The Lagos State Government has promised to pay the new minimum wage to all tertiary institutions in the state with effect from October.
Some unions in the tertiary institutions had staged protests on Monday.
All the executive of the unions met with the Lagos State Government Tuesday.
A statement by the Special Adviser to the Lagos State Governor on Education, Tokunbo Wahab, said Governor Babajide Sanwo-Olu had pledged to commence payment of the new minimum wage/consequential adjustments to the tertiary institution workers.
“Following a meeting of relevant stakeholders on the agitations for the implementation of the new minimum wage held on Tuesday 15, 2020, it is hereby notified that Governor Babajide Sanwo-Olu has affirmed the state government’s commitment to paying the new minimum wage/consequential adjustments to all staff of all state-owned tertiary institutions with effect from October, 2020.
“Government therefore expects that normalcy is sustained as we collectively strive to ensure a guaranteed future for our students and the institutions,” the statement read in part.
Hundreds of Indigenes of Ifitedunu Community in Dunukofia local government area of Anambra State on Friday protested alleged abuse of office by their President- General, Mr Uche Oragwuncha.
The protesters, converged on the Government House, Awka, with placards, with various inscriptions.
In their letter, which was presented to Governor Willie Obiano by their representative, Engr Uchechukwu Ogoemeka, declared total support for the state government effort in the fight against the dreaded pandemic, security and unemployment in the state.
They alleged in their statement that, “the President-General, has been collecting COVID-19 levy of N5,000 on all taxable adults in the Community in the name of, we are State Government taskforce.
He also imposed unauthorized burial levy of N1,000 on every bereaved family in the community.
“Our PG had also mismanaged state government Covid-19 palliatives to the community.
He has also created rancour and division among the peace-loving people of Ifitedunu by unnecessarily pitching them against one another.”
“We request the state governor to call the PG to order to avoid a breakdown of law and order in the area.”
The Commissioner for Local Government, Chieftaincy and Community Affairs, Mr Greg Obi, who received the protesters, represented by Henry Nwasike, urged them to maintain the peace, assuring that the state government will look into their demands.
Tribune Online gathered that for some time now, the community had been embroiled in bitter personality clash over who leads the community.
When contacted the President General, via telephone text message, he said he didn’t have anything to say about the matter.
The Federal Government is yet to receive the Russian vaccine for COVID-19 pandemic, Minister of State for Health Dr. Adeleke Mamora announced on Thursday.
He stated that all the Ministry of Health got was a memoir, which is simply a diplomatic document informing Nigeria of what Russia is working on.
He further stated that the Russian vaccine is still in the third phase of a clinical trial, and will still be evaluated for safety and efficacy by the National Agency for Food and Drug Administration and Control (NAFDAC) and the National Institute for Pharmaceutical Research and Development (NIPRD), before being consumed by Nigerians.
Mamora made this known during the briefing of the Presidential Task Force on COVID-19 in Abuja.
He said: “The Federal Government has reiterated that the country has not received the Russian vaccine yet; only a memoir was communicated by the Russian Ambassador to Nigeria. It stated that the vaccine is not ready for use yet, as it is still in the third stage of trials.
“Some of you must have heard some days ago that the Russians supplied us with some vaccines, this is absolutely false. The Russian Ambassador to Nigeria visited in the company of the deputy head of mission, and all they did was to just bring a memoir – which is a kind of diplomatic communication to let us know that they are working on the vaccine and it is still in the third phase of the clinical trial.
“The third phase is the last phase where you will now have thousands volunteer being administered with the vaccine. That does not end the process; they still have to be followed up for about a year to see whether complications or side effects will manifest.
“So, at this point in time, that vaccine is yet to get to that stage, talk less of being released even in Russia. Even when the vaccine is ready at all, it will still be subjected to our own processes here. That is why we have NAFDAC and NIPRD.”
Guaranty Trust Bank (GTBank) is more optimal in using its workforce to generate higher profit than peers, an analysis by TheCable has shown.
The analysis showed that GTBank is not only big by market value, but it is also utilising its investment in human capital optimally for profit.
The profit-per-employee ratio is a productivity indicator that measures how well a company creates wealth by converting talents in the organisation into value, and this gives an insight into how efficient the company runs its businesses since employees form an integral part of the organisation.
Profit-per-employee is calculated as a company’s total profit divided by its current number of employees, and the ratio is best used to assess companies in the same industry.
The higher the ratio, the better for the company as it translates to greater productivity and efficiency.
GTBank, the largest lender by market capitalisation, led other banks in the country with a profit per employee ratio of N66.03 million. This means that the bank realised an average of N66.03 million from each of its employees in 2019.
Specifically, the bank generated a pre-tax profit of N231.70 billion in 2019, the second-biggest profit in the nation’s banking industry, with only 3,509 employees, the lowest number of employees among all the four tier-one banks considered.
Zenith Bank came second with a profit per employee ratio of 40.67 million. The bank’s pre-tax profit stood at N243.29 billion last year, the largest in the banking sector.
When this is compared to its 5,982 employees, the company made an average profit of N40.67 million from each of its employees. This shows the bank wisely utilized its human resources.
Stanbic IBTC Bank is the first mid-tier bank to feature in this ranking having recorded a profit per employee ratio of N30.96 million. The bank had N90.92 billion as profit in 2019 when this figure is divided by the bank’s 2,936 employees, each staff’s return would translate to N30.96 million for the bank.
Access Bank dropped to the fourth position from the third position it earlier occupied using the 2018 results. For the 5,870 employees that worked with the tier-one bank in 2019, each of them was able to return on average N19.65 million to the bank, with the bank’s pre-tax profit standing at N115.37 billion in 2019.
Despite Union Bank‘s N24,844 billion as profit in 2019, it made the list of top banks with the most productive employees. When this figure is divided by the bank’s 2,362 employees, each staff’s return would translate to N10.51 million in 2019.
Fidelity Bank recorded N30.35 billion profit before tax in 2019, the bank was able to do more with 2,908 workforce population, thereby achieving a profit per employee ratio of N10.43 million in 2019.
TheCable compiled the number of employees and profit before tax of Nigerian banks using the 2019 full-year result released.
Out of 13 commercial banks actively trading on the nation’s bourse, employee details are not contained in the results of two — First Bank of Nigeria Holdings and Ecobank Transnational Incorporated.
The society group, Joint Action Front (JAF), in conjunction with hundreds of other organisations, has started a national mobilization, asking Nigerians to prepare for mass actions against the recent fuel price hike and increase in electricity tariff.
The group has fixed Wednesday September 16th for the commencement of the mass actions to demand the “immediate and unconditional reversal of the hike in petrol price from the N160 to the N86.50.”
Chairperson of JAF, Dr. Dipo Fashina, and Secretary of JAF, Comrade Abiodun Aremu, stated this in a briefing on the outcome of the national consultation with civil society organisations and some trade unions.
This is just as hundreds of protesters took to the streets of Lagos on Thursday to demand the reversal of the fuel price hike and electricity tariff.
However, the protest staged by the Socialist Party of Nigeria (SPN), was disrupted by security agencies which also arrested some of the protesters, including journalists fueling condemnation from the International Press Centre (IPC).
Aremu, who briefed the press on the proposed mass actions, described the latest increase in fuel price from N150 to N162 as “wicked”.
“We, thereby, condemn and reject the latest wicked increases in prices of fuel, electricity tariffs and value added tax (VAT), and contended that it is a product of the capitalist neoliberal policies of Privatisation and Deregulation,” he said.
They called on the “Nigerian working people, the oppressed poor masses, students, traders, professionals, women, unemployed youth, farmers, artisans, Muslims, Christians and faith based organisations to prepare to use mass actions to reject, resist and defeat the latest imposition of hardships by the deceptive and anti-poor people Buhari regime on Nigerians, which if not resisted and defeated, would compound the miserable existence of the vast majority of Nigerians, who are still groaning with the attacks of the coronavirus pandemic.
“The meeting urged Nigerians across the country to hold mass meetings and sensitisation rallies to reject the latest hikes and to struggle to defeat it, preparatory to the commencement of mass actions, which we agreed should commence Wednesday, September 16, 2020,” he said.
Deputy Chairperson of JAF, Comrade Achike Jude, in a chat with our correspondent, said: “This government came to power on the back of the promises they made to people to right all the wrongs of the previous administration.
“We cannot continue to provide excuses for their monumental failure.
“The unfortunate thing is that government officials, who are enjoying all the privileges and appurtenances of office, would come on air to tell us how expensive petroleum products are in other parts of West Africa.
“Nigeria is Nigeria, an independent nation that produces crude oil, sends it out of the country, and brings it back to sell to citizens at prices they cannot afford.
“The implication is that already the inflation rate has been exceedingly very high and Nigerians cannot afford it.
“The minimum wage of N30,000 which is a scandal that you promised Nigerian workers, they are not getting it.
“Even if they get it, they still cannot do anything meaningful with it if you have a family of three.
“How can a government who knows that about 110m of its citizens are operating on less than two dollars a day, impose this kind of hardship on the Nigerian people?
“Is it because those that are in government are so privileged that they are outside the suffering of the Nigerian people and they do not face the realities that Nigerians face every single day.
“This is a clarion call to Nigerians who are being marginalized and oppressed in their own country.”
Earlier in the day, the protest against fuel price hike in parts of Lagos was disrupted by security agents.
Daily Trust reports that the protest organised by the SPN started from Yaba with protesters marching towards Surulere and Ojuelegba.
But the protesters met stiff resistance from the Police and officers of the Department of State Security (DSS) who allegedly arrested some of them including journalists covering the protest.
A member of the SPN who was part of the protest said about 30 security vehicles were mobilised at Yaba to disperse the protesters.
As of the time of filing this report, the arrested protesters were still in custody of the police.
Management of Edo Modular Refinery and Petrochemicals Limited has said the project will begin operation this month.
Head of Quality, Health and Safety/Community Relations Segun Okeni spoke yesterday during an inspection tour to the site at Ologbo, Ikpoba-okha Local Government, by House of Assembly members.
Okeni said Edo Refinery could refine 60,000 barrels per day (bpd) of crude in future.
He said the first phase of the project would target 1,000 bpd; 6,000 bpd for the second phase, and 60,000 in the long run.
He explained the refinery would target production of four products – 55 per cent diesel; 38 per cent fuel oil; 10 per cent Naptha and gas to power the plant.
Okeni said crude would be sourced from Nigeria Petroleum Development Company (NPDC) facility, a few kilometres away from the refinery.
“In the long run, we will need another set of equipment for us to produce Premium Motor Spirit (PMS). The Naptha is equivalent to petrol; it just needs to be upgraded to petrol. The state would earn foreign exchange from Naptha that would be exported…”
Speaker Francis Okiye praised the government for the investment, saying it would benefit Edo people.
The Attorney-General of the Federation, Abubakar Malami (SAN), says he will be glad to testify before the Justice Ayo Salami-led Presidential panel if he is summoned.
He said this during an interview on Arise TV on Wednesday which was monitored by our correspondent.
Malami, who is also the Minister of Justice, was reacting to a letter by the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, calling on Salami to summon the AGF.
The AGF said he had nothing to hide and would not hesitate to give the Salami-led panel the full cooperation if need be.
Responding to a question, Malami said, “So, if indeed the Ayo Salami panel invites Abubakar Malami as a person or the AGF in the person of Abubakar Malami for any testimony, for any clarification, for examination or cross-examination for that matter, Abubakar Malami will wholeheartedly, gladly within the spirit and context of the rule of law be there to testify, be there to be cross-examined, be there to be examined within the context of the rule of law.
“Our position as a government is to be submissive to the rule of law and the rule of law component of it requires that when we are called upon to clarify issues, when we are called upon to be examined, when we are called upon to be cross-examined, Abubakar Malami will be there and will gladly cooperate with the inquiry institution and that indeed was an attribute of the government that translated to the victory we are seeing today arising from P&ID.
“Abubakar Malami has along the line, within the chain of the arbitral process, submitted to uncountable invitations, responded to uncountable requests for clarification of issues and indeed executed uncountable witness statements for the purpose of putting the record straight and the case of Salami will certainly not be an exception.”
Magu, who is being investigated based on a petition from the AGF, had on Monday written a letter to the Salami-led panel through his lawyer, Wahab Shittu, calling on the panel to summon the AGF.
Shittu, who cited Section 36(a), (b), (c) and (d) of the Nigerian Constitution, added, “Based on the foregoing, we humbly request that the Honourable Attorney General, who is the main accuser in these proceedings, be graciously invited to give evidence in connection with the subject matter of this inquiry with specific reference to our client in the interest of fair hearing.
“We believe this request ought to be resolved before our client is called upon to enter his defence in these proceedings.”
President Muhammadu Buhari has again asked ministers to channel their requests to meet him through his chief of staff.
Buhari gave the directive while speaking at the first-year ministerial performance review retreat of his administration, in Abuja on Tuesday.
He said matters related to the federal executive council should be handled by the secretary to the government of the federation.
“Let me also reiterate that all submissions for my attention or meeting requests should be channelled through the chief of staff,” he said.
“While all federal Executive council matters should be coordinated through the secretary to the government of the federation.”
This is the second time that the president would give such directive to ministers.
The first time was in 2019 when the president asked them to submit such requests through Abba Kyari, his late chief of staff.
But the instruction at the time triggered different reactions, with some critics of the Buhari administration saying the president had handed over to Kyari.
Ibrahim Gambari is currently the chief of staff to the president.
After Five Months, Police Charge Kogi Commissioner For Raping, Brutalising Lady Over Facebook Post
This is coming five months after the event took place and three months after the commissioner was first invited for questioning by the police.
Nigeria Police Force has charged to court Mr Abdulmumuni Danga, Kogi State Commissioner for Water Resources, for assaulting and raping a lady named Elizabeth over a Facebook post.
This is coming five months after the event took place and three months after the commissioner was first invited for questioning by the police.
Danga was charged on a seven-count charge including rape to brutality, coercion and torture.
He is charged alongside one Success Omadivi and they are to be arraigned at the High Court of the Federal Capital Territory, Abuja Judicial Division.
Recall that SaharaReporters had published that Danga was invited for questioning on June 2, 2020 at the office of the Deputy Commissioner of Police, Gender Unit, Force Intelligence Bureau, FCID, Abuja and was released after pressure from Governor Yahaya Bello.
In the charge sheet signed by ACP Effiong Asuquo, Esq, Prosecuting Counsel for the police, the case will be prosecuted by the police on behalf of the Federal Government of Nigeria.
He was also charged for falsifying documents and threatening medical officer to forge test result.
In count one of the charges, Danga was accused of having carnal knowledge of Elizabeth Onyeniyi without her consent; and thereby committed an offence contrary to section 1 of the Violence Against Persons (Prohibition) Act, 2015.
In count two of the charges, the police said Danga with other persons now at large; in Lokoja willfully inflicted physical injury on Elizabeth by flogging her with electric cable wire.
Other charges reads, “That you ABDULMUMUNI DANGA, SUCCESS OMADIVI 'F' with other persons now at large; on or about the 29th day of March, 2020 at Lokoja; within the jurisdiction of this Honourable Court, did coerce one Elizabeth Oyeniyi to kneel down by torturing her; and thereby committed an offence contrary to section 3 Of the Violence Against Persons (Prohibition) Act, 2015.
“That you ABDULMUMUNI DANGA, SUCCESS OMADIVI 'F' With other persons now at large; on or about the 29th day of March, 2020 at Lokoja; within the jurisdiction of this Honourable Court did create or falsify a Facebook chat purporting same to be a chat between Elizabeth Onyeniyi 'F' and unknown person where Elizabeth Oyeniyi 'F' confirmed that she was not raped; and there was no test done at the hospital because the doctor was scared to issue report so that she will not lose her job; and thereby committed an offence contrary to section 7 of the Violence Against Persons (Prohibition) Act, 2015.
“That you ABDULMUMI_JNI DANGA 'M' with other persons now at large; on or about the 29th day of March, 2020 at Lokoja; within the jurisdiction of this Honourable Court did falsify an audio recording purporting same to be the audio of Dr. Chinonyerem Welle, Medical Director, Police Hospital, Area 1, Garki, Abuja saying that she issued medical report for the rape and assault of Elizabeth Onyeniyi 'F' unlawfully; and thereby committed an offence contrary to section 7 of the Violence Against Persons (Prohibition) Act, 2015.
“That you ABDULMUMUNI DANGA 'M', SUCCESS OMADIVI 'F' with other persons now at large; on or about the 29th day of March, 2020 at Lokoja; within the jurisdiction of this Honourable Court did falsify an audio recording purporting same to be a lady talking to another female saying that Elizabeth Onyeniyi 'F' confessed to her that she was not raped by the Defendant, ABDULMUMIJNI DANGA 'M' but that it was Natasha that asked her to say she was raped; and thereby committed an offence contrary to section 7 Of the Violence Against Persons (Prohibition) Act, 2015.
“That you ABDULMUMUNI DANGA 'M' with other persons now at large; on or about the 29th day of March, 2020 at Lokoja; within the jurisdiction of this Honourable Court did falsify an audio recording purporting same to be the audio of Dr. Chinonyerem Welle, Medical Director, Police Hospital, Area 1, Garki, Abuja saying that she issued medical report for the rape and assault of Elizabeth Onyeniyi 'F' unlawfully; and thereby committed an offence contrary to section 7 of the Violence Against Persons (Prohibition) Act, 2015.”
The victim had in a posted on her Facebook wall urged the commissioner to assist his kid sister and other members of his family financially.
Speaking with SaharaReporters, Elizabeth said she decided to make the Facebook post following series of complaints by the commissioner’s sister to her.
The post did not go down well with the commissioner, who hired thugs to seize Elizabeth from her home in Lokoja with her three-year-old son.
“On getting there, they flogged me. He flogged us himself, stripped me naked and made a video of me threatening to post it when next I make any public comment about it,” she said.
Narrating how the commissioner raped her, she said Danga held her captive and took her to a hotel at night where he forcefully had sex with her.
She expressed fear for her life, revealing that she and her family members were receiving threats from loyalists and thugs of the commissioner.
The media space has been set abuzz following the surfacing of a video showing an Islamic cleric by the name Adam Albani vituperating the President Muhammadu Buhari led government for gross incompetence and the hardship it has caused the generality of Nigerians in recent memory.
The viral video, which was posted by SaharaReporters, shows the cleric passionately excoriating the government over its failure to make good on it’s responsibilities to the Nigerian citizenry.
In the video, the cleric labeled the president as ‘incompetent’ and demanded his immediate resignation in view of the President’s call for former President, Dr. Goodluck Jonathan to resign when the country was mired in a quagmire of insecurity during the latter’s presidency.
He said: “Was it not you who told Jonathan to resign because there was insecurity in the land? Will you also not resign because of your incompetence”?
“What is our benefit as citizens? No peace, no unity. The state you are from, they are cursing you.
They are saying may Allah curse you because you are useless in their eyes”.
“What is the benefit of your presidency or that you are commander-in-chief of the armed forces? May your kind be purged from the land”
“What sort of situation is this? If we talk we are arrested and detained. Anyone who attempts it, may he be cursed.
“To be honest, no one can save us from this mess if not Allah. The president is incompetent. The governors are incompetent. The lawmakers have failed. Making fake laws and deceiving the people and stealing from them”.
The cleric, who spoke in his native Hausa, towards the end of his verbal tirade switched to English when he questioned, “What kind of leadership do we have in Nigeria”?
EXCLUSIVE: Nigeria's Minister Of Education, Adamu, Flown To Germany Over Undisclosed Medical Condition
Minister of Education in Nigeria, Adamu Adamu, is currently in a hospital in Berlin, Germany, treating an undisclosed ailment, SaharaReporters has reliably gathered.
Findings revealed that the latest trip was the third time Adamu would be flown to Germany within this period of Coronavirus outbreak for medical attention.
The minister is said to be having kidney problem and undergoing a procedure but it was not totally clear at the time of this report what particular ailment he was being treated for in the European country.
Minister of Education, Mallam Adamu Adamu In the absence of Adamu, who is expected back in the country soon, a lot of key issues in the education sector had stalled.
His absence is said to have slowed down critical strategy in the reopening of schools and also escalated the recent crisis that rocked the University of Lagos where the Vice Chancellor, Prof Oluwatoyin Ogundipe, and Pro-Chancellor, Dr Wale Babalakin, were removed to allow for a thorough investigation into misappropriation of the institution's funds.
"It is the third time that the minister has been flown to Germany on suspected health grounds within this Coronavirus pandemic period.
"On one of those occasions, I heard he used a private jet belonging to a former Pro-Chancellor of a federal university in the country.
"The minister is currently in a hospital in Berlin, Germany, undergoing a procedure, but they are hiding the information especially the purpose of his frequent trip there in recent times.
"His absence has affected a lot of things in the education sector. He has not been able to attend to all the key issue on the ground especially as discussions on the full reopening of schools gathers pace," a government source said.
Adamu is one of the closest ministers to President Muhammadu Buhari and in fact said to be a member of his inner caucus.
In August, SaharaRepoters revealed how Mamman Daura, a nephew and close confidant of President Buhari was flown to the United Kingdom for urgent medical treatment over an undisclosed ailment.
The 80-year-old former journalist was said to have been flown in a private jet to the UK after exhibiting respiratory difficulties with symptoms similar to Coronavirus.
Daura, who was designated as father of the day during last Friday's wedding of President Buhari's daughter, Hanan, was absent at the occasion, pointing to the fact that he may not have returned back to the country from medical treatment in the UK.
In April, late Chief of Staff to President Buhari, Abba Kyari, died from Coronavirus complications after not being able to be flown abroad for treatment following the closure of international airspace by many countries in a bid to curb the spread of the virus.
A key member of the Buhari's administration, his demise at First Cardiology Consultants in Lagos sent panic across Nigeria's seat of power, forcing drastic safety measures to be adopted to protect the President, who has himself battled an undisclosed ailment and had visited UK several times in recent years for medical attention.
Electricity Distribution Companies, DISCOs, have petitioned the Bureau of Public Enterprises, BPE, seeking to return the privatized power assets to government over what they considered as undue interference in their operations.
Investigations by Vanguard, yesterday, indicated that their action was propelled by recent developments, especially the planned forensic audit of the operations of DISCOs and the directive of the Central Bank of Nigeria, CBN, that banks should commence collection of tariff, targeted at enabling them recover huge loans granted them to buy the assets.
The Director, Research and Advocacy, ANED, Mr. Sunday Oduntan, could not be reached, yesterday, for comments.
But the managing director of one of theDISCOs, who pleaded anonymity, said: “I am aware that the DISCOs have reported the situation to BPE. Many people and institutions have not been fair to the DISCOs.
“The privatization of the assets was based on an agreement to be kept by the DISCOs and the government, which still has 40 per cent interest in the companies.
“In looking into our operations, the first thing should be to find out the content or details of that agreement. The next thing should to look at the steps taken by all parties to comply.
“As far as we are concerned, the DISCOs have done a lot to comply with the terms of the agreement because without such compliance, the privatization would not work.
“It is not fair for some authorities to start talking about forensic audit and using alternative options to collect the tariff, which is the major obligation of the DISCOs.
“We have reviewed these and other issues severally among ourselves. We have also made our position known to relevant government agencies, including BPE and the Nigerian Electricity Regulatory Commission, NERC.”
No word from DISCOs on pull-out, says BPE boss
In his reaction, the Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, said that his organisation has not received any communication from the DISCOs to the effect that they want to relinquish the distribution companies.
His words: “We are not in receipt of any such communication from any DISCO.
“There have been efforts towards transparency in the collection of revenue in the sector which was why the CBN gave the directive to banks on the collection of electricity revenue.
“There are discussions between the DISCOs and relevant stakeholders and these discussions have been constructive.”
However, briefing reporters after the weekly Federal Executive Council (FEC) meeting in the State House recently, the Minister of Power, Mr. Saleh Mamman, had said whereas Nigeria currently generates 13,000 megawatts of electricity, it transmits 7,000 to DISCOs, while the distribution companies could only distribute 3,000 megawatts to end-users.
According to him, DISCOs have continued to demonstrate a show of incapacity, inefficiency and dishonesty in the distribution of power to consumers, despite the huge investments made into the sector by the federal government since the privatisation of the power sector in 2013.
DISCOS have failed, says NECAN
In a telephone interview with Vanguard yesterday, Secretary-General, Network for Electricity Consumers Advocacy of Nigeria, NECAN, Mr. Uket Ogbonga, said: “We have been reliably informed that the DISCOs have declared their readiness to hand over power assets back to government, alleging that government has failed to keep its own part of the agreement.
“As far as we are concerned, this may compel the government to back-pedal on recent actions, especially the forensic audit, which was recommended by Governor Nasir El- Rufai-led Committee and the CBN directive, urging banks to take over tariff collection in order to recover loans extended to the DISCOs.
“The government, which holds 40 per cent in the privatised companies, should not withdraw for some reasons. Nigerians need to know the true state of affairs in the DISCOs. We need to know the number of consumers each DISCO controls. We need to know the amount they generate as tariff monthly. We need to know how these monies are deployed.”
The secretary, who noted that the DISCOs had earlier threatened to go to court before taking the BPE option, said: “The DISCOs have failed to live up to the expectation of the public since privatisation. The banks should go ahead to collect the tariff. It is in the best interest of the nation.”
Power outage
Investigation by Vanguard weekend showed that some parts of Lagos, especially the suburbs, did not have supply throughout the weekend.
The management of Ikeja DISCO could not react officially yesterday, but an informed source in the company, said: “Under the current arrangement, all customers would not have access to the same hours of power. We extend more hours of service to customers who have the capacity to pay more than others.”
CSO cautions FG on policies that can hurt economy
Reacting to the alleged decision of DISCO to pull out from the power sector following government’s policies, the Convener, Concerned Nigerians Group, CN, Deji Adeyanju, Sunday, cautioned the Federal Government on policies that might hit the economy badly.
Adeyanju said: “The approach of the government is not well thought out. If you look at it people have invested billions in these DISCOs, and government should not do anything that would make people pull out from the country because our economy is so badly hit. Whatever policies government policies show to these investors it will determine how market forces will react.”
Top Nigerian bank executives will earn a total of N2.3 billion in interim dividend for the half year ended June 30, according to an analysis done by TheCable.
Despite the impact of the pandemic and regulatory squeeze which has seen the earnings of banks come under pressure, tier-1 banks in the country have continued to build a robust buffer since the last cyclical downturn.
This has put them in a better position to absorb asset quality shocks and sustain the age-long tradition of dividend payment to shareholders.
Leading the pack is Jim Ovia, chairman of Zenith Bank, who will earn N1.52 billion in interim dividend as the largest shareholder in Nigeria’s most profitable bank as at June 30.
This follows the final approval of interim dividend in N9.4 billion at N0.30 per share
Ovia holds total outstanding shares of 5.07 billion as at June 30 — 3.54 billion units directly and 1.52 billion units indirectly for institutional investors Ltd, Lurot Burca Ltd, Jovis Nigeria Ltd, Veritas Registrars Ltd, and Quantum Zenith Securities Ltd.
Herbert Wigwe, Access Bank’s CEO, will earn N379 million in interim dividend following the final approval of 25 kobo interim dividend to the shareholders of the bank whose names appear in the register of members as at close of business September 17, 2020.
Wigwe has total outstanding shares of 1.517 billion units with 201,231,713 held directly, while 1,316,619,015 are held indirectly.
A breakdown of the indirect holding shows United Alliance Company of Nig. Ltd has 537,734,218; Trust and Capital Limited 584,056,979; and Coronation Trustees Tengen Mauritius 194,827,818
The chairman United Bank for Africa (UBA) plc, Tony Elumelu, is also set to earn N391 million in interim dividend as the largest shareholder.
The interim dividend of N0.17 has been approved for every ordinary share of 50 kobo and the release of the bank’s 2020 half-year result for the period ended June 30.
Elumelu holds a total outstanding share of 2.30 billion (both direct and indirect) as at June 30 2020.
He has a total of 189.85 million units of shares in direct holding as at June 30, with 2.14 billion units of shares as indirect.
A further breakdown of his indirect holdings shows HH Capital Limited has 140.84 million units of shares; Heirs Holdings, where he is the chairman has 1.74 billion units of shares; Heirs Alliance Limited with 231.08 million units of shares.
“Subject to applicable withholding tax, the (interim dividend) will be paid to shareholders whose names appear in the register of members as at the close of business on Tuesday, September 15, 2020,” the bank said in a statement.
Segun Agbaje, managing director Guaranty Trust Bank (GTBank), will earn N12.48 million in interim dividend with the final approval of 30 kobo interim dividend to shareholders whose names appear in the register of members as at September 15.
Agbaje has total outstanding shares of 41.62 million units, with 32,146,651 held directly while 9,481,350 held indirectly.
Payment of interim divided is subject to the deduction of appropriate withholding tax.
Dauda Kahutu Rarara, a popular musician for the All Progressives Congress, was on Friday attacked by aggrieved youth in Katsina State.
According to Katsina Post, the youth attacked the musician at the central market in Katsina, the state capital, as he was shooting a video of his latest song “Jahata Ce”.
The newspaper said Kannywood actor, Ali Nuhu, producer, Bashir Maishadda, and Tijjani Asase were with Rarara during the attack by the hoodlums.
It said the aggrieved youth upon seeing the singer, started shouting and condemning him in Hausa language.
Youths in the state have in the past carried out protests over insecurity and have called for President Muhammadu Buhari’s resignation.
The United States slashed its imports of Nigerian crude oil to 9.37 million barrels in the first five months of this year, 11.67 million barrels lower than what it bought in the same period of 2019.
The US imported 21.03 million barrels of Nigeria crude from January to May 2019, according to data obtained from the US Energy Information Administration on Friday.
The highest monthly volume of Nigerian crude purchased by the North American country so far this year was 2.12 million barrels, compared to 11.78 million barrels in 2019.
Its purchases plunged by 63.03 per cent in the first quarter of 2020 to 5.53 million barrels, compared to the last quarter of 2019 when it bought 15.07 million barrels from Nigeria.
The US bought 1.92 million barrels in January; 1.93 million barrels in February; 1.68 million barrels in March; 1.70 million barrels in April, and 2.12 million barrels in May, according to the EIA.
The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to the light sweet Nigerian crude.
Following the coronavirus-induced crash in oil prices and demand, Nigeria has been struggling to sell its crude oil cargoes.
Prior to the lockdowns and collapse in crude oil demand caused by coronavirus crisis, the rise of US shale oil was already proving uniquely challenging for Nigeria.
Booming production from shale drastically cut Nigerian exports to the US – once the destination for about 40 per cent to 50 per cent of the country’s cargoes.
US imports of Nigerian crude fell from 148.48 million barrels in 2012 to 87.40 million barrels in 2013 on the back of the shale oil boom.
In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a For the first time in decades, the US did not purchase any barrel of Nigerian crude in July and August 2014 as well as June 2015, according to the EIA data.
In 2010, the US bought as much as 358.92 million barrels from Nigeria, but slashed its imports to 280.08 million barrels in 2011.
“The United States produces a large share of the petroleum it consumes, but it uses imports to help supply domestic and international markets,” the EIA said.
In 2019, the country produced about 19.25 million barrels per day of petroleum, and it consumed about 20.46 million bpd.
The agency said imports from other countries helped to supply domestic demand for petroleum.
“Some of the crude oil that the US imports are refined by US refineries into petroleum products (such as gasoline, heating oil, diesel fuel, and jet fuel) that the US exports,” it added.
According to the EIA, some of the imported petroleum may be stored and subsequently exported.
It said the country imported about 9.10 million bpd of petroleum in 2019 from about 90 countries, which included 6.8 million bpd of crude oil and 2.3 million bpd of non-crude petroleum liquids and refined petroleum products, adding this was the lowest level of total petroleum imports since 1996.
The Debt Management Office (DMO) has vowed to deal with any of its staff responsible for leaking official documents.
According to a statement issued Saturday evening, the DMO said it “will brief relevant security agencies in the country to thoroughly investigate the sources of the documents”.
The reason for involving security agencies, the DMO said, is “with a view to bringing the perpetrators to book in line with Public Service Rules No. 030401 and 030402, which prescribes dismissal for unauthorised disclosure of official information as a serious act of misconduct”.
Vanguard newspaper had run a story titled “Alleged N1.08bn corruption scandal hits DMO”. Reacting to the story, the DMO said “the sponsors of the story are disgruntled elements who have not only breached the Civil Service Rules but have also contravened laid down procedures for dealing with official matters”.
It went on to state that “these officials have resorted to illegally leaking official documents due to their recent redeployment; have colluded with other disgruntled persons who have failed in their attempts to control the running of the affairs of the DMO, which has blocked their ability to pilfer public funds”.
The DMO added that “the story referred to documents that, on their own, are incomplete and do not reflect the whole story or the purpose of any transaction”.
DMO denied claims that events and travels by officials of the DMO either did not take place or did not hold as “false and an attempt to discredit the impeccable records of the organisation. These speak to their desperation to give the institution a bad name”.
The nation’s debt managers described itself as “an accountable, transparent and responsible organisation that works in accordance with laid down civil service procedures”.
It noted that “it is highly regarded by multilateral agencies and financial institutions as a reputable government agency”.
The Vanguard report, the DMO lamented, has “been twisted and distorted with the intention to misinform the general public and discredit the institution.
The immediate past Governor of Bayelsa State, Chief Henry Seriake Dickson, has picked the nomination of interest form for the Bayelsa West Senatorial District. The former governor opted to join the contest for the vacant senatorial seat following overwhelming endorsements and calls on him by critical stakeholders to fill the vacant seat. Dickson said in a statement yesterday by his Media Advisor, Mr. Fidelis Soriwei, that he would make a formal declaration when he visits Bayelsa. The stakeholders who endorsed him cut across the different segments such as women/ youth groups, top political leaders, traditional rulers, and students.
The stakeholders who have sustained the pressure on the former governor to contest the election procured the form for him to bring months of speculation involving his participation in the election to an end. There is the prevalent view in the Ijaw nation that Dickson is the most suitable voice for the Senatorial District, Bayelsa and the Ijaw nation in the national assembly.
They said he has the experience, the capacity, and the network to take advantage of the Senate to promote the cause of his people. Among those who endorsed Dickson are Ijaw National Leader, Chief Edwin Clark, former presidents of the Ijaw Youth Council, traditional rulers and political leaders. The former governor thanked Pa Clark, youth leaders, women groups and political leaders across party divide and the traditional rulers for the overwhelming endorsement she received from them.
…considers 600mmmscf daily supply for domestic market
•Firm jerks up OML 111 oil production to 10,699 barrels daily
The Nigerian Petroleum Development Company (NPDC), an Exploration and Production subsidiary of the Nigerian National Petroleum Corporation (NNPC), has mulled 600 million standard cubic feet (mmscf) of daily gas supply for domestic market, a move that would further dip the prices of cooking gas nationwide.
The company, which said it was looking at boosting its gas supply to the domestic market by the volume (600mmscf/d) in the next three to five years, also noted that it had revved up production in Oil Mining Lease (OML) 111 by 2,100barrels per day (bpd) of crude oil and 27mmscfd of gas, thereby increasing cumulative production from the acreage to 10,699bpd.
Managing Director of NPDC, Mr. Mansur Sambo, disclosed this during a facility tour of the company’s Oredo Gas Handling plant by the Group Managing Director of NNPC, Mallam Mele Kyari, in Benin City, Edo State. Speaking on the medium term projection of the company which is currently the highest supplier of natural gas to the domestic market, the NPDC boss said besides the 1billion standard cubic feet per day (bscf/d) it currently produces, the company would add another 600mmscf to its production portfolio in the next three to five years. Giving a breakdown of the projection, Sambo said the company’s OML 34 was expected to deliver 360mmscf/d, while OMLs 42 and 111 would deliver 120mmscf/d apiece. He stated that NPDC has revved up production in OML 111 by 2,100barrels per day (bpd) of crude oil and 27mmscfd of gas, thereby increasing cumulative production from the acreage to 10,699bpd.
Sambo, who also announced the successful drilling of Well 16 in OML 111, said the well was essentially for gas with associated crude oil, adding that the plan was for the Gas Plant to be fed from the well. On the Gas Handling Facility, the NPDC boss disclosed that the Liquefied Petroleum Gas (LPG) unit would be ready for commissioning in October this year.
Speaking at the occasion, Kyari described the development as a significant step towards growing the nation’s crude oil reserves and increasing production, stressing that more of such was needed to meet the target of three million barrels per day production and sustain the nation’s economic growth. He said: “This gas facility in particular will deliver at least 240 metric tons of LPG to domestic market within year and that is a very significant fraction of current level of supply into the market. It will ease the spending on foreign exchange by the country. “This is monumental and underscores government efforts of making sure that this is the year of gas.
The gas is the cheapest and easiest way of getting development in this country.” He congratulated the management and staff of NPDC for fast-tracking the completion of its Liquefied Petroleum Gas (LPG) Gas Plant, reiterating that gas development was key to the nation’s quest for industrialisation.
The Federal Government, on Thursday, raised the alarm that the Nigerian economy might relapse into a second recession in four years if no concrete steps were taken to improve the Gross Domestic Product.
The Minister of State for Budget and National Planning, Clem Agba, raised the alarm during his presentation at the Senate Joint Committee on Finance and Economic Planning on the 2021-2023 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
He said, “Nigeria’s Q2 GDP growth is in all likelihood negative, and unless we achieve a very strong Q3 2020 economic performance, the Nigerian economy is likely to lapse into a second recession in four years with significant adverse consequences.
“In response to the developments affecting the supply of foreign exchange to the economy, the Central Bank of Nigeria adjusted the official exchange rate to N360/US$1, and more recently to N379/US$.”
He explained that the disruptions in global trade and logistics would negatively affect customs duty collection in 2020.
He added that the COVID-19 containment measures, though necessary, had inhibited domestic economic activities, with consequential negative impact on taxation and other government revenues.
“Consequently, the projections for Customs Duty, Stamp Duty, Value Added Tax, and Company Income Tax revenues were recently reviewed downwards in the revised 2020 budget,” he said.
Speaking more specifically on the revenue performance from January to June 2020, the minister said as of the end of June 2020, the Federal Government’s retained revenue was N1.81tn, 68 per cent of the prorate target.
He said the Federal Government had intoduced fiscal measures aimed at improving revenue and entrenching a regime of prudence with emphasis on achieving value for money.
He said the goal of the fiscal interventions, was to keep the economy active through carefully calibrated regulatory or policy measures designed to, among others, boost domestic value-addition, de-risk the enterprise environment, attract external investment and sources of funding.
Agba said that the Federal Government was also improving the tax administration framework to optimise government revenue.
Director General of Osun State Security Network Agency, codenamed Amotekun, Comrade Amitolu Shittu, has said highly-placed persons are behind illegal mining in the state.
Shittu stated this in an interview with The Nation in Osogbo, the state capital.
The Amotekun chief said the political positions of the illegal mining masterminds had made it difficult for the government to prosecute them.
He threatened to reveal the names of the perpetrators, if anybody dared him.
Shittu added: “With the help of the ad hoc personnel, we arrested cannabis farmers in Esa-Oke and three armed robbers at Owena. We also arrested some ritualists and even destroyed illegal shrines in the state. Some kidnappers, who were hiding in our forest around Iwo, were chased away…
“We have arrested 26 Chinese nationals. All the arrests we have made, including those of Malians, Ghanaians and Nigeriens, are 36. We have handed over the suspects to the police.
“I commend the Federal Government and Governor Oyetola for their support for the outfit to arrest illegal miners. If they don’t support us, it would have been very difficult to arrest the 36 persons because the people behind illegal mining are powerful people in Nigeria: ministers, senators, former governors, big men in the society. They are behind illegal mining. I am not afraid to say this. Nigeria cannot be a better country if all of us are not interested in good attitudes and conducts.”
Two Lebanese who attempted to smuggle $890,000 out of Nigeria jailed for money laundering
Two Lebanese nationals who were found with the sum of $890,000 which they wanted to smuggle out of Nigeria through the Port Harcourt International Airport, Rivers State, were on Thursday jailed two years each for money laundering.
The two men, Chamseddine Waell Mohammed and Dina Jihad Khali, were sentenced by Justice M.I. Sani of the Federal High Court, Port Harcourt after they pleaded guilty of the money laundering charges brought against them by the Economic and Financial Crimes Commission (EFCC). According to the anti-graft commission, the offences committed by them ran contrary to Section 2 (3) of the Money Laundering (Prohibition) Act 2011 (as amended) and punishable under Section 2 (5) of the same Act.
The EFCC in a statement on Thursday said one of the charges against them is:
“That you Chamseddine Waell Mohammed on the 1st August, 2020 at Port Harcourt International Airport, Omagwa, Port Harcourt, within the jurisdiction of this court did fail to make a declaration of the sum of $220,000.
“The money was hidden in your luggage on board a chartered flight with registration number 9HVFF to Lebanon and thereby committed an offence contrary to Section 2 (3) of the Money Laundering (Prohibition) Act 2011 (as Amended) and punishable under section 2 (5) of the same Act.”
The charge against the second convict read: “That you Dina Jihad Khali on the 1st August, 2020 at Port Harcourt International Airport, Omagwa, Port Harcourt within the jurisdiction of this court did fail to make a declaration to the Nigeria Custom Service as required by law cash transportation of the sum of $670,000.
“The money was hidden in your Luggage on board a chartered flight with registration number 9HVFF to Lebanon and thereby committed an offence contrary to Section 2 (3) of the Money Laundering (Prohibition) Act 2011 (as Amended) and punishable under Section 2 (5) of the same Act.”
According to the statement, while reviewing facts of the case, prosecuting counsel, Aso Larrys Peters tendered some documents, which included Letter of Invitation from Customs and statements of the defendants, as exhibits.
“Principal Detective Superintendent Macaulay Olayinka while being led in evidence by prosecution counsel, told the court that the two convicts were arrested for attempting to smuggle a total sum of $890,000 out of Nigeria, through the Port Harcourt International Airport, Omagwa.
He further disclosed that the money recovered from the suspects had been deposited with the Central Bank of Nigeria, Rivers State Branch, for safe keeping by the arresting agency.
In view of the reviewed facts, the prosecution prayed the court to convict and sentence the defendants as charged.
Justice Sani consequently convicted and sentenced the defendants to two years imprisonment. The undeclared amount was ordered forfeited to the Federal Government of Nigeria.
Politics › Lagos Promises To Pay Minimum Wage October by ijustdey(op): 9:47am On Sep 16, 2020
