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CelebritiesRe: Kate Henshaw Hits The Gym With An Amazing Physic (video) by NwaNimo1(m): 5:38pm On Dec 23, 2021
Business2-year-old Titan Bank To Acquire 104-year-old Union Bank by NwaNimo1(op): 5:12pm On Dec 23, 2021
Union Bank Nigeria Plc announced it has reached an agreement to sell a majority stake to Titan Trust Bank Ltd. This is according to a press release published on the Nigerian Stock Exchange. Titan Trust Bank is chaired by former Deputy Governor of the CBN and Chairman of Flutterwave, Tunde Lemo.

The deal will see existing core investors in Union Bank, Union Global Partners Ltd (64.98%), Atlas Mara (25.53%) and other shareholders divest their core holdings totalling 89.39% in Union Bank to Titan Trust Bank. The bank did not comment on the purchase consideration.

The deal suggests a merely 2 years old bank (Titan commenced operations in October 2019) will be acquiring a 104-year-old bank. The deal, when consummated will be one of the most remarkable acquisitions in the Nigerian Banking space after STB acquired UBA in the landmark 2005 deal.

The announcement of the deal also confirms rumours that have made the rounds across financial sector players of a potential sale of Union Bank to a local bank. Back in May, Nairametrics reported a potential acquisition of the bank by Zenith Bank, Access Bank and even Moroccan bank, Attijariwafa.

Union Bank’s value
Union Bank currently has a market valuation of N147 billion trading at a price to earnings ratio of 5.69x. The bank has a net asset of N264 billion and a total asset of N2.56 trillion. The share price gained 10% today as investors who got wind of the deal loaded up the stock. Union Bank is down 5.3% in the last year.

Whilst no purchase consideration was mentioned, Nairametrics estimates this acquisition will cost Titan Bank between N6 and N8 per share or close to N200 billion. Deals like this attract a “control premium” in the region of 40-70% on existing share price, depending on who is more desperate to their buy or sell.

What is in it for Titan Bank
From the comments of the major players in Titan Bank, this deal provides them a unique opportunity to grow market share and compete with the FUGAZ. Union Bank is currently a Tier 2 bank and right behind Stanbic IBTC which has a total asset of N2.7 trillion.

GTB has a total asset of N5.1 trillion, the smallest of tier 1 banks. Others have between 8-10 trillion naira in total assets. Union Bank also has the branch network, technology and brand recognition that can quickly fast track Titan Bank into the mainstream of Nigerian Bank.

Titan Trust Bank currently has just two bank branches located in Lagos. It does not have an Investor Relations Page.

What is in it for Union Bank
This marks the beginning of the end of a very dark chapter for Atlas Mara, the core investor in Union Bank. Since they commenced their pan-African acquisition of banks across Africa, they have gone from one controversy to another. Their share price has fallen by over 90% since trading started in 2013. Their exit, allows Union Bank to chart the course for stability in ownership and management allowing them to recapitalize and reposition for a very competitive financial services sector. Union Bank will likely leverage on the ecosystem of financial services businesses sponsored by the very influential Tune Lemo.

What they are saying
Chair, Union Bank, Mrs. Beatrice Hamza Bassey said:

“On behalf of the Board, we congratulate all the parties involved in reaching this phase of the transaction and the Board looks forward to supporting the next steps to ensure a seamless completion of the process following regulatory approvals.

Chair, Titan Trust Bank, Mr. Tunde Lemo, OFR said:

“The Board of Titan Trust Bank and our key stakeholders are delighted as this transaction marks a key step for Titan Trust in its strategic growth journey and propels the institution to the next level in the Nigerian banking sector. The deal represents a unique opportunity to combine Union Bank’s longstanding and leading banking franchise with TTB’s innovation-led model which promises to enhance the product and service offering for our combined valued customers.”

Chief Executive Officer, Union Bank, Mr. Emeka Okonkwo said:

“This transaction marks a significant milestone in the journey of our 104-year old Bank. Whilst thanking our current investors for their unwavering commitment to the Bank over the years, we welcome our new core investor, TTB. We recognize the strategic fit between the two institutions and expect that this deal will deliver the best outcome for our employees, customers and stakeholders. We look forward to collectively writing the next exciting chapter for Union Bank.”

Chief Executive Officer, Titan Trust Bank, Mr. Mudassir Amray said:

“After completing over two years of operations with aggressive organic growth, we are excited to have an opportunity for a significant leap forward in market share. UBN’s widespread presence, state of the art technology platform, quality staff and strong brand loyalty fits well with our synchronized modular strategy. We look forward to delivering superior results for the benefit of our staff, customers, shareholders, and stakeholders.”

Union Bank results
Union Bank reported a pre-tax profit of N17.6 billion in the first 9 months of 2021 up from N16.2 billion same period in 2020. The bank posted a return on average equity of just 6% in the same period and 7.2% in 2020. Its best return of average equity was 10% achieved in 2019.

https://nairametrics.com/2021/12/23/deal-2-year-old-titan-bank-to-acquire-104-year-old-union-bank/
PoliticsRe: Fire Related Deaths Drop By 100% – Fire Service Boss by NwaNimo1(op): 5:03pm On Dec 23, 2021
70/147 * 100 = 100% or thereabouts!

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PoliticsRe: Commissioner Rabi Shinkafi Quits Zamfara Cabinet, To Join Uzodimma In Imo by NwaNimo1(op): 5:00pm On Dec 23, 2021
PoliticsFire Related Deaths Drop By 100% – Fire Service Boss by NwaNimo1(op): 5:00pm On Dec 23, 2021
Dr Ibrahim Liman, Controller General (CG) of the Federal Fire Service (FFS), says fire-related deaths in the country have dropped by 100 per cent in one year.

Dr Liman, who said this at a press briefing on Thursday in Abuja, attributed the decrease to the repositioning of the FFS.

He said from January till date, the service had recorded a total of 70 deaths to fire outbreaks compared to a total of 147 recorded in 2020. grin

He also said there had been an increase in the estimated property saved from N1.4 trillion in 2020 to N19.4 trillion in 2021.

The CG said the achievement could be ascribed to the procurement of new fire fighting assets, training of firefighters and motivation of staff by the federal government.

“In 2015, the Service had only three rickety fire fighting trucks, but now, the Service has procured 141 modern fire trucks.

“With an increased staff strength from 600 to over 6,000 and expansion from its initial presence in just Lagos State and Abuja, to all the states of the federation.

“The Service now has 15 life-saving ambulances procured this year with well trained medical personnel for effective paramedic service during emergency response.

“To reduce our response time we have a control room that houses the Nigerian Internal Security and Public Safety Alert System (NISPSAS) where emergency video calls are received, showing real-time video location of the caller.

“The service also procured a hydraulic platform fire fighting truck which has the capacity of fighting fire in an 18-storey building, as well as used to effect the rescue,” he said.

According to him, the FFS sent some of its firemen on training locally and internationally for better understanding and utilisation of the newly procured equipment and innovations.

Liman noted that citizens had roles to play in safeguarding lives and property.

“These roles includes; compliance to fire safety code, taking seriously safety educations, not involving in negligent action that could result to fire.

“Knowing the emergency numbers and calling them in good time when there is fire or any emergency, as well as refraining from obstructing emergency vehicles on the road to emergency scenes,” he said.

He advised citizens to desist from attacking firefighters at fire scenes to enable firefighters to respond appropriately.

“If we all do these, Nigeria will have a tremendous reduction in the loss of lives and property from fire-related emergencies,” he added.

While wishing the Christian faithful happy Christmas and new year celebration, Dr Liman urged Nigerians to be safety conscious and to avoid actions that could lead to fire outbreaks.

He stated that the harmattan had a negative high influence to the spread of fire if they occurred, hence the precautionary warning.

He said, “Nigerians now have a Fire Service that they can be proud of as other African countries now come to Nigeria to emulate what is happening in the Service.

“Nigerians need to know that they now have a better Fire Service than they used to have as anyone can visit various stations in the State to see the new Fire Service in terms of equipment, personnel and technology.

“We might not have gotten to where we are suppose to be yet, but certainly we are not where we use to be six years ago, and all thanks to the administration of President Muhammadu Buhari.”

The CG called on citizens to be timely in contacting the FFS through their emergency numbers: 08032003556 or 112, in case of any fire incident.

https://guardian.ng/news/fire-related-deaths-drop-by-100-fire-service-boss/
PoliticsCommissioner Rabi Shinkafi Quits Zamfara Cabinet, To Join Uzodimma In Imo by NwaNimo1(op): 4:49pm On Dec 23, 2021
The Zamfara Commissioner for Women and Children Affairs, Hajiya Rabi Shinkafi, has resigned her appointment to take up another commissionership appointment in Imo.

“I resigned my appointment as commissioner in Zamfara to enable me to pick another appointment as commissioner in Imo,’’ Shinkafi said in Gusau on Thursday.

“I am immensely grateful to Gov. Bello Matawalle and his Wife, Hajiya Aisha Matawalle, for their kindness to me and for giving me the opportunity to serve Zamfara in different capacities.

“All the speculations in the social media about my resignation are completely false; it was just work of mischief-makers,’’ she said.

“I have a perfect and cordial relationship with the governor and his wife. I consider them as my family and they were in the picture of my going to Imo.

“Both Gov. Hope Uzodinma of Imo and Matawalle discussed it as fellow All Progressives Congress governors and as friends too,’’ Shinkafi added.
https://pmnewsnigeria.com/2021/12/23/commissioner-shinkafi-quits-zamfara-cabinet-to-join-uzodimma-in-imo/

"My attention has been drawn to a publication captioned:
"THE MANY RUMORS OF GIMBIYA RESIGNING AS ZAMFARA COMMISSIONER" by Thunderblowers.

It is quite unfortunate that a so called media outfit could spread such falsehood. I wonder what happened to investigative journalism?

Well, I want to set the record straight and ask the general public to disregard the trash penned down by the Thunderblowers.

The truth is that I actually resigned my appointment as a Commissioner in Zamfara State but not for the reasons that are completely untrue as stated by them.

I was actually appointed a Commissioner by my state Governor, Senator Hope Uzodinma almost the same time my State Governor by marriage Hon Dr Bello Matawalle Maradun also appointed me a Commissioner in Zamfara State. Don't forget that prior to that, I was already serving under the government of His Excellency Governor Bello Matawalle Maradun as a Special Adviser on Investment and Public Private Partnership.

I decided to pick Zamfara Commissioner offer against that of Imo because of my close relationship with His Excellency Governor Bello Matawalle and his wife, Zamfara State First Lady Hajia Aisha Bello Matawalle who I both see as my family, and I have enjoyed a lot of their good will and benevolence over the years. Infact they have 0always been my benefactors, and I am eternally grateful to them.

The real reason I resigned my appointment as a Commissioner in Zamfara State is never connected to any ill feeling or dissatisfaction of any kind on the part of His Excellency the Governor who has treated me favorably, or on the part of Her Excellency the First Lady who has been absolutely wonderful to me.

I resigned my Zamfara appointment because my father His Royal Highness the oldest Monarch in Imo State and the Imo State Governor Senator Hope Uzodinma who is also quite close to His Excellency Governor Bello Matawalle as a fellow APC governor pleaded with me to serve in Imo State, however I kept His Excellency Governor Bello Matawalle in the picture from the onset. infact both Governor Hope Uzodinma and Governor Bello Matawalle discussed it at a certain stage. I had to resign as I cannot be Commissioner in two States at the same time.

I find it very disturbing how some mischiefmakers are using this issue to paddle all sort of untrue stories.

Governor Bello Matawalle is a brother, I have a lot of respect and regards for him and I thank him and his wife the First Lady immensely for the several opportunities they gave me to serve in different capacities.

Zamfara is home to me and will always be home. Despite my resignation, I still wish to continue to serving in Zamfara State and as a result i am still pleading with my father His Royal Highness and my Governor to oblige me.

Let me at this point say it categorically that there is no rancor between me and the visionary and amazing First Lady of Zamfara State, neither is there any case of administrative loggerhead between the office of the First Lady and Ministry of Women and Children Affairs, as a matter of fact, the Ministry for Women and Children Affairs enjoy cordial working relationships and tremendous assistance from Her Excellency Hajia Aisha Bello Matawalle.

Please mischief makers should be properly guided.

Hajiya Rabi Ibrahim
Gimbiyar Shinkafi

21/12/2021"

TravelRe: Terrorists From Mali Planning To infiltrate borders, Attack Abuja - Immigration by NwaNimo1(m): 4:38pm On Dec 23, 2021
PoliticsRe: ALERT: Foreign Terrorists Planning To Attack Abuja — Immigration by NwaNimo1(m): 4:21pm On Dec 23, 2021
PoliticsRe: Socialite, Mompha, Threatens To Sue Transvestite Bobrisky, Demands N1bn by NwaNimo1(op): 1:22pm On Dec 23, 2021
PoliticsRe: Governor Zulum Received President Muhammadu Buhari In Borno (photos) by NwaNimo1(m): 1:21pm On Dec 23, 2021
He not yet been marched into the bush?

[img]https://c./ko_YNeNseQAAAAAC/what-are-you-talking-about-huh.gif[/img]
PoliticsSocialite, Mompha, Threatens To Sue Transvestite Bobrisky, Demands N1bn by NwaNimo1(op): 1:18pm On Dec 23, 2021
Nigerian socialite and businessman Mompha, real name Ismaila Mustapha has served controversial transvestite, Idris Okuneye, better known as Bobrisky a notice to prosecute.

Mompha is demanding Bobrisky retracts and apologize in two newspapers within seven days and pay the sum of N1 billion as damages over claims which he described as “malicious”.

Mompha in the lawsuit notice he shared on his Instagram page during the early hours of Thursday, December 23 accused Bobrisky of not debunking a claim made by his former employee, Oye, about them being homos3xual partners.

READ ALSO: Mompha demands not to be dragged into Bobrisky and Tonto Dikeh feud

Further, the socialite also accused Bobrisky of making false claims of him borrowing his car each time he visits Nigeria.

Mompha also alleged that the cross-dresser carried out a campaign to smear his name with the assertion of him being “an audio billionaire renting cars in Dubai for the gram”.

Read the lawsuit notice below.

https://i1.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-2.png?w=349&ssl=1

https://i2.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-1.png?w=368&ssl=1

https://i1.wp.com/www.ripplesnigeria.com/wp-content/uploads/2021/12/mompha-3.png?w=460&ssl=1

https://www.ripplesnigeria.com/socialite-mompha-threatens-to-sue-transvestite-bobrisky-demands-n1bn/
HealthRe: FG Destroys Over 1 Million Expired AstraZeneca COVID-19 Vaccines by NwaNimo1(m): 9:59pm On Dec 22, 2021
PoliticsWorld Bank Loans Nigeria $700m For Water Supply, FG Blames States by NwaNimo1(op): 11:04am On Dec 22, 2021
The Federal Government has secured a $700m loan from the World Bank for specific water projects in the country, the Minister of Water Resources, Suleiman Adamu, has said. sad

According to him, most of the problems associated with water supply in the country are the responsibilities of state governments.

The minister said these in an interview with journalists on Monday night during the maiden edition of the Rewards and Recognition Awards ceremony organised by the ministry in Abuja.

He said seven states, comprising Imo, Delta, Bauchi, Ekiti, Katsina, Kaduna and Plateau, were expected to benefit from the first tranche of the loan.

According to him, the duty of the Federal Government in the area of water supply is to provide support to states.

The minister noted that lack of access to potable water had been a major problem for Nigerian communities.

He said, “What Nigerians need to understand is that the Federal Government is not responsible for providing water in their taps; that is the responsibility of state governments and that is why we don’t have a federal water board.

“We are just trying hard to support them (states). All the incentives, like P-WASH (Plan–Water, Sanitation and Hygiene) Action Plan, declaration of a state of emergency by the President, and many more are efforts by the Federal Government to push the states to invest more in water.

“The states are primarily responsible for providing water for the people. If they don’t invest, what can we do? We have drawn the policies; we have done so many things. We are the first to even put a budget line to support state governments for water supply.”

He noted that the water resources policy was relaunched in 2016, saying, “We have been able to generate from the World Bank $700m. This money is not going to be spent by the Federal Government; it is going to the states for them to improve their water supply situation.

“There is nothing the Federal Government has not done. It is left to the states; Some are doing very well, while some are not doing as much as we wanted.”

Adamu expressed confidence that the National Water Resources Bill, currently before the National Assembly but had generated controversies, would be passed in 2022.
https://punchng.com/world-bank-loans-nigeria-700m-for-water-supply-fg-blames-states/

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