₦airaland Forum

By Rasheed Bamawo

Vigeo Limited was granted various credit facilities to support its business in 2007 by the former Oceanic Bank (Now Ecobank Nigeria Limited), which it failed to liquidate upon expiration in 2008.

The Bank had financed the purchase of the Vessel known as MV- OLUFUNKE on behalf of Vigeo and repayment of the facilities was to be made from cashflow from the Company’s operations, including cashflow from the financed Vessel. The facilities were secured with a Legal Mortgage over the Vessel  financed, as well as the Personal Guarantee of the Chairman of Vigeo, Mr. Victor Gbolade Osibodu, amongst others.

Interestingly, Mrs. Olufunke Osibodu, wife of the Chairman of Vigeo Limited was a former Managing Director of Ecobank Nigeria and a former top Group Executive of the Ecobank Group. She is also a major shareholder in Vigeo Limited, a company she owns with her husband. There are concerns in the market that Mrs Osibodu may have used her position as a former top Executive of the Bank to shield the company and her husband from settling the obligations.

In 2017, following Vigeo’s recalcitrant nature, Ecobank commenced a recovery action against the Company and Mr. Victor Gbolade Osibodu in Suit No. FHC/L/CS/1553/2017 – Ecobank Nigeria Limited v Vigeo Limited (Owners of MV Vigeo Olufunke) and Anor, for the recovery of the outstanding exposure, which was in excess of N26,000,000,000.00 (Twenty-Six Billion Naira) as at December 2021. The Court had early in 2017 granted a Mareva Order freezing the Company’s accounts in all Banks in Nigeria, based on an application filed by Ecobank in an attempt to recover the huge exposure, which constitutes its depositors’ and shareholders’ funds.

In the ongoing suit, Ecobank seeks the following reliefs:

An order of Court for payment of the outstanding sum plus interest at the rate agreed by the parties until final liquidation

Post judgment interest on the outstanding debt at the rate of 20% until final liquidation.

An order of Court for the  forfeiture and sale of Victor Gbolade Osibodu’s beneficial ownership of 80% of Vigeo House at 6, Osborne Road, Ikoyi valued at about N800MM, pursuant to the personal Guarantee he executed in favour of the Bank

An order of forfeiture and sale of Victor Osibodu’s beneficial ownership  of the property at 16A, Milverton Road, Ikoyi valued at N700,000,000 as at 2017,

An order granting Ecobank ownership, control, lien and disposition of; all shares held in any companies by the 1stand 2nd defendants  with the Federal Republic of Nigeria, cash at hand and held in Bank or any financial institution in Nigeria, all financial investments standing to the Credits of the 1st and 2nddefendants whether held in shares, bonds, treasury bills or other financial instruments, amongst others.

General and exemplary damages in favour of the Bank in the sum of N100,000,0oo.oo for loss of business expectation and lack of good faith by the 1st and 2nddefendants.

Reliable sources from Ecobank have confirmed that the Vigeo loan has been fully provisioned by the Bank, in line with regulatory requirements. However, the Bank will continue to pursue the debtor until full recovery of the debt.

Vigeo and Mr Osibodu in their statement of defence stated that Ecobank Transnational Incorporated did not acquire defunct Oceanic Bank International Plc at all, contesting that any purported acquisition is void, illegal and unenforceable in law. It stated that there was no merger of defunct Oceanic Bank with the plaintiff (Ecobank) and no valid or legal merger, adding that the purported merger is illegal and void in law and did not comply with all requisite statutory requirements and due process of law. The defendants also stated that Ecobank is not the successor-in-title or successor-in-interest of defunct Oceanic Bank, and the rights, assets and liabilities of Oceanic Bank are not vested in Ecobank.

The peculiarity of the Nigerian financial crisis which hit the Banking Industry hard, was largely due to huge loans gone bad that were given to these debtors many of whom simply refused to pay because they consider themselves the untouchable in the society, who should get away with not observing the obligations that come with borrowing money from Banks. The refusal of Vigeo Limited and the Osibodus to settle their outstanding indebtedness to Ecobank seems to be the trend amongst debtors who brandish themselves as the movers and shakers in the society.

They obtain huge loans from Banks to support their lifestyles and float other businesses with no intention of repaying the debt. For instance, the promoters of Vigeo are the owners of Citiserve and Benin Disco, amongst others and it is widely believed that the Electricity Company (Benin Disco) was set up using loans obtained from Ecobank. There is something particularly distasteful that this development brings to the Nigerian economy in general and the Banking Industry in particular.

What is even stranger is that the debtors many of whom have been established to be chronic defaulters are unperturbed by the crisis occasioned by their nefarious activities. This attitude has led to several financial crises in Nigeria, culminating in the financial crisis in 2009, which resulted in the setting up of AMCON to take over delinquent loans and keep the Banks afloat.

There are several negative implications of debtors’ default in meeting their loan obligations – thousands of jobs were lost in the Banking industry because of the crisis that resulted from the many debt defaults on account of this behaviour. Indeed, some Banks like Oceanic Bank (from whom Vigeo originally obtained the loans) did not survive the crisis, and Ecobank had to step in to acquire the Bank.

The financial system and the overall economy are still reeling from its aftermath, as billions of Naira of our Commonwealth were invested to rescue the distressed Banks.

It is therefore being advocated that this is a matter the relevant authorities must look at seriously. Chronic defaulters  who go from one Bank to another throwing their political, economic connections and supposed business weights around, to secure loans are well known. There is need for cooperation and partnership to identify and blacklist such well known serial and recalcitrant defaulters who think they can use their political and economic powers to avoid meeting their obligations.

The matter, before Hon. Justice Bolgoro of the Federal High Court, Ikoyi, was adjourned to March 17th and 30th for commencement of trial.

A Magistrate Court sitting in Isabo, Abeokuta has sentenced one Adewale Ogundele and Ibrahim Amoje to one year imprisonment without any option of fine.

The two accomplices who were apprehended on the 16th of October, 2021 by men of the Ogun State command of the Nigeria Police after they were arrested for the role they played at disrupting the peace of the state at an illegal political gathering not recognized by the national party of the All Progressive Congress (APC) at the Ake Palace ground.

Both convicts were found guilty of illegally possessing firearms in the state.

It would be recalled that loyalists of Governor Dapo Abiodun had gathered to conduct the state congress of the party at the national secretariat designated MKO Abiola International Stadium, which had in attendance the national committee of the party as well as the Independent National Electoral Commission, while a faction led by the immediate past governor, Senator Ibikunle Amosun, held a parallel congress at the Ake Palace.

Delivering judgement in a suit number MA/381C/2021 on 28th January 2022, (Mrs) O. O Adebo after having been satisfied with evidence before her sentenced the duo to one year imprisonment without any option of fine.

“Those two were charged with unlawful possession of fire arms, so, the trial processed in court, we had three witnesses and at the end of the day, they were found guilty of having in their possession firearms without license.

Accordingly, they were sentenced and sent to one year imprisonment without any option of fine.

Nigerians are set for 13 weeks of excitement and drama as telecom powerhouse, Globacom, premieres its Glo Battle of the Year Nigeria reality tv show on GloTV, the company’s mobile streaming app as well as on cable and terrestrial channels.

The show which has been described as “a fast paced, action packed show where the best dance crews and individuals in the country go head to head and battle each other to see who will represent Nigeria in the international Battle of the Year competition” is a youth empowerment initiative from Globacom and ties into the company’s brand promise of providing Nigerians unlimited platforms on which to unleash their potentials.

The winners will go home with mega millions while the overall winner will, apart from his cash prize, represent Nigeria at the international Battle of the Year competition in Japan




As the 13 episode reality tv show premieres on Saturday February 5, 2022, here are 5 reasons why you don’t want to miss any episode.

This is a show that is set to rewrite someone’s history. As an empowerment initiative it is providing a platform for young talented Nigerians to realize their dreams of becoming world class dancers. Just watch this show for the back stories of the contestants and the grass to grace story that is about to happen. Keep your hanky handy.
There is drama aplenty. Oh yes beginning from the audition and elimination stages all the way to the regional qualifiers, you will cry and laugh and yimu as the contestants battle each other to get ahead. Savour the joy of qualification alongside those who make the cut and well, say pele to those who did not qualify.
Learn to bust a move: Do you have two left legs? Are you a wallflower when it comes to parties and dancing? Download the GloTV app and make a date every Saturday over the next 13 weeks and you could be the life of the next party, the man or woman with the moves and who knows, you could even become a tiktok viral sensation.
Do2tun is a vibe as the host with the most. Award-winning On-Air Personality (OAP) and actor Do2tun will be hosting the show so expect his signature style and look out for seasoned and renowned dancers like Poco Lee, Pinky Debbie, Izzy Odigie, Big Flo, Maxbuck, Dunamis, Franc Okwara, JC Jedor, Poxy (Cameroon), Gidnasty (USA), Menno (Netherlands), and Manuela (Germany) who will be on the show as mentors.
Glo always brings excitement. Yup and you can check out this list from Glo Naija Sings, Dance with Peter, Glo X-factor as well as flagship shows like Glo Laffta Fest, Glo Campus Storm and Glo Music Fiesta. Glo Battle of the Year Nigeria reality tv show is set to extend the run and provide viewers with something super exciting for the whole family.

...launches health insurance scheme for informal sector

Ogun State government says it has paid up a total sum of N200 million grant to the Basic Health Care Provision Fund as part of its resolve to take  advantage of the health scheme in the state.

The state governor, Dapo Abiodun disclosed this at the launch of the Basic Health Care Provision Fund and commencement of the Informal Sector Health Insurance Scheme at the June 12 Cultural Centre, Kuto, Abeokuta, on Thursday.

He noted that the formal take-off of the health insurance scheme was another step towards capturing the all-important sector in the social health safety.

“While our administration will continue to ensure that affordable and sustainable health care delivery system is provided in Ogun State, it is also imperative that we make it easily accessible to all our people. It is for this reason that we are gathered here today to launch the Basic Health Care Provision Fund (BHCPF) as an effective gateway to the Universal Health Coverage (UHC) and the formal take-off of Informal Sector Health Insurance Scheme towards improving the wellbeing, wellness and welfare of the people of Ogun State.

“The BHCPF is a social health intervention fund that is targeted at providing basic health care services to the vulnerable crop of people – such as pregnant women and children under-5, as well as the indigent people in the society. Let me assure that with the formal launch of BHCPF, the basic health care services will be provided to these categories of people that have been registered by the Ogun State Health Insurance Agency at no cost”, the governor stated.

He, however, explained that basic health care services without exposure to financial hardships by the vulnerable in the society necessitated the informal sector health insurance scheme.

He expressed hope that the scheme would serve as a cushion against any financial burden as occasioned by high out-of-pocket expenses on health care services.

While appreciating the Federal Government’s social intervention programmes aimed at improving the wellbeing of the people, Abiodun noted that the launching of the Basic Health Care Provision Fund (BHCPF) and the Informal Sector Health Insurance Scheme, would further deepen the positive impacts of the Federal Government’s Economic Recovery and Growth Plan (ERGP) in Ogun.

He added that his administration would continue to collaborate with the FG across all sectors,improve on the policy formulation and programme implementation to sustain the Public-Private Partnership strategy, adding that “the relevant agencies in the health sector would continue to provide  necessary skills and equipment for more efficient and effective service delivery”.

The Speaker, Ogun State House of Assembly, Rt. Hon Olakunle Oluomo while appreciating the present administration for the initiative, said the House would pass a Bill to criminalise diversion of the scheme’s fund.

He advised the agencies of the scheme to allow their representatives to liaise with members of the public to sell the scheme, encouraging political office holders to embrace the scheme by paying for some of their constituents.

In his remarks, the Executive Secretary, National Health Insurance Scheme, Prof. Nasir Sambo, disclosed that the federal government had disbursed over N28.7bn to states and the Federal Capital Territory to fulfill the requirements of accessing the funds.

Sambo, while noting that the National Health Insurance Scheme provides support to state agencies in terms of technical and operational issues especially in the areas of training, technology and programme development to facilitate attainment of the universal coverage by the year 2030, said the federal government was also developing a contemporary and comprehensive information technology through the ongoing ENHIS project.

Commissioner for Health, Dr. Tomi Coker said the poor and the vulnerable in the society (such as pregnant women, children under-5, elderly above 65 years of age and the disabled) were the primary targets of the Fund and Insurance Scheme, adding that to ensure the dividends percolate to the grassroots, ” the Ogun State Health Insurance Agency has accredited 236 primary health care facilities using the National Health Insurance Scheme (NHIS) guidelines; funds have been disbursed into the State Treasury Single Account (TSA) at the Central Bank of Nigeri

She added that a total of number of 26,440 beneficiaries have been enrolled onto the programme across the 20 Local Government Areas (LGAs) of Ogun State.

Speaking on behalf of traditional rulers, Chairman, Ogun State Traditional Council of Obas and the Akarigbo of Remoland, Oba Babatunde Ajayi, expressed happiness with the new development in the health sector, calling on the people to embrace the scheme in order to access quality health care services.

…pledges support for frontier exploration

The Senate Committee on Petroleum Resources (Upstream) has commended the Nigerian National Petroleum Company Limited (NNPC Ltd) for repositioning the Nigerian oil and gas industry into a competitive business environment.

The Chairman of the Committee, Senator Bassey Albert Akpan, gave the commendation when he led members of the Committee on an oversight visit to the NNPC Towers, Abuja, on Tuesday.

Senator Akpan said the visit offered the lawmakers the opportunity to have firsthand information about Management’s actions in transitioning from a Corporation into a limited liability company in compliance with the Petroleum Industry Act (PIA).

“We commend the effort of Mallam Mele Kyari and his team towards repositioning NNPC post-PIA. We’ve been told about the challenges, the expectations, projections and visions for NNPC. We are very impressed that the effort of the National Assembly in passing the PIA is yielding positive outcomes,” Senator Akpan said.

He said the Committee would look into the issue of funding for frontier exploration in order to ensure that the objective of boosting exploration and production in frontier basins in the next five years is met.

Earlier, the Chief Executive Officer of the NNPC Ltd, Mallam Mele Kyari, informed the lawmakers that the Company is well primed to meet the growth trajectory envisaged in the PIA, stressing that it has received very positive commercial assurances from investors and partners across the globe.

...to deploy CCTVs on interstate highways

 

Worried by increasing rates of kidnappings, robberies, banditry, ritual killing and farmers-herders clashes in the border areas, particularly along the Lagos-Ibadan Expressway, governments of Oyo and Ogun have expressed their readiness to set up a Joint Border Security Task Force.

The states also agreed to inaugurate a high-level Joint Security Committee to focus on and proactively address security matters along the boundary communities and interstate roads, to enhance security between them.

Reading from a communiqué jointly signed by Governor Dapo Abiodun of Ogun and his Oyo state counterpart, Seyi Makinde, after the inaugural joint security meeting on Wednesday, in Abeokuta, Abiodun said that membership of the Joint Border Security Task Force would be drawn from various security agencies in the two states, to patrol the border communities.

This, he noted, would be to ensure security of lives and property for the residents and commuters.

The governor added the sister states would collaborate on emergency/distress calls, especially on the highways that connect Oyo and Ogun.

According to the communique, CCTV would be deployed on the interstate highways, while outposts would be set up along the border communities for the use of the Joint Border Security Task Force.

“The meeting agreed to implement the following initiatives in the short term; deployment of CCTV on the interstate highways; setting up of outposts along the border communities for the use of the Joint Border Security Task Force; harmonisation and mainstreaming of voluntary police and informal security outfits; timely and diligent prosecution of criminals to signify the resolve of the governments of both states to clamp down on criminality. In this wise, the Attorneys-General of the two states should ensure synergy between law enforcement agencies and their prosecution departments or directorates during the investigative and prosecution phases of cases,” the communique stated.

Other areas of collaboration as contained in the resolution include “sharing experiences and intelligence on security matters to assist overall safety and security of lives and property in the two states and the nation at large; to effectively engage, cooperate and collaborate with all the stakeholders, including but not limited to the Federal Government, state, and non-state actors (traditional institutions, religious groups, community development associations, etc.) whose input and support are required for improved security in the two states and around the border communities.

“The meeting emphasized that security is very critical to the achievement of the much-desired socio-economic development. Therefore, the two governors reaffirmed their commitment to the attainment of the objectives of the Joint Security initiatives. The meeting set up an Implementation Team to work out the modalities and programme of activities”.

Earlier in his remarks, said that the bilateral security meeting had become imperative in the face of growing security threats in the corridors of Ogun and Oyo.

He noted that the partnership would drive development and also engender an enduring peace and individual prosperity of both states.

to set up financial crimes agency

 
Ogun State government has declared war on kidnappers and fraudsters popularly refered to as Yahoo boys.

According to the state governor, Prince Dapo Abiodun, the State Government will soon set to set up its own financial crimes agency to deal with internet frauds and illegal financial transactions, especially, those having to do with kidnapping, ransom taking and advance fee frauds.

The governor also disclosed that it is working with federal agencies and its Oyo State counterpart in the area of security along the border lines.

Prince Dapo Abiodun made these disclosures at the Arcade Ground, Oke-Mosan, Abeokuta during the launch of the state joint security outfit, code-named OP-MESA on Friday.

He said that his administration would not fold its arms and allow the state to be known for the wrong reasons.

“We will make Ogun State unhabitable for all criminals. The other day, I was in a meeting in Abuja and in attendance was the Chairman of EFCC, and sadly, he said to me that Ogun State tops the list on the ‘Yahoo Yahoo Boys’. In my response, I said I am not surprised because Ogun State is the education capital of this country and you will find such around educational institutions and he agreed with me.

“We have decided that we will set up our State Commission that will be targeted towards eliminating these sorts of financial crimes. Our state commission will collaborate with the Federal commission so that we do not occupy that false place in this area. We will like to occupy the first in many areas, but not in fraud and Yahoo Yahoo.

Also, he said he had declared war on the resurgence of kidnapping that reared its head on the link road between the state and its neighbours.

“Three days ago, I put a call through to my colleague in Oyo and we have decided that we are going to jointly collaborate in the area of providing security at the border posts between Ogun and Oyo states.

“He has decided that he will lead a team of his law enforcement architecture to Ogun State, so that we can have a meeting of minds and plan the way forward to take out these hoodlums. Ogun will not have a hiding place,” he said.

While affirming that OP-MESA was established to fight criminals across the state, he assured the people that members of the outfit would be picked to ensure they have the right discipline as well as ensure that they are committed to their assignment.

The governor further said that the launching of the outfit with fifteen vehicles, two armoured personal carriers and communication equipment would be done on a quarterly basis until the outfit reaches its desired number.

He enjoined the people of the state to take ownership of the outfit by collaborating with the personnel of the outfit for a more secured state.

“Today, we are launching OPMESA with a few equipment, in the first instance. We are providing them with fifteen pick up trucks, communication equipment, two armoured personal carriers; we will be providing them with this support every quarter, meaning that, in the next quarter, we give them another fifteen vehicles, another quarter, another fifteen vehicles until we reach the number that they require.

“I therefore enjoin our people to take ownership of this security outfit by collaborating with it and supporting it. Together, we shall make Ogun State a most hospitable and conducive place of our collective dreams,” he said.

Abiodun who called on the private sector to embrace the OPMESA initiative, noted that his administration would continue to be responsive to issues bordering on security.

Governor Abiodun while noting that the outfit wasn’t peculiar to the state alone as it currently operates in twenty-six states of the federation, added that his administration was able to reactivate the outfit through a presidential consent sort by his administration after it was left comatose by the immediate past administration.

He noted that the outfit would benefit from the support of the security trust fund through donations and contributions from the government and the private sector, added that the OPMESA will compliment other security outfits in the state.

In his remarks, the General Officer Commanding, 81 Division of the Nigerian Army, comprising Lagos and Ogun State, Major General Lawrence Fejokwu commended the Ogun State Governor for reactivating the outfit and providing them with necessary equipment.

The two-star general said that he has no doubt in his mind that the state would become more secured with the support of the Governor.

The Commissioner of Police, Lanre Bankole while noting that the equipment was another example of support that would enable them to discharge their duties diligently, pledged to make best use of the equipment.

The Alake and paramount ruler of Egbaland, Oba Adedotun Aremu Gbadebo in his remarks, appreciated the Govenor for putting more effort at maintaining the position of the state as the safest in the country.

The royal father called on the people to pay their tax, support the outfit by not hiding useful information.

Getting rewarded for spending money is a dream that is probably going to remain exciting for many people, but not for the Firstmonie Wallet users.

In a two month Transact and Win campaign that started on November 22, 2021, First Bank of Nigeria Limited is rewarding several customers for carrying out transactions on its Firstmonie Wallet application.

The e-wallet is useful for conveniently paying utility bills, purchasing airtime and data, transferring and receiving money, and many other digital transactions. Just for using the mobile-friendly wallet app, Customers got rewarded with mouth-watering prizes both in cash and kind. The number of transactions done on the app determines the price a user could win.

100 customers who had done 1-15 transactions through Firstmonie Wallet within the month won N10,000 cash price; 53 25kg bags of rice and 50 units of standing fans were also won by customers who carried out 16 – 30 transactions with the Firstmonie Wallet; 2 units of power generating sets, 1 unit of Air Conditioning systems and 1 unit LED Televisions went to customers who carried 31 – 50 transactions; while 2 units of iPhone 12 were won by customers who had carried out over 50 transactions on the app within the month.

Victor Nnanna Onyedikachi, a student of the University of Abuja was one of the winners of the iPhone 12, and while receiving his gift, he admitted that he did not expect to win the prize. “I used the Firstmonie Wallet App, and just like that, I was told that I had qualified. I did not believe it until I saw it myself. I am truly grateful to FirstBank” he said.

Other winners also expressed their pleasure at being rewarded for using a completely user-friendly app. “There is no issue of service error when using it for any transaction. The service is seamless and the app is easy to use” one of them said.

The Group Executive, e-Business & Retail products, Mr Chuma Ezirim had noted that the promo was targeted at appreciating customers for their patronage; and in line with the Bank’s December-is-a-Vybe campaign. “This promo is hinged on the need to appreciate our customers for their patronage, especially as we have had an increased engagement and usages of the various services offered by our mobile-friendly wallet product,” Ezirim said when the promo was being launched.

Interestingly, the promo also includes new customers and users of the app. By simply downloading the mobile app from the play store, or using the *894# USSD string to sign up, anyone can qualify for the promo. The promo runs till January 22, 2022, so what are you waiting for as you could be the next winner of any of these fantastic prizes.

As the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 127 years, First Bank of Nigeria Limited has remained at the forefront of promoting digital payment in the country, and the Firstmonie Wallet is one of the channels for digital transactions.

Little wonder FirstBank was named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” and “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International. FirstBank also bagged the Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years.

Culled from Nairametrics

Worried over the huge financial losses to cyber crimes and hackers, the Standards Organisation of Nigeria (SON) has expressed its commitment to standardise the nation’s Information Technology (IT) sector.
According to reports, Nigeria loses over N200 billion on an annual basis to cyber crimes, a figure described as ‘unacceptable’ by the standards body while restating its commitment to sanitise the IT industry.
The Director-General and Chief Executive, Standards Organisation of Nigeria (SON), Mallam Farouk Salim, gave the assurance during a recent validation exercise for the ISO 27001 Information Security Management Systems Course organised by the SON in Abuja and Lagos.
According to the statement issued to newsmen after the exercise in Lagos, SON said that it is committed to sanitising the IT industry through training and the implementation of the International Organisation for Standardisation’s (ISO) Standards.
Salim, who was represented by the Director Training Services Engr. Timothy Abner revealed that the validation of the ISO 27001 ISMS course is part of the organisation’s effort to guarantee confidence in its ability to offer full training and certification packages to the Nigerian IT Industry.
He said the validation course would amongst others provide the organisation with a holistic and strategic training package, when deployed would address standardisation and regulatory deficits in the Information Technology sector, in a bid to boost reliability and efficiency in the sector of the nation’s economy especially through the regulatory agencies and the professional bodies.
The SON boss indicated further that the training would also ensure that SON can commence offering ISO 27001 Information Security Management Systems Courses for institutions and businesses that wish to secure their information away from hackers and other cybersecurity threats.
Salim was quoted as saying, “The training will also increase SON’s pool of qualified auditors in pursuant of the execution of the Memorandum of Understanding (MoU) between SON and the National Information Technology Development Agency (NITDA), the nation’s foremost supervisory body for Information Technology.”
“At the end of the capacity building training, it is expected that the training package developed will be implemented successfully in the training. SON has scheduled for staff of the Nigerian Communications Satellite Limited (NIGCOMSAT) to be facilitated by the SON Training Services (STS) Directorate in the coming week,” he said.
To further achieve these objectives, the SON trainees who participated in the validation were drawn from the Policy, Research and Statistics (PRS) Directorate, and the Information Technology Departments of SON.
The SON Training Services Directorate also within this period of the validation exercise for ISO 27001, announced the release of the year 2022 training programmes and the commencement of the circulation of enrolment forms to the general public for various courses scheduled for the year.
The courses according to the schedule released on its website are categorised into Management System Courses and Technical courses (by sector) commencing from January all through to December 2022 with highly rated courses open to both the public and the private sector.

As you read this, there is serious panic among investors and shareholders of Sterling Bank Plc led by Abubakar Suleiman, as the shares of the bank dipped drastically in the 2021 financial year.

If you invested N1 million in the bank’s shares at the beginning of the year 2021, you would have lost N281,000.00 of your investment as the its equity shed 28.10% of its value last year.

According to a report by BusinessLive, the lender’s share traded N2.10 on January 4, 2021, and was sold at N1.51 at the close of business on December 31, 2021, shedding 28.10% in the process.

The bank equity underperformed both the banking index and the Nigerian equity market which posted 0.87% and 6.07% returns in 2021.

In the last 365 days, investors have lost 21.50% of their investment in the bank, but they have gained 2.61% this year as its equity has gone up from N1.53 on January 4 to N1.57 at the close of the market on January 18.

Mrs Hadassah Isaac, an investment analyst and stockbroker with TRW Stockbrokers, explained that the market may be wary of those behind the bank, adding that the decline in Sterling Bank share reflected the market perception of its worth.

“It is what they are that the market will most times reflect,” she said, “The market looks beyond their books.”

Rasheed Yusuf, Doyen of the Nigerian Exchange, told our correspondent that the market may be perceiving Sterling Bank shares as overpriced or may not be favourably disposed to other fundamentals of the bank, which made it do develop negative sentiment against it.

Sterling Bank has a low dividend payout, having paid only 21 kobo as dividend in the last five financial years, which may be one of the reasons investors were averse to its equity last year.
It paid just 5 kobo as a dividend in the 2020 fiscal year.

The 28.44% growth in post-tax profit the bank declared in the third quarter of this year could not investors’ negative sentiment towards its stocks, nor did the N0.05 dividend the bank declared at the end of 2020 financial did not sway their interest in its favour.

The bank posted N9.47 billion post-tax profit as of September 2021, which was a 26.55% improvement to the N7.37 billion declared in the corresponding period in the prior year.

It raked in N156.89 billion as gross revenue in Q3 2021, 6.85% higher than the N146.84 billion it made in the same period last year. The income growth was driven majorly by 65.30% and 104.02% rise in net fee and commission income and other operating income respectively.

Net Operating Income went up by 19.4% to N67.9 billion, which was attributed to the growth in credit loss expenses.

Also, operating expenses increased by 18.8% to N58 billion from N48.9 billion in Q3 2020, driven mainly by FX revaluation losses and other mandatory regulatory levies.

Sterling Bank loans and advances improved by 13.4% to N676.8 billion, while customers deposits increased by 20.8% to N1149 trillion during this period.

More so, total assets rose by 12.7% to N1548, underpinned largely by the improvement in loans and advances.

Meanwhile, the increase in Sterling Bank risk assets came with its own challenge, as it had to make a 14.67% high provision for bad loans to the tune of N6.29 billion in Q3 2021 and its non-performing loan ratio went up to 2.0% during this period from 1.9% in December 2021.

However, the liquidity ratio improved to 37.7% from 32.5% in December 2020, while is above the 30% statutory requirement.

Sterling Bank loan-to-deposit ratio fell below the 60% regulatory threshold, posting 58.9% in Q3 2021 instead of the 62.8% it had in the prior period.

In the vein, the capital adequacy ratio declined to 14.3% from 18% in Q3 2020, though it was above the 15% regulatory benchmark.

Sterling Bank spent more in generating its income during this period as the cost-to-income ratio rose to 78.2% from 73.4% in Q3 2020, but the cost of risk lowered to 0.9% from 1.9% in the corresponding period in the previous year.

Earnings per share improved to 33 kobo from 32.5% in Q3 2020 and return on average assets inched up to 0.9% from 0.8% in Q3 2020.

The Benin Zonal Command of the Economic and Financial Crimes Commission has arraigned a female lawyer, Anumati Stella Ojevwe, for alleged money laundering.

Ojevwe was arraigned on a 14-count charge of money laundering among others before Justice Okon Abang of the Federal High Court sitting in Warri, Delta State, on Friday.

The defendant was alleged to have received the sum of N105, 000,000 from SA-FX Global investment.

One of the charges reads, “That you Anumati Stella Ojevwe (f) on or about the 27th day of October, 2020 at Delta State within the jurisdiction of this honourable court directly took possession or control of the sum of N20,000,000 deposited by a cheque number 00000064 belonging to SA-FX Global into your bank account number 2150009622 domiciled in Ecobank which funds you knew or reasonably ought to have known forms part of unlawful act of Smart Alban Ike to wit: obtaining by false pretence and thereby committed an offence contrary to Section 15(2)(d) of the Money Laundering ( Prohibition) Act 2011 (as amended in 2012) and punishable under Section 15(3) of the same Act.”

During the trial, defendant pleaded not guilty when the charges were read to her.

Following her plea, the prosecution counsel, K.Y. Bello, prayed the court to fix a date for trial and to remand the defendant at a correctional facility.

Efforts by the defence counsel to secure bail for his client orally was opposed by Bello.

Justice Abang thereafter ordered the defence counsel to file a formal bail application and adjourned the matter until January 31, 2022 for hearing.

The judge also ordered that the defendant be remanded at the Correctional Centre, Sapele, Delta State.

After three years of rigorous trial and criminal proceedings, an Ikeja Special offences Court, Lagos has ordered the closure of the case of a former banker, Chukwuemka Ekwunife, accused of stealing the sum of N168.5m from several companies belonging to an oil marketer and businesswoman, Mrs Ngozi Ekeoma.
The trial which started since February 2018 would soon be decided upon by the court after the adoption of final written addresses by both prosecution and Defence Counsels scheduled in March, 15 2022.
Hence, after the adoption of a final written address, a case is fixed for a judgement.
The former banker was accused of fraudulently diverting funds from the sales of petroleum products, meant for Nepal Oil and Gas Limited, a company owned by Mrs Ekeoma, into his private account and private company, Structured Energy.
Mrs Ekeoma, according to a petition to the EFCC by her attorney, M.A Banire and Partners, claimed that the defendant wrote an overriding letter to the companies, who bought petroleum products from Nepal oil at several times, instructing them to pay monies into both his private and company’s account after the sales.
The businesswoman insisted that Ekwunife’s letter sought to override her earlier instructions to these companies namely: M.R.S oil and Gas, Globin oil and Gas limited, Bond Energy, and Greenage Energy Limited.
This led to the arrest and arraignment of the former banker and Structured Energy Limited on an 8 count charge on February 19, 2018 by the Economic and Financial Crimes Commission, (EFCC)
The EFCC alleged that Ekwunife, at different times in 2014, stole the said sum of N168.5m from, M.R.S oil and Gas, Exit Energy limited, Globin oil and Gas limited, Bond Energy, Greenage Energy Limited – all properties of Nepal Oil and Gas Limited owned by Mrs Ngozi Ekeoma.
The anti graft agency further alleged that the defendant stole the money in tranches of N19m, N9m, N85m, N25m and N6.5m sometimes in August, October and November, 2014 from the complainant, Nepal Oil and Gas limited.
The case of the prosecution:
The five companies belonging to the businesswoman, Mrs Ekeoma, told the court, that they paid the alleged sums to the defendant based on the initial instruction stated on the contract of sales signed by Nepal oil and Gas.
According to Ude Umanta, the first prosecution witness (PW1) who testified on behalf of Nepal oil and Gas, the defendant wrote an overriding letter to the companies, using Nepal’s letterhead paper, instructing them to pay the sums due to Nepal oil into his company’s account, Structured Energy.
Umanta said that the letter sought to override an earlier letter of instruction written and signed by the Managing Director of Nepal, Mrs Ekeoma to the companies.
Umanta, while led in evidence by EFCC Counsel, S.O Daji, told the court that the defendant was a salary earner, who was employed in 2012 and worked as the Group Head of Business Development and Strategy at Nepal oil and Gas.
Umanta, a company Secretary and legal advisor to Nepal oil and Gas limited, said that the defendant was senior member of the Management and was therefore paid the sum of N400, 000 per month as salary, including other entitled bonuses (but at the sole discretion of the Managing Director) like every other staff.
According to him, “bonuses were paid at the beginning of the year against the previous year. And the defendants schedule of duties included writing business proposals to companies, generating businesses, and managing customer relationship with other companies.
“Ekwunife followed up with transactions and could literarily been seen as the face of the company. But On June 14, 2016, a petition bothering on diversion of company’s (Nepal Oil and Gas) funds was written to the EFCC by M.A Banire and Partners.
“Sometime in 2014, Nepal Oil and Gas supplied petroleum products to three companies namely Bond Energy, Greenage Energy Limited and Globin Energy Ltd. Bond Energy received products to the tune of N139m and paid the sum of N120m, while N19.4m remained outstanding.
“Greenage Energy received products too with N9m still outstanding. And, Globin Energy received products worth N39.2m and nothing was paid in return.
“However, the defendant resigned his employment in July 8, 2015. Upon his resignation, the accounts and relationships that were managed by him were also handed over to a new set of people, who later discovered that the sum of N19.4m by Bond Energy, N9m by Greenage and N39.2m by Globin were all diverted by the defendant into his own company’s account, Structured Energy.
“The cumulative amount was N67, 598, 000. The company continued to investigate some of the accounts and discovered again that in June 2016, the sum of N85m from a total sum of N178m due from MRS Oil and Gas LTD to Nepal was also diverted.
“The defendant wrote a letter with Nepal’s letterhead to MRS Oil and Gas to the pay the said amount into Structured
Energy. The letter sought to override an earlier letter written and signed by MD of Nepal. It was this discovery that triggered the petition written by Banire Partners and the defendant was arrested and detained.
“Also, in the course of investigation, the EFCC found out that a further sum of N6, 500, 000 due from Exit Energy to Nepal Oil and Gas was diverted. The diversion was made in three trenches: N3m, N2m and N1.5m”.
However during cross examination by the defence Counsel, Eubena Amedie Esq, the witness said he wasn’t sure if any money has been paid back to Nepal after the alleged diversion was discovered.
“The value of the PMS sold to Bond Energy is N139.4m and they paid about N120. I don’t know if the outstanding of N19.4m has been paid back. I am more concerned with the diversion than if any money had been paid after recovery,” he said.
When asked to look at page 286 of the proof of evidence containing the letter date January 20, 2017 written by him (Umanta) to the EFCC requesting for repatriation of funds paid by Bond Energy in connection with the case, the witness replied: “Bond Energy refunded some money of the alleged diverted fund through the EFCC and informed us and we met to access the money.
“And Yes the document emanated from us. After the matter was reported, the EFCC called Bond Energy who had aided in parting with money belonging to Nepal Oil Service Ltd to Structured Energy”.
When asked if his company wrote a letter to Globin demanding for payment, the witness said, “we wrote to Globin demanding the sum of N39.2m but nothing was paid”.
When asked how Nepal sourced for the products it supplied to Globin and Bond Energy, Umanta replied, ” I am not in the operations department so I cannot tell the court how they are sourced. But they are legally sourced”.
The defence Counsel further asked, “did you submit any such document to the prosecution showing source of the products?”
The witness replied, “a lot of documents were supplied and I can’t remember which is which”.
“Are you aware your company was selling illegal products,” the defence Counsel asked and the witness replied that he wasn’t aware.
When asked how much Nepal has recovered from these companies, Umanta replied, ” I don’t know how much we have received. I have not taken time to calculate the sum paid”.
A representative from MRS Oil and Gas:
Another prosecution witness, one Moyosola Kuku, an employee of MRS Oil and Gas, testified that he met the defendant in March 2013 when his company consummated a transaction for the supply of 30,000 metric tons of gasoline.
Kuku evidence revealed that he has worked in MRS Oil and Gas for 11 years in different capacities such as; Head of Retail Sales, Head of Marketing and Sales, Supply and Trading department.
While led in evidence by the prosecution, Kuku said: “the defendant was introduced to MRS Oil as a representative of Nepal oil and Gas to handle the sales of gasoline to MRS oil. On March 11, 2013 Nepal sent a sales contract for the supply of 30,000 tonnes of gasoline while we accepted it on March 13.
“The delivery of the gasoline was done and in April, 2013 we paid for the gasoline under the terms of contract. We paid as per depot price. The PPPRA element of the price which is the differential between the landed price of the product and the sale price which Nepal had sold to us which is the ex-depot price was paid to Nepal on October 11, 2013 as per their instruction.
“The product payment was done in April 26, 2013. Later, we received an instruction from Nepal on June 2, 2015 to pay the Forex differentials and interest in late payment. That amount was paid on June 3, 2015.
“But on May 11, 2016, I received two emails from Nepal asking for their balance on the Forex differentials and interest. I went to the finance department to find out the status of the payment. I did that because Mrs Ngozi Ekeoma, the MD of Nepal had been calling and seeking my assistance.
“So the finance department checked on SAP and the payment details showed that we have paid the sum of N177m to Nepal. I thereafter requested for evidence of payment from finance and on June 8, 2018 I replied Nepal attaching their instruction and advising them that payment has been made to them, as per attached instruction.
“But they replied attaching an instruction dated March 18, 2015 stating that the had only received N85m and that we owe them a balance of N89m. At this point, I spoke to Mrs Ekeoma and advised her that we had paid.
“Our legal department thereafter asked for the file to review the case from inception and highlighted that the payment made to Nepal in October 11, 2013 reads: N2.7 billion to Nepal Oil and Gas, and N25m to Structured Energy”.
The employee further added that, “Nepal’s legal team later wrote us demanding a balance of N89m and our legal advised them that MRS had simply followed the instructions of Nepal letter dated June 2, 2015 and October 11, 2013”.
Compliance officer:
Also, another prosecution witness, a compliance officer with Zenith bank, Eyiwoyo Mogbeyiterem, testified that he does not know the defendant but came to court sequel to a letter to the bank by the EFCC requesting account information of two of its customers: Chukwuemeka Ekwunife and Structured Energy.
The two account statements of the both the defendant and Structured Energy were tendered in evidence, while witness identified the different transactions in the accounts as highlighted by the prosecution.
But, however, during cross examination by the defence lawyer, Amedie, the witness was asked if there was any reason tagged or given for the transactions and he replied, “No purpose was attached”.
MD of Bond Global Energy:
Another witness who testified for the prosecution, one Olatunde Docemo, told the court that he doesn’t know the defendant but came to testify as a witness in a transaction that transpired between his company and Nepal in 2014 which became a problem.
Docemo, an accountant and MD of Bond Global Energy, testified that” in 2016, when Nepal took the case to EFCC, I was not there when it happened but I was invited because of my current position as Managing Director.
“The case relates to sales of Jet A1 Aviation turbine kero. The defendant approached our company for sale of the product sometime in 2014 and gave instructions on the payment and collections of products.
“From our records, we had finished paying but there was a contentious amount in the sum of N19.8m which the defendant instructed us at the beginning of the transaction to pay into a nominated account.
“That was the same amount Nepal claimed that we had not paid them. The N19.8m was, incidentally, the 1st payment of the transaction and it was paid to the account nominated by the defendant.
“The transaction of the N19.8m was paid by Bond’s sister company called Broogham Oil and Gas. We instructed our sister company to make the payment as per the instruction of the defendant towards the transaction”.
During cross examination, the witness said that the instruction to pay the said amount was made via a telephone communications.
When asked how he knew the defendant gave the instructions, he said “I was invited to EFCC, I had no knowledge and I told them. But I promised to investigate the matter. I had to go through the records and was briefed by the schedule officer, Miss Ezinne Obioha, who left the company in 2018”.
When asked by the defence, “Do you have any letter or note or anything showing order to Bond Energy to pay into any account?
Docemo replied, “I am not sure of the records before the court. The information I had, as in practice, is that a supplier could nominate a payee and what the customer looks for is receiving value for whatever payment he made. This is the practice in the industry”.
The witness was further asked if he had any proof that Broogham paid the money on behalf of Bond Energy and he replied, “I don’t have it here but I assume there are records”.
MD of Greenage Energy:
The MD of Greenage, Henry Alakhume, who also testified for the prosecution, said that he knows the defendant in respect to the transaction between his company and Nepal.
According to him, “Sometime in 2014, my company needed to buy 3million litres of aviation fuel and we were informed by Daniel Oniko, that we could buy from Nepal. That was when I met Mr Emeka. We had discussions and agreed at the price of N130/litre at the time, which came to N390m.
“Before complete payment, we were informed by Emeka to make payment of N9m to his account. Thereafter we made payment to the account of Nepal Oil and Gas in the tune of N381m. After that, everything was completed until in 2016 when we were invited by the EFCC based on a petition by Nepal that we had underpaid them.
“Thereafter we told the EFCC we had paid in full with the sum of N381m to Nepal and N9m to Mr Emeka based on the instruction. But as peace loving citizens, we still made a draft of N9m to Nepal for the short fall; which was tantamount to paying N9m twice. These were the facts as at August 2014.
“The request was compiled with the letter headed paper of Nepal Oil and Gas and I believe it was signed by Mr Emeka and the Chief Finance Officer, one Mr Ugochukuwu”.
When asked, during cross examination, by the Defence Counsel, if he had the offer letter for the said transaction, the witness said he could not remember.
The witness further added that there was a fire incident in their office in 2015 and they could no longer find any letter regarding the transaction.
The testimony of the defence:
But the former banker, in his defence, told the court that the alleged monies were paid by these companies as commissions and bonuses for the said transactions.
The defendant, while led in evidence by his Counsel, Amedie, said “All the funds they alleged I stole were bonuses and commission paid into my account at the verbal instruction of the MD of Nepal; and written instruction signed by the company Chief Finance Officer (CFO)”.
The defendant insisted that the company CFO was not called as a witness to deny his signature on the instruction to MRS Oil & Gas Limited for payment neither was his statement presented to the court.
“The EFCC did not arrest the Chief Finance Officer or charge him for issuing such instruction clearly showing that it is WITCH-HUNT.
“From the petition of Nepal to EFCC through a law firm, they clearly stated that payment instructions are signed by the Managing Director and the Chief Finance Officer in the absence of the MD. The Chief Finance Officer signed the instruction for payment to MRS Oil & Gas Limited in addition to the verbal instruction of the MD.
“Principal officers of Greenage Energy and Bond Energy were brought to Prosecution Witnesses. Nepal sold Dual Purpose Kerosene from NNPC as Jet-fuel to these companies with all documentation including Bill of lading, Certificate of quality arranged by me.
“Monies were paid by the companies to my account for the documentation and commission. Other trade documents were involved including sale and offer letter. The Prosecution witnesses did not present any document to support the trade between them and Nepal on Jetfuel.
“They did not present operational document to show how the petroleum product was loaded out of the depot. I was not in charge of operations and how products are released but none of Nepal’s operational personnel was called upon to give testimony on how petroleum products were loaded at the depot upon payment.
“I could not have issued sole instruction and loaded product on my own when I am not in charge of operation. Operations department of Nepal is responsible for marine and depot receipt and loading of petroleum products with release instruction from finance department. I am not in charge of any the department mentioned. Greenage Energy and Bond Energy paid money into my account for commission and documentation of conversion and sale of Dual Purpose Kerosene from NNPC as Jetfuel.
“The Prosecution Witnesses could not present documents when cross examined by my lawyer. They claimed the documents were cut in a fire outbreak in their respective offices,” he said.
In his further evidence before the court, the defendant narrated how he met the business woman, Mrs Ekeoma.
According to his testimony, ” I met the MD of Nepal Oil & Gas, Mrs. Ngozi Ekeoma through a mutual friend, Mr. Abdullahi Alao. Mrs. Ekeoma had heard about me in Sterling Bank, then I was a credit relationship manager with Sterling Bank. She wanted me to package a loan for her company Nepal Oil & Gas Services Limited.
“I structured several credit facilities for her companies including Nepal Oil, Carnival Energy Oil & Gas Limited. I helped her company a lot in the area of petroleum product trading under the Federal Government Subsidy Scheme in documentation and relationship with other key players in the downstream sector of the oil and gas industry.
“At some point I informed her about my resignation from Sterling Bank and starting my own business. She pleaded with me to join her company which at that time had a lot of issues on documentation for all trades carried out under the Petroleum Subsidy Scheme. Mrs. Ekeoma and her husband Elder Eme Ekeoma introduced me to one Mr. Anthony Abraham (who was a subpoenad witness in court). Mr Anthony Abraham was then a General Manager Operations with FiBank Liberia.
“I travelled to Liberia to establish three companies namely Dexter Oil Limited, Ritrak Supply and Trading Limited and Gulf Trading and Supply Limited for the sole purpose of documentation and round-tripping of US Dollars from the CBN.
“The arrangement I had with Mrs. Ekeoma was that of consultancy handling Business Development in Nepal, Managing Director of Structured Energy Resources Limited, Dexter Oil Limited, Ritrak Trading and Supply Limited and Gulf Trading and Supply Limited among other things. Because of the nature of the job I was taking a lot of verbal instruction from Mrs. Ngozi Ekeoma.
“I ran transactions with the above companies on behalf of Mrs. Ekeoma totaling over USD 60million in Nigeria and Liberia”.

By Segun Showunmi

Your Excellencies, happy new year, all courtesies extended!

I must say very quickly that I am proud of all your individual efforts at developing your states. One can say without fear of equivocation that in terms of verifiable, tangible and impacting projects, you all have tried.

My reason for writing you this public letter is to call your attention to some salient facts, especially as we begin this Year 2022, being the penultimate year to the Year 2023, a year where highly defining make or mar elections will take place.

We all as Nigerians cannot pretend not to know how dire the situation in our country is currently. As such, as the real leaders of the main opposition, I consider it necessary to remind you of a few issues.

1. The Ayu-led NWC cannot take forever to settle down.
Please do everything possible to aid their settling down. I would suggest that you collectively give them a budget, which can be generated via crowdfunding amongst yourselves and some stakeholders. It is best that these resources be monthly and consistent. Our immediate history where, with the exception of a few governors, others give nothing cannot truly be a responsible way to party sustainability.

2. Information and Media Management in the year preceding an election.
Whatever we don’t achieve this year in this regard will not be meaningful once campaign starts. I do not see the owned media on our side, compared to our rivals, who thrive on propaganda and have pre-invested heavily in media assets giving them an advantage.
It is best we play smart such that we can be effective. Messaging is better done when it is research-based. We cannot afford to be screaming on ourselves and pretending that we are speaking to the nation. In every significant movement of the mass of the people towards a residual decision making event, which is what voting requires (the buy-in of the electorate), we cannot assume we know what the electorate want or are thinking without research. I will take it for granted that you understand what I am trying to pass across.

3. I have seen and heard us scream ‘Rescue Nigeria’ a lot that it is almost assuming the status of our campaign slogan. What does it really mean and can a political party that is not new to governance opportunities (1999-2015) act as though it is without its history? I would suggest that we gather professionals to look at this again. This is because in the face of a potential crossing of narrative and propaganda swords, it may not resonate. I may be wrong but my gut feeling tells me we need to look at this again. I have seen clearly the subtle direction that our rivals will follow and screaming ‘Rescue’ will not cut it. A word is enough for the very wise that I know you all are.

4. Zoning and its potential consequences. A political party cannot and must not play itself out of advantage. Elections are a numbers game. I fear that we will do more damage to the country if we in error assume that there are only 2 or 3 zones in this country. In fact and in truth, there are 6 zones in our country. This 6 zonal structure was brought into existence by the government of then Gen Sani Abacha primos to ensure national unity and stability.

The South West got the first take in this Democratic Dispensation with Olusegun Obasanjo (South West) between 1999-2007, followed by the short-lived administration of Umaru Yaradua (North West) from 2007-2009. May his soul continue to rest in peace. His death gave rise to the Goodluck Jonathan era (South South) 2009-2015, and of course, the Muhammadu Buhari regime (North West) 2015-date.
By 2023, three zones will be most eligible – South East, North East and North Central. We must avoid the danger of a baton passing between just the North West and the South West. This is way too risky. With the agitation of the South East now, we can least afford, as a country, this type of agitation from the other zones who as of right must feel a need to occupy the Number One Seat in the country.

In all of this, we have not matured enough as a country to think we can go this route. Remember our objective must be to form government because we believe we can “rescue” the country. We must look at the numbers well and play smart. I have refused to suggest where we should look, believing that I am speaking to leaders. May common sense prevail.

5. The would-be candidate to be backed. One major consideration must be who can get the job done, who can unite the country, who can assemble a great team and who can hit the ground running from day one. By the time the APC government of President Buhari is done, we will be in so much debt. The value of our Naira will be so low, underemployment and unemployment will be so high, the desperation of a high youth population will be so high that we can least afford a kindergarten president and commander in chief. Everyone wants to be President after Buhari but not everyone can do the work that a post-Buhari President will be called upon to do. Presidential powers and privileges mean nothing if the prerequisite experience is absent. We cannot jump from frying pan to fire.

6. Our Federalism, we must subscribe to the idea of restructuring.
It is beyond clear that we cannot continue to pretend that we do not know the meaning of the word. That would be playing the ostrich. A nation must be at peace with itself before it can become the country of its dream. The size of our population and the diversity of our cultures demand that we figure out how to become a rainbow country where the constituent parts can increase their pace of development without the systemic slowing down of each part, based on the slightly different developmental trajectory each wishes to follow. More powers and responsibilities must be given to the constituent parts that make the whole.

7. A political party cannot and must not be only for the highest bidder.
There is a need to make the party more accommodating for women and young people and, as I see, it comes down to the high cost of prosecuting elections. We must, in line with our slogan, become a party for the people. What is observed in our state structures is despicable. It must be corrected. Power must be shared in a democracy and not placed in the hand of any individual, no matter how rich they may be, usually from ill gotten wealth – high level corruption, tax evasion and other sharp practices.

We must never shy away from looking at our state structures and reconciling them with proper democratic ideals. We cannot build something on a shaky foundation. Just let us take a cue from how deliberate our rivals are at managing the issues in their party. A hurried manipulative favoritism will not give us the desired result. A good example is Ogun State where Hon Ladi Adebutu has practically pocketed the party. I wonder how realistic it is for a person from the same ward as an incumbent to become the leader, candidate, owner of structure, and giver of election tickets. And this is done in the most annoying and meddlesome manner than a state with Ogun’s preeminence can take. I use this as an example of what exists in a few other locations.

Brevity is the charm of eloquence, so I will stop here. While I wish you fruitful deliberations, I have the highest regard for your abilities to consider these issues. I trust the capacity of your host, Gov. Nyesom Wike, to make your stay in the Garden City memorable.

Segun Showunmi
PDP Itoko Ward 6
Abeokuta,
Ogun State.

A conflict of interest by parties in the $3.1b e-customs project which aims at modernizing the operations of Nigeria Customs Service (NCS) has stalled the formal signing of the deal six years after it was conceptualised In 2016.
Ahead of the signing, checks by our reporter shows deliberate moves by the parties to have domineering roles in the deal which ,if signed as planned, will be executed over a 20 year concession period
Comptroller-General of Customs, Hameed Ali, confirmed the unsigned state of the deal recently while explaining the 2021 operational feats of the service. Ali said “E-customs take-off process now at the stage of final signing of agreement”.
Ali, in a statement signed by the Public Relations Officer, Joseph Attah, said these are expected to impact positively on trade facilitation, fight smuggling, block revenue leakages and significantly impact on revenue generation and national security.
The project which enjoyed a buy in Malam Abba Kyari, late Chief of Staff to President Muhammadu Buhari, started suffering mild setbacks after his demise in the wake of covid-19 pandemic.
Bionica Technologies West Africa Limited, Bergman Securities and Supplies Nigeria Limited who were named lead sponsor and co-sponsor respectively seems struggling to overtake each other on the project.
The project also has Africa Finance Corporation (AFC) as the lead financier and Huawei Technology as a technical service provider.
The investment of $3.1 billion is broken down into capital investment of $1.2 billion which will be done in three phases over 36 months by these investors and $1.1 billion projection of the operational cost over the 20-year period of the implementation of the project.
Findings by our reporter reveals that Bergman brought Bionica into the project but there appears to divergent pursuit of interest and lesser cohesion amongst the parties
Comptroller General of Customs, Col Hameed Ali, sources say, is more favourably inclined towards Bionica but hasn’t been able to pull the project through.
More setbacks for the project reared their heads at a recent public hearing on amendment of Customs and Excise Management Act (CEMA) at the National Assembly where the finance ministry sought to strip the NCS of it’s revenue collection function.
Finance Minister, Zainab Ahmed had postulated in 2016 that the e-Customs Project would yield $176b revenue through NCS but expressed a turnaround view when she moved that the revenue collection function be taken away from the service late last year.
Speaking through her Ministry’s Permanent Secretary, Zainab said: “The single most important function of the Customs Service anywhere in the world is trade facilitation. But in the introduction of the Chairman, I hear him talk about revenue, collection of revenue. This is the secondary service of the Customs all over the world.
“Revenue collection by Customs is a distraction. The reason is that the main function of the Nigeria Customs Service is trade facilitation. But the trade facilitation has been pushed to the background because of the focus on revenue collection.
“In other climes, the best practice is moving towards unifying revenue collection. If we want to go that far, and achieve that best practice, our submission would be to move revenue to the Federal Inland Revenue Service so that Customs Service can really focus on trade facilitation function.”
With the finance ministry’s recent position, the deal signing expectation may not happen soon. Further checks reveal that the twenty years timeline of the deal will read from the sign on date which is not looking feasible at a time the Buhari government is left with 16 months to expiration.
The project has always attracted controversies as stakeholders and experts in the maritime sector posits that it is an unnecessary duplication of an existing customs modernisation project which is productive and improving with time.
They argue that it is an avoidable costly venture that shouldn’t be undertaken by an indebted country seeking to maximize revenue collection from non oil sources including the NCS.
President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, has described the N3.1 billion Customs modernisation project as an avoidable duplication.
Speaking to newsmen in Lagos, Amiwero said the Nigeria Customs Service (NCS) is presently operating an e-customs model powered by Webb Fontaine and that the approval for another one is not necessary.
According to him, all that is needed is an upgrade of the existing platform being used by the NCS to meet the demands and expectations of trade. He said Customs processes in Nigeria have since migrated from manual to electronic and that the expected e-customs or modernisation project won’t be different from what is on the ground.
“What we call e-customs is what we have in Webb Fontaine. I was actually the person that wrote to the government before all of these things came to materialise.
“In 2001, I put up a write-up about something which I don’t want to mention. It was the model that the Federal Government changed to set up the whole thing.
“So what Customs is doing and what Webb Fontaine has is e-customs. If government is talking about another e-customs project, then they don’t know what it means.
“It is simply electronically transferred transactions. Is that not what Webb Fontaine is doing? Central Bank is doing e-banking and Customs is doing e-customs.
“There was a time Customs processes were manual and you had to carry things from shipping companies to terminal, etc., but now all those things are gone.
“So what you have on ground is already E-Customs, and no need to duplicate it. We should improve on it” Amiwero said.
A retired Comptroller of Customs who preferred anonymity described the $3.1b deal as a fraud that shouldn’t be allowed to stand
He said “This has been an issue from the days when we were in Customs. They want to take the Comprehensive Import Supervision Scheme, CISS, collected from Free On Board, FOB. Ironically, it is foreigners that were collecting this money all through the pre-shipment inspection time.
“When we came back to Destination Inspection, it was reverted and that is what they have been struggling to collect back. As far as I am concerned, Customs has been properly modernised, the Secretary-General of World Customs Organisation attested to that during his visit to Nigeria .
“E-Customs has always been there at least starting from 2000 and has passed very rigorous scale. Customs has done tremendously well in that area. So, for anybody to say they want to put in $300 million to modernise Customs is a fraud and anybody supporting it is an enemy of Nigeria” he said.
A look at customs total revenue collections and volume of declarations processed by the NCS in the last three years shows yearly improvements.
In 2019 the NCS processed 1,206,441 transactions and collected N1,331,688,266,766 as total revenue collected. In 2020 the service had 1,326,990 transactions showing a 9.99 percent increase with total yearly revenue of N1,555,474,935,600. This was a 16.80percent increase above previous year’s figure.
In 2021, the service recorded 1,711,500 declarations with total collection of N2,240,880,308,195.77 which shows about 44percent increase.
This successes already recorded, in some stakeholders view ,has also made signing the deal less attractive.

…lauds Abiodun for delivering visionary leadership, trail-blazing projects



President Muhammadu Buhari, on Thursday inaugurated five key projects in Ogun State and commended the state governor Dapo Abiodun for being a “silent effective achiever”.

Buhari, who was received at the Gateway City Gate, Sagamu Interchange by the delegation of the state government, governors from the southwest states, senators, ministers, traditional rulers and top government functionaries, declared that the governor has been to deliver visionary and trail-blazing projects for the people, even in the midst of prevailing and challenging circumstances occasioned by the COVID-19 pandemic.

He noted that the Gateway City Gate; the 42-Kilometre Sagamu Interchange-Abeokuta Road; the 14km Ijebu-Ode-Epe Expressway and two Housing Estates for low, medium and high income earners at Kobape and Oke-Mosan in Abeokuta, respectively, could not have materialised without the state government’s huge investment and commitment to security of lives and property.

While assuring Nigerians that two major Federal roads under construction, the Sagamu-Benin Expressway and the Lagos-Ibadan Expressway, would be commissioned before the end of 2022, the president, however, expressed delight that the 14km Ijebu Ode-Mojoda-Epe Road has been reconstructed into a modern expressway by the state government.

According to him, the “impressive road will complement the Sagamu-Benin Expressway that the Federal Government is currently reconstructing; also due for commissioning this year”.

Describing Abiodun as the ‘‘performing governor of Nigeria’s Gateway State,’’ the president said he is a worthy example of ‘‘promises made, promises kept.’’

‘‘This has made Ogun State one of the safest and most peaceful States in the country and investors’ destination of choice.

‘‘You have justified the mandate of the people of Ogun State. You have represented our party very well. Your Excellency, well done! I am proud of what you have done for your state and your people.

‘‘You have made our great party, the APC, proud too”, the president stated.

He added: “Just across the road is the 42-kilometer Sagamu-Interchange-Abeokuta Road which the state government has reconstructed and equipped with street lights.

‘‘I am particularly impressed by the quality and standard of your road projects, and the creative way you have deployed resources to reconstruct and rehabilitate them.

‘‘It is significant to note that the two road projects being commissioned today are federal roads. This is an example of constructive engagement, cooperation and collaboration between the States and Federal Government.

‘‘These roads also fit well into our rail transportation masterplan that connects Lagos, Nigeria’s economic capital to Kano, with Ogun State having more rail stations, along the Lagos-Ibadan rail corridor”.

The president, who noted that the housing programme of the state government is inclusive, also commented that the projects cut across different social strata, capturing the low, medium and high income earners.

He, however, assured that Lagos-Ota-Abeokuta and the Sango Otta-Idiroko Roads will receive the attention of Federal Government.

President Buhari also announced that the Federal Government would consider extending tax credit as funding option for the reconstruction of the two roads, as done for the 100km Sagamu Interchange-Papalanto-Ilaro Road, submitting that he would consider the approval of the reconstruction of Sagamu-Ogijo Road by the Nigerian National Petroleum Company (NNPC) Limited under the tax credit scheme.

The president, was later bestowed with the ‘‘honourary indigeneship’’ and presented with the key of Gateway State by Governor Abiodun.

Earlier in his speech, Governor Abiodun, said ​all the projects and programmes his administration had undertaken are deliberate and guided by a vision to give Ogun a focused and qualitative governance and create an enabling environment for a Public Private Sector Partnership to thrive.

He explained that ​the choice of the five projects being commissioned was however symbolic of the various types of projects across all sectors of our the state’s economy, spreading through the three senatorial districts.



Abiodun further informed the president that all state government projects have the inputs and are informed by the needs of the people as expressed by them at different engagement fora.

The governor, however, explained that the Gateway City Gate is an iconic monument that not only beautifies the environment, but a reflection of the new approach to governance in the state, adding “it symbolizes the convergence, harmony, and unity amongst all the groups and sections of the state.

“The Ijebu-Ode-Epe Road , a Federal Road which Your Excellency commissioned earlier, is another strategic arterial road that links the Lekki / Epe corridor of Lagos State to the eastern corridor of Ogun State at Ijebu- Ode. With this road, socio-economic activities in the South East and South South zones of our country will receive a boost through the linkage of the road to Sagamu-Benin Expressway for easier access by motorists to Lagos, Nigeria’s largest economy.

“In the same vein, the Sagamu Interchange-Abeokuta Road is 42km in length and is the main arterial road that leads to our Capital City. It is a dual carriageway with streetlights, median and other road furniture. This road, though a federal road, was redesigned and reconstructed to address the daily challenges being experienced by commuters, and to make commuting between the state capital and other parts of the state and, indeed, the rest of the country a safe, secure and pleasant experience. The two roads are very significant and critical to the socio-economic development of not only Ogun State but the nation at large.

“​Mr. President, two of our many housing projects have been completed and ready for you to commission. Our affordable Housing Estate at Kobape in Abeokuta comprises of 526 units of 2 and 3-bedroom bungalows. The King’s Court at Oke-Mosan, Abeokuta is a middle/high income Housing Estate and has 31 of its 85 units in the first phase fully completed. The remaining 54 units are at various stages of completion. Our aggressive housing programme is aimed at delivering 2,500 units of houses by the end of our first term. So far, we have achieved over 60% of the target within 30 months and are confident that we will deliver on this commitment, as we have done in all our programmes”. He stated.

While saying the Ogun has highest number of federal roads in the country, Abiodun further requested that state be accorded a Special Status for Federal Government Infrastructural Funding, especially on roads.

…sets the tone for deliberations on continued economic recovery and business impact

First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced its “Nigerian Economic Outlook Webinar” convened to reflect national and global economic trends that shaped 2021, whilst forecasting the economic outlook of 2022. 

The virtual event themed “A rearview look at 2021, lessons learnt-Outlook 2022” is scheduled by 1 pm on Thursday, 13th January 2022 via Zoom meeting. Click on the link  https://firstbanknigeria.zoom.us/webinar/register/WN_zrF8VViyTp6wnzED_3IpWw   to register and participate in the event. Registration is Free!!!

The webinar aims to set the tone for the year by providing an opportunity for participants to learn directly from economic experts to stay informed and knowledgeably empowered to make the right decisions in their socio-economic activities in 2022 which will be impacted by the micro and macro-economic activities of the country.

With Nigeria’s economy projected to grow by 2.7% in 2022 as predicted by The International Monetary Fund (IMF) based on an expected recovery in crude oil prices and production, Nigeria will see economic activities normalizing. Key economic activities to watch out for in 2022 include the Global Market trends, removal of subsidies, and floatation of the Naira. However, recoveries in the oil sector and maximization of the e-Naira could help keep the parallel market in check. 

 Bismarck Rewane, the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited and the event’s keynote speaker will lead deliberations at the event. Other speakers are Ini Ebong, Executive Director, First Bank of Nigeria Limited Treasury and International Banking; Opeyemi Agbaje, Chief Executive Officer (CEO) of RTC Advisory Services Limited, Olaitan Martins, Group Executive, Transaction Banking and Augustine Uddin, the Chief Economist, FirstBank.

 Since the outbreak of Covid-19 over two years ago, the global economy has witnessed viral economic shocks that adversely affected socio-economic activities. These have left many individuals and businesses struggling to stay afloat amid the economic downturn. As a leading financial inclusion services provider in the country, FirstBank has remained committed to providing products, services and initiatives that have been crucial in mitigating the adverse effects of Covid-19 on individuals and households.  

Speaking on the event, the Group Head, Marketing & Corporate Communications of FirstBank, Ms. Folake Ani-Mumuney said: “Being woven into fabric of the society for over 127 years means that we provide value, support and innovation-driven solutions for our stakeholders regardless of the challenges of the pandemic. Our commitment to nation-building is anchored partly on our thought leadership role designed to relentlessly drive growth and scale for all through engagements that showcase versatile subject matter experts endowed with expertise, knowledge and valuable insights.

“The webinar provides a platform for cross fertilization of ideas and opportunities to learn and grow. Nigeria is a country rich in human and natural resources and these have helped in the reforms and resilience reflected in the economy in 2021.”

The COVID 19 pandemic brought disruption and challenges and largely Nigeria adopted measures to contain it. The pandemic also provided opportunities for rebuilding and facilitating economic transformation to close the gap with the rest of the world. These include innovations in information technologies (IT) which have been critical to ensuring business continuity and productivity among firms that have re-designed their work processes as well as telecommunications and payment systems in the e-commerce sub-sector.

Whilst many of the current government policies are aimed at absorbing the shocks induced by the pandemic, it is important to note that an economy that seeks to recover and build resilience should be one that focuses on innovation and creativity in driving its goal.

The event is for everyone as discussants will have the economic outlook for 2022 dissected so participants are knowledgeably equipped to make the right decisions thereby better planning their business and financial activities.

One of the biggest trending news over the Christmas weekend was the commissioning of a multi-billion naira complex at the University of Maiduguri by His Excellency, President Muhammadu Buhari, GCFR.

The complex which was built and donated by businessman and philanthropist, Alhaji (Dr.) Muhammadu Indimi will now house the Centre for Distance Learning as well as the International Conference Centre. Facilities at the purpose built complex include Exam Hall, conference room, e-Resources Centre, laboratory as well as staff offices and recreational areas.

The news was particularly heartening and exciting not just because it will enhance the aesthetics of the Unimaid campus but on account of the pedigree of the giver and his intentional and strategic philanthropy which is indeed worthy of commendation and emulation.

Who is Muhammadu Indimi and why must we commend the building of a complex? Born in Maiduguri 74 years ago, the young Muhammadu began life as a student in a Qur’anic school. Maybe because of lack of resources or access to a formal school, Muhammad’s father, Alhaji Mamman Kurundu a trader in hides and skin could only send him for religious instruction.

But once he encountered the written text, Muhammadu Indimi realised that he needed to be able to read, write and speak English and so was born an autodidact who today is fluent and proficient in six languages: Kanuri, Hausa, Fulfulde, English, French and Arabic.

It must have been from that encounter with the written word that the man who would go on to found Oriental Energy and emerge one of the richest men in Nigeria with a net worth estimated at over $500m by Forbes internalized the primacy of education as an urgent imperative not just for developing the mind but building capacity and empowering the masses.

Alhaji (Dr.) Muhammadu Indimi seems a firm believer in dog eared aphorism which counsels that ‘to whom much is given, so much more is expected.” His journey to immense wealth began auspiciously in his late teens when upon exiting the family business he used a £100 loan from a family friend to establish a business selling clothes which he imported from Chad and Cameroon.

By the eighties, Muhammadu Indimi had become well known as an enterprising businessman and when the opportunity of the discretionary bid round to help grow indigenous capacity in the oil and gas industry presented himself, he was one of the lucky recipients of an oil licence.

Applying his famed diligence and sense of purpose to the new enterprise he built up Oriental Energy (OML 115) into one of Nigeria’s most successful and longest running indigenous oil and gas companies making himself a massively rich man in the process and a bonafide member of Nigeria’s business elite.

But Muhammadu Indimi quickly made a realization, one in consonance with Warren Buffet, the famed billionaire philanthropist who once advised that “If you’re in the luckiest 1% of humanity, you owe it to the rest of humanity to think about the other 99%.”

Cognizant of the fact that those who have, must of necessity raise those without, Alhaji (Dr.) Muhammadu Indimi set up the Muhammadu Indimi Foundation (MIF) as a vehicle for helping him carry out his philanthropy in a deliberate, intentional, strategic and targeted manner.

Key areas of concern remain Education, Health, Social Enterprise Development & Support as well as Special Emergency Interventions based on exigent circumstances.

By defining and targeting where to give, Muhammadu Indimi is making not just positive but maximum impact and the multi-billion naira Unimaid complex is the latest example.

The targeted and strategic nature of his philanthropy is evident in the complex which has facilities for e-learning amongst other. Speaking at the commissioning Alhaji Indimi had noted that “I believe that the Centre will help the university in the way it delivers learning, training, and skills, as well as to those who will be taking their courses remotely.”

This is not surprising since it is a center for distance learning but the deliberate provision of remote learning facilities acquires specific gravity when viewed vis-à-vis the current Covid-19 pandemic which has imposed social distancing protocols and accelerated the migration of instruction from the class room to the virtual space.

The University of Maiduguri is not the first nor only recipient of Alhaji Indimi’s large hearted generosity. Since 2009, 1,000 indigenes from his company’s host community in Mbo and Effiat local government areas of Akwa Ibom state have benefited from scholarships provided by Alhaji Indimi.

Still targeting denizens of his host community, the philanthropist donated a Science Laboratory Complex to Community Grammar School, Mbo to help facilitate STEM scholarship and has also organized capacity building workshops on sustainable community development planning and management for the host communities.

To build further capacity, he built and donated a Youth Empowerment Centre in Mbo LGA where he also sponsored a Sustainable Business Development and Management training for 15 members of the Board of Trustees and management staff of the Center.

All these are eloquent testimonials to the premium he places on education as a formidable means of building capacity and empowerment.

While the guiding philosophy behind philanthropy is one of altruism, it is heartening to note that the world is taking notice of Alhaji Indimi’s magnanimity. A recipient of many awards and honours, a count will show that aside from the national honour, Officer of the Federal Republic of Nigeria (OFR) bestowed on him in 2012, the bulk of his recognitions have come from educational institutions at home and abroad and the list includes – honorary doctorate from Lynn University, Florida in 2013; honorary doctorate from University of Uyo in 2017; honorary doctorate from the Nigeria Defense Academy (NDA) in 2018; Doctor of Science, Honoris Causa from the University of Lagos in July 2021 as well as an Honorary Doctorate Degree in Technology from the Kwara State University and another Honorary Doctorate Degree in Entrepreneurship by the Kaduna State University, Kaduna in December, 2021.

Standard Chartered Plc is planning to close 50 percent of its branches in Nigeria to embrace digital banking.

According to a report by Bloomberg News, the Nigerian subsidiary started closing down some offices in December and may drop it from 25 to 13 branches.

Citing an industry document, the platform also reported that the bank concluded the plans due to the pressure from mobile money providers.

Standard Chartered Bank is aiming at strengthening its mobile banking services and recruiting agents to reach new customers and handle cash deposits and withdrawals across the country.

The report added that some insiders said the development is part of the company’s strategy to join other First Bank and Zenith Bank in agent banking.

Nigerian banks are currently embracing digital banking to compete with fintech products across Africa and tap into the outbreak of mobile money services.

Last year, MTN Nigeria and Airtel Africa Plc received approval in principle to operate a payment service bank (PSB) in the country. Through PSB operators, the two telcos will join the financial services through digital means to bank low-income earners and people that do not have access to banking institutions for transactions.

Airtel also received approval to operate as a super-agent via its subsidiary, Smartcash Payment Service Bank Limited.

Super agents are companies approved by CBN to recruit agents for agency banking, such as financial services within communities on behalf of banks to deepen financial inclusion. The strategy will help close the margin of the unbanked population at 36 percent of the adult population, representing 38 million citizens, in Nigeria.

The creative industry in Nigeria over the last decade has witnessed so much growth and every year, it opens up a lot more to the world.

The fashion industry is one of the industries at the forefront of Nigerian global recognition and we cannot but celebrate the amazing talents making us proud.

At a first glance of Eric Ihaza’s picture on this Instagram page – with over 50 thousand loyal fans – the fashion stylist/costume designer appears unassuming but a deeper look at the Edo State indigene, we have a highly talented and creative individual who has honed his craft, developed his creativity and is slowly climbing up the ladder in the fashion styling and costume designing industry in Nigeria and beyond.

The 29-years-old, born in Lagos, (Africa’s most populated and fastest growing city), Eric began exploring his creative side from the get-go. With an engineer as a father and a mother in the clergy, Eric started in the choir where he led choir members and this cultivated a sense of leadership for the young man.

Eric attended Mandate Private College in Lagos and subsequently the Federal University of Agriculture, Abeokuta, where he studied Agric-Economics. At the university, Eric’s talent blossomed and his creativity took flight. The school environment provided the young stylist and designer with the needed opportunity for him to hone his craft and he capitalized on it.

In the university, Eric anchored different Award Dinner Nights, coached students on fashion and also judged pageantry for 3 years consecutively. Eric’s great exploits while in school earned him various accolades including Best dressed male – FUNAAB Hostel 2013, Best dressed male – Aecosa 2013, Neatest farmer of the year – Farm practice year 2015, Business Icon of the year – Aecosa 2016 and Most creative – NAAS 2016.

Eric’s creativity and talent have allowed him to work with a good number of Nigerian celebrities and personalities, the likes of Tuface, Falz, Don Jazzy, Mayorkun, Basket Mouth, Kaffy including some BBN ex-housemates like Bright, Wathoni, Tobi and a couple of others. Eric’s long list of clientele includes Nollywood stars like Bisola, Timini, Sophie Alakija, Lala Akindoju, Seun Ajayi.

The highly talented creative sojourn in the fashion/costume designer industry has seen him work with brands such as Fearless Commercial, Bigi Commercial, Trophy ads and a couple of campaign shoots.

With an envious list of clientele, “Smart Woman Money” – the popular Netflix mini-series – came calling in 2019 and Eric worked on the series as a fashion assistant making the job his first in production. Eric has also worked on a couple of movies like “Gang of Lagos” and “Everything Scatter”.

This talent of inestimable value when queried about his plans for the future, Eric boldly stated that he is working on his brand. The world is Eric’s oyster, and we are here to witness greatness.

The creative industry in Nigeria over the last decade has witnessed so much growth and every year, it opens up a lot more to the world.

The fashion industry is one of the industries at the forefront of Nigerian global recognition and we cannot but celebrate the amazing talents making us proud.

At a first glance of Eric Ihaza’s picture on this Instagram page – with over 50 thousand loyal fans – the fashion stylist/costume designer appears unassuming but a deeper look at the Edo State indigene, we have a highly talented and creative individual who has honed his craft, developed his creativity and is slowly climbing up the ladder in the fashion styling and costume designing industry in Nigeria and beyond.

The 29-years-old, born in Lagos, (Africa’s most populated and fastest growing citie), Eric began exploring his creative side from the get-go. With an engineer as a father and a mother in the clergy, Eric started in the choir where he led choir members and this cultivated a sense of leadership for the young man.

Eric attended Mandate Private College in Lagos and subsequently the Federal University of Agriculture, Abeokuta, where he studied Agric-Economics. At the university, Eric’s talent blossomed and his creativity took flight. The school environment provided the young stylist and designer with the needed opportunity for him to hone his craft and he capitalized on it.

In the university, Eric anchored different Award Dinner Nights, coached students on fashion and also judged pageantry for 3 years consecutively. Eric’s great exploits while in school earned him various accolades including Best dressed male – FUNAAB Hostel 2013, Best dressed male – Aecosa 2013, Neatest farmer of the year – Farm practice year 2015, Business Icon of the year – Aecosa 2016 and Most creative – NAAS 2016.

Eric’s creativity and talent have allowed him to work with a good number of Nigerian celebrities and personalities, the likes of Tuface, Falz, Don Jazzy, Mayorkun, Basket Mouth, Kaffy including some BBN ex-housemates like Bright, Wathoni, Tobi and a couple of others. Eric’s long list of clientele includes Nollywood stars like Bisola, Timini, Sophie Alakija, Lala Akindoju, Seun Ajayi.

The highly talented creative sojourn in the fashion/costume designer industry has seen him work with brands such as Fearless Commercial, Bigi Commercial, Trophy ads and a couple of campaign shoots.

With an envious list of clientele, “Smart Woman Money” – the popular Netflix mini-series – came calling in 2019 and Eric worked on the series as a fashion assistant making the job his first in production. Eric has also worked on a couple of movies like “Gang of Lagos” and “Everything Scatter”.

This talent of inestimable value when queried about his plans for the future, Eric boldly stated that he is working on his brand. The world is Eric’s oyster, and we are here to witness greatness.

For Christmas, I was gifted a copy of rapper and business mogul, Jay Z’s (auto) biographical musings, Decoded, which he co-authored with Dream Hampton.

One of the most successful rappers ever, Jay Z is so notoriously media shy that his rare interviews are media and cultural events where he often talks about racism, family and the black man’s place on the streets and in the boardroom.

Decoded is, in that sense, a dream for any Jay Z-phile because it offers never-before-seen insights into his early beginnings, his time as a drug dealer, his work ethic and most importantly, sets down lyrics to his rap songs because blessed with a photographic memory, Jay Z never writes down his lyrics.

Not even half way gone into the book, I began to wonder, what book by a Nigerian billionaire will excite such passions? The answer was an easy one – Otunba Mike Adenuga, Africa’s 2nd richest man and the man behind Globacom and Conoil.

When the story of 20th and 21st century Nigerian enterprise and industry is told, one name will stand out and confound those whose job it is to chronicle such things because they will have so little to go on because Mike Adenuga has built a public persona defined by near invisibility.

In the age of social media and over exposure, the man who admirers and traducers often refer to as The Bull, has no social media account, seldom ever attends events, rarely makes public appearances and hardly does media interviews, yet he is always on the pages of our newspapers and on the lips of many Nigerians.

Why is this so? Why are we so enamoured by a man who prefers to operate from behind the scenes? The reason might be two fold – human beings are attracted to mystery and secondly, while Adenuga prefers to stay away from the spotlight, his businesses and the philanthropy that he engages in, ensure that he is never far from the news.

When you mention Mike Adenuga, the easy reference is to Globacom, the telecom company he set up in 2003, four years after the conditional GSM licence he received in 1999 was revoked.

To proceed on that trajectory means glossing over his early beginnings and thus failing to recognize his famed enterprise, acumen, perseverance and tenacity.

He was born on 29 April 1953 in Ibadan and christened Michael Adeniyi Agbolade Ishola Adenuga (Jnr) to a father, Oloye Michael Agbolade Adenuga Sr, who was a school teacher and a mother, Omoba Juliana Oyindamola Adenuga who was a businesswoman and hailed from a royal Ijebu family.

Mike Adenuga studied at Ibadan Grammar School, Ibadan and Comprehensive High School, Aiyetoro, for his Higher School Certificate (HSC) before making the transatlantic crossing to the United States of America for tertiary education. He graduated from Northwestern Oklahoma State University with a degree in Business Administration before proceeding to Pace University, New York. The story has been told of how he drove a taxi to help support himself as a student.

By 26, Mike Adenuga was already a millionaire who dealt in lace materials and the supply of soft drinks. Fast forward 11 years later, the 36 year old had established himself as an entrepreneur of note with interests in many sectors so that when Professor Jubril Aminu as petroleum minister under General Ibrahim Babangida decided to push forward with his policy of encouraging indigenous participation in the Nigerian oil and gas industry, Mike Adenuga was one of 11 Nigerian entrepreneurs to receive oil licences in what was described as “a discretionary licensing round”.

Critics of that exercise have described it as an example of cronism but what they fail to note is that as discretionary as it was, without that exercise, the International Oil Corporations would still have a stranglehold on Nigeria’s oil and gas industry and we may not have the Local Content Act of 2010 or the Petroleum Industry Act of 2021.

Another little noted fall-out of that exercise is the fact that among 11 entrepreneurs that included M. K. O. Abiola, Alhaji Dantata, Alhaji Indimi, Alhaji Mai Deribe, Chief Michael Ibru, Kase Lawal, Chief Lulu Briggs, Mike Adenuga’s Consolidated oil which got OPL 113 and is now known as Conoil, was the first of the 11 to bring its field to first oil and has been producing ever since transforming that licence into one of Nigeria’s most successful indigenous oil and gas stories making it safe to say that without the success of Consolidated (Conoil) we may not have Seplat or Nestoil or Aiteo or Midwestern thus making Adenuga, in many ways, the godfather of Nigeria’s indigenous oil and gas industry.

Mike Adenuga’s early successes selling lace materials and soft drinks was replicated in a grand manner with Consolidated oil and in time, he would show his entrepreneurial mettle by becoming one of Nigeria’s most successful serial entrepreneurs with interests in banking and finance (Devcom and Equitorial Trust Bank) and then telecoms, the three most lucrative sectors in Nigeria.

His exertions in those three sectors have built him, according to Forbes, a personal fortune of $6.2billion (May 2021), making him Africa’s 2nd richest man and the owner of Globacom, Nigeria’s second-largest telecom operator, which has a presence in Ghana and Benin.

The story of Globacom best captures Mike Adenuga’s can-do spirit, his business acumen, his enterprise, perseverance and tenacity traits many attribute to Taureans whose symbol is the bull.

After his GSM licence was revoked in 1999 and with MTN and Econet already enjoying a two year head start, Adenuga entered the telecom fray in 2003 and disrupted the market by introducing the Per Second Billing system which had been described as an impossibility. He went further to crash the cost of SIM cards from N15,000 t0 N100 making it more accessible to the masses while his Glo-1 submarine cable was also a decisive game changer in Africa’s race onto the information superhighway.

Today, Globacom is not just Nigeria’s second-largest telecom operator with over 55m subscribers it is also among the biggest players in Ghana and Benin Republic with footprints in Cote D’Ivoire, Gambia and Senegal.

For a man who has accumulated so much wealth and one who does not live the high flying jet-set life, what does Mike Adenuga do with his money? Those in the know describe Adenuga as a “capitalist with a heart of gold”, a man who likes to make money in order to give to the vulnerable and less privileged.

When the Covid-19 pandemic hit, he was among the first to offer support with a N1.5bn donation to Lagos state and the federal government. His Mike Adenuga Foundation is the vehicle through which he carries out his philanthropic endeavours and his giving is tribal, national, religious and culturally agnostic.

A fervent supporter of high culture, his “An Evening With Wole Soyinka” remains a reference point as is his support for the annual Ofala and Ojude Oba festivals. His provision of a home for French cultural center Alliance Francais in Ikoyi precinct attracted commendation from French president Emmanual Macron who awarded Mike Adenuga France’s highest national honor, “Commander of the Legion of Honour” in recognition of his “contribution to the development of French-Nigerian relations, his appreciation of the French culture and also for the advancement and betterment of humanity.”

Adenuga donated millions of dollars in aid of flood victims in Bayelsa state and has also several educational and religious institutions in Nigeria and Ghana leading to his emergence as recipient of some of the highest national honours in Ghana – Companion of the Star of Ghana (CSG) and in Nigeria Grand Commander of Nigerian (GCON) which is usually reserved for Vice Presidents.

With one year to go to his 70th birthday (April 2023), a biography or autobiography project must be initiated in order to properly “decode” for posterity what makes this enigmatic serial entrepreneur and notoriously private billionaire tick.

By Bolarinwa Ahmed

If anyone needs any evidence regarding how politically charged Year 2022 promises to be, such a person need not go further than the notoriously crude piece titled “How to make 4million enemies in 4 years: The story of Dapo Abiodun’s infamous loss of re-election bid” to analyse the character and temper of the battles and shenanigans that lie ahead.

Political merchants suborning hack and hired writers to pollute the country’s waters would stop at nothing to discredit the few people occupying public office who see it as a call to service, a sacred historical duty.

In the widely circulated piece in question replete with vile abuse, innuendoes and blatant illogic, one “Dr Quadri Ola from Ward 8, Ijasi Ijebu-Ode” poured invectives on the amiable governor of Ogun State, Prince Dapo Abiodun, saying that he will lose his re-election bid because he failed to share out Ogun State’s resources to cronies. In language, tone and intendment, the piece under reference is the work of a demagogue, yet there is a need to respond if only to make the writer see how lucidly he has advertised his utter hollowness.

According to Dr.Ola, Governor Abiodun had no political structure in Ogun State prior to being governor, was wrong (please don’t laugh!) to have been found eating shortly after escaping from the MKO Abiola stadium in the heady days leading to his election, and has already alienated many political supporters by not awarding them positions.

Hear him: “What did Dapo Abiodun do as soon as he was sworn in? He first of all cut away all the boys and ladies who stuck out their necks and risked their lived for him. AKA Dickson was messed up and handed over a mere special assistant (sic). Myself was thrown out and not given a single appointment or compensation. I have had to return to my banking career. Peju Shote had to struggle to get a meagre special adviser. I hear uncle Shubby was never given an appointment till date.”

For good measure, let us add this one: “Otunba Allen was given an empty shell much much later into the administration. Taiwo Owolabi Apata who I can attest to started the Dapo Abiodun campaign movement fire (sic) has not been given one single appointment till date. Maybe he wanted something too high as the DG Lands, but typical of Dapo Abiodun, Apata was disgraced shunned and lost all his money spent on Dapo’s campaign. I remember a certain Michael who donated 2 vehicles, 1000 shirts and 1000 caps to the campaign of Dapo Abiodun never got a single Governorship handshake or a single contract from SUBEB to compensate the innocent man.”

It needs no special skills to discover that this is a thoroughly disreputable, sneaky individual. In a political environment like ours, you are bound to see people like that who wear different robes because they are afraid of their shadows and cannot come out in the open.

They make spurious allegations with intent to distract the governor from his focus on developmental projects and programmes. They do their level best to draw the wheel of progress backwards. As everyone knows, in the history of governance, there is no law that says that whoever supports an aspirant is automatically entitled to an appointment.

Our Dr. Ola Quadri does not of course pretend to be a patriot, one who supported Governor Dapo Abiodun’s aspiration because he wanted progress for his community. He does not care whether or not the governor is making life better for the people: his god is his belly. It is certainly unfortunate for the author of the acerbic piece to say that he worked for the governor but was not compensated.

Apparently he is one of those people who believe that public office is an opportunity to enrich oneself. Our writer appeals to corruptive tendencies throughout his piece of sophistry. He says that the governor ought to have shared the finances of the state out as political largesse.

There is no part of the world where a governor can employ all the people who worked for him, and it says something about the character of the author that he was not considered for any appointment. More important, governance is about service to the people and not political gratification. It is about meeting the expectations of the populace whose very survival depends on politicians fulfilling campaign promises.

Any governor who wishes to make a change must look for people who are qualified, competent and with track record: people who share the same vision and can help in actualizing specific targets.

Thus, whereas the governor could not have stopped anyone from supporting or voting for him, it would be foolhardy for him to turn public office into an all-comers’ affair, what the Yoruba call “iru wa, ogiri wa.” It is not denied that some people may feel that their interests were not adequately taken care of, as they were given lesser positions than they desired. But the point is that like the Biblical parable on talents illustrates, people who utilize the little positions given to them effectively, honestly and diligently stand a chance to eventually get bigger positions.

Talents properly utilized will always. If truly the writer is a party person, there are legitimate avenues for ventilating his grievances, to which he is certainly entitled. But he chose to dance in the market square of social media because his intentions are not pure; because his motive is perverse and because he has no sense of self-worth.

It is instructive that “Dr Quadri Ola” has not accused Governor Abiodun of non-performance: the evidence of critical and effective interventions in the lives of the Ogun people is weighty and palpable. He did not accuse the governor of cornering the wealth of the Ogun people for himself. His grouse is political patronage. He lacked the courage to use his own surname bit crafted a pseudonym to mask his pernicious objectives, casting aspersions on the integrity of the governor. His entitlement mentality is beyond compare. He should be ignored.”

Mr Ahmed writes from Odogbolu, Ogun State

As part of the Yuletide celebration, the Chinwe Bode-Akinwande (CBA) Foundation, a non-governmental organisation in Nigeria, has reached out to four communities in Nnewi, Anambra State.

The event, which was held on Friday, December 24, 2021 saw over 75 widows from four communities going home with food items and financial empowerment to celebrate the festive season.

Commenting on the initiative, CEO of the CBA Foundation, Mrs. Chinwe Bode Akinwande, said the basis for diligently driving the foundation is derived from the passion and need to impact the lives of underprivileged widows who have gone through pain and discrimination and might have lost hope.

“We are embarking on the outreach at this festive season, so they (widow) can at least have something to eat and share with their love once.

“We give hope to the hopeless. We are driven to support underprivileged widows to have a positive outlook on life despite the problems they experience by losing their loved one, mostly the breadwinner of the family.”

Meanwhile, in furtherance of its mission to continually protect the well-being of underprivileged widows in Nigeria, the Foundation has launched a social enterprise initiative, which is aimed at ensuring the long-term sustenance of widows’ welfare as well as their children.

The initiative, catered to the financial, mental and physical health needs of 165 widows across six communities in Ibeju-Lekki, Lagos. The communities include: Badore, Iberekodo, Museyo, Magbon Alade, Okunola Ilado and Magbon Iga.

The social enterprise initiative provides comprehensive support, including health interventions, skill acquisition, business set-up, food and drinks, clothes and shoes, and support for the affected widows.

Speaking on the initiative, Mrs. Bode-Akinwande, said: “We have been doing outreaches and it has been non-stop delight for us, but the essence of this social enterprise initiative is for them to have something that will sustain them even for a longer period of time. Something that will give them hope, knowing that they have a sustainable source of livelihood and activity that reminds them that they need to keep going.”

Through First Bank of Nigeria’s partnership with Vision Spring, the Foundation was able to cater for several vision-impaired widows. The beneficiaries were granted free consultations with an ophthalmologist, eye tests and given free reading glasses. It was indeed a sight to behold to see the smiles on the faces as the beneficiaries when their glasses were fitted and they could see clearly.

Mrs. Abiola Jacob, who attempted suicide few weeks ago, but for the timely intervention of some fishermen found her and were able to identify her as one of the adapted widow of CBA Foundation and they brought her to us.

Speaking, the excited woman said: “All this day, I use to think before they (CBA Foundation) came and ask me what I want to do, I told them if I can see someone that will help me. I really thank God and I thank the place they provide all this item, I pray God will continue to provide for them and bless them."

Hassanat Oyewunmi, 59 year old said: “I am very happy I can even stare at the sun now without feeling faint,” as she wiped tears from her eyes.

She continued: “Before when I see people coming from afar, they would seem like two, it is only when they get closer that I would realize it’s just one person. But I feel better, much better now with the glasses, and I can even see everyone clearly. It is good to know that we are not forgotten.”

Similarly, 62-year-old Olabode Sadiat noted that for her, it was difficult to read her bible. “Nothing is more painful than not being able to read your Bible,” She said.

She described that her sight gets blurry whenever she tries to stare anything beyond 5 feet from where she stands. Sadiat put on the glasses and pointed happily at the farther end of the field, stating that she could see it all clearly.

The initiative also featured training on Adire Making (Tie and Dye), packaging, and distribution. The women were lectured on the step-by-step processes involved in Adire Making, materials needed and how to identify them, necessary safety precautions, the various tie and dye techniques, and how to make a living from Adire Making.

Additionally, food, drinks, and clothing were distributed to the recipients of the initiative even as they were urged to remember that they are not alone and can always count on the support of the CBA Foundation.

Launched in 2005, the CBA Foundation is primarily dedicated to promoting and protecting the lives and well-being of underprivileged widows and their vulnerable children in Nigeria, through health interventions, provision of clothing, nutrition, tuition fees for their children, and launching business startups for long term sustenance.

One of Nigeria’s oldest and well-respected banks, Union Bank is set to be acquired by Titan Trust Bank, a two-year-old bank with a balance sheet far less than its target.

The acquisition is via an offer for sale that will see the majority owners of Union Bank Plc, divest their entire holdings said to be around 90% to Titan Trust Bank.

Nairametrics recently published an exclusive revealing the people behind Titan Trust Bank, their shareholders and related parties. In continuation of our deep dive into what is shaping up to be a landmark deal in 2021.

Total Balance Sheet size

Titan Bank N136.3 billion
Union Bank N2.19 trillion as of December 2020 and is currently N2.56 trillion based on its 9 months interim results.
Thus, Union Bank is 18.8x the size of Titan Bank.
Shareholders Fund

Titan Trust Bank – N32.9 billion
Union Bank – N264.6 billion
Union Bank is bigger by 8x when it comes to Net Assets.
Customer Deposits

There can’t be a bank without a customer deposit even if you are a two-year-old bank like Titan Bank.
Titan Trust Bank – N85.9 billion
Union Bank – N1.1 trillion as of December 2020 (N1.2 trillion as of September 2021).
Multiple – Union 12.8x larger than TTB when it comes to customer deposits
Loans and Advances

Titan Trust Bank – N38.9 billion
Union Bank – N692.8 billion (N809.1 billion as of September 2021)
Head Count

Titan Trust Bank – 110
Union Bank – 2,342
Bank Branches

Titan Trust Bank – 6 branches nationwide (4 in Lagos)
Union Bank – 293 branches nationwide
ATM Points

Titan Trust Bank – 12
Union Bank – 937 and counting
Key Factors

As expected, Union Bank is a much bigger bank having been in operation far longer than TTB. However, when it comes to the acquisition of a company, age or number of years of operation is not the most important factor.

Cash – How much money the backers of Titan Bank are able to put on the table for the acquisition of Union Bank will be one of the determining factors. It is most likely that this will be a 100% cash deal paid to the majority owners of Union Bank who are divesting.

Regulators – We do not envisage any regulatory issues with a transaction of this nature for a number of reasons. Firstly, that Titan Bank is a much smaller bank swallowing a much bigger bank will not be viewed as anti-competitive. Rather, it will be viewed as an opportunity to have another strong competitor come on the scene to take on the bigger tier 1&2 banks.

Staff – Mergers, acquisitions and takeovers are often viewed with skepticisms because of what they might mean for employees. However, because Titan Trust Bank is much smaller than Union Bank, we do not expect any mass layoffs or payouts. Most of the employees in Union Bank will be retained at least in the medium to long term.

Bailout – Regulators like CBN will always welcome new investors taking over a bank that wants to be sold by its core owners. This absolves the CBN of any need to fill in that gap should the challenges of the shareholders start to negatively impact on the bank’s progress towards restructuring.

Synergies – This acquisition will also provide cost synergies especially for the acquirer, TTB. By buying into a big and established bank like Union Bank, it will within a year achieve a huge status of being a tier 2 bank something that may have taken up to a decade to achieve if it were to recapitalize TTB with the same amount of share capital as Union Bank. It will also not need to start opening new branches, investing in untested technology, opening new ATMs etc.

Culled from Nairametrics

Marksman Chinedu Ijiomah and his Chinmark Group has been accused of operating a fake investment scheme, TheMomentng reports.

Marksman Chinedu ijiomah, the Chairman/President of Chinmark, under which one of its subsidiaries (FINAFRICA INVESTMENT LIMITED) operates an investment scheme, uses the power of his huge Facebook followership of over 300,000 to advertise his companies and activities, as shown in a cursory look at his social media wall.

However, according to a statement made by the Securities and Exchange Commission, FINAFRICA INVESTMENT and its parent firm Chinmark Group are accused of running an illegal investment scheme, and anyone doing business with the company does so at their own risk.

Given the recent increase in Ponzi investment scheme activity, which has resulted in many people losing their life savings to scammers, many people believe the SEC’s warning shot is appropriate.

The statement reads: “The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an Illegal Operator (FINAFRICA INVESTMENT LIMITED). The Company claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and uses the funds in entities under Chinmark Group.

The Commission hereby notifies the investing public that neither FINAFRICA INVESTMENT LIMITED nor Chinmark Group is registered by the SEC and the Investment Scheme promoted by these entities are also not authorized by the SEC.

SEC says Chinmark Group owned by Marksman Chinedu Ijiomah is fraud

In view of the above, the general public is hereby WARNED that any person dealing with the within named Company in any capital market related business is doing so at his/her own risk.”

Mr. Ijiomah is not well-known in the media, but his admirers frequently preach about his numerous acts of generosity and philanthropy. He was recently reported to have gifted a woman N500, 000 after his convoy splashed her with water.

There are other records of his acts of compassion toward those in need, especially street hawkers.

As of the time of posting this story, neither Chinmark Group nor its Chairman, Marksman Chinedu Ijiomah, had issued an official reaction to the claim.

The journey to position Ecobank as one of the top three banks in the country is fast gaining traction and recognition.

The Nigerian franchise of the Pan-African financial institution, Ecobank Transnational Incorporated (ETI) is making good its mission of becoming the most preferred lender in the country. During the outgoing year in particular, the bank recorded milestones and landmark transformations that puts it on the path of realizing its mission.

Ecobank Nigeria now resonates excellence from account opening to payments, collections, savings, and investment and indeed all the touch points. Unequivocally, it has endeared itself in the consciousness of the banking public, regulators, and all stakeholders in the industry. Indeed, the bank is regaining its respect in all spheres which is reflected in the bouquets of global, regional, and national awards and recognitions garnered during the year, 2021.

Awards
It has been a harvest of awards for Ecobank in 2021. The common denominator in the comments from the various awarding organizations is the recognition of Ecobank as transforming the industry by setting new milestones in service delivery, digital innovation, product development, payments, technology, customer experience and lots more.

Some of the awards include “Best Retail Bank in Nigeria “by Asian Bankers; “Consumer Finance Product of The Year” at the Middle East & Africa (MEA) Retail Banking Innovation Awards organized by Digital Bankers; “Most Outstanding Retail Bank Brand” of The Year by BrandCom; “Market Confidence and Capital Structure Transaction of the Year” and “Female Economic Advancement Bank of the Year” at Banks and Other Financial Institutions’ (BAFI) Awards 2021 powered by BusinesDay Media Limited. The list is endless.

In particular, the organizers of BAFI Awards said Ecobank Nigeria was awarded the “Market Confidence and Capital Structure Transaction of the Year” because of the impressive strength and depth of the book on the Ecobank’s $300 Million Bond transaction which signaled solid global investor confidence in the financial institution at a time when Nigeria was racked by a perfect storm. They submitted that the strong demand for the bond shows the international appetite for the Ecobank franchise in Nigeria, its unique positioning for facilitating pan-Africa trade and the attractive opportunity for the many investors seeking to back world-class Nigerian corporates.

On the second award, “Female Economic Advancement Bank of the Year”, the organizers said Ecobank was selected based on the diversity and scope of ‘Ellevate’ which is specifically developed for women; being a strong SME banking proposition since many women-owned and women-led businesses fall into this category; a clear, articulated vision to become a “Bank of Choice” for women through training of product development specialists, marketers, and customer service agents on the needs of women; and the service to female customers beyond providing loans, as advice and support are critical to business success anywhere in the world”.

Commenting on the winning out-going Managing Director, Patrick Akinwuntan, said: “The awards is a testimony that we are delivering world class and diverse financial services in Nigeria and to a greater number of Africans across the continent. We understand their needs, forecast opportunities in the market and making our digital platforms available to be leveraged to achieve the highest potential. Ecobank platform is unique for all type of retail transactions especially account opening, bills payment, airtime purchase and third-party transfers. We have ATMs spread across country while our agency network reaches every community to provide basic financial services and support for every Nigerian. We have built an ecosystem that brings affordable financial services – payments and collections to every African.”

Agriculture/MSME

Ecobank is an active player in the Micro, Small and Medium Enterprises (MSMEs) and agriculture sectors. Recognizing MSMEs as the engine room of the economy, Ecobank recently set aside N100 billion special fund targeted at empowering them for business growth and thus reduce unemployment in Nigeria. The bank has won several awards in this regard.

For the Agric sector, the bank has provided economic empowerment for more than 53,000 small holder farmers through the Anchor Borrowers Programme partnership with CBN with about N9.5 billion. The bank has increased the number of Agric sector’s customer with over 900% from about 14,000 to over 143,000 customers. Ecobank is currently in partnership with Lagos State Ministry of Agric in an empowerment program to support over 3,000 Artisanal fishermen in the state.

Women Empowerment Products

Ecobank Nigeria is now commonly regarded in the industry as ‘women friendly bank’. This stems from its various products tailored towards empowering the female folks. In July this year, the Ecobank Group launched “Ellevate”, a bespoke women empowerment proposition – and this had a resounding acclaim in Nigeria. With the Elevate programme, Ecobank aims to empower 40 million women, being a gender-based proposition designed to empower women-owned and managed businesses in Nigeria, as well as in the 33 African countries and beyond where Ecobank has presence”.

Other women initiatives include the Ecobank Female Entrepreneurs’ Initiative (EFEI), a platform designed to empower and support women owned small-scale businesses. In addition, the bank offers business loans for SMEs, inventory finance for key distributors, shop owner’s facility for traders, purchase order and invoice discounting, asset finance and agriculture finance among other laudable offerings.

Lions’ Den

Ecobank during the year went steps further in its commitment to raise future Africa multinationals. The bank entered partnership with Ultima Productions for a reality show called Lions’ Den. The Lions’ Den is a business reality show that gives budding entrepreneurs across Nigeria the chance to pitch their business to five successful Nigerian investors, referred to as Lions. The Lions support the selected entrepreneurs with equity or venture capital. In a nutshell, Lions are businessmen and women who have pedigree, who know what it takes to make success of business. They bring their wealth of experience and capital to the stage to assist people with brilliant and creative ideas.

According to Akinwuntan, Ecobank’s decision to be the Lead Sponsor of the reality TV show is in line with its commitment to support entrepreneurs who have good business ideas but need to raise funds for advancement. He disclosed that the bank is offering its platform, Pan African network, digital offerings, and all necessary support to make the young entrepreneurs achieve their dream whether the Lion’s invested in their business or not, noting that the fact that they have reached the level to pitch for equity or venture capital makes them qualified as entrepreneurs in the making.

Super Rewards Campaign

Ecobank Nigeria in March this year launched Super Rewards Scheme, which gives 200 of its customers an opportunity to earn different cash gifts monthly, with four of them becoming millionaires at the end of the four months campaign. The bank in a statement said the scheme is designed to reward customers’ loyalty. The four months campaign saw a total of 800 customers winning N25,000 weekly in batches of fifty per week and four millionaires emerged from different zones of the country.

Due to popular demand by its customers, the bank recently flagged off Season Two of the Scheme to give opportunity for more customers to be rewarded for their loyalty and dedication to the pan African Bank. The four months campaign will run between October 2021 and January 2022. As was the case in season one, 800 customers are expected to win N25,000 weekly in batches of 50 customers per week from now till January 31, 2022. In addition, four millionaires will emerge in each of the four delineated regions of Lagos, Federal Capital Territory (FCT)/North, Mid-west/Southwest and South South/Southeast regions.

Support for Creative Industry

Empirically, Ecobank has gradually become of the top banks that supports the creative industry in the country. Apart from participating actively in the Creative Industry Financing Initiative (CIFI) introduced by the CBN in collaboration with the Banker’s committee to improve access to long-term low-cost financing for entrepreneurs and investors in the Nigerian creative and information technology (IT) sub-sector, the bank went into partnerships with Bolanle Austen Peter (BAP), Legends of Nollywood, Linda Ikeji’s Self Made Woman Conference which had over 5,000 women in attendance and Basketmouth’s Papa Benji. The 13 episode Papa Benji show achieved a combined total of over 10m views on youtube alone. Also the bank supported Alex Ekubo, on a trip to Benin Republic generating over 1m views, 30,000 conversations and 10,000 engagements. These and a host of other partnerships was to promote the creativity and the African culture.

According to the Managing Director, “As a Pan-African Bank, we have a collective vision of promoting the African culture to reinforce and celebrate our heritage. For us, it is beyond banking, we are constantly seeking ways to project the African continent in positive light. We currently have partnerships with key industry players and recently sponsored the African Music Awards (AFRIMA). We are also the lead sponsor of the widely acclaimed business reality show, Lions’ Den, which recently hit the airwaves. It goes without saying then, that for African creatives partnering with Ecobank, the wait is over”

Youth Engagement

Ecobank Initiated the MX Online series during the International Youth Day that generated increased likeness for the brand. It partnered micro-influencers, students and associations to promote Youth products. The objective is to promote, support, sponsor and participate actively in the Youth space and endear the demography to Ecobank through internship programmes, raffle draws and experiential events. The MX series had over 10,000 views online.

Also, the bank partnered with Future Face Africa – a model scouting initiative taken to over 10 African countries. The platform gave young people opportunity for global stardom. The programme attracted over 10,000 participating youths across Africa. This further entrenched the brand within the Fashion & Youth space.

Radio Programme for Entrepreneurs

During the year, Ecobank sponsored a nationwide radio programme created specifically for the bank to reach out to SMEs and general listening audience. It ran for 13-episode one-hour weekly programme in select radio stations in key cities across the geo-political zones. This makes SME a veritable target sector for the bank.

The programme served as opportunity for the bank to showcase some of its customers doing well in the SME category and provisions was also made for staff of the bank to have in-depth discussion on products and relationship with SME operators. The unique programme was different from the usual ‘customer-experience sharing style. The show addressed pertinent issues identified as pain-points for the SME in Nigeria.

New Head Office Complex

On the highbrow of the business district of Victoria Island and facing the ever-serene Lagos lagoon, is Ecobank new head office complex. The architectural masterpiece which was commissioned in November this year is named Ecobank Pan African Centre (EPAC). The bank says the edifice stands as a tribute to the vision of its founding fathers in creating a world-class pan-African banking group, providing excellent financial services across Africa. EPAC creates a new smart working environment where productivity and service delivery will be taken to another level. Indeed, an office goes a long way to defining a super brand.

The Centre with sparkling ambience, boasts of state-of-the-art amenities, houses smart offices, a restaurant, multipurpose conference hall, gym, creche, parking lot that can accommodate 130 vehicles at a time, experience and game centre and a rooftop terrace, among others.

Commissioning the complex, a highly elated Lagos State governor, Babajide Sanwo-Olu said “This Pan African center is indeed an intelligent building designed with energy efficiency and is one of the things we need in Nigeria. I know that this building will speak to a lot of the very best. It is a state-of-the-art building focused on environmental sustainability and I am sure that from what I have seen around, it is a redefining building and infrastructural development.” This iconic structure epitomizes an ideal super brand.

Conclusion

The Ecobank Nigeria brand promise, no doubt setting it apart in the race to achieving its target. About three years ago Patrick Akinwuntan, outgoing Managing Director and Regional Executive of Ecobank Nigeria stated succinctly that he has a mandate in Nigeria to deliver the brand promise of Ecobank as the platform of choice for convenient, affordable, and instant banking services to customers in the country.

According to him “It’s our ambition that we are within easy reach in your locality at an Ecobank Xpress point through our agents or within your arm’s length on your phone; you can open an account and you can make payment; you can receive payment straight on your phone and at any time cash out through our agents at any Ecobank Xpress point or the ATM. It is the Ecobank everywhere strategy across Africa that we are implementing in Nigeria”.

Today, the brand promise is being realized. The bank has strongly positioned itself as a key stakeholder and supporter in the growth of the real sector of the Nigerian economy. It is supporting small businesses, budding entrepreneurs, agriculture, women businesses, and a whole lot.

The bank is also empowering Nigerians with all the tools to take control and make the most of their finances. Its digital platforms such as Mobile App and USSD *326#, Ecobank Online, OmniPlus, Omnilite, EcobankPay, RapidTransfer, ATMs, POSs, as well as an extensive distribution network of over 250 branches and about 30,000 agency banking locations, have brought convenience to the daily running of customers’ businesses.

By and large, the success of making Ecobank a first choice Nigerian bank is largely driven by its six core values (RACE IT -Respect, Accountability, Customer Centricity, Excellence, Integrity, Teamwork). To ensure sustained success, the bank embedded the right ethics, culture, conduct and values into all its activities. These qualities form the foundations of the organization and drive the right behaviours in every engagement with customers, colleagues, communities, shareholders, regulators, and all other stakeholders.

The bank also recognizes its employees as its greatest asset to maintain high service quality standards, constant improvement on customer satisfaction and enhancing its brand experience. To this end, the bank announced promotion of 682 of its staff members in June. The bank said the exercise represented 26 per cent of its core staff and was done despite the impact of the COVID-19 pandemic and all the attendant impact on business performance globally. According to a statement signed by the managing director, the promotion was targeted at recognizing and rewarding employees for their efforts and commitment, stressing that it was also in alignment with the unrelenting desire of the bank to grow its people.

Apart from motivating employees in various ways, the bank is also training and building capacity of its entire workforce in its state-of-the-art Academy in Lagos which is fully accredited by the Chartered Institute of Bankers of Nigeria (CIBN). Besides, the bank is also attracting young graduates into its workforce. During the year, the bank recruited 60 new entry level trainees into its workforce as part of its growth agenda.

The fact that Alhaji (Dr.) Muhammadu Indimi is one of Nigeria’s most prominent businessmen and one of the most generous and consistent philanthropists in this clime is not in doubt.

Neither is the fact that his extensive giving is targeted around Education, Health, Social Enterprise Development & Support as well as Special Emergency Interventions based on exigent circumstances.

A few days ago, the President HE Muhammadu Buhari was in Maiduguri to commission the multibillion naira purpose built complex donated by the kind hearted billionaire to the University of Maiduguri.

The complex which boasts a suite of work class facilities is home to the Centre for Distance Learning as well as the International Conference Centre. Facilities include Exam Hall, conference room, e-Resources Centre, laboratory as well as staff offices and recreational areas.

Find below, 10 things you did not know about Alhaji (Dr.) Muhammadu Indimi.

1. Alhaji (Dr.) Muhammadu Indimi was born in Maiduguri on August 12, 1947 making him 74 years. He was born to the family of late Alhaji Mamman Kurundu a businessman who dealt in hides and skins.

2. Alhaji (Dr.) Muhammadu Indimi did not have the benefit of formal education. He was enrolled instead, like many of his peers in a Qur’anic school. A diligent and smart child, the young Muhammadu taught himself to read and write in English.

3. His first business foray was to follow in the footsteps of his father as a trader in hides and skin. Able to read and write, Muhammadu Indimi aspired to more and so his father borrowed E100(pounds) from a friend so that young Indimi could continue doing business on his own .

4. By the 80s, Alhaji (Dr.) Muhammadu Indimi had become a man of means and enterprise, so much so that by 1991 he ventured into oil and gas business. That year the Nigerian Government launched the indigenous Concession Program .

5. Diligent, focused and enterprising, Dr Indimi’s Oriental Energy Resources was among the first of the 11 companies to bring their field to first oil, thus underlining the success of the exercise and the visionary policy of encouraging indigenous participation in the Nigerian oil and gas ecosystem.

6. Today, 31 years later, Oriental Energy Resources and Consolidated oil (now Conoil) remain the stand out successes from that exercise, showing that Nigerian entrepreneurs can become successful oil and gas moguls.

7. Without the pioneering success of enterprising businessmen like Alhaji (Dr.) Muhammadu Indimi, there probably would have been no Marginal field round under the Obasanjo administration and maybe today, we would not have wave-making companies like Seplat, Midwestern, Neconde and the rest.

8. Where many philanthropists have adopted a tokenistic approach, Alhaji (Dr.) Muhammadu Indimi set up the Muhammadu Indimi Foundation (MIF) as a well-structured vehicle for carrying out his philanthropic activities ensuring that his giving is impactful and fit for purpose.

9. Alhaji Indimi was among the top donors towards efforts to contain the Covid-19 outbreak. While plans are underway to build a secure housing estate for Oriental Energy’s host community in the Mbo and Effiat LGAs of Akwa Ibom state; Dr Indimi has also provided scholarships for over 1000 indigenes of Akwa Ibom state since 2009, donated 200 million naira as emergency support for victims of disaster in Nigeria; donated 2 billion naira to support victims of insurgency in the North-East, gave 200 million naira to support IDPs in Adamawa, provided annual food and cash support for over 30,000 IDPs in Borno and invested 600 million naira in a fully equipped estate with 100 homes, school and medical centre in Bama under the MIF resettlement initiative for IDPs amongst others.

10. Alhaji (Dr.) Muhammadu Indimi has chronicled his rags to riches story and what drives his spirit of philanthropy in lectures on international platforms and ivy league universities like Harvard and he has received honours and accolades from far and near; he was awarded Nigerian National Honour, Officer of the Federal Republic of Nigeria (OFR) in 2012; received an honorary doctorate from Lynn University, Florida in 2013; received an honorary doctorate from University of Uyo in 2017; won the Vanguard (Nigeria) Businessman of the Year in 2017; received an honorary doctorate from Nigeria Defense Academy in 2018 and received Doctor of Science, Honoris Causa at the 51st convocation ceremony of the University of Lagos in July 2021. In December, 2021, Dr Indimi was also awarded an Honorary Doctorate Degree in Technology by the Kwara State University and Honorary Doctorate Degree in Entrepreneurship by the Kaduna State University, Kaduna.

Austin Avuru has responded to the purported termination of his appointment as a Non-Executive director on the board of Seplat Energy, a company he co-founded and was pioneer CEO at.

The widely circulated statement published a few days to Christmas in which Seplat Energy alleged that its immediate past CEO had breached the company’s “corporate governance policies and his fiduciary duties”, sent shock waves across the global oil and gas industry where Avuru is seen as a highly respected professional and one of the more cerebral and intellectual oil men in the business.

Responding to the statement, Avuru via his lawyers at Perchstone and Graeys described the publication and announcement as “grossly mischievous” and intended to malign and do “incalculable damage to his hard-earned reputation.”

Avuru who took Seplat public in a historic 2014 dual listing on the London and Nigerian Stock Exchanges advised the general public “to discountenance Seplat Energy’s publication of December 23, 2021” while his lawyers respond “to the fictitious allegations.”

Seplat Energy has been in the eye of the storm for months now with several Nigerian banks tackling its embattled chairman, ABC Orjiako over unpaid loans. The reputational damage from the chairman’s inability to service his loans led to Mr. Xavier Rolet, KBE, an independent non-executive director in Seplat Energy Plc, resigning from his position two days after a Federal High Court in Lagos, Nigeria granted Zenith Bank Plc interim orders of Mareva Injunctions against Shebah Exploration & Production Company Limited (SEPCOL), Shebah Petroleum Development Company Limited, owned by Dr. ABC Orjiako and others.

Even though Mrs. Edith Onwuchekwa, Director Legal and Company Secretary at Seplat had noted in a November 9, 2021 statement that “The order has no impact on the operations of Seplat Energy” Rolet’s resignation is believed to have compelled ABC Orjiako to announce that he would step down from the board after the Annual General Meeting in May 2022 even though he is not due to retire until 2023.

It remains to be seen how this new chapter in Seplat’s boardroom saga unravels.

Austin Avuru has responded to the purported termination of his appointment as a Non-Executive director on the board of Seplat Energy, a company he co-founded and was pioneer CEO at.

The widely circulated statement published a few days to Christmas in which Seplat Energy alleged that its immediate past CEO had breached the company’s “corporate governance policies and his fiduciary duties”, sent shock waves across the global oil and gas industry where Avuru is seen as a highly respected professional and one of the more cerebral and intellectual oil men in the business.

Responding to the statement, Avuru via his lawyers at Perchstone and Graeys described the publication and announcement as “grossly mischievous” and intended to malign and do “incalculable damage to his hard-earned reputation.”

Avuru who took Seplat public in a historic 2014 dual listing on the London and Nigerian Stock Exchanges advised the general public “to discountenance Seplat Energy’s publication of December 23, 2021” while his lawyers respond “to the fictitious allegations.”

Seplat Energy has been in the eye of the storm for months now with several Nigerian banks tackling its embattled chairman, ABC Orjiako over unpaid loans. The reputational damage from the chairman’s inability to service his loans led to Mr. Xavier Rolet, KBE, an independent non-executive director in Seplat Energy Plc, resigning from his position two days after a Federal High Court in Lagos, Nigeria granted Zenith Bank Plc interim orders of Mareva Injunctions against Shebah Exploration & Production Company Limited (SEPCOL), Shebah Petroleum Development Company Limited, owned by Dr. ABC Orjiako and others.

Even though Mrs. Edith Onwuchekwa, Director Legal and Company Secretary at Seplat had noted in a November 9, 2021 statement that “The order has no impact on the operations of Seplat Energy” Rolet’s resignation is believed to have compelled ABC Orjiako to announce that he would step down from the board after the Annual General Meeting in May 2022 even though he is not due to retire until 2023.

It remains to be seen how this new chapter in Seplat’s boardroom saga unravels.

The Lagos State House of Assembly on Thursday approved a request by Governor Babajide Sanwo-Olu for a loan of N18,225,336,103.89 from the Federal Ministry of Finance, Budget, and National Planning.

The loan is meant to ensure speedy completion of projects like the Lekki-Epe Expressway.

The approval was granted at a sitting presided over by the Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa, after a report on the loan request was laid and presented by the chairman of the House Committee on Finance, Hon. Rotimi Olowo.

Giving further information on the report, Hon. Olowo told his colleagues that the loan facility comes with an interest rate of five percent in the first two years and nine percent in subsequent years, with a two-year moratorium.

Many of the lawmakers who contributed to the debate supported that the facility be approved as it would further help the State sustain its mega-city status.

They commended the State Government for its proactiveness, saying that the loan will bring immense infrastructural benefits to Lagos.

They further said that the loan was favourable considering the conditions that come with it.

In his contribution, the chairman of the House Committee on Information, Hon. Setonji David, noted that the loan has a single-digit interest rate with a repayment period of 30 years.

He said the project for which the loan was being sought would drive sustainable economic growth and development in the State.

Speaker Obasa, after a voice vote of the lawmakers in support of the approval, directed the Acting Clerk of the House, Mr. Olalekan Onafeko, to send a clean copy of the approval to the Governor.

Meanwhile, Speaker Obasa has described Nigeria as a blessed nation loved by God in a message released by his media office in commemoration of the 2021 Christmas celebration.

Dr. Obasa urged Christians and other Nigerians to continue to replicate this love from God in their daily activities as love is what the country needs at this phase of its journey to greatness.

“Jesus Christ, the celebrated face of the Christians around the world, preached and taught love as one of the greatest commandments from God.

“If we think deeply, we will understand that love is an ultimate solution to the many challenges facing mankind.

“All the commandments that God handed man can be summarised into the need to love Him and love our neighbours.

“There is, therefore, no gainsaying that if we maintain our resolve, individually and collectively, to love one another as emphasised by Jesus, the world would be a better place,” the Speaker said.

While urging Christians not to relent in their prayers for Nigeria, he advised Lagosians and other citizens of the country to ensure a peaceful celebration, remain conscious of their environment and continue to adhere to COVID-19 rules.

…complex was built and donated by Alhaji (Dr) Muhammadu Indimi OFR, chairman of Oriental Energy

…it is an extension of his committed giving to educational excellence.

…the purpose built complex is made up of Exam Hall, conference room, e-Resources Centre, laboratory as well as staff offices and recreational areas

A multibillion naira complex built and donated to the University of Maiduguri by Alhaji (Dr) Muhammadu Indimi OFR was commissioned on Thursday December 23rd, 2021 by the President, His Excellency Muhammadu Buhari GCFR.

The purpose-built complex which boasts a suite of world class facilities will house the Muhammadu Indimi Centre for Long Distance Learning as well as the International Conference Centre. Facilities include Exam Hall, conference room, e-Resources Centre, laboratory as well as staff offices and recreational areas

Speaking at the event, Alhaji Indimi, foremost businessman, philanthropist and Executive Chairman of Oriental Energy said the complex was built and donated to the University of Maiduguri in extension of his commitment to educational excellence.

“I believe that the Centre will help the university in the way it delivers learning, training, and skills, as well as to those who will be taking their courses remotely. I thank the University for this opportunity and partnership; I will continue to support the programmes and initiatives of this great university. This project, Mr. President, is one of my token contributions to Education. I hope and pray that this will inspire others to look in the same direction.

The president in his short remarks at the event commended Alhaji Indimi for his passion and commitment to education while calling on other well-to-do Nigerians to emulate Alhaji (Dr) Muhammadu Indimi’s sterling example.

Borno state governor, Prof. Babagana Umara Zulum also applauded Alhaji Indimi for his generous philanthropy: “Words cannot convey the debt of our respect and gratitude to Alhaji Muhammad Indimi for his statesmanship, for his generous philanthropy especially given today’s intervention to enhance tertiary education for the people of Borno. We congratulate Alhaji Muhammad Indimi for being honoured with Mr. President’s special commissioning of his generous donation’’.

A passionate and generous philanthropist, Alhaji (Dr) Muhammadu Indimi OFR has set up the Muhammadu Indimi Foundation (MIF) to help structure his philanthropic commitments with evident impact in areas like education, health, housing and social welfare.

...Catch the holiday vibe with a countdown of Nigeria’s most popular music across multiple platforms

The TurnTable End-of-Year Countdown has begun and fans can look forward to following it live on everyone’s fave AI-powered music video app and talent discovery platform, Triller.

The round-up of Nigeria’s top 20 songs for the year will be streaming live on Thursday, December 23, 2021 at 19h00 WAT and will be presented in collaboration with TurnTable Charts and Clout Africa.

Blessing ‘BiBi’ Oreunomhe – will anchor the show with support from Roviel – so users can look forward to a high-energy experience.

In the run-up to the Countdown, Triller will also be featuring an End-of-Year Roundtable, an industry forum that will review the country’s Top 20 songs of the year and report on everything that’s been happening on the Nigerian music scene in 2021. The RoundTable will feature some of the biggest names in Nigerian music, including Chuka Obi, Fawehinmi “Foza” Oyinkansola, Daniel Owolabi, Titi Adesanya, Adeayo Adebiyi, Ini Baderinwa, Edwin Okolo, and Kolapo Oladapo.

Both the Roundtable and the Countdown will be featured prominently on the social media platforms of Triller, TurnTable Charts and Clout Africa, so fans will be able to view additional content and engage with one another as the countdown happens.

“This is a first-of-its-kind aggregate countdown of Nigeria’s most popular music,” says Joel Houenou, Triller’s Africa Strategic Partnership Director.

“Together with our partners, we’re blazing a new trail and presenting a rich, multifaceted experience of the Nigerian music scene.

“We are excited to be bringing the end of the year countdown and roundtable to Triller’s global audience and telling an Afrobeats story like never before,” says Ayomide Oriowo, TurnTable Charts’ co-Founder and Head of Media. “This is something that has never been done before, the top songs in Nigeria across all major platforms of music activity – and I can’t wait for everyone to see what TTC, Triller and Clout Africa have put together.”

The partnership with TurnTable Charts and Clout Africa is just another example of how Triller has been making waves since it launched in Africa.

“It’s our aim to empower Africa’s hottest and most original creatives by giving them a global platform to showcase their work as well as a way to connect with other creatives and leading brands,” says Houenou.

“By harnessing individual and collective creativity, Triller is becoming a change agent; a vehicle for a new era in music, arts and culture.”

Triller’s call to action in everything that it does is CREATE. CONNECT. SHARE. Through the power of music and by redefining online content, it is setting out to provide a channel through which people from very different social and cultural backgrounds can find their true paths and speak out in their own voices.

About Triller

Triller is the globally popular AI-powered social media experience that allows users to create professional-looking videos in a matter of seconds. All they have to do is pick a song, select the portion of the song they want to use, snap a few takes and, with the tap of a button, they have a celebrity-quality music video starring themselves and their friends.

Triller relies solely on organic growth and has been downloaded more than 350 million times, with celebrities like Alicia Keys, Cardi B, Marshmello, Roddy Ricch and Eminem regularly using the app to create their own music videos. In Africa, it has been embraced by a host of artists including Burna Boy, Nasty C, Sauti Sol, Khaligraph Jones, Focalistic, Mr Eazi, Fally Ipupa, Sarkodie and DJ Cuppy plus many more.

For more information, visit www.triller.co and follow @trillerafrica on Instagram.

About TrillerNet

TrillerNet is a first-of-its-kind company consolidating technology and content platforms to lead the move to Internet 3.0. TrillerNet pairs the culture of music with sports, fashion, entertainment, and influencers through a 360-degree view of content and technology. TrillerNet owns the globally popular Triller app used by musicians, celebrities, athletes, and overall culture setters reaching more than 350 million users worldwide. The Triller app—unlike other popular short-video apps—encourages its influencers to post the content created on the app across other social media platforms—and uses proprietary AI technology to push and track their content virally to affiliated and non-affiliated sites and networks reaching millions of additional users. TrillerNet additionally owns VERZUZ, the live-stream music artist “battle” platform launched by Swizz Beatz and Timbaland; Amplify.ai, the leading customer engagement platform; FITE, the premier global PPV, AVOD, and SVOD streaming site; and Thuzio, a leader in B2B premium influencer events and experiences.