara, CEO, LandWey; Mrs Ronke Sokefun, Chairman, Board of Directors, LandWey; Mr Olusegun Afolabi, Non-Executive Director, Landwey; Ms Shola Bello, Managing Director, LandWey and Sijibomi Agbadaola, Company Secretary, LandWey, at the official opening of the multi-billion naira LandWey UrbanPrime1 residential development in Lekki-Ajah, Lagos, recently



https://witnessngr.com/landwey-completes-multi-billion-naira-urbanprime1-residential-development-in-lekki-ajah-lagos/

A company, Tripple C Motors Nigeria Ltd, has sued Pagmat Oil and Gas Nig. Ltd, Prudential Steps Savings & Loan and a popular bank over allegations bordering on N86 million car supply deal.

A writ of summons issued by the company’s lawyer, Ojonimi Apeh, against the defendants was filed pursuant to Order 2, Rule 2(6) of the High Court of the Federal Capital Territory (FCT), Abuja (Civil Procedure Rules) 2018.

The plaintiff sought compensation in respect of the N86 million car supply deal.

The matter which came up for mention at the High Court of the FCT, Kuje, on Thursday, was adjourned until June 21 for hearing.

The trial Judge, Justice C. E. Nwecheonwu, adjourned the matter having discovered that Pagmat Oil and Gas Nig. Ltd (the 2nd defendant) had not been served with the court processes.

However, Apeh, who appeared for the plaintiff, assured the court that he would file an ex parte application for the defendant to be served by substituted means.

The matter was consequently adjourned for continuation of hearing.

The plaintiff, a Kano-based car dealer, is claiming against the defendants jointly and severally, the sum of over N40 million as compensation for unlawful withholding of its money for a period of 43 months.

Tripple-C Motors wants the court to declare that “the refusal and failure of the defendants to pay it the sum of ₦86million for supply of cars it made at the instance of the defendants.

The company alleged that the deal resulted in the loss of profits/earnings to the claimant in the sum of at least N4.3million per month for a period of 43 months cumulating loss of at least N34,400,000.00 (Thirty-Four Million, Four Hundred Thousand Naira) only for that period and thereby rendering the defendants liable to the claimant in damages.

“An order directing the defendant to pay the claimant the sum of N34,400,000.00 (Thirty-Four Million, Four Hundred Thousand Naira) only as projected returns and/or loss of anticipated profits/earnings. 20 percent interest on the judgment sum per month from the date of judgment until the judgment debt is fully liquidated.

“An order directing the defendants to pay the claimant the sum of ₦6,000,000.00 (Six Million Naira) only as cost of this suit,” among others.

In a statement of claims, the claimant averred that the vehicles were only delivered based on the fact that the Block Funds/Irrevocable Standing Order, dated Dec. 20, 2018 was issued by the bank’s Utako branch manager and handed to Dr. Adamu Kukuri, the claimant’s director.

The claimant further averred that upon the expiration of 30 banking days after delivery of the seven vehicles, no money was paid into her account with Zenith Bank Plc as agreed to and undertaken in the Block Funds/Irrevocable Standing Order.


https://www.dailyrecordng.com/firm-sues-pagmat-oil-and-gas-over-n86m-car-supply-deal/

By Obiora Peters

Contrary to a report by an online medium of an alleged corrupt and unethical practices by officials of the National Petroleum Investment Management Services (NAPIMS) over bidding for Government Security Agencies (GSA) CW 502377 within the Oil and Gas pipeline within Delta, Rivers and Bayelsa states, findings reveal it to be false.

The report had alleged that the bidding process being supervised by NAPIMS was a sham with officials getting involved with alleged cronies and fake companies to manipulate pricing and they did not possess the technical know-how needed to operate in the region.

I do not know if Mele Kyari, the Group Chief executive officer (GCEO), Nigerian National Petroleum Company Limited or Bala Wunti, National Petroleum Investment Management Services (NAPIMS) is the cause of this constant hammer but like they say in millennial era, “these men have seen ‘shege” recently via unfounded reportage. The Gen Z will further take it to “these guys don see shege banza”.

But, despite the misleading headline, the publication alluded to NNPC Ltd.’s intervention following petitions by some bidders.

To state the obvious, the tender process was subjected to internal reviews and investigations to ensure that all bidders were treated fairly and that the process was uncompromised. During the review, the agency observed ambiguities in some bidders’ interpretation of the commercial template, and recommendations were made to ensure that every bidder was protected.

Contrary to the report, no contract has been awarded for the tender pending the determination of the court proceedings instituted by aggrieved bidders.

There could not have been any contract as the case is in court. The claimants, in the suit No. PHC/3578/CS/2022 was filed by Alabo Datelima.

Both the NNPC Ltd and SPDC have deferred further action on the tender pending the outcome of the court proceedings.

The NNPC Ltd I’m familiar with remains committed to upholding the tenets of fairness and integrity while actively promoting the continued growth and development of indigenous capacity in all aspects of the oil and gas industry.

Would it not be nice and patriotic if parties should refrain from making unsubstantiated claims or spreading false information that may harm the integrity of the bidding process?

https://www.dailyrecordng.com/gsa-bidding-and-napims-the-untold-truth/

The vulnerability of Guaranty Trust Holding Company PLC (GTCO) to scams heightened in the year 2022, as the rate of fraud went up by 84.54 per cent to 27,725 cases from 15,024 in 2021, according to data obtained from the company’s audited 2022 financial statement, BusinessLive writes.

Guaranty Trust Bank Limited, the banking subsidiary of the GTCO is the flagship brand of the company which was consummated in July 2021.

While Segun Agbaje leads GTCO as the Group Chief Executive Officer, Mariam Olusanya holds sway as the managing director of Guaranty Trust Bank Limited.

Checks by BusinessLive reveals that the amount involved in the bank’s 2022 fraud cases was up by 429.85 per cent to ₦ 6.42 billion, compared with ₦1.21 billion recorded in the prior year.

The company noted that at the end of last year, it lost ₦2.57 billion to fraudsters, which was 401.91 per cent higher than the ₦511.96 million it lost in 2021.

Another issue that gave stakeholders concern over the group’s performance last year was the volume of complaints it received from customers.

The number of complaints it received rose by almost 49.36 per cent to 1.01 million against 673,773 it had in the previous year.

The amount involved in the complaints was 30.32 per cent lower to ₦2.16 billion, compared to ₦3.10 billion in the corresponding period in 2021.

However, more of the complaints ended on a happy note in 2022, as it resolved 998,737 complaints, which was 48.58 per cent higher than the 672,167 cases it resolved in the prior year.

Then, in monetary terms, the value of complaints resolved was 30.93 per cent lower to ₦2.14 billion, compared to ₦3.10 billion in 2021.

In the meantime, GTCO improved revenue by 20.42 per cent to ₦539.23 billion during the period under review from ₦447. 81 billion in the previous year.

The revenue increase was largely driven by a 17.36 per cent rise in interest income to N295.12 billion (2021: N251.47 billion) and 22.25 per cent growth in fees and commissions to N90.61 billion (2021: N74.12 billion).

Despite that, its post-tax profits fell by 3.24 per cent to 169.17 billion, compared to 174.84 billion in 2021, and its pre-tax profits declined by 3.3 per cent to 214.2 billion, compared to 221.5 billion in 2021.

It blamed ₦35.6bn impairment recognised on Ghanaian sovereign securities for the drop in its profit last year.

The group had to set aside ₦11.99 billion for bad loans, which was 40.50 per cent higher than ₦8.53 billion it reserved for the same purpose in the prior year.

Other operating expenses also ticked up by 35.08 per cent to ₦126.35 billion during the period under review from ₦93.54 billion in 2021, on the back of communications, technologically-related, and administrative expenses as well as general welfare expenses, which rose significantly by 67.18 per cent to ₦30.54 billion and 75.91 per cent to 11.51 billion, respectively, during this period.

The group’s total assets improved by 18.59 per cent to ₦6.45 trillion at the end of 2022, compared to ₦5.44 trillion in the prior year.

Its loan book (net) increased by 4.6 per cent to ₦1.89trillion from ₦1.80trillion at the end of 2021, while deposit was also up by 11.6 per cent to ₦4.61trillion, compared to ₦4.13trillion in the previous year.

The cash-adequacy ratio (CAR) stood at 24.1 per cent, which was well above the 15 per cent benchmark, and the non-performing loans ratio (NPLs) improved to 5.2 per cent from 6.0 per cent in December 2021.

For full details visit:
https://www.dailyrecordng.com/fresh-concerns-as-gtco-loses-n2-57-billion-to-fraud-in-2022-profit-dips/

A prominent Non-Governmental Organization in Nigeria, the Human Rights Writers Association of Nigeria (HURIWA) has tasked cabinet ministers, Directors-General of federal agencies and parastatals, to initiate immediate invitation to the anti-corruption agency of Economic and Financial Crimes Commission (EFCC) to forensically examine their finances as they are winding up the administration of President Muhammadu Buhari as has just been done by the Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari.

HURIWA in a statement signed by its National Coordinator, Comrade Emmanuel Onwubiko, said the action of the top hierarchy of the NNPC by inviting the anti- graft agency to look through their management of public funds will remain an indelible landmark and commendable.

The leading civil Rights Advocacy group also stated that the self-invitation of the EFCC by the NNPC represents a new high and has crossed the threshold of the recommendations made by such global bodies like the World Bank, the International Monetary Fund and the United Nations, to governments all over the World to implement effective mechanisms for the promotion of open government in the management of public resources.

The NNPC had invited the EFCC to probe a report published in some media platforms that the National Oil Company erred in paying “gratuity in billions” to the Chief Executive Officer, Mele Kyari and the Chief Financial Officer, Umar Ajiya.

The EFCC had requested that Kyari avail the company’s Chief Officer (Human Capital) and the Chief Financial Officer for an interview on the same day.

“They will interact with the Commission’s head of Foreign Exchange Malpractices Section on a wide range of issues connected with the alleged payment of gratuities,” the EFCC’s Director of Operations, Abdulkarim Chukkol had said on Tuesday.

“During the interview, the duo is expected to present Certified True Copies of entitlements and retirement benefits of directors and above; evidence of payments of gratuities to the Group Managing Director, Director Accounts or any other director of the company.”

Some online media platforms had claimed the inappropriateness of the disengagement of Kyari and Ajiya from the services of the old NNPC and their subsequent appointment by President Muhammadu Buhari to commence a new tenure as Group CEO and CFO in the new NNPC Limited.

Recall that the NNPCL had clarified the misrepresentation by the publications based on the provisions of Section 59(3), of the Petroleum Industry Act, which nullified previous appointments after the successful transition of the defunct NNPC to the commercially driven National Energy Company, the NNPC Limited.

HURIWA while endorsing the decision two weeks ago by the National Oil Company to institute a legal action against the publication stated that the creation of NNPC limited made clear and unambiguous provisions relating to governance, administration, and the appointment of a Chief Executive Officer, a Chief Financial Officer (CFO) and Board of Directors by the President.

The statement from HURIWA reads in part, “The PIA 2021 is deliberate about the long-term sustainability of the 20 years long petroleum industry reform that climaxed in the creation of NNPC Limited as a commercially driven National Energy Company, with focus on sustainable value creation.

“Pursuant to the provisions of the Act, appointment of the CEO and CFO of NNPC Limited by the President of the Federal Republic of Nigeria is on the basis of distinct terms and conditions of Service including tenure, employment benefits and termination.

“The appointment of CEO and CFO is not a career posting as erroneously presented. Specifically, section 59(3) of the PIA 2021 has clearly stipulated the conditions to be considered in appointing the CEO and CFO of NNPC Limited without recourse to previous employment ranks in the Corporation. The previous rank of GMD or GED F&A was therefore not a consideration in the appointment of the CEO or CFO of NNPC Limited.

“Consequently, by virtue of the appointments of Mallam Mele Kyari and Mr. Umar Ajiya as NNPC Limited Group CEO and CFO respectively by Mr President for a tenure of five years each with effect from 16 September 2021 has ended their employment with the Corporation and are thus entitled to their terminal benefits in respect thereof.”

The Group expressed delight on the public display of transparency by the NNPC, adding that there is need for the Senate President, Senator Ahmed Lawan; and the Speaker of the House of Representatives, Femi Gbajabiamila to hold a special commendation session to celebrate the Mele Kyari-led management on adherence to transparency and accountability especially after the EFCC would have made public its findings.

HURIWA also stated in the statement that it will plead with the outgoing 9th session of the National Assembly to celebrate the management of the NNPC as models of transparency and accountability before the end of their tenure in June 2023.

It recalled that on January 27th, 2005, the International monetary Fund through the Deputy Managing Director, as he then was, had stated there is a nexus between open government, transparency, accountability by government officials to the rapid advancements of human rights and good governance.

HURIWA recalled that the IMF had stated in an official circular that “Transparency ensures that information is available that can be used to measure the authorities’ performance and to guard against any possible misuse of powers.

“In that sense, transparency serves to achieve accountability, which means that authorities can be held responsible for their actions.

“Without transparency and accountability, trust will be lacking between a government and those whom it governs. The result would be social instability and an environment that is less than conducive to economic growth.”


https://www.dailyrecordng.com/huriwa-hails-nnpcs-decision-to-open-its-books-for-efcc-probe/

LandWey Investment Limited, Nigeria’s leading real estate investment company, on Wednesday signed a N20 billion commercial paper approved by the FMDQ Securities Exchange Limited (FMDQ Exchange).

The official signing ceremony, held at the LandWey headquarters in Lagos, was witnessed by company executives and professional partners including Pathway Advisors Limited, STL Trustees Limited, Mega Capital Financial Services Limited, Keystone Bank, Meristem Trustees, FBNQuest and UTL Trustees Management Services Limited, Julius Inofe & Co, The New Practice, and Plethora Advisory Limited.


The N20 billion Commercial Paper will enable LandWey to accelerate the development of its ongoing and future projects, create job opportunities, and contribute to Nigeria’s economic growth.

The CP Issuance follows LandWey’s plans to develop the 50-100 MW Isimi Lagos Solar Farm, a renewable energy project aimed at powering over 70,000 homes and businesses in Lagos while promoting sustainable development and reducing the carbon footprint in Nigeria.

In his opening remarks during the official signing ceremony, Mr. Olawale Ayilara, the company’s Group Chief Executive Officer, who expressed confidence that the commercial paper would be oversubscribed given the firm’s pedigree, said that the programme will enable it move to the next level.

“The successful signing of the 20 billion Naira commercial paper is a significant milestone for LandWey and a show of our determination to achieve sustainable growth.”

Ayilara also highlighted the success of the CP Issuance as a clear demonstration of the strength and acceptance of the LandWey brand, and the trust placed by investors in the company’s leadership, corporate strategy, and innovative solutions.

He said: “We’re very positive about all the projects we are developing, and we’re not just about developing new projects, but also the purpose behind the projects that we launch.”

In her comments, Ms. Shola Bello, Managing Director of LandWey, said that being able to go to the market was important for the company’s expansion plans.

“Today marks the signing of the commercial paper issuance between Landwey and its partners, the trustees. It’s a significant event because it marks the beginning of our expansion,” she said.

“LandWey is a company noted for innovation. We do projects that impact the environment in positive ways. We develop eco-friendly cities, which ensures that our projects are sustainable. We’re confident about the future.”

On his part, Emmanuel Egbumokei, managing director of MegaCapital, expressed his pleasure to be part of the milestone achievement for LandWey.

According to him: “Very few companies maintain standards critical for the future of sustainability, and LandWey has taken a huge step towards the expansion and growth of its sustainability goals.”

In his own remarks during the ceremony, Mr. Adekunle Alade, Managing Director of Pathway Advisors Limited, one of the leading partners, noted that his firm is very excited for the opportunity to be part of Landwey, which he said, maintains very high standards in projects delivery.

“We’ve been part of a number of real estate companies that have raised money in the capital market recently, and we’re very proud to be part of Landwey today. Very few companies maintain the standards that LandWey maintains, and we’re very interested in sustaining developments in terms of real estate projects,” he remarked.

“This is one of the few companies that are very focused on sustaining developments. It is one thing to build real estate. It is another thing to remember that real estate must be sustainable, and the environment must also be put into consideration in terms of designs.

“You will notice that Landwey projects come with a lot of greenery and a lot of trees, which are very critical to the future. A lot of people develop real estate without being mindful of the input on the environment. So, we’re proud to be a part of this company, and we believe that this is a step in the right direction for the growth and expansion of the company.”

LandWey has built a reputation for delivering quality and innovative real estate solutions to Nigerians over the years, as evidenced by its issuance of the ISO 9001:2015 certificate for commitment to standard procedures and quality management. The company’s success in the real estate industry has been attributed to its commitment to excellence, innovation, and customer satisfaction.

L-R: Mr. Adekunle Alade (Pathway Advisors Ltd); Ms. Shola Bello, Managing Director, Landwey Investment Ltd; Mr. Olawale Ayilara, Group Managing Director, Landwey Investment Ltd; Mrs. Funmi Ekundayo, (STL Trustees Limited); Mrs Olufunke Aiyepola (UTL Trustees Management Services Ltd); Mr. Emmanuel Egbumokei (Mega Capital Financial Services Ltd); Mrs. Nike Taiwo, (UTL Trustees Management Services Ltd) Ms. Genevieve Henshaw, (The New Practice (Solicitor) and Mr. Eberechukwu Dike of (Keystone Bank Ltd) at the official signing ceremony of LandWey Investment Limited's N20bn Commercial Paper held at the company's headquarters in Lagos, recently.

The third annual Africa.com Definitive List of Women Chief Executive Officers (CEOs) was revealed on April 19.

Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank Plc and Miriam Chidiebele Olusanya, Managing Director, Guaranty Trust Bank made the top 10 list. Both companies are listed on the Nigerian Exchange Limited (NGX).

The list is unique in that it is based on data-driven research. Sponsored by Standard Bank Group, it represents one of the first analyses of the performance of publicly listed companies in Africa conducted through a gender lens.

This year’s list of 93 women represents 17 countries who have qualified based on either large-scale revenue or large-scale market capitalisation.

BusinessDay check shows the list includes 40 women from South Africa, 12 from Nigeria, and 6 from Egypt, Ghana and Kenya respectively.

Africa.com analysed 2,020 companies listed on the 24 African stock exchanges. Of the 2,020 companies, Africa.com screened for those companies with revenue of $100 million or more, or a market cap of $150 million or more, which yielded a list of 787 companies.

The public websites of all 787 companies were examined to identify female C-suite executives. The team then researched each woman to determine those who have a title of chief executive officer or managing director or president AND conducted a review to confirm that these executives have bottom line, profit and loss responsibility for the companies. This resulted in 40 women CEOs on group 1.

The methodology for group 2 is identical to the methodology for Group 1, except that the entities evaluated were the divisions of the 787 companies, such that the divisions themselves have standalone revenue of $100 million or more.

The women running these divisions must have a title that clearly demonstrates that they are the chief executive with profit and loss responsibility for the division. This analysis yielded 28 women division heads.

Group 3 started with an analysis of global corporations with revenue over $10 billion who have operations in one or more countries on the African continent.

The regional heads of these companies were analysed to identify women executives for an Africa region or an African country, with profit and loss responsibility for the country or region. This analysis yielded 25 women. Women in this group are ranked by prioritizing those who run the Africa region ahead of those who run a single African country.

The three groups make up the final Definitive List of 93 women listed below. The 40 women from Group I are: Natascha Viljoen, CEO, Anglo American Plc, a company listed on Johannesburg Stock Exchange; Nompumelelo Zikalala, CEO, Kumba Iron Ore Ltd, also listed on Johannesburg Stock Exchange. Others are: Mpumi Madisa, CEO, Bidvest Group, a Johannesburg Stock Exchange listed company;
Bertina Engelbrecht, CEO, Clicks Group Ltd, also listed on Johannesburg Stock Exchange.

Also on the top 10 list include Nombasa Tsengwa, CEO, Exxaro Resources, listed on the
Johannesburg Stock Exchange; Albertinah Kekana, CEO, Royal Bafokeng Holdings, listed on the Johannesburg Stock Exchange; Jane Karuku, Group Managing Director & CEO, East African Breweries, listed on Nairobi Stock Exchange; Ntombi Felicia Msiza, CEO, Raubex Group Ltd, listed on the Johannesburg Stock Exchange,

Africa.com is a media holding company with an extensive array of platforms that reach a global audience interested in African content and community.

https://www.dailyrecordng.com/onyeali-ikpe-olusanya-make-top-10-on-2023-definitive-list-of-women-ceos/

Ahead of Nigeria’s anticipated political transition, with president-elect Bola Tinubu’s inauguration scheduled for 29 May, speculation is mounting over the fate of Polaris Bank Limited, as the incoming helmsman, is said to be gearing up to reverse its ‘controversial sale.

Recall that Polaris Bank was nationalised in September 2018 after AMCON bought its debts. It was known as Skye Bank until the takeover.

Skye Bank had been a product of two mergers and six legacy banks. National Bank and Prudent Bank had first merged during the first banking reform in 1998, when banks’ share capital was raised from N200 million to N500 million.

In 2005, following the consolidation exercise which raised the capital base to N25 billion, National Bank merged with four other banks: Bond Bank Limited, EIB International Bank Plc and Eko International Bank owned by the Lagos State government, Reliance Bank Limited and Co-operative Bank Plc. to form Skye Bank Plc.

Tunde Ayeni, who is said to have had strong interest in the emergent bank, had founded Bond Bank, one of the merging banks in 2000, and by 2010, he had emerged as chairman of Skye Bank board.

The initial years of Ayeni at the helm brought good fortunes to the bank, which was largely the banker of the Lagos State government. But things began to go downhill in 2014 when the bank’s profit before tax plunged to N10.5 billion, and its profit after tax dipped to N9.7 billion as against N18.5 billion reported in 2013.

Things were to go from bad to worse. Year 2014 was to be the last year the bank would release its annual report. By June 2015, the bank had made a loss N40 billion and its capital adequacy had plunged to about 10 per cent, far below acceptable standard of 16 per cent for Systemically Important Banks (SIB) of which Skye was one.

And by December 2015, it had lost over 55 per cent of its share value (from N3.58 in June 2014 to N1.58 in Dec 2015). Its liquidity ratio had gone down to 8 per cent as opposed to minimum regulatory requirement of 30 per cent. Its’ Loan to Deposit Ratio was at 98 per cent, against recommend ratio of 80 percent.

Skye was on a free fall. So bad were the results that it could not file its audited report for 2015. In March 2016, it had sought a 4-week extension to file the report, but it never did. And throughout the year, the market became increasingly distressed. Analyst issued sell recommendations.

The implementation of Treasury Single Account (TSA) delivered another heavy nail on the bank’s coffin. The bank had been heavily dependent on public sector funds. It lost estimated N125 billion to TSA.

Having seen enough, the CBN, in June 2016, wielded the hammer. It sacked the board and took control of the bank’s management. It subsequently named a new board with Muhammad Ahmad as the new chairman and Adetokunbo Abiru as new group managing director, to take over from Timothy Oguntayo.

Abiru, a Tinubu’s loyalist, sources say, was drafted to oversee the bank to protect the president-elect’s interest.

Ayeni, along with Timothy Oguntayo, the bank’s former group managing director (GMD), were subsequently arraigned before Justice Valentine Ashi of the Federal Capital Territory High Court, Apo, by the Economic and Financial Crimes Commission (EFCC), on a four-count charge relating to criminal breach of trust to the tune of N4.6 billion, but the case appeared to have stalled.

And on September 21, 2018, the CBN finally took the decision to revoke the license of Skye Bank. It created a bridge bank to take over its assets and liabilities. That bridge bank became Polaris Bank.

Abiru, however, retired from the bank in August 2020 to pursue his senatorial ambition in a bid to replace Bayo Osinowo, the former lawmaker representing Lagos East Senatorial District who died after a brief illness in June 2020.

On his exit, Abiru was said to have convinced the president-elect to allow Innocent C. Ike, the then executive director, Technology & Services of the bank, believed to be his loyalist to oversee the operations of the bank with the promise that his interest would be protected.


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Abia LG commissioner in trouble over missing N1.160 billion

A group, Concerned Abia Youths (CAY), has raised the alarm and called for probe of Prince Christopher Enweremadu, the Abia State Commissioner for Local Government and Chieftaincy Affairs, alongside the cashiers and permanent secretaries in three local government areas of Abia State over alleged diversion of N1.160 billion funds meant for the development of infrastructures in the LGAs.

The group, in a statement signed by its president, Comrade Martins Ochioha, and made available to newsmen in Umuahia on Friday, said that the affected local governments are Umuahia North and South, and Isuikwuato

The group alleged that a total of N480 million and N680 million were “moved from the Joint Account Allocation Committee (JAAC) to Joint Projects Accounts (JPAs) in January and February respectively. It said the monies were thereafter moved from the Joints Projects Accounts between the local governments and the Ministry of Local Government and Chieftaincy Affairs without proper accounts and due management procedures.

CAY said that the missing unaccounted monies must be accounted for by those fingered in the alleged diversion.

The group further called on the state government and the anti-graft agencies to investigate the whereabouts of the missing funds.

According to the statement: “We draw your attention to the unprecedented diversion of N1.160 billion Abia State funds meant for the developments of three local government areas of the state.

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https://www.dailyrecordng.com/abia-lg-commissioner-in-trouble-over-missing-n1-160-billion/

Contractor Files Lawsuit Against Mike Adenuga’s Conoil Company Over $775,000 Debt

A contracting firm, Eastline Energy Resources Limited says it has begun the process of filing an exhaustive and comprehensive lawsuit against Conoil, an oil and gas conglomerate owned by Nigerian billionaire, Mike Adenuga over its alleged failure to pay its debt.

Obioma Chimechefulem, Managing Director of the firm disclosed this in a statement on Thursday.

Obioma described the executives of the Adenuga-owned conglomerate as deriving sadistic pleasure from reneging on payments, and the firm of failing to properly maintain multi-million-dollar platforms, in short becoming a rudderless shadow of its former self.

He said he was aware of potential purchase of Chevron’s interest in OML 86/88 managed by Conoil but advised that the international company should do due diligence on Conoil before completion.

The businessman said Eastline is owed the sum of $774,789.00 for works carried out on behalf of Conoil and for which payment, even after repeated pleas, has still not been made.

The statement read, “We use this letter to formally serve notice to Chevron Nigeria Limited (CNL) that Eastline Energy Resources Limited has begun the process of filing an exhaustive and comprehensive lawsuit, by both our local and international counsel, against Conoil Producing Limited and its affiliated and subsidiaries; Conpurex Limited, Continental Oil & Gas Limited, & Belbop Nigeria Limited.

Over the last few years, Eastline has been a contractor of choice to Conoil. We have industry leading skill sets and competence in the areas of surface well testing, brine filtration, well completion, flow back, and early production services amongst many others.

“We have worked dutifully and diligently for Conoil at its OML 59 & OML 150 (PSC) assets. The work we have done for Conoil has been satisfactorily accepted. Unfortunately, the name Conoil is now synonymous in the Nigerian oil & gas industry with an abhorrent refusal to pay contractors, a company perpetually mired in litigation, poor management, business malpractice, an abysmal H E record, and high staff turnover due to maltreatment that borders on indentured servitude. It can be said that Conoil’s debt profile has to be one of the highest in Nigeria for an indigenous oil company.

“Eastline is categorically owed the sum of $774,789.00 (Seven Hundred and Seventy-Four Thousand, Seven Hundred and Eighty-Nine US Dollars only) for works carried out on behalf of Conoil & for which payment, even after repeated pleas, has still not been made. We have suffered immeasurably working for Conoil to the point where our equipment was seized by another contractor in order to force Conoil to pay them. The loss we incurred from not having this high-quality equipment has been significant and even with that, we simply want to be paid for what we are rightfully owed.


https://www.dailyrecordng.com/contractor-files-lawsuit-against-mike-adenugas-conoil-company-over-775000-debt/

Crisis Rocks FIRS As Officials Revolt Over Incessant Promotional Exams

Over five hundred employees of the Federal Inland Revenue Service (FIRS) have rebelled against the management and are refusing to write promotional examinations after the tests got delayed for over four hours.

Truetells Nigeria reports that the promotional exam has been a subject of controversy prior to today due to the cancellation of two previously written exams stemming from allegations of malpractice.

The exams, slated for 8:00 a.m. at the Public Service Institute of Nigeria, did not commence as of 12:45 p.m., when the president of the FIRS Unit of Association of Senior Civil Servants of Nigeria (ASCSN), Lekwot Thomas Friday, arrived the centre and instructed all staff to go home.

Excited screams greeted Mr Friday’s directive from the staff, who had become frustrated after waiting for hours to take the tests that would advance them to the next rung of the civil service ladder.

Two staff members lost consciousness as they waited for the exams to start and were taken to a health facility. One staff member had passed out unexpectedly, and the other experienced an asthma attack.

Some of the staff who spoke with The Gazette during today’s protests expressed their discontentment with the management’s handling of the situation.

When asked to elaborate on the reasons for asking staff members to go home, Mr Thomas declined to comment on the matter. He said it was an internal issue that would be addressed within the FIRS.

“The exams are about to start,” FIRS spokesman Johannes Wojuola told The Gazette. “People have returned to take it.”
The controversial tests come as hundreds of staff members are raising charges of rights violations against the management, led by chairman Muhammad Nami.

The employees said the management failed to approve promotions after they sat two previous exams over the past year, fuelling speculation that available positions might already have been dubiously given to unqualified personnel.

The management, however, said personnel were massively promoted as recently as 2020, noting that the current promotional exercise was planned to ensure that more qualified officials take charge of tax administration in the country.

Officials said the management had assured them that promotions will be approved at the conclusion of today’s examinations, with additional safeguards already put in place to guarantee the integrity of the exercise.
The FIRS is the country’s largest revenue generator, bridging the gap between the formal and informal sectors to raise enough funds to maintain the country’s public service and critical infrastructure obligations.

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