₦airaland Forum

Borno State Governor, Babagana Zulum, on Saturday said the situation facing the state was a tough one and that Boko Haram terrorists had an “ultimate wish to take over the state and bring it under a sovereign brutal administration.”

Zulum, whose convoy came under Boko Haram terrorists’ attack in the Baga area on Thursday, for a second time, escaped because he travelled in a military aircraft, although the death toll has now risen to 30 persons from an initial 15 reported. This is just as the pan-Northern socio-political organisation, Arewa Consultative Forum, lambasted the FG and the military over the Boko Haram terrorists’ attack on the governor’s convoy, saying they had “a lot of questions to answer.”

Also, a former Vice President and 2019 Presidential candidate of the Peoples Democratic Party, Alhaji Atiku Abubakar, called on the FG to “adopt new strategies to deal with the menace of insurgency decisively.”

Security sources on Saturday confirmed to the Agence France Presse that the death toll had risen to 30 persons, giving the breakdown as 12 policemen, 5 soldiers, 4 members of a government-backed militia and 9 civilians. Sunday PUNCH learnt it was now a custom for Zulum to travel to northern Borno by air because of the ravaging Boko Haram insurgency and since he was attacked by the terrorists in July 2020.

A close source said, “This (Thursday’s visit) was not his first time travelling by a military chopper. It has become a custom after his convoy was attacked in the same Baga a few months ago. All his journeys since then to the dangerous terrain of northern Borno have always been by air and he uses military choppers.”

The Borno State Police Command on Saturday confirmed the Boko Haram terrorists’ attack on the governor’s convoy, saying 11 persons were killed while 13 others were injured. The police noted that the deceased were eight policemen and three members of the Civilian Joint Task Force. The police also confirmed that the governor travelled by air, but state officials and federal and state lawmakers in the convoy were attacked by the insurgents.

The officials included the senator representing northern Borno, Abubakar Kyari; House of Representatives members, Mohammed Monguno and Bukar Kareto, who represent Marte, Monguno, Nganzai, and Mobbar Kukuwa, Guzamala, Abadam federal constituencies respectively.

The Commissioner of Police, Bello Makwashi, in a release on Saturday, said that the police “would not relent in providing the needed security for the people of the state at all times.” The CP said, “On September 25, 2020, at about 12 pm, the security convoy, which was heading for Baga in respect of the government’s effort to relocate indigenes of Baga to their ancestral home came under heavy gun attack by armed men suspected to be Boko Haram terrorists a few kilometres from Cross Kauwa. The security convoy returned fire and successfully repelled the attack.

“In the ensuing gunfight, however, casualties were recorded on both sides. Unfortunately, eight policemen and three members of the Civilian Joint Task Force paid the ultimate price. Thirteen other persons sustained injuries and were rushed to a hospital for treatment.”

ACF SLAMS FG, MILITARY, SAYS ZULUM MUST BE PROTECTED
Meanwhile, ACF on Saturday lambasted the FG and military over the Boko Haram terrorists’ attack on the convoy, while warning that “nothing untoward must happen to Zulum.” ACF National Publicity Secretary, Emmanuel Yawe, gave the warning in a statement in Kaduna State, titled, “ACF condemns another attack on Governor Zulum,” saying the latest attack undermines public confidence in the military’s ability to defend Nigerians.

The ACF said, “We are alarmed that for all the assurances we have received from the military and the Federal Government of an improved security situation on the Boko Haram front, the deadly attacks and killings have continued regardless. These attacks have therefore raised questions on the ability of the military to ensure the safety of internally displaced persons to return to their homes. Finally, both the military and the Federal Government have a lot of questions to answer on what is going on in this endless war against insurgency.”

ARE ARE FACING A TOUGH SITUATION, ZULUM CRIES OUT
Borno governor, Zulum, also expressed sadness over the killing of 11 security personnel in his convoy. A statement by his spokesman, Mallam Isa Gusau, on Saturday said the governor noted that the situation facing the state was a tough one and taking no action would leave residents more vulnerable to Boko Haram’s agenda to destroy the state.

Gusau said, “Governor Babagana Zulum is saddened by this unfortunate carnage. He shares the grief of the families of these 11 priceless heroes to whom Borno shall remain grateful. The governor prays for the repose of their souls and urges all stakeholders to remain committed to ongoing peacebuilding efforts. The situation facing us is a tough one but we must choose between doing something which gives us some hope and doing nothing which will leave us more vulnerable to Boko Haram’s ultimate wish to take over Borno and bring it under their sovereign brutal administration.”

REMAIN FIRM AGAINST INSURGENTS, BUHARI TELLS ZULUM
President Muhammadu Buhari, on Saturday condemned the ambush on the entourage of Governor Zulum, while advising the state government to remain firm in its determination to restore normalcy to all communities liberated from the Boko Haram terrorists, despite the attack.

Buhari’s position was contained in a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, titled “President Buhari condemns attack on Governor Zulum’s convoy, mourns security men.” Shehu quoted the President as describing the attack on Maiduguri-Baga route as an orchestrated sabotage against long planned return of displaced persons to their local communities.

The statement read, “President Buhari notes, with deep sympathy, the loss of lives of security men on the convoy, ahead of the return of internally displaced persons, commiserating with their families and loved ones. President Buhari urges security and intelligence agencies to intensify efforts to check sabotage, sanitise the roads, venues and locations well in advance of returning IDPs, while working closely with local communities.”

ATIKU CALLS FOR NEW SECURITY STRATEGIES
Meanwhile, former Vice President and PDP stalwart, Atiku, said on his Twitter page on Saturday that new security strategies needed to be adopted in the fight against the Boko Haram insurgency. Atiku said, “The attack on Governor Zulum in which over a dozen security operatives were killed between Monguno and Baga should be a source of concern, not only because it is the second time such an attack is taking place in recent times, but because the Borno governor is not a soft target.

“This attack is yet another reminder that we need to adopt new strategies to deal with the menace of insurgency decisively. I convey my condolences to the families of the deceased. I stand with the government and people of Borno that Governor Zulum did not come to any harm.”

MNJTF RESCUES 12 HOSTAGES FROM BOKO HARAM, ISWAP ENCLAVES
On Saturday, the Multinational Joint Task Force said it rescued 12 hostages from the Boko Haram and Islamic State of West Africa Province terrorists on Thursday. A statement by the MNJTF Chief of Military Public Information, Col Muhammad Dole, stated that it had sustained heat on the terrorists along the fringes of Lake Chad Basin.

FG GIVES AID TO 22 DISPLACED COMMUNITIES IN BORNO
Also, the FG on Saturday through its humanitarian agency, the National Emergency Management Agency, gave out food and other items to 1,888 households in the affected communities.

Delivering the items to the representative of Borno State Emergency Management Agency, Alhaji Ahmed Kuma, the Acting NEMA North-East Zonal Coordinator, Ishaya Chonoko, who represented the Director General of NEMA, Air Vice Marshal Muhammadu Mohammed, said 22 communities, all in the Jere LGA of Borno State, were attacked by insurgents in July 2020. He noted that the 1,888 households after being displaced from their communities were now residing in Gongulon in the Jere LGA.

Meanwhile, several insurgents were reportedly killed at Tongule, Bone and Isari B Musa communities in Borno State during airstrikes carried out by the Air Task Force of Operation Lafiya Dole under the subsidiary Operation Hail Storm 2.

The Nigerian military on Saturday formally reacted to the Boko Haram attack on the convovy of Zulum, saying 18 persons were killed from Improvised Explosive Devices planted by the terrorists along the road. The Defence Media Operations, Abuja, noted that the troops, despite the ambush by the terrorists, captured one gun truck from them.

The DMO Coordinator, Maj Gen John Enenche, said, “The convoy of the Borno State Civilians Relocation Committee comprising Armed Forces of Nigeria, Nigeria Police Force and Civilian Joint Task Force was ambushed by members of the Boko Haram terrorists and ISWAP at Barwati village on September 25.

“The attack and ambush was, however, repelled by the troops. Sadly, a total of 18 lives including four soldiers, 10 Policemen and were civilians were lost during the sad incident. Troops on hot pursuit of the insurgents successfully recovered 3 vehicles. Two of the vehicles belonging to the Nigeria police were earlier carted away by the terrorists during the attack. Similarly, one Boko Haram gun truck was also captured.

“The casualties recorded were as a result of the explosion from the multiple Improvised Explosive Devices planted on the road by the terrorists. The army has since deployed bomb and IED disposal teams to ensure effective route scanning and clearance to forestall future occurrence.”

SOURCE (abridged): https://punchng.com/bharam-attack-how-borno-governor-escaped-death/

jamace:
Thanks, Prof.

You are most welcome.

See attached for your info and possible use.

CAVEAT (by me): This is NOT a solicitation for purchase or sale of shares. Public securities are not risk-free and you are advised to exercise caution / due diligence before making any investment decision.

NSE STOCK RECOMMENDATIONS:
See attached for your info and possible use.

CAVEAT (by me): This is NOT a solicitation for purchase or sale of shares. Public securities are not risk-free and you are advised to exercise caution / due diligence before making any investment decision.

Commissioner of Police in charge of Lagos State, Mr Hakeem Odumosu has directed an ”orderly–room trial” for Inspector Joseph Dike over alleged extortion. An orderly-room is a chamber in the barracks of a battalion or company used for general administrative purposes and to try erring officers. Dike is attached to the Aguda Police Division.

Odumosu in a statement by SP Olumuyiwa Adejobi, the spokesman for the Police Command in the state on Thursday, reiterated his zero tolerance for corruption. “I am piqued by the manner in which the Inspector was caught in a widely circulated picture extorting a motorcyclist at Pako Pin-Down Point, Aguda, Lagos State, where he was posted on Stop and Search duty. His (Dike's) trial has been ordered and he will be dealt with,’’ the commissioner said.

Odumosu warned personnel in the state to desist from corrupt practices, misuse of power, improper dressing, violation of human rights and drunkenness while on duty. “Such will attract severe reprimand or punishment according to the provisions of the Police Act and Regulations and other extant laws of Nigeria. Senior police officers of the command should endeavour to caution their men and ensure my directives with a view to stopping these unprofessional and unethical conduct are strictly complied with,’’ he said.

Odumosu said he was determined to establish a people-oriented policing system in the state.
Tell your friends

SOURCE: https://www.pulse.ng/news/local/lagos-cp-directs-orderly-room-trial-of-inspector-over-alleged-extortion/mhjhr7w

A young lady has sparked mixed reactions on social media after she posted on Twitter on how the gate to her home was stolen by thieves overnight. The lady identified as Kamo Marven shared the picture of a building entrance without a gate with the claim that it was taken away by men of the underworld while they slept.

Marven with Twitter handle @KamoMarven got hilarious reactions after she shared her tweet as people ignored the seriousness of the post and made jokes of it.

However, Twitter user with the handle @blueEyeBallz tweeted:
“Why do so many find it funny that things get stolen. We’re such a joke of a nation hence we’re not taken seriously.”

SOURCE: https://lailasnews.com/we-woke-up-and-our-gate-was-gone-it-was-stolen-lady-narrates/

A UK-based development finance institution, CDC Group, has finalized plans to invest US$425 million as an aid to 100 businesses and 38,000 jobs in Nigeria. This is sequel its partnership with 40 investment funds such as Afreximbank, African Capital Alliance and Indoram, NAN reports

In a virtual visit to the country by the board of the organization led by Chief Executive Nick O’Donohoe and Chairman Graham Wrigley, the UK Government-funded organization stated that all earnings from its investments are ploughed back to improve the lives of millions of people in Africa and South Asia.

CDC Group noted that it paid a virtual visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to discuss and ascertain the impact of CDC’s aid to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth. The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said.

Commenting on the rationale of the aid, Chief Executive of CDC Group, Nick O’Donohe said, “Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment. Looking forward, we will continue to prioritise the post-COVID-19 recovery as part of the Build Back Better agenda.

“We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment,” O’Donohoe further remarked.

In a glowing tribute and commendation to the group, British High Commissioner to Nigeria, Catriona Laing CBE said CDC has been pivotal to creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria. “CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritized in order to help Nigeria and indeed, Africa, mitigate the impact of COVID-19,” the envoy said.

SOURCE: https://nairametrics.com/2020/09/23/uk-based-organization-partner-local-investment-funds-to-disburse-245-million-to-100-nigerian-businesses/

A Mapo Customary Court in Ibadan on Thursday dissolved a 21-year-old union between a painter, Ojo Ayeni and his wife, Sade, over her refusal to cook food for her family for two years. Earlier, Ayeni, alleged that wife stopped cooking for him and his three children in 2018.

Delivering judgment, Odunade, dissolved in the interest of peace. He granted custody of the first child to Ayeni and the last two to Sade. The judge ordered Ojo to pay N10,000 as monthly feeding allowance.

Earlier while testifying, Ayeni said that anytime he reported her to her parents and family members, Sade never took him seriously.

“My lord, the problem even worsened when Sade started mocking me whenever she sees me cooking for the children. In fact, she now returns home very late in the night and has caused great division in the home. I have developed High Blood Pressure as a result and I would not want to resort to self-help,” Ojo said.

Responding, Sade, objected to the divorce suit and denied some of the allegations leveled against her. “Yes. I admit that I stopped cooking my husband’s meals because he accused me of trying to poison the food,” Sade said.

SOURCE: https://www.pulse.ng/news/metro/court-dissolves-21-year-old-marriage-over-wifes-refusal-to-cook-for-husband-children/spq3cc7

Goldencheese:
Oh my God, you just gave me a tonic that I need at this point in my life. Man, God bless you and more power to your elbow.

Wow. You made my morning, day and year.

God bless you, real good, man.

Amen and amen. God bless you too, my brother.

Success is an attitude. If the following people could achieve great things later in their lives, you certainly have no excuse.

Start working towards your dreams TODAY!

At 55, Pablo Picasso completed his masterpiece, “Guernica.”
At 56, Mao Zedong founded the People's Republic of China.
At 57, Frank Dobesh competed in his first 100-mile bicycle ride — exactly 10 years after he was diagnosed with an inoperable brain tumor.
At 58, Sony chairman Akio Morita introduced the Sony Walkman, an idea no one seemed to like at the time.
At 59, “Satchel” Paige became the oldest Major League baseball player.
At 60, playwright and essayist George Bernard Shaw finished writing "Heartbreak House," regarded by many as his masterpiece.
At 61, Charles Cagniard de la Tour, a French doctor, demonstrated that fermentation depends upon yeast cells.
At 62, J.R.R. Tolkien published the first volume of his fantasy series, "Lord of the Rings."
At 63, John Dryden undertook the enormous task of translating the entire works of Virgil into English verse.
At 64, Thomas Bowdler “bowdlerized” Shakespeare’s works, making them “family friendly.”
At 65, jazz musician Miles Davis defiantly performed his final live album, just weeks before he died.
At 66, Noah Webster completed his monumental "American Dictionary of the English Language."
At 67, Simeon Poisson discovered the laws of probability after studying the likelihood of death from mule kicks in the French army.
At 68, the English experimentalist Sir William Crookes began investigating radioactivity and invented a device for detecting alpha particles.
At 69, Canadian Ed Whitlock of Milton, Ontario, Canada, became the oldest person to run a standard marathon in under three hours (2:52:47).
At 70, Cornelius Vanderbilt began buying railroads.
At 71, Katsusuke Yanagisawa, a retired Japanese schoolteacher, became the oldest person to climb Mt. Everest.
At 72, Margaret Ringenberg flew around the world.
At 73, Larry King celebrated his 50th year in broadcasting.
At 74, Ferdinand Marie de Lesseps began an attempt to construct the Suez Canal.
At 75, cancer survivor Barbara Hillary became one of the oldest people, and the first black woman, to reach the North Pole.
At 76, Arthur Miller unveiled a bold new play, "The Ride Down Mt. Morgan," free of the world-weary tone of his previous works.
At 77, John Glenn became the oldest person to go into space.
At 78, Chevalier de Lamarck proposed a new theory of the evolutionary process, claiming that acquired characteristics can be transmitted to offspring.
At 79, Asa Long became the oldest U.S. checkers champion.
At 80, Christine Brown of Laguna Hills, CA, flew to China and climbed the Great Wall.
At 81, Bill Painter became the oldest person to reach the 14,411-foot summit of Mt. Rainier.
At 82, William Ivy Baldwin became the oldest tightrope walker, crossing the South Boulder Canyon in Colorado on a 320-foot wire.
At 83, famed baby doctor Benjamin Spock championed for world peace.
At 84, W. Somerset Maugham wrote "Points of View."
At 85, Theodor Mommsen became the oldest person to receive a Nobel Prize in Literature.
At 86, Katherine Pelton swam the 200-meter butterfly in 3 minutes, 1.14 seconds, beating the men’s world record for that age group by over 20 seconds.
At 87, Mary Baker Eddy founded the Christian Science Monitor.
At 88, Michelangelo created the architectural plans for the Church of Santa Maria degli Angeli.
At 89, Arthur Rubinstein performed one of his greatest recitals in Carnegie Hall.
At 90, Marc Chagall became the first living artist to be exhibited at the Louvre museum.
At 91, Allan Stewart of New South Wales completed a Bachelor of Law degree from the University of New England.
At 92, Paul Spangler finished his 14th marathon.
At 93, P.G. Wodehouse worked on his 97th novel, was knighted and died.
At 94, comedian George Burns performed in Schenectady, NY, 63 years after his first performance there.
At 95, Nola Ochs became the oldest person to receive a college diploma.
At 96, Harry Bernstein published his first book, "The Invisible Wall," three years after he started writing to cope with loneliness after his wife of 70 years, Ruby, passed away.
At 97, Martin Miller was still working fulltime as a lobbyist on behalf of benefits for seniors.
At 98, Beatrice Wood, a ceramist, exhibited her latest work.
At 99, Teiichi Igarashi climbed Mt. Fuji.
At 100, Frank Schearer is the oldest active water skier in the world.

People are doing extraordinary things all the time. And there’s no reason you can’t be one of them!

EXTRACTED FROM: https://www.businessinsider.com/100-amazing-accomplishments-achieved-at-every-age-2014-3

A woman angry at her boyfriend texted him “I hope your mom likes being burned alive” before allegedly setting a house on fire and killing her and two children.

Abbieana Williams, 21, sent a threatening text message to her boyfriend on the night of September 3. "I'm outside your mom's house … I hope your mom likes being burned alive," stated the text sent minutes before the fire, according to an affidavit by Lansing Police Detective Teresa Mironiuk.

Williams is accused of killing her boyfriend’s mother, Melissa Westen, 53, and Westen’s grandchildren, Aston Griffin, 8, and Jesse Kline IV, 4. Williams denied starting a fire and being at 1450 Elizabeth Street on the night of the fire. However, a friend of Williams told police that he dropped her off near that address that night, shortly before 11:30pm.

The friend said that before getting out of the car, Williams told someone on the phone, “I hope your mama likes burning alive,” the affidavit states. Williams was mad at her boyfriend because she thought he was cheating on her, and said she planned to throw a rock through the window, the friend said.

Westen’s home caught on fire about four minutes after neighbors saw a black woman packing outside. According to the affidavit, the woman asked to borrow a lighter from a neighbor and was seen heading toward Westen’s home. And after the fire, Williams’ boyfriend was spotted holding the same lighter.

A neighbor’s surveillance video recorded a glass shattering sound at 11:24pm, and captured a woman a minute later walking around Elizabeth Street for 13 minutes.

When the Lansing Fire Department arrived 8 minutes later, the home was already engulfed in flames. "This arson was a despicable act of violence and my heart goes out to the victims and their family," Lansing Police Chief Daryl Green said.

"I’m comforted in knowing that LPD and LFD investigated this crime and that our public safety collaboration was able to quickly bring a very dangerous alleged suspect into custody."

SOURCE (abridged): https://www.thesun.co.uk/news/12712138/woman-text-boyfriend-mom-burned-alive/

A Doctor took to Twitter to speak against discrimination based on age while revealing that she did certain things at an age considered too old. Dr Sharon Cannon wrote: “I hope you know you’re never too old to do anything. Had my daughter at 39. Earned my Ph.D. at 45. Won a teaching award at 61. Yeah—I’m that old, and I rock! Stop the bias about age—and particularly about aging women. We are wise and wonderful!

“I have a couple of goals with this tweet:
1. Don’t talk yourself out of trying something because of your age.
2. Don’t dismiss a job applicant based on thinking the person is too old.”

SOURCE: https://globaltimesng.com/2020/09/18/youre-never-too-old-to-do-anything-female-doctor-who-had-first-child-at-39-and-won-a-teaching-award-at-61-speaks-against-discrimination-based-on-age/?utm_source=rss&utm_medium=rss&utm_campaign=youre-never-too-old-to-do-anything-female-doctor-who-had-first-child-at-39-and-won-a-teaching-award-at-61-speaks-against-discrimination-based-on-age

A 36-year-old Kenyan woman has confessed to knowingly infecting several men with human immunodeficiency virus (HIV).

Speaking during an interview with Lynn Ngugi of Tuko News, Ms Jackline Njoki Mwangi, alias Kiki wa Ng’endo, said she contracted HIV after having sex with a man who did not disclose his status to her. Out of bitterness, she embarked on a revenge mission to infect other men who opt to sleep with her without using condoms.

“At the end of the day, I cannot be your keeper. You know you do not know me, I am not related to you yet you want to have sex with me, why don’t you wear a condom? or take a test with me if am comfortable and if I am not, ask me to wear a condom,” she said.

Jackline says she finally decided to reveal her HIV status to stop men from approaching and asking her for sex. She added that she developed some vaginal complications due to too much sex as she has been selling her body for 18 years to raise money for upkeep.

Jackline believes her story will make men change their ways and start using protection whenever they have sex with strangers. She was infected with HIV when she was 18 years old as she tried to make money for herself and her nephew’s upkeep. She says she had no one to take care of her needs after her mother moved abroad for work, leaving her under the care of her aunt, who would bag all the money her mum sent.

Jackline says she contemplated suicide after her mother disowned her upon llearning of her behaviors. “It was heartbreaking, I stayed without taking medication but was just pushing on with life. At some point I went upcountry and came back to Nairobi and that was when I attempted suicide,” said Jackline, who is battling depression after her family and friends deserted her.

SOURCE (abridged): http://www.mwakilishi.com/article/lifestyle-news/2020-09-17/shock-as-kenyan-woman-confesses-to-deliberately-infecting-men-with-hiv

Penboy:
Oga sirs... Please I have a question.

While doing my DD I see some company with let's say a P/E ratio of 20. Other times, some are written at 5x.

How are both interpreted?

Thanks.

P/E ratio, also called P/E or PER means "Price to Earnings Ratio". It is the ratio of a company's share price to the company's earnings per share i.e. it is calculated as Share Price divided by Earnings Per Share.

The ratio is used for valuing companies and to find out whether they are overvalued or undervalued. Roughly speaking, it gives an idea of how long it would take an investor to recover his initial investment without selling the stock. Thus, it is also called "earnings multiple".

For example, Zenith Bank Plc with current share price of N16.70 has a P/E Ratio of 2.35 or earnings multiple of 2.35x. Every other thing being equal, we can conclude that Zenith share price is low, since it would take an investor only 2.35 years to recover his initial investment.

Of course, in stock analysis, P/E Ratio is not taken in isolation. There are very many indicators and factors to consider. For example, a stock may have a very high P/E Ratio because investors have faith in the future prospects of the company, or because the share float (number of shares freely available for trading) is very low.

If you are performing stock analysis, you can execute it from the perspective of:
1. Fundamental Analysis (looking for intrisic/ long-term value)
OR
2. Technical Analysis (looking for chart-based/ short-term value).

Cheers!

Using several well-known metrics, we track Banking sector performance...

The Nigerian Banking sector is one of the most competitive sectors in the Nigerian economy and perhaps the most profitable. Despite having about 23 deposit money banks in the country, only a dozen are listed on the Nigerian Stock Exchange (NSE).

At Nairametrics, we track Banking sector performance regularly, using several well-known metrics. Most of the data can be found in the financial statements of the banks within our repository of reports. While we track all banks, the following banks are included in our universe of measuring financial performance. They are Access Bank, GT Bank, Fidelity Bank, FCMB, Sterling Bank, FBNH, Union Bank, Zenith Bank, UBA, Stanbic IBTC and Wema Bank.

In this report, we take a cursory look at the performance of listed banks in Nigeria based on six (6) metrics, these include Total Assets, Net Assets, Total Deposits, Profit After Tax, Return on Equity and Return on Total Assets.

1. BEST BANKS BY TOTAL ASSETS
In this case, banking assets include equity plus bank deposits. According to the data, 11 of the listed banks reported a combined total asset of N45.4 trillion as at 2nd quarter of 2020. This represents 7.1% rise from total assets of N42.4trn as at June 2019. Growth in Total Assets is indicative of how strong our financial institutions are, particularly banks.

So, who are the leaders?
1st Position – Access Bank N7.76 trn
2nd Position– Zenith Bank – N7.58 trn
3rd Position – FBNH N7.13 trn
4th Position – UBA N6.78 trn

Upshots: Access Bank has maintained the number one position since 2019 after overtaking Zenith Bank following its merger with Diamond bank. Compared with the previous corresponding year, Zenith assets recorded the highest growth representing 28.50 % from N5.89 trillion to N7.58 trillion, and FBHN also grew its assets by 28%. It is also important to note that the assets of these 4 banks make up more than half the entire total assets in the Banking sector. Suffice to say these are indeed big banks.

2. BEST BY NET ASSETS
Banks’ net assets represent the total equity or shareholders’ funds of all the banks on our list. It includes the bank’s share capital, reserves, and its retained earnings in a period. The net asset is a very strong metric for measuring how strong banks are and it is also used by the CBN in assessing the Banking sector’s ability to withstand credit losses.

We observed that at end Q2 2020, bank net assets rose from N4.1trn at the end of June 2019 to N4.9trn in June 2020. This represents 18.7% rise.

Top 4 by Net Assets
1st Position – Zenith Bank, N998.9 bn
2nd Position – GT Bank, N720.9 bn
3rd Position – FBNH, N704.0 bn
4th Position – Access Bank, N670.3 bn

Upshots: We noticed a sharp rise in Net Assets of both FBNH (26%) and Zenith (20.7%). Year on Year, GT Bank also grew its net assets by 19.6%.

3. BEST BY CUSTOMER DEPOSITS
This is perhaps one of the most competitive banks’ performance metrics to track. The more deposits a bank has the more money it can make. In a country where a lot of cash remains outside the banking system, how well a bank can mobilize deposits from customers shows how well it can compete in a very aggressive market.

Analysis of the data collected showed total banks’ deposits increased from N22.2 trn in the corresponding quarter of 2019 to N27.6 trn in the 2nd quarter 2020. This implies 9.4% increase.

Top banks based on customer deposits
1st Position – Zenith Bank, N4.9 trn
2nd Position – UBA, N4.8 trn
3rd Position – Access Bank, N4.6 trn
4th Position – FBNH. N4.3 trn

Upshots: Compared with corresponding previous quarter, UBA’s total deposits rose sharply 36.75% to N4.8 trn in 2nd quarter 2020. Zenith also increased 29% and FBNH 22% in same period.

4. BEST BY PROFIT AFTER TAX
Corporate Profits are often viewed positively or negatively depending on how you view the impact of capitalism. For banks, it can attract scrutiny if it comes at the expense of small businesses or the wider economy. The banks considered reported total profit after tax of N436.9 bn at end June 2019. This compared to N415.5 billion recorded in June 2020 indicates a 5% decline.

Though banks have often been criticized for reporting fat profits at the expense of the wider economy, it is better off having profitable banks than unprofitable ones. The more profitable banks are (consistently) over time, the more robust they are to support economic growth.

Banks that declared the most profits.
1st Position – Zenith Bank, N103.8 bn.
2nd Position – GT Bank, N94.2 bn
3rd Position – Access Bank, N61 bn.
4th Position – FBNH – N49.4 bn

Upshots – Zenith Bank and GT Bank appear to be in a world of their own as their reported profits are significantly higher than their closest rival. In 2nd quarter 2020, the gap between the profits of both were close; with N103.8 billion in profits for Zenith Bank and N94.2 billion for Zenith Bank.

In terms of the most improved bank based on profitability growth year on year, the winner goes to FBNH Bank with a 55.95% rise in profits to N49.4 billion from N31. billion. In a period where the profits of a majority of the banks dipped, Stanbic IBTC managed to grow its profit 24.7%.

5. BEST BY RETURN ON EQUITY
This is another important metric used in assessing how well a bank has performed in terms of returns to shareholders. We consider this the most important in terms of performance and efficiency. You can post the largest profits but just like any regular investment you want to know what that translates to in terms of return on equity capital.

How have they performed?
1st Position – Stanbic IBTC, 13.4%
2nd Position – GT Bank, 13%
3rd Position – Zenith Bank, 10.5%
4th Position – Access Bank, 9.1%.

Upshots – Compared to the corresponding period in the previous year, Stanbic IBTC (13.7) replaced GTB (16.4) at the top spot. However, Zenith Bank (10.8%) and Access Bank maintained their position, compared to the previous period.

6. BEST BY RETURN ON ASSETS
This measures how well a bank is sweating its assets to generate profits. It is one thing for a bank to have all the assets in its balance sheet but is it providing returns to all providers of capital? We like this metric at Nairametrics because it tells us how well a bank is able to run efficiently using all the resources at its disposal to generate profits for its shareholders.

Best Banks based on ROA
1st Position – GT Bank, 2.1%
2nd Position – Stanbic IBTC 1.4%
3rd Position – Zenith bank, 1.3%
4th Position – Access, 0.7%

Upshots – Just like they impressed with ROE, and only second to Stanbic IBTC, GT Bank is the best bank based in terms of Return on Assets, with 2.1% and Stanbic IBTC, with 1.4%. These ratios show that these banks are well-run. However, compared with the previous corresponding period, the ratios indicated that the ROA of these banks declined.

Although these computations mirror the performance of the banks, the question regarding the overall best bank for the second quarter of 2020 may be judged by readers in line with the information provided in this report.

SOURCE (abridged): https://nairametrics.com/2020/09/08/exclusive-best-bank-in-nigeria-judging-by-the-numbers-2/

Nigerian Stock Exchange (NSE)30 index companies that are likely to outperform peers over the next 12 months.

NSE30 Stocks Index are weighted by adjusted market capitalization, meaning number of listed shares multiplied by closing price, and a capping factor. It should be noted that only fully paid common stocks are included in the NSE30 index. The index is usually rebalanced on semi-annual basis, on the first working day in January and in July.

Companies presently listed on the NSE30 Index include:

• BANKS: GTBank Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, Access Bank Plc, UBA Plc, FBN Holdings, Union Bank of Nigeria Plc, Ecobank Transnational Inc, Fidelity Bank Plc, FCMB Group Plc, Sterling Bank Plc.
• FMCGs: Nestle Nigeria, Nigerian Breweries Plc, Dangote Sugar Refinery Plc, Unilever Nigeria Plc, Guinness Nigeria Plc, International Breweries Plc, Flour Mills of Nigeria Plc.
• OIL & GAS: Seplat petroleum Development Co. Plc, Mobil Oil Plc.
• TELECOMMUNICATIONS: MTN Nigeria Communications Plc, Airtel Africa Plc.
• BUILDING MATERIALS: Dangote Cement Plc, BUA Cement Plc, Lafarge Cement, WAPCO Plc.
• AGRO-INDUSTRIAL: Presco Plc.
• AGRO-ALLIED: Notore Chemical Plc.
• AGRICULTURE: Okomu Oil Palm Co Plc.
• HOSPITALITY: Transcorp Hotels Plc.

In a mail to Nairametrics, Equity Analyst, CardinalStone Research, Khalil Woli, gave vital insights on the top NSE30 stocks that investors and stock traders should consider buying.

“Although domestic equities have delivered broadly negative returns in H12020 against a backdrop of weakening growth, currency concerns, and depressed earnings releases, we identify historically resilient names among the NSE 30 index that are likely to outperform peers over the next 12 months.

“Specifically, we like stocks with track records of high profitability, low financial leverage, and less margin volatility,” he said. These stocks also have attractive upside potential for 2020 based on our target prices, and are relatively consistent with dividend payments.

Notably, ZENITH and UBA have dividend yield that exceeds inflation levels. GUARANTY and STANBIC are also likely to offer dividend yield that are higher than the return on one-year T-Bill, going by their first-half performances. These banking names all announced interim dividends for the first half of the year.

In the cement space, WAPCO and DANGCEM are currently trading at attractive prices in the market, despite strong earnings expectations for FY20. Both companies delivered impressive growth in profit after tax (DANGCEM, +5.8% YoY; WAPCO, + 60.0% YoY) in H1 2020, despite the COVID-19 impact on sales (principally noticed in April).

DANGCEM and WAPCO are trading at 23.6% and 35.8% discounts respectively, to their 5-year average P/Es, despite expectations of higher ROEs in 2020.

There is also a strong investment case for PRESCO and OKOMUOIL, as oil palm companies historically thrive during currency liquidity crisis in Nigeria. Recall that OKOMU and PRESCO grew profits by over 100.0% YoY and 82.0% YoY respectively in 2016. Border closure and potential FX-induced increase in domestic patronage are other arguments in favor of the sector

Lastly, NESTLE is an obvious pick from the consumer goods space. The company has demonstrated high defensive attributes of consistent dividend payments and superior ROE (73.9% compared to a sector average of 27.6%), amidst macro headwinds of the last few years. Its healthy reliance on locally sourced raw materials makes an additional case for the stock, given recent naira pressure.

In addition, Silas Ozoya, Managing Partner, SUBA Capital, in a chat with Nairametrics, used the prevailing macros in selecting his favorite NSE30 stocks.

“My personal favorites are in the financial sector and consumer goods. This is because transactions happen every day and humans must consume house hold items. So, my first pick would be Zenith Bank, GTBank, and Sterling Bank. They are the stocks to hold in my portfolio, because of pond standing stability in the case of Zenith Bank and GTBank, and rapid growth in the case of Sterling Bank,” he said.

Also, the consumer goods market is the next on his list. “Unilever, Flour Mills of Nigerian Plc, and Nestle would top my list here, because of the market and consumer behavior towards their products, which translates to a healthy bottom, capitalization, and dividend,” he added.

Overall, the leadership of these companies, and their response to the ever-changing policies have shown how much longer they’re willing to keep the business running, which is a priority for any investor holding shares in their portfolio.

SOURCE (abridged): https://nairametrics.com/2020/09/16/top-nse30-stocks-you-should-consider-buying/

Everybody seems to be looking for a little peace and quiet these days. But even such a reasonable idea can go too far. The quietest place on earth, an anechoic chamber at Orfield Laboratories in Minnesota, is so quiet that the longest anybody has been able to bear it is 45 minutes.

Inside the room it's silent. So silent that the background noise measured is actually negative decibels, -9.4 dBA. Steven Orfield, the lab's founder, told Hearing Aid Know: “We challenge people to sit in the chamber in the dark – one person stayed in there for 45 minutes. When it’s quiet, ears will adapt. The quieter the room, the more things you hear. You’ll hear your heart beating, sometimes you can hear your lungs, hear your stomach gurgling loudly. In the anechoic chamber, you become the sound."

But the room isn't just for torturing people. Companies test products in it to find out just how loud they are. And NASA has sent astronauts to help them adapt to the silence of space. For you and me, however, the room is a deeply disorienting place. Not only do people hear their heartbeat, they have trouble orienting themselves and even standing.

"How you orient yourself is through sounds you hear when you walk. In the anechnoic chamber, you don't have any cues," Orfield told the Daily Mail. "You take away the perceptual cues that allow you to balance and manoeuvre. If you're in there for half an hour, you have to be in a chair."

So, next time you wish for some quiet time, remember it could also drive you crazy!

SOURCE: https://www.smithsonianmag.com/smart-news/earths-quietest-place-will-drive-you-crazy-in-45-minutes-180948160/

Justcul:
I have Zenith in my portfolio but plan to add more after dividend payment/mark down

You are a WISE man. You will smile to the bank in the next 6 months!

SOME bandits have kidnapped 16 farmers, including children and women at Uduwa village, along Birnin Gwari highway in Chikun LGA of Kaduna State. Those abducted by the gunmen were said to be going to the farm when the incident occurred in the early hours of Saturday 12 September 2020.

Four others were reported to have suffered gunshots injuries and were abandoned while the gunmen went away with 16 persons, who were of the same family. It was learnt that some of those shot were rushed to a hospital in Kaduna city for treatment.

One of the victims, who is the head of the family, Mallam Yakubu Barauni, told journalists on Sunday that he was shot in his two legs by the bandits. Barauni said among those abducted were a nursing mother, who had her baby (female) strapped on her back, three other women and the rest male children, as well as adults.

He said, “Yesterday, Saturday, September 12, 2020, at about 7am, while on our way to the farm around Gonar Lema along the Birnin Gwari highway, we were attacked by some bandits. They took away 16 people of an entire family. They also shot 4 of us. Three have been taken to Kaduna (town) where they are now receiving treatment in an undisclosed hospital,” he added.

The Kaduna State Police Command has yet to confirm the incident as the Public Relations Officer, Mohammed Jalige, could not be reached. Jalige had also yet to reply to a text message sent to his mobile phone as of the time of filing this report.

SOURCE (abridged): https://punchng.com/gunmen-kidnap-kaduna-nursing-mother-three-women-11-farmers/

There is perhaps no dispute that Nigeria is one of the most socially vibrant countries in the world. That many Nigerians love partying is no secret. Before the COVID-19 pandemic, anyone who drove through any town or city in the country would stumble on at least one social gathering –wedding, house-warming, birthday or funeral. At most weekends, social media was always awash with pictures of ‘owambe’ (a sobriquet used by many people to refer to a party).

However, like other people all over the world, Nigerians’ social lives were disrupted when the COVID-19 pandemic broke out in December 2019 in China. By February, Nigeria recorded its first case of the coronavirus. A month later, the FG ordered a lockdown in states to curb the spread of the virus. Public and social gatherings were banned.

Although new COVID-19 cases are still being recorded on daily basis, most countries of the world, including Nigeria, have eased the lockdown and lifted bans on social gatherings. But since the pandemic has yet to be over, it is important to keep to safety rules to prevent coronavirus spread at parties. As a partygoer, the tips below are necessary to avoid contracting the virus or contributing to an increase in the cases.

1. Don’t attend jam-packed parties
Make no mistake: jam-packed parties are contributing to the spread of COVID-19 and should still be avoided for the time being, public health expert based in Lagos, Dr Babafemi Olubajo, said. According to him, large gatherings risk being occasions for people to catch and spread coronavirus.

He said, “One question to ask at first is how many people will be at the gathering. If it’s beyond, let’s say 50, I don’t think it is wise to attend any social event. Even as confirmed cases are declining, we should be cautious not to start expanding our social circle now.

“The NCDC’s (Nigeria Centre for Disease Control) gathering guidelines also stress the increased risk associated with gathering in areas where the level of community transmission is high. I think the safest parties to attend are ones in which you know and are already in contact with everyone planning to attend. Lastly, it is important that should anyone test positive for COVID-19 afterwards, a mechanism is in place to quickly notify and trace those who attended the party.”

2. Don’t attend indoor parties
A medical expert in the USA, Dr Michael Richardson, recommended avoiding parties held in enclosed, smaller spaces like bars, basements, and clubs. “The best gatherings are ones that are outdoors and allow people to spread out to reduce the risk of transmitting COVID-19,” Richardson told Bustle.

“You can, of course, contract coronavirus outside, though the risk is lower. This is in great part because you are better able to social distance, thus reducing risk of infection. However, all gatherings, regardless of where located, come with some risk that increases depending on how crowded the gathering is,” he added.

3. Wear face mask, avoid hugs and handshakes
When you attend a party, public health expert Mrs Kike Adeniyi, suggested safe greetings such as elbow bumps or hip bumps, instead of hugs and handshakes. “Also, while it might seem like an annoyance, wearing a cloth face covering can provide an extra layer to help prevent respiratory droplets from travelling in the air and onto other people,” she added.

Similarly, a nurse and infection prevention director at Banner-University Medical Centre in the US, Brandie Anderson, wrote on bannerhealth.com that though inconvenient, physical touch should be avoided for the time being. She said, “As humans, physical touch doesn’t just feel nice, it’s crucial to our overall health and well-being. And with people around the world practising social distancing and self-isolation to curb the spread, some of us are feeling the negative effects.

“So, even though countries are slowly reopening, consider this before you run and tackle someone in a giant bear hug: COVID-19 can still easily spread from person-to-person, even when someone doesn’t show any symptoms. Nothing has changed in how it spreads, so follow social distancing practices and continue to wear a face covering where other social distancing measures are difficult to maintain.

“Until we have a vaccine, an effective treatment and/or herd immunity, any time you are around other people, you are potentially putting yourself and others at risk. We know that some people will not feel symptoms of COVID-19 but will be actively spreading the infection without realising it. Use your own personal risk assessment to determine what activities are best for you to participate in.”

4. Spend less time at a party
Ideally, no one should be organising parties that span several hours because of the peculiarity of these times. But should you attend a party where the organiser seems not to have regard for COVID-19 safety protocols issued by the government, don’t be shy to leave.

A public health expert based in Abuja, Dr Luke Lawal, said, “Spending less time with others, especially in enclosed spaces, may reduce the risk of spreading the virus. Infection rates are highest among people who are in close contact for 15 minutes or longer. People who want to see loved ones at a family gathering should consider going for just a few minutes.”

Lawal also suggested the evaluation of the behaviour of the party attendees to determine when to leave. He said, “The most important predictors of how dangerous a gathering is include how seriously the attendees take the risk. People who take the threat seriously are more likely to wear a face covering and adhere to physical distancing recommendations. Those who think the virus is a hoax or not dangerous may not keep their distance, particularly with those who want to stay in close contact.”

5. Don’t touch surfaces unnecessarily
COVID-19 spreads primarily through droplets people emit when they cough, sneeze, talk, sing, or exhale. According to NCDC and other bodies, these droplets can land on anyone nearby, which is why social distancing is so important. But they can also land on surfaces or be transferred there when someone who’s sick touches his face with his hand and then uses that hand to turn on a faucet, for example.

“Surface areas in general are reservoirs for viruses, bacteria, and other germs,” said Dr Manish Trivedi, an infectious diseases expert at the AtlantiCare Regional Medical Center in New Jersey, US. He explained, “When you sneeze into the environment, respiratory particles can land on surfaces such as a doorknob or table. Public health officials don’t have exact answers on how long the novel coronavirus can live on a given surface. But research suggests it may survive for hours or even days. Simply touching a contaminated surface won’t give you COVID-19. But then touching your mouth, nose, or eyes can transfer the virus to those sensitive spots, allowing the virus to enter the body and cause infection.”

Meanwhile, apart from partygoers taking safety precautions at events, experts said organisers should also ensure to provide an environment where coronavirus spread can be curtailed. In the following, a professor of epidemiology at the University of California, Los Angeles, Ann Rimoin, and three American event planners Jeanie Jackson, Jessica Huling and Anna Rose told the Los Angeles Times tips on how to organise a safe party for everyone.

6. Inform guests of your rules
Talking with guests before the party is critical to its success, said Rimoin, so everyone knows your expectations ahead of time. “If people arrive and think you’re imposing rules on them or picking on their children, bad feelings can arise,” she said. “Ask guests for their input but decide ahead of time what items are non-negotiable, such as wearing a mask when mingling. You have to ask, ‘Can you respect these rules and are you safe to join us?’” For convenience, Rimoin advised to buy masks or acrylic face shields for all guests.

7. Don’t invite many people
Rimoin said the size of your party should be dictated by how many people you can safely keep six feet apart. “And you have to give people the freedom to politely turn you down because we don’t always know what people’s home situation is. Accept a gracious refusal,” she added.

8. Don’t allow guests share items
Huling advised on placing disposable plates, cutlery, napkins, cups and straws on each table, so each guest has what they need, or put wrapped cutlery and straws at each place. She said, “You’re trying to minimise the need for guests to get up and go look for and handle items they’re likely to need or want. Provide everyone their own straw so they can more easily sip drinks from under their face masks.

“Also, designated servers should wear masks and disposable gloves while they’re serving food to guests.” Also, Jackson said, “Appoint a designated server to barbecue, another to manage the sides and salad table, and another to dole out appetisers, all to minimise the handling of communal items. “An option is to prepare and pre-package everything, including the appetisers. Buy individual serving sizes, such as chip bags, so people can easily grab and go, and place extras on each table.”

She added, “The easiest and safest drink options are open coolers or tubs, one with bottled waters, another with sodas and another with beer or canned alcoholic beverages, so people don’t have to open a lid and root around. Labelling coolers can cut down on unnecessary handling of items.”

9. Provide liquid soap, others for guests
Rimoin advised hosts to banish cloth towels and bar soap from restroom and use liquid soap and paper towels to limit the spread of germs. “Provide enough garbage cans to hold discarded towels inside the restroom and out, in case people want to (thoughtfully) use their towels when opening and closing the door,” she said. “Also place hand sanitiser in the bathroom and at each table.”

10. Plan outdoor rather than indoor party
Risk of transmitting COVID-19 is higher indoors, especially in confined spaces where people may not be wearing face coverings or keeping their distance from others. Hence, it is advisable to host events outdoors. Meanwhile, Olubajo advised politely asking someone who seemed sick to leave the party and go for medical checkup, especially if they were persistently coughing or sneezing.

He said, “For the safety of everyone, if anyone seems sick, the host should politely ask them to leave the meeting. Of course, this sounds somehow in our part of the world where such a plea can lead to strained relationship. But for the sake of others’ health, I don’t think anyone should value a friendship better than the lives of others.

“Don’t assume that someone coughing or sniffling has allergies and not COVID-19. Politely explain to them that you are worried about their condition and that they might need to go for checkup if their symptoms persist. However, remember that people without symptoms can still have COVID-19 and infect others, which is why it’s best to use a face mask, maintain physical distance, and stay outdoors as much as possible.”

SOURCE (abridged): https://punchng.com/10-safety-tips-for-partygoers-organisers-amid-pandemic/

Special Adviser to Lagos State Governor on Drainage and Water Resources, Mr Joe Igbokwe, talks to ALEXANDER OKERE about recent disagreement between him and the member representing Oshodi/Isolo Constituency in Lagos State House of Assembly, Mr Jude Idimogu, over who should lead the Igbo in Lagos APC.

Q. The member representing Oshodi/Isolo Constituency in Lagos State House of Assembly, Mr Jude Idimogu, said the Igbo community in Lagos State chose him to be its leader because you didn’t meet its expectations. What is your response to that?

A. It will take Jude 30 years to get to where I am. That is what he is underrating that has been the scourge of our politics in Nigeria, especially in the South-East. People don’t line up. They don’t build themselves. They don’t follow people. Overnight, they just want to come and be in the front seat. No, you have to learn how to carry people’s bags so that someone will carry bags for you.

Q. Is it true that you don’t see yourself as an Igbo man?
A. It is a lie. Is that what they are telling you? We are in the age of the Internet where people can google my picture (I’m very active on social media). What I have said is that I am proudly Nigerian, that I know no East, South, West and North.

Q. How would you respond to his claim that the number of years you have spent in a party is not a factor in deciding who a better leader is?

A. That is a lie. People can always manufacture something just to justify a particular situation. But it cannot work. You cannot give what you don’t have. Let him go and pay his dues and line up. I have served 4 governors in Lagos State. I have authored books and articles on building Nigeria. I managed two agencies before I became the SA, Drainage. I was the publicity secretary of the APC for 13 years in Lagos State. I was the chairman of the Conference of Publicity Secretaries of the APC across Nigeria for almost six years.

So, what is Jude going to bring to the table? Nothing. The only thing he is going to bring to the table is that he was elected from one constituency out of 40 in Lagos State. I was the one that brought him into the party. He came into the House of Assembly on the platform of the PDP in 2015. When 2019 was approaching, he noticed that he might not win the election, so he defected to APC. I was among the leaders that received him. Now, he wants to contest leadership. It will take Jude 30 years to get to where I am. I have been thrown under a bus. I have faced bullets. I have done a lot.

Q. Are you not trying to lord it over the Igbo?
A. No. Leadership is earned. I am talking about Ndigbo in the APC. There is Ndigbo in the PDP.

Q. How close are you to the Igbo community in Lagos?
A. I have an article titled, ‘Revolution is not announced’. It answers all the questions. We don’t announce these things. He was in my office and I told him. If I sit in the office, people call me every 10 to 15 minutes about problems they have with government agencies and I solve these problems without announcing them. Jude may not know what I have done for the Igbo community in Lagos State since I joined the Lagos State Government in 2005. Jude should go to Ladipo Market and ask the president general how many meetings we held before one contractor built the ultra-modern stores in Ladipo Market.

Jude should go to Alaba International Market and ask how the Fancy and Furniture crisis was resolved after a series of meetings in my office in Apapa GRA. These are things not announced. When you pay school fees for your children, put food on the table for them, clothe them, provide shelter, etc, you do not beat your chest because these are normal things a father must provide, otherwise you become an infidel.

Q. Where do you think he went wrong on this issue?
A. He went and announced himself. We are 17 on the Board of Trustees who are running Ndigbo in the APC in Lagos State. Jude moved away with 3 people but one later returned. Are you saying that two are greater than 15? What makes him a better person than 15 of us? These are people that have stood with us through thick and thin, which time and space will not permit me to talk about.

Q. Don’t you consider this leadership tussle as an embarrassment, especially as the Igbo have been criticised for failing to speak with one voice?
A. It is very embarrassing that someone who just came into the party is trying to usurp power. He doesn’t understand protocol. He just went away with three people out of 17 and says he is a leader. They just went somewhere and raised his hand to say he is a leader. It is criminal. You can do such things anywhere but not in Lagos State.

Q. Does the APC have a rule guiding leadership in different ethnic groups within the party?
A. No, we don’t have one. But because we are members of the APC in Lagos State, the chairman of the party had to step in, saying that the party knows one but is yet to know the other. I just left the party as an executive member. The party is supreme. It decides who will run for office.

Q. Did you report him to the party?
A. No. Whatever he was doing was in the open and it became an embarrassment.

Q. What do you want him to do to resolve the matter?
A. He should go and line up and learn how to climb the ladder first. You cannot go to secondary school unless you have completed primary education, and you cannot get university education unless you have completed secondary education and got a good grade.

SOURCE: https://punchng.com/itll-take-jude-30-years-to-get-to-where-i-am-igbokwe-sa-to-lagos-gov/

General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has said the Nigerian government has enough money to provide palliatives for every citizen, but that corruption and lack of accountability are the country’s problems. He added that the church, for example, spent between N250m and N400m monthly on corporate social responsibility, saying government must attend to the demands of the people.

The cleric spoke at the monthly thanksgiving service at RCCG Headquarters, Throne of Grace, Ebute-Metta, Lagos State. Pastor Adeboye, who was represented by the Assistant General Overseer, Administration and Personnel, Pastor Johnson Odesola, said he was full of praises to God for intervening in the COVID-19 crisis in the country. The service was themed ‘Victory over lockdown.’

He said, “To say there is not enough money to give palliatives to Nigerians is an understatement because Nigeria has the money. But the problem known to everyone is corruption and lack of accountability. For example, in RCCG, we spend a substantial amount of money on corporate social responsibility of between N250m and N400m every month.”

While commenting on the hike in the pump price of fuel and electricity, Adeboye noted that the government needed to be considerate with its people and reconsider introducing such policies at a time people were just getting relief from the scourge of COVID-19.

SOURCE (abridged): https://punchng.com/corruption-lack-of-accountability-part-of-nigerias-problems-adeboye/

Do you agree with Uti Nwachukwu's opinion below?

What is your attitude when people say "NO" to your requests?

Recent onslaught on members of Daru Salam sect by security agents in the forest of Nasarawa State has brought relief to residents of the North-Central region of the country as their criminal activities had become a threat to national security, GBENGA ODOGUN writes

Following intelligence reports that members of a religious sect, the Daru Salam, had been living and operating in Uttu Forest in the Toto LGA of Nasarawa State, the Defence Headquarters, 2 weeks ago, launched what it codenamed Operation Whirl Stroke, which was to flush out members of the sect. The sect, according to the authorities, had become a ‘security nuisance’ in the North-Central states of Kogi, Nasarawa, Niger, Benue and FCT. They had been linked to all forms of criminalities on Lokoja-Abuja Expressway as well as Nasarawa-Keffi Expressway in Nasarawa State. Members of the sect have been accused of kidnapping and killing road users with reckless abandon, thereby causing untold hardship to people of the affected areas.

They were said to have been operating in the forest in the last 5 years after the former governor of Niger State, Babangida Aliyu, ordered them out of the state and they relocated to the Uttu Forest in Nasarawa State. Between January and now, no fewer than 50 persons have either been kidnapped or killed on the Okene/Lokoja/Abuja highway. The alleged nefarious activities of the sect members came to a head in June when a popular Lokoja businessman, Nicholas Ofodile, aka Chunks, was gruesomely murdered on his way from Abuja.

Even security agents are not spared the reign of terror of the bandits masquerading as religious sect members. In July, two naval officers, a male and a female, were shot dead in a botched kidnapping operation. Six days later, a Captain of the Nigerian Army, G. S. M. Abubakar, was shot dead at Osara on Okene/Lokoja highway. Killings became almost a daily occurrence, while residents of towns and villages along the only highway connecting the South with the North watched helplessly as blood flowed freely due to criminal activities.

In the operation to flush out the sect members, more than 400 women and children were rescued. Some of the women claimed to have been kidnapped after their husbands had been killed and they were forced to become wives of the kidnappers. After the offensive, men from the Nigerian Army Records, Lokoja, were drafted to mop up the remaining bandits from the forest.

A 30-year-old widow, Safiya Yusuf, one of the family members of the sect, who was rescued by a joint military operation comprising the 4 Special Forces Command, Doma; Operation Whirl Stroke; Nigeria Navy Ship Lugard; the Nigerian Air Force; and Command Army Records in the Ugya area of Toto LGA of Nasarawa State, explained how the terrorists kidnapped and impregnated her after she was divorced by her previous husband. Narrating her ordeal in an exclusive interview with The PUNCH in Lafia, on Monday, Safiya said her ex-husband, whom she got married to over 12 years ago and had two children with, took her from Niger State to Uttu and abandoned her and the children there for several years.

She said she never knew that he had a hidden agenda of introducing her to an Islamic sect in Uttu. She added that members of the sect hiding in the Uttu Forest, took advantage of her situation, kidnapped and impregnated her after killing her ex-husband. “The first husband, who I had two children for and was from Niger State, took me to the Uttu Forest area of the Toto Local Government Area of Nasarawa State, where I had never been to before, and abandoned me there with our kids,” Safiya stated.

According to her, she spent 10 years in the marriage with her previous husband, adding that the terrorist, who kidnapped her, impregnated her and she had two children for him.

Another widow, 34-year-old Zainab Musa, whose husband was kidnapped and killed by the terrorists, told our correspondent that she was abducted by Boko Haram insurgents from Niger State and taken to the Toto camp, adding that she had a child for one of them, whom she could not identify.

Another rescued widow, Sadiyat Sanusi, whose husband was also kidnapped and killed in Kogi State, said, “After killing my husband, they took me to Barada in the Koton Karfe Local Government Area of Kogi State and we were there for two years and I was impregnated.”

Our correspondent gathered that these and other nefarious activities, such as kidnapping for ransom, had become a daily occurrence and informed the decision of the Defence Headquarters to launch the Operation Whirl Stroke to flush out hoodlums from the forest. The operation included aerial bombardment of the camp, while ground troops moved in after the sect members and to capture the women and children, while the men fled or got killed while succumbing to the superior firepower of the security men.

Arms and ammunition, including rocket-propelled grenades, were recovered from the operation site, while the rescued women and children were taken to the Internally Displaced Persons’ camp in Nasarawa State. A social commentator, Hamza Baba, commended the initiative to flush out members of the sect from the forest since they chose to constitute themselves into a serious security threat.

“These people are not even from Nigeria; there are indications that they are from Mali. How can you just enter another country and become a security nuisance, killing and maiming the citizens?” Baba quipped. He suggested that the army and other security agencies should sustain the onslaught to completely flush out the remnants of the sect so that the residents of the area could have peace of mind.

“Yes, it is a welcome development in view of the untold hardship the sect had subjected not only the people of the area, motorists, passengers and other road users to, but also considering that the route is the only link between the North and the South, and watching while some hoodlums in the name of religious sect constitute themselves into security nuisance cannot be allowed in a secular society such as ours,” said another commentator, Mike Oshiomieh.

He also called for the continuation of the onslaught more so that the Nigeria Customs Service had last week warned of the existence of terrorist camps in some parts of the country, including Abuja, the Federal Capital Territory, adding that there was a need to keep the area under perpetual surveillance to prevent further attacks.

SOURCE (abridged): https://punchng.com/daru-salam-rise-and-fall-of-sect-that-killed-men-forced-their-widows-into-marriage/

Recently, a chart showed how the South-East states lost out on foreign investment funds into the country. Stats showed that the South-West bullied the other 5 geopolitical zones with a whopping $82bn in FDI, representing 87.7% while the rest of the country shared the remaining 12.3%, which is actually laughable.

North-Central, even with the unrest happening in northern parts of the country, occupied 2nd position with $10bn, representing 11.51%. South-South garnered $471m while South East got $204m and North-West $30m. North-East came last with $39m. Foreign investment here refers to investments in domestic companies and assets of another country by foreign investors.

This is therefore a wake-up call to South-East governors even though Ebonyi State has shown some positive difference in recent years. South-East lost out due to negligence and lack of vision of their leaders and from the way other regions are developing, it shows that South-East governors are sleeping on a bike.

LET'S TAKE ABIA STATE AS AN EXAMPLE
About 5 years ago, Aba was ranked by a survey as one of the dirtiest cities in Africa while Port Harcourt International Airport was described as one of the dirtiest or sub-international airports in the world. Today, Port Harcourt International Airport is one of the best in Africa but Aba still remains same or has worsened.

If you say Port Harcourt airport is a federal project, I agree but the Rivers State Government took it as a challenge to make sure the airport wears a new look. What about many infrastructural developments that have been going on simultaneously in Port Harcourt and other parts of Rivers State like flyovers (even though I know they can do better)?

It is apposite to ask South-East governors what is happening in their states especially Abia and Imo states. What are they doing with their allocations and internally generated revenues since 1999 till date? Charity, they say, begins at home but it seems the charity of most South-East governors begins outside home. The region is one of the worst governed in the country.

As governors, they owe their retirees pensions, civil servants are not paid salaries as and when due, they don’t fix good roads or undertake quality projects. What then do they do with their internally generated revenues and federal allocations? My question is, what really is the problem of most of the South-East governors, especially Abia and Imo? Their attitude as leaders has made the region look like 3rd class in development compared to other regions apart those affected by insurgency.

Tomorrow, they will start looking for who to blame for marginalistion. It’s time leaders of the region understand that nobody will attract development to their region but themselves. Does the region even have a progressive developmental plan that each governor will follow irrespective of the party in office because that is one of the reasons the South-West is where they are today (Lagos comes first)?

It’s not a crime if the South-East governors apply what I call partnership system of government, where they can save and jointly do projects that will develop the region and also benefit their people collectively. It is not a crime if they jointly handle critically needed infrastructure like railways and roads in the region. For instance, Aba is supposed to be a production hub of the region and country, is it a crime if the South-East governors come together to build world class factories and clean up the city?

Onitsha Main Market is one of the biggest markets in West Africa, what have they come together to do about it? You’ll only tell me that every state is independent when leaders know what to do but if a leader is limited for one reason or the other, the interest of the region still remains for growth and development and there is nothing wrong about interstate partnership or collaboration. Most times, I see South-East governors gather after meetings dressed so costly and pose for the camera yet, one question keeps coming to my mind, what are they actually discussing in those meetings when their region has remained the same since 1999 apart Ebonyi State and, to a lesser extent, Anambra State?

It’s time for South-East governors to wake up and do what is expected of them. Besides, it’s time for the people to hold their leaders accountable for failing them.

--By Dumebi Nduka @ Awka, Anambra State


SOURCE (abridged): https://punchng.com/a-wake-up-call-to-south-east-govs/

One of the 5 widows of the slain notorious militia leader in Benue State, Terwase Akwaza, aka Gana, Mrs Wantor Akwaza, said on Thursday that her deceased husband was snatched by military men. Recall that the Commander of Operation Ayem A. Kpatuma, Major General Ali Gadzama, had on Tuesday told Channels Television that Gana was killed in a gun battle with soldiers.

But a community leader, who confided in The PUNCH in Makurdi, said Gana was in a government convoy when he was dragged out of a car by soldiers at a checkpoint in Gbitse in Gboko LGA of the state. Mrs Akwaza said her husband was in a convoy of government officials, traditional rulers and clergymen, heading to Makurdi, the state capital, to finalise the amnesty deal he had with the state government before he was killed.

The 34-year-old, who spoke with some select journalists in Abuja, said Akwaza only accepted the state government’s offer of amnesty and came out of hiding after a former Governor of the State, Gabriel Suswam, visited and assured him that he was involved in the deal. Suswam, who is currently the senator representing Benue North-East Senatorial District, had on Wednesday called on the FG to set up a judicial commission of inquiry to unravel how Gana died.

But Gana’s widow said her late husband whom she last spoke with on Saturday, accepted the government’s amnesty offer because he was tired of living in hiding and wanted to start living as a freeman. She said, “He said he had worked for the world for too long; so he wanted to work for God. He said he wanted to be a free man." She said she wanted government to “bring the people” who killed her husband “to justice and pay compensation” of N5bn to the family.

ORTOM SAYS AMNESTY CONTINUES
Meanwhile, Benue State Governor, Samuel Ortom, on Thursday said security had been beefed up in the Sankera area where Gana hailed from. Ortom, who was answering questions from journalists after his briefing on the outcome of Thursday’s Security Council meeting, called for calm in the area and assured the people that government had provided enough security in the area to forestall any possible breakdown of law and order.

The governor acknowledged the peaceful disposition of the people of Sankera despite the ugly incident and urged them to sustain the conduct as everything was being done to guarantee security of lives and property. Speaking further, the governor explained that Benue State Security Council would be meeting with stakeholders from Sankera on Friday 11 September 2020 (today). Ortom said the meeting would review situation of things in the area and fashion a way forward, adding that the council also resolved to continue with the amnesty programme to cover those who retreated.

WE WON'T SPEAK ON GANA’S KILLING –DHQ
Meanwhile, the Defence Headquarters has refused to speak on the killing of Gana by the military on Tuesday.
Coordinator, Defence Media Operations, Maj. Gen. John Enenche, said he would not take issues with the Benue State Governor, Samuel Ortom, and other political leaders, who had condemned the incident.

SOURCE (abridged): https://punchng.com/gana-wanted-to-work-for-god-be-a-changed-man-before-he-was-killed-widow/

Treasury bills worth N128 million were auctioned by the Central Bank of Nigeria (CBN) on Wednesday through the primary market auction (PMA). However, when the bids were analysed, it was observed that subscribers staked N262bn on the debt instrument, representing a subscription level of 205%.

This has been the situation with sale of T-bills in the country for a long time, with more liquidity chasing the investment tool as investors look for where to put their funds. This situation has led to significant decline in rates and yields, and as Business Post observed, CBN further trimmed the stop rates yesterday.

Analysis showed that CBN offered N4.4bn worth of 91-day bill, N14.0bn of 182-day bill and N109.7bn of 364-day. But market participants bid N8.6bn for the 3-month bill, N22.9bn for the 6-month and N230.9bn for the 12-month instrument. Though the apex bank allotted exactly what it auctioned for the respective maturities, it trimmed stop rates for the 3 tenors. Stop rate for the 91-day bill was lowered to 1.10% from 1.14%, the 182-day bill was dropped to 1.55% from 1.80%, while the 364-day bill was cut to 3.05% from 3.34%.

The situation on Wednesday has made observers project that treasury bills would soon be sold at a stop rate below 1%. “With the way things are going, CBN will sell treasury bills to investors at an interest rate lower than 1%,” an economist based in Lagos, Mr Sunday Aderibigbe, told Business Post.

“What is happening at the market at the moment is that the investors are practically begging CBN to take their money for free, which should not be so. The reason is that there is much liquidity in the space and if this continues, my projection will be a reality in a very short time,” Mr Aderibigbe added.

SOURCE (abridged): https://businesspost.ng/economy/rate-drops-to-1-10-as-investors-beg-cbn-with-n262bn-for-n128bn-t-bills/amp/

On September 1, 2020, the Central Bank of Nigeria (CBN) in a circular signed by Director of Banking Supervision, Mr Bello Hassan, said interest rate on savings deposit in banks will be 1.25%. The rate was cut from previous 3.9% and this was greeted with criticisms from various sections, including the Nigerian Economic Summit Group (NESG), which questioned the rationale behind this policy.

The issue generated such reactions because it was at the time the FG approved increase of electricity tariff, and few days later, pump price of fuel jumped to N160 per litre from N145. One of the major reasons for the grumbling was that these policies were coming when citizens were just reopening their businesses. They had not been economically active for months because of closure due to the COVID-19 pandemic.

But CBN, while reacting to comments made by NESG, questioned the group’s credibility, especially under its current leadership, saying it “has fallen short of its own standards and become a shadow of its old self.” The apex bank explained that it reduced interest rate on savings deposits for the good of the economy, noting that some big companies, instead of expanding operations to hire more workers, were putting funds in banks to generate more money.

Recently, the National Bureau of Statistics (NBS) said that over 27 million Nigerians were jobless in the country.
The apex bank said in order to address this unemployment issue, it had to discourage dumping of funds in banks to yield interest rather than pumping them into the economy to improve economic activities, which will then make the nation’s Gross Domestic Product (GDP) grow positively.

Business Post reports that in the second quarter of 2020, Nigeria recorded negative GDP growth of 6.1% and this was attributed to the global health crisis, which brought the economy almost to a standstill. In the CBN’s response to NESG’s allegation of “price fixing” for savings deposit in the country, the banking industry watchdog said in an “ideal economic textbook/theory, savings should be equal to investment, we expect total deposits should closely mirror total loans.”

CBN in the response signed by its spokesman, Mr Isaac Okorafor, said it observed “an increasingly large gap between total deposits in the banking system and total credit to the economy” which necessitated the 1.25% interest rate benchmark. According to the bank, while total deposits stood at about N25 trillion in January 2020, total loans stood at N17 trn and as of August 2020, the total deposits jumped to N29.7 trn, while total loans were only N19 trn.

“Many rich corporates have simply been content saving their cash balances and collecting huge interest payments, rather than expanding their investment, which should lead to hiring more people and producing more goods. In order to forestall continuation of this trend, CBN had to act to discourage these practices for the good of the economy.

“In other words, the rationale for reducing saving rates by banks is actually to encourage more lending,” the CBN said in the statement.

SOURCE (abridged): https://businesspost.ng/economy/why-interest-rate-on-savings-deposit-was-cut-to-1-25-cbn/amp/