₦airaland Forum

Following up on President Muhammadu Buhari’s recent announcement of the
declaration of two hundred and eighty seven billion Naira (N287bn) Profit After Tax (PAT) in year 2020 by the Nigerian National Petroleum Corporation (NNPC).

The Corporation has consolidated on the remarkable achievement, by publishing the Audited Financial Statements (AFS) on its official website.

It would be recalled that while announcing the outstanding feat a little over a fortnight ago, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, had said: “I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial Statements in line with the requirements of the law and as follow up to our commitment to ensuring transparency and accountability by public institutions.”

In compliance with the President’s directive, the NNPC has fulfilled this very important statutory requirement by publishing its Audited Financial Statements today.

Among the highlights of the 2020 AFS is the Corporation’s group profit which rose from a loss position of N1.7billion in 2019 to a profit of
N287bn in 2020, for the first time in 44 years.

The Group Managing Director of the NNPC Mal. Mele Kyari, had at various times since the President’s declaration of profit, attributed the turnaround to aggressive cost cutting, automation of the system and renegotiation of contracts downwards by about 30 per cent, among other tough measures.

Further highlights of the AFS revealed that while the Corporation’s group financial position increased in total current assets by 18.7% compared to that of 2019, its total current liabilities increased by 11.4% within the same period.

The group’s working capital remained below the line at N4.56trillion in 2020 as against N4.44trillion in 2019, the AFS further revealed.

Similarly, the Corporation’s group revenue for the 2020 financial year stood at N3.718trillion as against N4.634trillion in 2019, a decrease that could be attributed to the decline in the production and price of crude oil due to the global impact of the Covid-19 pandemic.

This is the third consecutive year that the NNPC is publishing its AFS, having done so for 2018 and 2019.

The full document of the NNPC 2020 AFS is available on the Corporation’s website.https://www.nnpcgroup.com/Pages/Home.aspx

Mr. Innocent C. Ike’s led Polaris Bank Plc is fast becoming robber’s den.

The bank according to the 2020 Nigerian banking reports has emerged top among commercial banks in the country that lost huge sums of money to various fraudulent practices.

According to checks by the magazine, Polaris lost close to N900 million to fraud perpetrated by hackers and those committed through insider jobs by employees of the deposit money bank.

According to the bank’s 2020 financial reports submitted to regulators such as the Central Bank of Nigeria, CBN and Nigerian Stock Exchange, NGX the figure represents over 90 per cent of the N2 billion stolen by fraudsters from commercial banks in the country within the period under review.

There are 22 commercial banks in Nigeria.

“This is an indication that the bank is still very prone to electronic and other proximate frauds despite its claim of investing huge funds in fire walls that can prevent funds from being stolen easily from the bank,” Adeyemi Joshua, a forensic expert in Lagos said.

What this tells us, the expert explained, is that “the bank has inadvertently opened its vaults to dangerous fraudsters and employees at the press of the button”.

Joshua’s admonition came amidst recent revelation that an employee of the bank stole N20 million from a customer’s account through wire transfer.

According to the details of the theft, the employee who doubles as the Account Officer of the customer, had within one week, sliced the huge amount from the account without thinking of the consequence.

Bubble, however, burst after the customer, who had been away from the country, returned to expose the fraud.

Details of the scam showed that within seven days, July 5 and 12, the amount was moved from the customer’s account, and shared into different accounts belonging to the thieving employee and his friends.

What makes the matter worse is that the bank’s management refused to act after the customer had made a formal complaint, leaving him dejected and agitated.

The bank on its part has been so embarrassed over the fraud that the management is still in shock and worried about a possible chain of reactions from other customers.

“No customer would allow himself to be made a guinea pig. Of course, the fraud would trigger negative feedbacks from other depositors. The theft does portend well for the image of the bank, particularly the new management. Customers do not want to feel that their deposit is not safe,” Folawari Divine, a customer relationship expert, told the magazine.

How did it happen, according to the testimony of the victim of the fraud?

He had travelled out of the country for three months and within this period did not receive the usual email report tracking his account. So, he decided to take the bull by the horn.

According to him, ‘I decided to come to Nigeria last week and found out my savings account had been tampered with by the staff of Polaris Bank, Computer Village branch, Ikeja, Lagos. Over N20 million was stolen from me.

“For the three months, I realised I stopped receiving my monthly email alerts, which bothered me. On June 18, 2021, I received an alert of a debited sum of N50, so I called the customer service (number) immediately and the lady asked if I was familiar with the name Ismail Bello and I responded that it sounded familiar but I couldn’t remember.

“She said the person was my account officer, so I asked her what would my account officer want to do with N50?

“She said he might do that to track my balance, so I asked how much is my balance at the moment and she told me the exact amount I was expecting to hear.

“So I told her to please block my account and that no one is authorised to make any withdrawal except me and that it has to be me coming physically and she claimed she did it.

“So arriving in Nigeria on Saturday, 17th of July at about 11:45am, I got to my branch where I opened the account and was told I didn’t have enough balance in my account.

“At first, I thought it was a joke, so one of their staff members came to me and showed me a fake Nigerian passport that was used to create an online banking.

“According to what one of their staff members showed to me, I could see they have a record. I called in on June 18 requesting that they should block my account.

“I requested for a printout copy of the statements and I saw how my money was being transferred on a daily basis to different accounts.”

What surprised the customer the most, is that the money was moved out of his account after he had instructed that the account be blocked.

According to him, “They transferred the money after I had blocked the account, I think the so-called Ismail Bello removed the N50 intentionally to see if I would visit the bank. Maybe because he didn’t see me, he and others thought something bad had happened to me and stole my money”.

Chris Adegbe another financial expert said “There are many questions to be asked concerning this particular case. The customer had demanded that his account be blocked after he noticed that the same had been debited without making a withdrawal.

“Did the bank actually block the account? It is very obvious they did not from the customer’s testimony. Two things will suffice here: it calls to account the functionality of the bank’s customers’ service whether it’s working or not. Another possibility is that a ring exist in the bank that cuts across various departments working together for a determined purpose.

“Part of what the bank should be doing right now is to interrogate its system to determine whether it has been breached at a certain point. Who are the employees involved, and to what extent the involvement of the ‘sections’ that are supposed to play a role in blocking the account when infractions were noticed,” he said.

He explained further that “another possibility is that the bank does not have the capacity to block any account as being claimed.

“What that means is that customers’ deposits are not safe in their accounts. Take for instance, that a customer’s account is tampered with, like this one, and he discovers hoping that the bank will block the account on his instruction. That customer may just find out that his account will be emptied by the time he eventually visits the bank to register a formal complaint,” he added.

“The most important issue in all of this is that, If you can no longer trust your Account Officer, who is supposed to ensure that your account is not tampered with, who then can you trust?” he said.

According to the bank’s annual report obtained by The Source, the Innocent-led bank recorded a total of 134 cases of fraud in 2020 which comprise seven fraud categories.

The report indicates 43 Automated Teller Machines, ATM fraud; three Internet bank fraud; 46 mobile fraud; three impersonation fraud, one cheque theft, 25 outright theft and 113 general fraud cases.

A further breakdown of the fraud indicates that ATM theft cost the bank over N830 million, Internet bank N37 million, while mobile and impersonation fraud cost the bank N16 million and N989,700 respectively.

Additionally, the bank lost N30 million to outright theft, N21 million to general fraud and N1 million to cheque theft.

Meanwhile, a critical look at some banks indicates a fall in the number of fraud cases, compared to the 2019 Financial year. For instance, Access Bank lost N138 million, N197 million lower than what it suffered in the previous year; Fidelity Bank Plc, according to its financial report, is also lucky this time around as its fraud cases within the year fell by N315 million.

Rasheed Bolarinwa, the spokesman of the bank did not take his calls when the magazine reached out to him to respond to the issue.

…threatens sanction against erring members

The All Progressives Congress (APC) Local Government Congress Committee for Ogun State, has issued a stern warning to members planning to conduct parallel congress in the state on Saturday.

Declaring that any congress conducted aside from the one by his committee is null and void, the chairman of the seven-member committee, Chief Wale Ohu, issued the warning when members of the committee met with the electoral committee members saddled with the responsibility of conducting the congresses across the 20 local government areas of the state.

Ohu also warned those engaging in anti-party activities to desist, noting that the party will not hesitate to sanction anyone found culpable of the act.

“The national leadership of the party frowns seriously against members who are committing anti-party activities for now. We have been sent from Abuja to strictly work according to the guidelines of the party and to strictly work according to the list of the executive members at the ward levels given to us from Abuja.

He said the committee was strictly sent from the national Secretariat of the party to conduct the congress

Ohu insisted that the party will not accept the result of any congress conducted aside from the one done by the recognised state party secretariat.

“This is the only list approved by the national secretariat, anything aside from this is null and void.

“The party frowns seriously at anybody conducting parallel congress and we will not accept any congress conducted other than the one done by the recognised body”. Ohu stated.

He, however, urged the LG congress election committee to ensure they conduct the exercise in the all the 20 local government areas of the state according to the party guidelines.

Ohu further told them that exercise slated to commence at 10a.m, should be conducted in manners that would be rancour free and devoid of friction.

Reacting to the inauguration of ward executive committees by a faction of the party, the congress committee chairman said the inauguration was an exercise in futility, submitting that the national headquarters of the APC would not recognise such parallel inauguration.

The Nigerian National Petroleum Corporation (NNPC) says price differentials is fueling petrol smuggling across the country.

NNPC explained that concerted efforts by the Corporation and some Federal agencies to combat the menace of smuggling of petroleum products have been largely hampered by existing arbitrage fueled by the prevailing huge price differentials in pump price of petrol in Nigeria and neighbouring countries.

In a presentation at an interactive session by the Joint Senate Committee on the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), Group Managing Director of the NNPC, Mallam Mele Kyari, said with a price difference of over N100 per litre between what is sold in Nigeria and in countries around the nation, it was difficult to cage the activities of petrol smugglers.

The NNPC GMD said though the Corporation, working in concert with other agencies, has made noticeable progress in combating the menace, the battle was yet to be won.

“As long as there is arbitrage between the price that you sell and what is obtainable elsewhere, you can be sure that it is very difficult to contain the situation,” he said.

He emphasized that the activities of smugglers have also made it difficult for the country to determine the actual consumption figures for petrol, noting that the Corporation can only know what was trucked out from loading depots across the country but cannot determine how much of that was consumed in-country.

On the MTEF assumptions, the GMD reiterated a base oil price scenario of $57 per barrel for 2022, $61 per barrel for 2023 and $62 per barrel for 2024 predicated on a base national production of 1.883 million barrels per day in 2022, 2.234 million barrels per day in 2023 and 2.218 million barrels per day in 2024.

Kyari explained that the assumptions were arrived at after consultations with the Ministry of Finance and other relevant stakeholders while also undertaking a careful appraisal of the three-year historical dated Brent Oil Price average of $59.07 per barrel premised on Platts Spot Prices among other considerations.

He reiterated that price growth was to be moderated by the lingering concerns over COVID-19, increased energy efficiency as well as obvious switching due to increased utilization of gas and alternatives for electricity generation.

The Senate Joint Committee session was chaired by Senator Solomon Adeola, with members drawn from the Senate Committees on Finance, National Planning, Foreign and Local Debts, Banking, Insurance, and other Financial Institutions, Petroleum Resources Upstream, Downstream Petroleum Sector and Gas.

In a clear demonstration of its resilience, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2021, recording positive growth across key financial metrics despite a challenging macroeconomic environment exacerbated by the COVID 19 pandemic.

According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX), the Group recorded a growth in profit before tax of 3% from NGN114 billion reported in H1 2020 to NGN117 billion in H1 2021.

The Group also recorded a 9% growth in non-interest income from NGN116 billion in June 2020 to NGN127 billion in June 2021. Overall, the significant reduction in interest expense by 26% and growth in non-interest income by 9% culminated in improved profitability.

The Group’s retail journey continues to deliver positive results as retail deposits grew by NGN38.2 billion from NGN1.72 trillion to NGN1.76 trillion year-to-date (YTD). Savings balances grew marginally by 2% YTD to close at NGN1.18 trillion from NGN1.16 trillion as at December 2020.

The drive for increased retail deposits and a low-interest yield environment helped reduce the cost of funding from 2.2% to 1.3% in the current period. Operating expenses grew by 10% YoY, but growth remains below the inflation rate, while the Group improved its Earnings per Share (EPS) which grew 2% from NGN3.30 to NGN3.38 for the half-year ended June 2021.

The Group also increased total customer deposits by 8% to close the period at NGN5.77 trillion, demonstrating growth in the market share. Total assets grew marginally to NGN8.52 trillion as at 30 June 2021 from NGN8.48 trillion recorded as at 31 December 2020. Despite the COVID-19 pandemic induced challenges and the challenging operating environment, the Group grew its risk assets as gross loans were up by 3% YTD, from NGN2.92 trillion to NGN2.99 trillion.

This was conservatively achieved at a low Non-Performance Loans (NPL) ratio of 4.51% (FYE 2020: 4.29%) and a reduced cost of risk of 1.3% (June 2020: 1.8%). Prudential ratios such as liquidity and capital adequacy also remained above regulatory thresholds at 69.9% and 22.0%, respectively.

Despite the continued prevalence of the COVID-19 pandemic, there is cautious optimism that the global economy will continue to recover as vaccination programmes are intensified. On the domestic economy, Nigeria’s Gross Domestic Product (GDP) grew by 5.01% in the second quarter of 2021, and the inflation rate, which peaked in March 2021 at 18.17%, is gradually trending down (currently at 17.38% as at July 2021). The Group is well-positioned to maximise the opportunities that these recovering fundamentals present while leveraging technology to expand its retail footprints to deliver improved returns to all its stakeholders.

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine.

The bank was also recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.

Zenith Bank has grown enormously in 30 years to become Nigeria’s largest and one of Africa’s largest financial institutions by tier-1 capital, with shareholders’ funds of NGN1.1 trillion ($2.64 billion) as at 31st December 2020. The Bank continues to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.

Zenith Bank is the clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

First Bank of Nigeria Limited has announced its sponsorship of ‘A Deep Dive Into History’, a theatre production from the Duke of Shomolu (DOS) Production House, spearheaded by Joseph Edgar.

A deep dive into history comprises two exciting stage plays – Aremu and Awo, showing from the 22nd of August and will run every Sunday till the 12th of September 2021 at the legendary Glover Memorial Hall, Marina, Lagos.

Aremu is a powerful depiction of the life and times of Chief Olusegun Obasanjo GCFR. The play takes us through his birth, the errant stages of his adulthood, exploring his peasant background, his travails as a freedom and human rights crusader and other milestones. Aremu is a rich cultural play that preaches hope to the audience, that they can be whoever they want to be. The play was written by Prof. Ahmed Yerima, the former DG of the National theatre and National Troupe.

Awo on the other hand is a play that seeks to reintroduce the dying values of loyalty, integrity, vision building amongst others to the modern-day audience who seem to have lost their way in the fast and seedy lifestyle of modern-day Nigeria. This play is set to be directed by Mr. Makinde Adeniran FTA – Lagos State Chairman of the National Association of Nigerian Theatre Practitioners and is bringing 26 years of local and international experience to the play.

With the sponsorship of similar socio-cultural plays in the creative arts industry such as Ayinla, Moremi, Makaliki, Duke of Shomolu Production’s Play (Emotan and Oba Esugbayi), October 1st (a movie) and the Calabar Festival, FirstBank’s sponsorship of ‘Duke of Shomolu Productions’ affirms the bank’s continued support for the development of arts in Nigeria under its First@arts initiative.

First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much-needed financing and advisory support, showcasing and facilitating the successes of the industry, and enabling customers to explore and access the wealth of opportunities the creative industry has to offer.

Achieving these and a host of many others have been implemented through strategic partnerships with organisations like the British Council, Live Theatre Lagos, Freedom Park, Terra Kulture, and the Cross Rivers State Government (Calabar Festival), among others.

Expressing her delight on the plays, Folake Ani-Mumuney, GH, Marketing & Corporate Communications, First Bank of Nigeria Limited said, “For over 127 years, FirstBank has been at the forefront of nation-building; enabling Nigeria and Nigerians through resourceful partnerships to build the Nigerian creative industry value chain, especially the arts and entertainment sub-sectors. We remain proud of this sponsorship that creates an excellent platform to showcase Nigeria to the world as being part of a collective goal to continually keep dreams and hope alive; holding strong to our commitment to reignite cultural heritage.”

“Without a doubt, the theatre remains part of the creative and entertainment industry value-chain across the globe and indeed a powerful channel to drive our heritage and culture, which resonates with our legacy of being woven into the fabric of society.”

The Duke of Shomolu Productions is a positive disruptive force that has been designed to aggressively push the agenda of “telling stories through performances”. In the last three years, the platform has engineered and fostered on Nigerian theatre audiences, some of the most eponymous works attracting over 50,000 people, attending their productions. The DOS production is a leading brand in the Performing Arts sector in Nigeria and was established in 2018.

According to research disclosed in PWC’s recent Entertainment & Media Outlook report, Nigeria’s entertainment market is expected to rise from $4.46 billion in 2018 to a $10.5 billion market by the end of 2023. In addition, with this initiative and other sponsored events, FirstBank is committed to strengthening its contribution to the development of the entertainment industry in the country.

As Sylva, board members hail corporation


Following the Presidential applause for the Nigerian National Petroleum Corporation (NNPC) on its posting of ₦287bn profit after tax in the 2020 financial year, the Group Managing Director, Mallam Mele Kyari, has given an insight into the measures adopted by his management to achieve the feat.

Speaking at a press conference Thursday at the NNPC Towers, Abuja, the GMD attributed the turn-around of the Corporation from a loss of ₦803bn in 2018 to profit of ₦287bn in 2020 to the aggressive implementation of cost-cutting measures, improved efficiency through business automation, emphasis on commercially-focused investments and non-interference in the management of the Corporation from any quarters.


The GMD also added that the Corporation saved a lot of cost through contract renegotiation by up to 30% on the heels of the Covid-19 pandemic, introduction of technology that drastically cut travel cost through reduction in in-person meetings and the general automation of processes that enhanced efficiency across the group’s businesses.



He said Management’s focus on the prioritization of investment and staff welfare also helped in boosting the Corporation’s overall productivity and bottom line.

Speaking earlier while kick-starting the press conference, the Alternate Chairman of the NNPC Board of Directors and Minister of State for Petroleum Resources, Chief Timipre Sylva, who joined the press conference virtually, congratulated the GMD, Management and staff of the Corporation on the feat of posting profit for the first time since its incorporation in 1977.

He said NNPC’s emergence from loss into profitability, coming shortly after the signing into law of the Petroleum Industry Bill, was a proud moment for him, adding that this was a season of achievements for the nation’s oil and gas sector.

Members of the NNPC Board, Chief Pius Akinyelure, Mallam Mohammed Lawal, Dr. Tajudeen Umar and Mrs Lami Onayi Ahmed, who were also present at the event, also echoed the Minister and congratulated the Management and staff of the Corporation on the feat.

…as Kyari assures gas supply will revamp industries



Nigeria’s domestic gas penetration aspirations have received a major boost as the Nigerian National Petroleum Corporation (NNPC) and the Kaduna State Government have signed a Memorandum of Understanding (MoU) for utilisation and expansion of gas supply in the state.

Speaking at the MoU Execution Ceremony which held Thursday at the Sir Kashim Ibrahim House in Kaduna, the Group Managing Director of NNPC, Mallam Mele Kyari, described the moment as yet another watershed in the Federal Government’s Decade of Gas initiative which is aimed at utilising the nation’s abundant gas resources to power the nation’s economy through a number of strategic gas expansion projects such as the ongoing OB3 and Ajaokuta-Kaduna-Kano Gas Pipeline Projects.

The event which was facilitated by the Gas Aggregation Company of Nigeria (GACN) would ensure long-term involvement and support of Kaduna State Government and key gas sector players such as the Nigerian Gas Company (NGC), the Nigerian Gas Marketing Company (NGMC) and virtual pipeline companies to provide gas supply assurance to industries within the state on competitive terms.

“We all know that Kaduna used to be a hub when it comes to industries. It is our hope that this MoU signing will help provide the gas needed for some of those industries to come back to life,” Kyari stated.

He said the Corporation was committed to the commercialization of Nigeria’s abundant natural gas resources to support balanced economic growth and job creation across the country, stressing that as the world transits to low carbon energy, the nation’s huge gas resources would continue to be an important source of clean energy for today and the future.

“There is no better way of making cheaper and cleaner energy than delivering gas into the domestic market,” he declared.

The NNPC helmsman further stated that the Corporation would continue to engage with stakeholders and partners to secure early market and ensure that the economic benefits of the AKK gas pipeline were maximized.

“NNPC is leading this coordinated effort with State Governments and private sector investors to develop demand framework for immediate and long-term gas supply solutions ahead of the completion of the AKK gas pipeline project,” he noted.

The GMD also expressed gratitude to the Kaduna Government for hosting NNPC’s facilities such as the Refinery complex, the Depot, the ongoing AKK gas pipeline and Independent Power Plant Projects (IPPs).

Responding, Governor Nasiru el-Rufai said Kaduna State Government was delighted with the prospect of having an additional energy source to power businesses in the state.

“We wholeheartedly welcome this project. Gas provides a cost-effective option for powering factories, homes and vehicles. For the Kaduna State Government, this project is a welcome boost to our investment and job creation strategy. It will create jobs and provide skills for artisans who will work on the gas pipelines and associated infrastructure. Beyond that, this project will power the industries that have responded with enthusiasm to our investment promotion campaign,” Governor el-Rufai stated.

He particularly thanked the GMD NNPC and the Gas Aggregation Company of Nigeria for the gas utilization and expansion initiative and zeal displayed by to deliver the project.

“Let there be no doubt that the Kaduna State Government is committed to this MoU and the realisation of its goals in the interest of the people of Kaduna State,” Governor el-Rufai concluded.

The MoU was signed by Mallam Kyari on behalf of the Corporation while the Kaduna State Governor, Mallam Nasiru el-Rufai signed on behalf of the State Government.

Following the onboarding of 510,000 N-Power beneficiaries in the 36 states and the FCT and flagging-off of N-Power Batch C on Monday, August 23, 2021 by Sadiya Umar Farouq, Honourable Minister of Humanitarian Affairs, Disaster Management and Social Development.

We take a look at the programme to understand how it impacts its target audience while advancing the Buhari administration’s vision of lifting 100 million people out of poverty by 2030 through the creation of opportunities to enhance the productivity of the Nigerian youth.

The programme is designed to empower Nigerian youths aged 18 – 35 by upskilling them for employability or entrepreneurship. Launched in 2016 as a core element of the National Social Investment Programmes (NSIP), it has through the Batch A and B impacted 500,000 beneficiaries.

During the onboarding and flag off ceremony, the Honourable Minister, Sadiya Umar Farouq, congratulated the successful beneficiaries and charged them to make optimum use of the opportunity given to them.

1. Batch C is divided into 2 streams with a total of 1 million beneficiaries. Stream C1 is made up of 510,000 beneficiaries while C2 has 490,000 beneficiaries. Stream C1 is broken down into 450,000 beneficiaries under the Graduate component and 60,000 beneficiaries under the Non-Graduate component

2. The ministry has introduced innovations to ensure that the challenges of communication are addressed. With regard to limitation of information flow and internet access across the country, the Ministry has provided access to information via a USSD code. The USSD short code *45665# will provide the required connectivity and technical support for the provision of information services to beneficiaries

3. The Ministry highlighted changes to the N-Power selection and payment processes such as the creation of the National Social Investment Management Systems (NASIMS). It has also entered into partnership with key MDAs including the NYSC, the UBEC, the NPHCDA, the NOA amongst others.

4. The N-Power programme, which focuses on Agriculture, Health, Teaching, ICT, Entrepreneurship and Building, deployed an online application and selection strategy for Batch C to ensure fairness, transparency and credibility in the recruitment process.

5. N-Power Batch C Stream C1 beneficiaries, who were present at the onboarding and flag-off event, were presented with engagement letters by Sadiya Umar Farouq, the Honourable Minister of Humanitarian Affairs, Disaster Management and Social Development.

Ex-banker petitions AGF, calls for prosecution of oil marketer, Ngozi Ekeoma over $10m subsidy fraud


A former banker, Chukwuemeka Ekwnuife, has petitioned the Honourable Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami SAN, over an alleged $10m subsidy fraud committed by an oil marketer and owner of Nepal Oil and Gas, Mrs Ngozi Ekeoma.

The former banker urged the AGF to compel the Economic and Financial Crimes Commission, EFCC, to prosecute Mrs Ngozi Ekeoma and submit it’s already concluded investigation report on the oil marketer.

Ekwnuife made this appeal in a letter dated October 12, 2020 titled: “Re: Petition against Mrs Ngozi Ekeoma and Mr Eme Ekeoma of Nepal Oil and Gas services for theft, fraud and obtaining over $10m under the petroleum subsidy scheme”.

According to him, the petition written by his solicitors, George Ikoli and Okagbue dated October 22, 2018 and his letter of reminder of additional on the fraudulent transactions by Mrs Ekeoma and her husband has lingered for almost 2 years without any significant progress by the EFCC.

Ekwnuife, while expressing his displeasure over the manner officers of the EFCC are handling his petition, said that he had also offered to throw more light on the alleged subsidy transaction that took place in Liberia and Nigeria in 2014, but no invitation has been sent to him.

“I have been standing trial on allegations bothering on these transactions which were twisted to incriminate me and I have decided to let the world know the truth behind my travail but the EFCC has decided not to do its job, with all due respect and come up to speed with its findings.

“I have decided to write this petition to call for an investigation into my allegation against Mrs Ngozi Ekeoma for the Umpteenth time believing this will yield desired result. My confidence to write this letter is informed by the impeccable integrity the Ministry of Justice and office of the AGF has exemplified since assumption of leadership,” Ekwunife added.

The former banker, who resigned from Sterling bank in 2014, had told the Lagos Special Offences Court, Ikeja that the businesswoman pleaded with him to join her business and help her provide credit facilities for her companies.

He added that Mr and Mrs Ekeoma mandated him and one Ugochukuwu Onwugbuna to register a company, Dexter Oil Limited in Liberia for the purpose of oil trading transactions.

The petitioner also attached documents evidencing the fraudulent operational activities carried out by Mrs Ngozi Ekeoma and her companies in an earlier petition to the EFCC, through his solicitors, George Ikoli and Okagbue, dated October 22, 2018 (and received on Nov. 6, 2018).

“The documents are evidence of transfer of Premium motor Spirit (PMS) meant for consumption in Nigeria to vessels for subsequent sales overseas,” the petition reads.

Meanwhile, Ekwunife is standing trial on an 8 count charge of stealing, alongside Structured Energy Limited, for stealing a total sum of N168.5m from several companies belonging to Mrs Ngozi Ekeoma.

The EFCC alleged that Ekwunife, at different times in 2014, stole the said sum of money 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.

But, in his defence, Ekwunife told the court that Mrs Ekeoma, owner of Nepal Oil and Gas Limited, used him to facilitate false documentations in Liberia in order to obtain money from the Federal government through subsidy scheme.

Ekwunife testified that he helped Mrs Ekeoma register several companies in Liberia to enable her carry out various importation of petroleum products particularly Premium Motor Spirit (PMS), under the petroleum scheme fund (subsidy scheme) with the FG.

The Ex-banker narrated that the oil marketer used him to facilitate false documentations in Liberia in order to steal millions of Naira from the Federal government of Nigeria through subsidy scheme.

In his testimony, Ekwunife said: “I helped her setup various companies like Structured Energy Resources Limited, Dexter Oil Limited, Ritrak Supply and Trading Limited, Gulf Trading and Shipping Limited – all registered in Liberia.

“These companies were used at various times to carry out trading and documentations related to subsidy by the Federal Republic of Nigeria.

“We produced supporting documents like Bill of Laden, the recertification of products, the certificate of quality and certificate of Origin.

“These documentation were done outside the shores of Nigeria and used for trades that never happened in Nigeria. The documentation were done in Liberia for trades that were not live (feasible).

“We (referring to himself and Mrs Ngozi Ekeoma) used these documentations to carry out fraudulent activities by using documents formulated outside the country to perform trade in Nigeria that were not suppose to happen”.

Buttressing the claims made by Ekwunife, another witness, Mr Anthony Abraham, had earlier told the court that there exist a relationship between a former banker, Chukwuemka Ekwunife and a businesswoman, Mrs Ngozi Ekeoma, in an alleged subsidy fraud that took place in Liberia and Nigeria in 2014.

Mr Abraham, a Financial consultant, said that he met Ekwunife in Liberia when he came to open accounts and register some companies.

Mr Abraham said he was introduced to Ekwunife by a former client and a friend, who he claimed not to remember his/her identity.

The Financial consultant said that had known Mrs Ekeoma Ngosi as a friend long before he knew Ekwunife, who he only met while he was working in Liberia with a bank, First International bank.

“I was working in Liberia with a bank called First International Bank when I met the defendant, Chukwuemeka Ekwunife.

”He came to do business in Liberia with intentions of opening accounts and registering some companies. If I recall, He was introduced to me by a former client and friend of mine, who I can’t really remember,” he said.

When asked if that friend was Mrs Ngozi Ekeoma, the witness said he can’t remember.

However, the defence Counsel showed a document, containing several emails of transactions which he sent to Ekwunife and copied Mr and Mrs Ekeoma, to the witness and asked him to identify it.

The witness identified the emails and said, “Yes I sent these mails to Tochukwu71@yahoo.com (belonging to Ekwunife) and I copied three others namely; Ekeoma_Eme@hotmail.com (belonging to Mr Ekeoma), Ibeyanma72@yahoo.co.uk. (belong to Mrs Ngozi Ekeoma) and U go.na@gmail.com (belonging to Mr Ugochukwu Onwuegbuna).

”The emails were sent as a result of transactions in an account, Dexter Oil Limited, which was opened by Mr Emeka in Liberia and the account was opened with the same name.

“After it was opened, I wasn’t the direct account officer but an officer was assigned. Though I had an overview of the transactions. The account received both inflows and outflows. Mr Emeka was the sole signatory of the account and instructions would normally come from him to run the account.

“I was asked to copy Mr Ugochukwu, who is also a Director in Dexter just as Ekwunife, and then copy both Mr and Mrs Ekeoma in each mail”.

When asked how he knew Mrs Ekeoma, he replied, ” I’ve known her for many years – long before I met Ekwunife. I’ve never had any business transactions with Ngozi before I met Ekwunife. But Mrs Ngozi Ekeoma has a relationship with the defendant, Ekwunife “.

When asked why he copied Mrs Ekeoma if there was no business relationship, the Consultant replied, “I was asked to copy these people and I literarily don’t know all of them”.

The matter was adjourned till September 30 for continuation of Defence.

If MTN was a man, fashioned out of flesh and blood, what kind of man would he be?

He would be 20 years old, a strapping young man, legally an adult and on the cusp of something monumental. A recent graduate, especially in this jet age when kids finish secondary school at 16 and are out of University by 20, MTN would be getting set to serve Nigeria by enrolling in the National Youth Service Corps.

There would be anxious moments at home as the family awaits his posting for primary assignment especially with many parts of the country roiled by sundry shades of violence and insurgency. But young and imbued with the invincibility of youth, MTN would not be too bothered especially for a young man whose personal mantra is Everywhere You Go!

MTN would have a girlfriend; a pretty young woman fond of downloading songs via MTN’s CallerTunes. Already out of school too and waiting for NYSC, she would spend her free moments, lying in bed or hunched over flipping through tik tok videos or watching movies on a streaming service thanks to her MTN Social Media Bundle or Video Streaming Pack.

And when NYSC comes by, MTN would go to serve his country bringing his unique cheer everywhere he goes. He would probably volunteer as a drug counselor and would share with his young student in the school where he has been posted to teach, the dangers of drug use and addiction.

As a graduate of business administration, he would be assigned to teach Economics or Mathematics. He would be dedicated and committed because at 20 and teaching 17 and 18 year olds in some provincial locale, MTN would be more big brother than teacher and he would play that role well.

In the evenings, he would play 5-Aside with fellow corps members and his students then after his shower he would lie in bed and chat on WhatsApp with his girlfriend who would be serving her fatherland in another state across the country. And sometimes when the month has gone far and money has gone low, boyfriend and girlfriend would borrow data just to keep in touch and keep the flames of love burning.

Then before 9 o’clock when his parents would sit to listen to NTA news @ 9, MTN would go to WhatsApp and logging on to the family platform, chat briefly with his parents and siblings. Starting always with “Y’ello mum and dad”, MTN would tell them about his day, about the student in his class whose novel was stolen and who tired of looking for the book left an angry note on the black board – Whoever stole my book, shall WRATH in hell!

He had spotted the spelling error and burst into laughter, upsetting the boy who did not find it funny and who did not realize that even though “rot” and “wrath” may sound alike, there is still a world of difference between them.

“I want the person to wrath in hell,” the boy insisted at break time when MTN tried to console him and the young teacher did not know how to tell his student that the difference between “rot” and “wrath” is as wide as the gulf between 2G and 4G.

But of course MTN is not a man. MTN is a corporate entity, the primus inter pares in Nigeria’s telecommunication space. Taking off officially on May 6, 2001 when it made its first call, the company which has its roots in South Africa, quickly became Nigeria’s leading GSM Company.

It satisfied the cravings of a country with a large population disenfranchised for years from connecting with one another no thanks to Nigeria’s comatose telecommunication giant, Nitel. With their exciting adverts and eye catching commercials, MTN spread its network coverage across Nigeria with their slogan – Everywhere you go.

The strategic roll out and unerring focus on business excellence has made MTN not just the leader in the sector but also the trailblazer and niche leader in the business services segment.

With 76.5million subscribers and over $1.8 billion invested building mobile telecommunications infrastructure in Nigeria, the company which commissioned its 3,400 Kilometre Y’elloBahn digital microwave transmission backbone in January 2003 (reputed to be the most extensive digital microwave transmission infrastructure in all of Africa) now boasts coverage across 223 cities and towns, more than 10,000 villages and communities and a growing number of highways across the country, spanning the 36 states of the Nigeria and the Federal Capital Territory.

As market leader, MTN has not been all about the money. With 2.5m jobs created and N2.3trillion paid to the Nigerian government as taxes, levies and fees, the company has spent over N22bn through the MTN Foundation in giving back to the Nigerian society and community in various ways from supporting arts and culture via initiatives like the “Life in My City” art project to the “MUSON Music Scholars programme” as well as the “Anti-Substance Abuse Programme” (ASAP) which provides advocacy against drug use and abuse. Other areas of concern include youth entrepreneurship, maternal health, orphanage support and ICT skills acquisition.

To democratize wealth and expand its pool of Nigerian shareholders, MTN listed its shares by introduction on the premium board of the Nigerian Stock Exchange on May 16, 2019 to an enthusiastic response.

Socially responsive and responsible as always, MTN has been in the forefront of efforts to combat the rampaging Covid-19 pandemic with direct and direct contributions to customers (N20.3bn), frontline workers (N503m), government (N4.2bn) and to communities and businesses (N1.05bn).

As MTN enters its 20th year with annual revenue for 2020 exceeding N1.3trillion, the hope is that the symbiotic and mutually beneficial relationship between the corporate entity and the Nigerian state and people will continue especially as the country finalizes plans to begin roll out of 5G services with MTN expected to lead the charge as market leader and primus inter pares of the sector.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, on Wednesday received accolades from the House of Representatives Committee on Finance for providing detailed explanations on some burning Oil Industry issues at an interactive session on the 2022-2024 Medium Term Expenditure and Revenue Framework (MTERF) and Fiscal Strategy Paper (FSP).

Chairman of the House Committee on Finance, Hon. Abiodun James Faleke, commended the NNPC GMD for providing an in-depth explanation and insider perspective on some issues surrounding the operations of the NNPC and the Oil Industry stating: “You have made our day. The committee is better informed based on explanations provided by the GMD.”

Mallam Kyari, in his presentation, provided a base oil price scenario in the medium term as follows: $57 per barrel for 2022, $61 per barrel for 2023 and $62 per barrel for 2023.

Kyari explained that the assumptions were arrived at after a careful appraisal of the three-year historical dated Brent Oil Price average of $59.07 per barrel premised on Platts Spot Prices.

“Price growth is to be moderated by the lingering concerns over COVID-19, increased energy efficiency, switching due to increased utilization of gas and alternatives for electricity generation. These are reflected in the Medium Term Revenue Framework’’ Kyari informed.

On the perennial issue of smuggling of petroleum products, Kyari implored the National Assembly to come to the aid of the Corporation in battling the menace, noting that the Corporation, based on the directive of Mr. President, had mobilized some Federal Agencies like the Customs, the Economic and Financial Crimes Commission (EFCC), the Police, Civil Defence Corps and others, to find workable solutions to the menace.

On the propriety of establishing NNPC Retail stations in neigbouring countries to curb the challenge of illegal haulage of petroleum products across the border, Kyari said though the NNPC once considered the option, it had to jettison the idea when it became imperative that the measure would be counterproductive.

He explained that people who are smuggling are not looking for officially priced petroleum products. He further noted that going ahead to establish NNPC Retail stations would not yield the desired result since the people who take products across the border are not interested in selling at the official prevailing prices at approved stations but are interested in under the counter deals.

The NNPC GMD also took time to provide detailed explanation on the Corporation’s equity shareholding interest in Dangote Refinery, noting that the package which was at the instance of NNPC is designed to guarantee national energy security.

He stated that the equity interest was secured after due consideration of the national interest and best possible options.

“We will have right to 20 percent of production from this facility. We structured our equity participation on the basis that the refinery must buy at least 300,000 barrels of crude oil per day of our production. This guarantees our market at a period when every country is struggling to find market for their crude oil,” he explained.

Philip Mshelbila, the incoming managing director of the Nigeria Liquefied Natural Gas (NLNG) Ltd, will meet with a big controversy when he assumes duty month-end: in-house disquiet over the lifting concession given to IOC shareholders.

Under “equity lifting” in the project, the joint venture partners — Shell, Total and Eni — have an obligation to off-take, transport and market.

The Nation reports that deferrals, defaults and cancellation of cargoes are creating an in-house crisis and market tension for the NLNG.

More than 20 LNG cargoes have suffered deferrals despite demand surge in the international market, a market source briefed journalists at the weekend.

There are fears that the deferrals and defaults may affect the Nigerian market among international customers.

The federal government plans to increase Nigeria’s LNG production by 35 per cent with Train 7, but this is already facing threats with the latest development.

Gas supply targets have been impacted owing to Eni’s AGIP 50 per cent supply mark to the plant, the source said, describing it as “very poor”.

Shell and Total have recorded over 90 per cent each “in the past few months”, he said.

“There is disquiet within and from the market in NLNG over cancellation of cargoes and unnecessary deferrals,” the source said.

“This is one of the issues which the board and the new management need to address for a smooth take off.”

Giving insight into some of the challenges in NLNG supply chain, he said: “The Nigerian LNG production capability is still at an impressive level of close to 90 per cent, which, if managed properly and concessions are made by the international oil shareholders lifters, could well lead to an avoidance of performance reputational risk the Nigerian LNG is currently been plagued with in global markets. Independent third party gas supply could also be a solution.

“In the last six months over 20 LNG cargoes have been affected, with an estimated increase to 50 cargoes by year end. Traditional buyers such as Galp, Enel, Gas Naturgy have struggled.

“Deferral notices are sometimes made just weeks prior to Vessel arrival at Bonny Terminal. This practice, except for rare situation of force majeure, is very well below international acceptable standards.”

The board of the NLNG, chaired by Edmund Daukoru, a former minister of petroleum resources, is said to be “worried”.

“It’s all over the market these days on how unreliable Nigerian LNG is in recent times,” another source explained.

“There is certainly lack of prudence. We continue to see abrupt deferrals, defaults and cancellation of cargoes especially when the market is highly profitable. It seems like a scramble between IOC shareholder lifters and others.

“This conflict is causing major supply disruptions and a very high level of operational inconsistencies, leading to unnecessary demurrage exposures and penalties.

“If things continue in this perception and complexities set in, it won’t be surprising to see off takers demand for performance guarantees for future lifting.

“This will be disastrous for credit ratings and could impact on future financial syndication for LNG project expansion.

“Whilst the IOC shareholder lifters have the capacity to take almost all of the LNG volumes produced, there has been a growing concern in global markets about conflicts, price fixing, insider trading and undue advantages.

“These IOCs’ shareholders derive better terms and flexibilities over others, supplying in the same market, which could lead to anti-trust and anti-competition litigations and petitions.

“Naturgy, a Spanish Multinational natural gas and electric company, had levelled allegations of discriminatory/antitrust practices in favour of NLNG IOC shareholders during an arbitration process that was eventually settled.”

NLNG production capacity is expected to rise from 22 million metric tons per annum to 30 million.

The price of LNG is soaring globally while the market is recording an all-time high in demand for the product.

A third source who spoke with journalists expressed worry about the risks to the Nigerian government.

“These continued lack of confidence driven by Nigeria LNG’s unprofessional defaults and performance, as perceived by international off-takers in the LNG global market, not only gives other regions an edge over Nigeria LNG position, but creates a risk of losses the government of Nigeria could be exposed too,” he said.

Royal Dutch Shell in its annual LNG market outlook said demand for LNG was 360 million tons last year, up from 358 million tons in 2019, and could hit 700 million tons by 2040.

An industry third source who spoke with journalists expressed worry about the risks to the Nigerian government.

“These continued lack of confidence driven by Nigeria LNG’s unprofessional defaults and performance, as perceived by international off-takers in the LNG global market, not only gives other regions an edge over Nigeria LNG position, but creates a risk of losses the government of Nigeria could be exposed too,” he said.

President Muhammadu Buhari said the ground breaking for Train 7 hat the NLNG earned revenue of $114 billion over the years, paying $39 billion in taxes and $18 billion in dividends to the federation.

Mshelbila, the outgoing CEO of Atlantic LNG in Trinidad & Tobago, will take over from Tony Attah, the current NLNG MD from Shell.

Titan Trust Bank Limited on Thursday, announced the opening of its state-of-the-art branch located at 17, Burma Road, Apapa, Lagos for commercial operations.

A statement by the lender said the development is in furtherance of its efforts to offer customers endearing experience.

The lender further noted that the new branch provides a full suite of banking products and services for retail and corporate banking clients.

Recall the lender recently opened its Ikeja branch to provide financial service to micro, small and medium scale enterprises within the axis.

Commenting, Mr. Mudassir Amray, the managing director and chief executive officer of Titan Trust Bank, said: “We opened this branch to get closer to individuals and businesses in Apapa and to provide better customer experience to our numerous clients.

“As our customer base expands, we are also committed to providing convenient services in a friendly atmosphere at all of our branches.”

While reminding customers that the new branch forms part of the bank’s strategy to extend its reach and offer seamless banking services across the country, the bank’s chief encouraged customers to use its innovative portfolio of digital products that include; the Titan Mobile Application, Titan Internet Banking platform and the Titan *922# Unstructured Supplementary Service Data (USSD) solution.

“Titan Trust Bank believes in innovation, creativity and the use of technology to enhance the lives of its customers.

“At Titan, we strive to ensure that our products and services are meeting the changing needs of our customers.

“The branch also has a skilled and professional relationship team dedicated to satisfying the banking needs of the people of Apapa and environs,” Amray concluded.

Since its inception, the lender has continued to take industry watchers by surprise with its sterling achievements both on the physical and digital banking within a short period.

In addition to its lists of international laurels, the lender recently bagged two awards as the ‘Best New Commercial Banking Brand’ and ‘Fastest Growing Digital Banking Brand in Nigeria for the Year 2021’ at the 2021 annual United Kingdom-based Global Brands Magazine awards. The bank clinched the coveted influential awards in less than two years of its commercial operations.

Titan Trust Bank was established to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates.

…we also help in trade facilitation successes

Managing Director of Webb Fontaine Nigeria Limited, Ope Babalola has shed some light into the copious ways his company has been supportive to Nigeria Customs Service(NCS) in deployment of technology for revenue collection and trade facilitation.

Babalola who stated this in a recent press release, reassured members of the trading public using the NCS digital platform that his company is unwavering in ensuring excellent service delivery.

He recalled the robust migration from a largely manual operation to a digitally driven process championed by his company while describing customs officers usage of the platform as laudable.

He said Webb has been involved in training and retraining of customs officers and other stakeholders in a drive to attain and sustain efficient service delivery that matches international standards.

Speaking specifically on the Nigeria Customs Integrated System (NICIS II), the MD described it as a bespoke and tailor made initiative for customs efficiency, which has proven to be a home grown technological innovation running on international best practices and delivering credible results.

Fall out of this , according to him is that Nigeria Customs as an organisation and its personnel are utilising the provided platform for great results which includes the unprecedented N1trillion half year revenue collection recorded in June 2021.

He added that aside increase in duty collection, the technology also helped in preventing revenue leakages that are unhealthy for the economy.

He said “Webb Fontaine Nigeria Limited wish to reassure members of the trading public using the Nigeria Customs Service (NCS) portal of its unwavering commitment in ensuring excellent service delivery.

“This reassurance is precipitated by recent temporary service interruptions experienced in the course of transactions by users of the NCS portal.

“At Webb Fontaine Nigeria we are looking to offer the best end user experience and to maximize the service availability in a very challenging (in a very particular) telecommunications environment. The recent interruptions were caused by factors beyond the control of Webb Fontaine Nigeria or its telecommunications partners. Nevertheless, by working around the clock with our telecom partners we were able to isolate and resolve this issues thus reducing the service interruption to a minimum.

“While we are yet to conclude if this was due to some deliberate vandalism or other causes, we have deployed our team of engineers, to ensure that every cause for a future breakdown is eliminated.

“Like in many other countries, where we operate, we are at the fore of providing solutions for trade facilitation, powered by world class technology and artificial intelligence.

“We also deliberately contribute in knowledge transfer through training and retraining of the country’s relevant manpower to achieve and sustain efficiency.

“Our Nigeria Customs Integrated System (NICIS II), a bespoke and tailor made initiative for customs efficiency, has proven to be a home grown technological innovation running on international best practices and delivering credible results

“The NCS, Central Bank of Nigeria (CBN), Standards Organization of Nigeria (SON), National Agency for Food Drug Administration and Control (NAFDAC) and many other government and private sector players in the import/ export community have leveraged on our provided solutions over the years.

“We have contributed immensely in migration from hitherto manual processes to a state of improved automation which has resulted in revenue increase and seamless processing

“For instance, importing agents can now go to the portal for trade actors to process all the required documentation, from e-Form M – the Central Bank of Nigeria (CBN) and NCS’ online mandatory documentation process – to the Pre-Arrival Assessment Report (PAAR) system of the NCS, and finally clearing their consignments.

“This has improved the transparency of NCS operations, raised revenue collection and blocked possible areas of leakages through risk assessment and management.

“The NCS as an organisation and it’s team of result driven officers are really utilising the provided platform for great results. This is evident in the unprecedented N1trillion half year revenue collection recorded in June 2021,” he concluded.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has charged members of the Board of the NNPC Greenfield Refinery Limited (NGRL), to explore all available options to bring an end to the current challenge of petroleum products importation.

Mallam Kyari gave the charge on Thursday while inaugurating the Board of the newly incorporated subsidiary of the Corporation, NNPC Greenfield Refinery Limited (NGRL), at the NNPC Towers, Abuja.

The NNPC Greenfield Refinery Limited is a subsidiary of the Corporation set up in December 2020 with a mandate to oversee the establishment and operation of new refineries.

The GMD, who is also the Chairman of the NGRL Board, challenged members of the Board to focus on profitability in order to remain afloat and avoid liquidation.

“As a business, this is a big opportunity for us and this company’s balance sheet must change positively. Going forward, with the Petroleum Industry Act (PIA), I can tell you that if you continue to post negative for three years, you are out. So, there is really no excuse,” Mallam Kyari stated.

He urged the Board and Management Team of the new company to set up a proper structure with the require skills, technology and financing to drive the company’s operations, adding that he was optimistic that the company would be able to achieve its mandate.

“Our company must grow and we can’t do well except we are able to process our production whether it is the liquid or gas. If we don’t monetize it then we have done nothing. This is really a new chapter and we are committed to making it work,” he said.

The NNPC helmsman stated that all the Corporation’s initiatives in the areas of new refineries, condensate refineries and equity acquisition in credible private refineries were geared towards ensuring energy security for the country.

In his remarks, the Alternate Chairman of the Board and Group Executive Director, Refinery and Petrochemicals, Engr. Mustapha Yakubu, declared that the operations of the company would be guided by the principles of cost effectiveness in line with the new Petroleum Industry Act (PIA), noting that profitability would be the key focus.

Speaking in similar vein, the Group General Manager, Greenfield Refineries and Project Division (GRPD) and Managing Director of the NGRL, Engr. Bege Talson, disclosed that the Division was working with third party investors to establish greenfield, modular and condensate refineries with a combined capacity of 250,000barrels per stream day (bpsd).

He pledged his team’s commitment to run the company profitably.

Other members of the Board include: Group Executive Director, Finance & Accounts, Mr. Umar Ajiya; Managing Director of the Nigerian Gas Company (NGC), Engr. Oluwaseyi Omotowa; Managing Director of NNPC Retail, Mrs. Elizabeth Aliyuda; Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Muhammad Ali-Zarah; and Tolulope Olubommo as Company Secretary and Legal Adviser.

The Economic and Financial Crimes Commission (EFCC) in Abuja arraigned Princess Carol Ngozi alongside her company, Carolina Luxury Homes, on Wednesday.

She was docked before Justice Hamza Muazu of the High Court of the Federal Capital Territory, Maitama, on a 30-count charge bordering on obtaining by false pretence.



Ngizi allegedly, on various occasions, obtained the total sum of N31,825,000 from thirty of her clients.




She collected the monies under the pretext of allocating to them various plots land at Carolina Luxury Homes Estate, Gousa District, Abuja.



The defendants pleaded not guilty to the charges when read.



Olumide Olujimi, their counsel, informed the court of a pending motion for bail filled on August 16.

Olujimi pleaded that Ngozi be admitted to bail on liberal terms.

Faruk Abdullahi, EFCC counsel, did not oppose the application. He urged the court to give conditions that will ensure that the defendants are available for trial.

Justice Muazu granted bail to Ngozi in the sum of N30million and a surety in like sum.

The surety must have a landed property within Abuja Municipal Area Council with original document submitted to the court.

Ngozi was ordered to deposit her International passport. The matter was adjourned until September 17.

A significant step towards redeeming the pledge by the Nigerian National Petroleum Corporation (NNPC) to intervene in the perennial electric power supply challenge in Maiduguri, Borno State, was taken Tuesday with the execution of the Engineering, Procurement, and Construction (EPC) and Equipment Procurement contracts for a 50Megawatts (MW) Emergency Power Project in Maiduguri.

The project which is an integral part of ongoing efforts to deepen the Corporation’s domestic gas utilization plan for the nation’s socio-economic growth has China Machinery Engineering Company (CMEC) as the EPC contractor while General Electric (GE) is the equipment manufacturer.

Speaking at the contract signing event which held virtually, the Group Managing Director of the NNPC, Mallam Mele Kyari, explained that the Corporation through its subsidiary, NNPC Gas and Power Investment Company (NGPIC), decided to intervene in the Maiduguri power situation by undertaking the project which will be fired with Liquefied Natural Gas (LNG) and run commercially.

He said NNPC, as a state-owned oil company and enabler organization, was determined to boost power generation and supply to Nigerian homes through increased investment in gas-fired combined cycle power plants to produce at least 5Gigawatts (GW) additional power for the country.

“NNPC is therefore seeking the cooperation of all stakeholders, especially GE and CMEC. to ensure timely delivery of the single cycle by December 2021 and the combined cycle by first quarter of 2022,” he said.

Vice President of GE Africa & Europe, Mr. Raisin Brice, said the company was committed to working with NNPC to achieve success in the Maiduguri Emergency Power Project, noting that GE would be tapping into its vast experience in the country to deliver on the project.

Similar support and commitment were echoed by Mr. Fang Yanshui, President of CMEC, the main EPC contractor for the project.

As a mark of confidence in the Corporation, the contractors had commenced movement of vital equipment to site and started work on the project ahead of the formal signing of the contract.

A Federal High Court in Abuja has granted the request of the Central Bank of Nigeria (CBN) to freeze accounts of fintech companies for 180 days.

The accounts include that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.In a court paper seen by The Lawyer on Tuesday, the apex bank said it is investigating ‘illegal foreign exchange transactions’ by the fintech companies.

It also sought the court injunction to freeze their bank accounts for 180 days pending the completion of investigations.

In the motion ex parte marked FCH/ABJ/CS/822/2021 and filed on August 4, CBN through its counsel Michael Kaase Aondoakaa, submitted that “the investigation being carried out concerns what has been discovered to be serious infractions by the defendants/respondents in connection with some foreign exchange transactions, and non-documentation by the defendants/respondents in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria foreign exchange manual.”

“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange via their banks from the Nigerian foreign exchange market via several bureaux de change, international money transfer operators and have transferred cash deposit of more than S10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN Circular referenced TED/FEM/FPC/GEN/01/012 and BSD/DIR/PUB/LAB/014/001 dated February 5, 2021, and July 01, 2015.

“It is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited are complicit in operating without license as asset management companies and utilising FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of CBN’s directive.”

In his ruling, Ahmed Mohammed said: “having listened to senior counsel to the applicant, on the motion ex parte filed in August, it is granted as prayed.”

He added that any person who feels aggrieved about the freezing order is entitled to approach the court within the period to seek redress.

He then adjourned the matter to February 20, 2022, for hearing.

In April, the Securities and Exchange Commission (SEC) warned the investing public on the proliferation of unregistered online investment and trading platforms, facilitating access to trading in securities listed in foreign markets.

The regulator had advised capital market operators who work in concert with the referenced online platforms to desist.

Raheem Akingbolu writes that recent inauguration of the multipurpose plaza of the Nigerian-British Chamber of Commerce (NBCC) in Lagos, will serve as a tool for the promotion of trade and investment in Nigeria, Africa, and across the world.

As a former colony of Britain, Nigeria surely occupies a very important socio-economic position among the countries of the world that deal with Britain in the area of international business and education. After Nigeria got her independence in 1960, the relationship continued because of many developmental ties the two countries shared, especially in the area of education and commerce.

In 1977, the Nigerian- British Chamber of Commerce (NBCC) was established to promote trade and investment between Nigeria and Britain. NBCC currently has about 400 members spanning all sectors of the economy made up of Nigerian and British businesspeople. Headquartered in Lagos, NBCC maintains an NBCC-UK Network in London and is developing a network of local branches across Nigeria.

Recently, the bilateral organisation recorded a landmark achievement with the inauguration of a new multipurpose plaza in Lagos. The story behind the successful completion and the concrete existence of the plaza was said to be embalmed in purpose, mission, and destiny. The NBCC Plaza, which is the first of its kind amongst Chambers in Nigeria, is a record to reckon with, especially as it is targeted to be a tool for the promotion of trade and investment in Nigeria, Arica, and across the world.

The British Deputy High Commissioner, Ben Llwellyn-Jones, who spoke at the event commended the Chamber for this lofty achievement. He said: “We see this very much as both a practical building but also a symbol of the excellent trade-investment cooperation that exists between Nigeria and the UK. From our side at the British Deputy High Commission, I reaffirm that commitment, I reaffirm the commitment of the British Government to not simply supporting the chamber, but to bring in new business into Nigeria, and to supporting our two-way trade and investment.”

For Chairman, Coscharis Group and a member of the NBCC and major donor to the Plaza, Dr. Cosmas Maduka, “Today is a great day for us. We are here in honour of all Past Presidents of the Nigerian-British Chamber of Commerce, and you can see that these are men of honour, who believed deeply in their goals; and this edifice would not have been possible without their commitment. They worked hard to ensure this became a reality.”

For the Chamber, creativity has been a culture that is intrinsically embedded at its core. Little wonder NBCC always weaves great, inspiring stories around its activities and the success of its members. This goal has always pushed the team to discard long-standing limitations, generally accepted notions, and norms to create success stories that truly inspire.

In all spheres of human activities, there are two types of players: those who dictate the pace of the game and those who simply follow its upheavals. It is obvious that NBCC, with its trailblazing efforts, is clearly the former.

To commemorate the achievement, a unique gathering of major stakeholders in Nigeria’s trade and investment sector rolled out the red carpet to celebrate the accomplishment that started with the dream of the late Past President and Patron of NBCC, Chief Amzat Beyioku Adebowale tenure (1993 – 1997). Chief Adebowale strongly believed that the Chamber deserved to have its own permanent building, and he took steps towards securing a piece of land for the project in 1994. Fortunately, the finger of posterity drew the heart of the former Governor of Lagos State, Col. Olagunsoye Oyinlola to approve the chamber’s original request for the allocation of land in the Central Business District in Alausa, Ikeja.

However, the consensus of council members was that the secretariat should be located in Lekki, hence the former Governor, Asiwaju Bola Ahmed Tinubu, graciously approved the allocation of a new land on Olubunmi Owa Street, Lekki Phase 1 in 2000, where the Multipurpose Plaza is presently located.

The achievement of becoming the first bilateral chamber to have its own building indeed became a reality through the Chamber’s culture and belief in the intrinsic transformation of minds to their highest level of performance. Great ideas are processed at the speed of thought, based on imaginative and virtuous values that propel noble thinking to flourish and manifest in concrete actions. That is the story of the NBCC Plaza – obviously achieved largely through the deployment and re-enforcement of the core values of responsibility, tenacity, integrity, and excellence.

In all, it has simply been demonstrated that where tenacity plays, ambition fosters unrestrained. This is the case with the NBCC plaza. Indeed, the President and Chairman of the Chamber Council, Kayode Falowo, revealed this in his address when he said: “It took us several years and over nine tenures of Past Presidents and Patrons to achieve this milestone.” Most probably, successive cerebral leaders of the Chamber must have taken the good counsel from popular billionaire TV celebrity, Oprah Winfrey, who admonished that to achieve requires that we “Create the highest, grandest vision possible for your life, because you become what you believe.”

Looking at the NBCC edifice, one would need to turn the table of imagination and shift one’s gaze for an optimal experience. It has a good dose of youthful appeal for its highly passionate people. The Plaza is indeed not just a building to house the Secretariat of the Chamber, it is a multi-purpose hub featuring facilities such as a Business Incubator, the British Trade Center, a Seminar Room, Members’ Lounge, Training Suites, a Digital Library and meeting rooms for its members and the general public in Nigeria and the United Kingdom. Most of these facilities will be income-generating and will ensure the financial sustainability and independence of the Chamber. The various activities that will take place in these facilities will also reinforce the position of NBCC as the clear leader amongst the bilateral Chambers in Nigeria.

Speaking at the landmark event, the Ondo State Governor, Rotimi Akeredolu thanked the President of the Chamber, Kayode Falowo, for the invitation and honour extended to him to commission the Plaza. He said: “It is gratifying to note that, the President on his assumption to the office, promised to complete this edifice, and he fulfilled his promise. Kayode is truly a goal-getter, and we are all very proud of him in Ondo. I also applaud him and his team for their commitment to achieve this great goal at this time of economic challenges in Nigeria, and across the world. We know that if availed with more resources they will do more.”

He also commended the entire Chamber and Council for a great achievement in delivering NBCC office Plaza as promised.

Earlier in his address at the formal unveiling of the plaza, the Immediate Past President and Chairman, Council of NBCC, Mr. Kayode Falowo, acknowledged that the event was not really an occasion for long speeches, but about celebrating the emergence of an excellent dream. He expressed profound gratitude to all the organisations who partnered with the Chamber to ensure seamless execution. In Falowo’s words: “The actualisation of the Plaza project in the last two years could not have been successful without the support and dedication from the Council, the Executive Committee, and the hardworking Secretariat of the Chamber. I am pleased to convey our special thanks to the Plaza Committee headed by Past President and Patron Asiwaju (Dr) Michael Olawale-Cole, CON, MFR, and actively supported by several distinguished members of the Chamber. I thank you all for making today a reality.”

Describing the plaza as an ‘edifice’, Falowo expressed thanks to the Governor of Ondo State, Oluwarotimi Akeredolu, who commissioned the building, for his consistent support to the Chamber, while pledging to work closely with the Ondo State Government in the process of making the State a strategic hub for commercial investments. The new NBCC Plaza was designed and built by a number of construction firms including Pyramid Plc, Stretford Hills Limited, Case Projex and Construction Kaiser Limited, The major sponsors of the project are Otunba ‘Tunji Durosinmi-Etti, Access Bank Plc, Dangote Group, Coscharis Group, Greenwich Merchant Bank Limited, Shell Petroleum Development Co., Chicason Group, Lead Capital Plc, Chief Olusegun Osunkeye, CON, OFR, FCA, MOC Consulting Limited, DCSL Corporate Services, ANAP Foundation and Custodian Investment Plc.

Applauding the milestone achieved by the construction of this edifice, Asiwaju (Dr) Michael Olawale-Cole, Past President and Patron, Nigerian-British Chamber of Commerce said, “Everybody played a role or the other in the success of this project. I think the ultimate role was played by Kayode Falowo for completing the building. It can’t be said to be the legacy of one person because different people did different things to bring it to where it is. This building will be very useful to underscore the importance of our relationship with Britain, and also further solidify our togetherness as those coming from Britain can come to the Chamber to learn about doing business in Nigeria.

As the world is evolving digitally, Nigerian banks are currently looking for ways to make the banking experience better and First Bank is not an exception to this aggressive drive.

The efforts in this regard include building and constantly improving on its product offerings like the FirstMobile, its industry-leading mobile banking app; FirstOnline, the internet banking portal and many other platforms provided by the Bank to ensure banking operations are performed with ease and convenience without having to be physically present at the bank.

In line with its commitment to offer these value-added products and services that suit the lifestyles of its customers, Nigeria’s most valuable bank brand, has one of the best bank Apps anywhere. FirstMobile is the official mobile banking application from FirstBank and it provides convenient access to both financial and non-financial transactions by FirstBank account holders via their mobile devices.

It is sleek and convenient to use – evident in its easy enrolment process as all FirstBank customers with Verve and Naira MasterCards can begin using the App without having cause to visit a FirstBank branch. It is also poised to offer a more reliable and more convenient overall digital banking experience.

With FirstMobile, customers can enjoy real-time mobile banking services such as domestic funds transfer from self-owned accounts to other FirstBank accounts and other external bank accounts; QR payments, as well as make quick airtime purchases for self and others on all mobile networks (which can be done directly by selecting phone numbers from their phone contacts); bills payments; cheque services including confirm cheque and stop cheque, flight and cinema booking; and quick account services such as account balance inquiry, statement view, Virtual Card, Limit enhancement up to 10M & Airtime top-up limit up to 50,000. FirstMobile also offers Debit card enablement for usage abroad.

In addition, the lifestyle banking app offers FirstBank customers unique access to the latest articles and videos across a wide variety of categories, including technology and gadgets, life and travel, the economy, local news, luxury goods, business, health, sports, entertainment, shopping and more. The application is free and available for download to customers of FirstBank.

FirstMobile remains yet another obvious step towards leveraging evolving technologies to bring fast and convenient financial services closer to Nigerians, in line with the bank’s digital banking strategy.

With its efficiency, the Bank has delivered an app that has, over the years, consistently shown to support the consumer lifestyle by providing users with an instant suite of financial options on their mobile devices in a convenient and highly secure way.

As of June 2021, First Bank of Nigeria Limited, the most renowned Bank in Nigeria boasts 4,596,203 users on the FirstMobile App which is a 9% growth of the total users in the previous year and an average of 27,730,830 transactions every month. With such large patronage from its over 30 million customer base, the need to always create an easy way for customers to conduct financial transactions comes into play and impressively, a dedicated platform that allows FirstBank customers to conveniently make transactions with their mobile phones, Tablets and Pc is always within customers’ fingertips.

FirstMobile is also embedded with a card protection service for customers to enable and disable cards on channels, account switch off as well as second-factor authentication and device registration. Customers can remotely initiate the request for a new debit card as well as the replacement of a lost or damaged one, whilst managing activities on their card and account.

FirstMobile takes into cognizance the security of customers and their funds. The biometric for transactions is an innovative security upgrade on the application to validate transactions. This feature includes fingerprint for transactions, allowing the customer to use his or her fingerprint to consummate all transactions. Other features of the FirstMobile App include frequent transactions; dashboard flexibility and personalisation.

Customers can also take a photo or select from the Avatar (available icons) to personalize their dashboard and beneficiaries for Transfers, Bills payment & Airtime transactions by uploading a picture to associate with their beneficiary, especially the more frequent ones. The dashboard has been designed to reflect the lifestyle and social pattern of the user as it can be customized by adding any profile picture of choice. The dashboard also enables users to monitor their spending patterns over a period. It shows the inflow and outflow of funds on their account. With FirstMobile, you can book movie tickets ahead of time, thereby averting the risk of being told the movie is sold-out upon getting to the movie theatre.

In need of a loan to meet that pressing need, FirstMobile also has you covered and puts you at an advantage with the FirstAdvance, a product designed to offer convenient and easy access to cash for payroll customers awaiting payment of their salaries and also Nano Loan features. It is indeed an overall exciting App that ensures financial happiness.

To set up the FirstMobile App, customers with android phones should visit the Google Play store to download and install the FirstMobile app. Customers with Apple devices can download it from the Apple Store. Once installed, customers are required to open the app, tap the REGISTER button and use their FirstBank issued Naira MasterCard or Verve card to activate the app.

After details have been inputted, an OTP code will be sent via an SMS to your phone number that is linked to your bank account and you are then required to Input a 5 digits code that will be your login password, Select two security questions and answer them, Create a personalised 4 digits transaction pin that will help your confirm transactions. Click Done and start enjoying the app.

FirstMobile is built to reflect FirstBank’s resolve at reinforcing the digitisation of payment systems, whilst putting customers at an edge to conveniently meet their everyday needs at any time, irrespective of where they are.

Culled from Nairametrics

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has reiterated the Corporation’s commitment to supporting the Nigeria Liquefied Natural Gas (NLNG) Limited towards achieving its goal of becoming a global LNG company of choice.

Speaking as a Guest of Honour at the 2021 NLNG Health Safety and Environment (HSE) Day, the GMD, who was represented by the Group General Manager, LNG Investment Management Services (LIMS), Nike Kolawole, said HSE was a critical determinant of business performance success across the oil and gas industry.

Kyari stated that as a principal shareholder in the company, NNPC would continue to ensure that NLNG placed more emphasis on HSE, stressing that: “No matter the figures, indices or values recorded in production, sales, profit or revenue, a dismal HSE performance would lead to obliteration of long built achievement”.

He remarked that the rapid growth of NLNG from the base project (Trains 1 and 2) to six trains was unprecedented and commended the company for its ability to adapt and effectively manage changes within the period.

“Central to the world-class excellent record is the company’s unprecedented HSE culture, placing priority on safety performance ahead of other performance indices. Your consistent emphasis on human performance principles through Goal Zero deserves applauds”, he said.

Earlier in his remarks, the outgoing Managing Director of NLNG, Mr. Tony Attah, said the focus of this year’s HSE Day was on identifying the weak and dark corners for continuous improvement on the organization’s HSE policy.

The Federal Inland Revenue Service (FIRS) has appealed a recent judgment of the Federal High Court in Port Harcourt Rivers State on the issue of Value Added Tax (VAT) collection.

The FIRS disclosed this in a statement by its Director, Communications and Liaison Department, Abdullahi Ismaila Ahmad.

The statement reads as follows: “This is to inform the general public that the Federal Inland Revenue Service has lodged an appeal against the judgment of the Federal High Court Port Harcourt Judicial Division delivered by Honourable Justice Stephen Pam, in SUIT NO. FHC/PH/CS/149/2020-ATTORNEY GENERAL OF RIVERS STATE v. FEDERAL INLAND REVENUE SERVICE & ANOTHER. We have also sought an injunction pending appeal and a Stay of Execution of the said judgment.

“As the decision is being appealed and in view of the pending applications for injunction and stay of execution which the FIRS has filed in court against the judgement, members of the public are advised to continue complying with the Value Added Tax obligations until the matter is resolved by the appellate courts in order to avoid accruing the consequent penalties and interest for non-compliance.”

Access Bank Plc, has announce the kicks-off of its DiamondXtra season 13 as part of its continues drive to encourage savings cultures and reward its loyal customers.

This was even as the bank said it has imparted of 22, family in DiamondXtra with different reward ranging from salary for life, rent for a year, business grant etc.

Speaking during the launch in Lagos, Executive Director, Retail Banking, Mr. Victor Etuokwu, said the initiative was instituted to enhance savings culture and drive the Federal Government’s financial inclusion initiative.

Etuokwu said the bank had been rewarding and changing lives of customers in the past 12 years.

“The DiamondXtra reward scheme is one of the ways the bank creates value and meets the needs of its loyal customers.

“With the launch of this new season, the reward scheme has been revitalised and reloaded to create winners every day,” said Etuokwu.

According to him, apart from encouraging customers to save their money, gaining interest, DiamondXtra also rewards them with prizes like Salary 4 Life, Business grants, education grants and among others.

“We encourage all Nigerians to sign up to DiamondXtra by Access bank, and start saving to win extraordinary prizes every day in this reloaded season as DiamondXtra is truly the most rewarding way to save,” Etuokwu said.

Also speaking, Mr Robert Giles, Senior Banking Advisor, Retail, Access Bank, said Season 13 was designed by over 600,000 customers who were surveyed on the changes they wanted to see.

Giles said DiamondXtra, introduced in July 2008, had impacted the lives of its loyal customers.

He said the bank had shared over N5 billions of prize money through daily, weekly, monthly and quarterly draws.

“We have given out education grants, business grants and Salary for life.

“The launch of DiamondXtra Season 13 is our best yet.  And that’s because it is yours. From the very beginning, DiamondXtra was designed by our customers themselves,” Giles explained.

He said the customers told the bank that the return on savings was small, yet the reason to save was to transform and improve lives.

“Our customers said they want to keep Salary for life, Business Grant and Free Rent. They also told us to add lots of smaller prizes so everybody has a chance to win.

“And finally they asked us to bring it closer home, and that’s why this year we are taking DiamondXtra into every neighbourhood so that people can see the difference and share with friends,” Giles said.

Also speaking, Group Head, Consumer Banking, Access Bank, Mrs Adaeze Umeh, said over 2.5 million customers signed up to DiamondXtra account, and that the figure kept increasing on yearly basis.

“For season 13, even our women will be greatly represented in every quarlerly draw.

“We will be having about 10 of our women winning of which one person will have an opportunity of getting a shopping allowance of N100,000 for the next 12 months and nine others will get N300,000 each,” she said.

According to her, 14 people will win about N1 million each to pay their rents.

“The one customers advocated for is the opportunity to get the business grant and to make it closer to home.

“We have our clusters across all our 600 branches, so all the associations, markets, group of journalists can actually come together open DiamondXtra with minimum of N5,000 and participate in the draw,” Umeh said.

She added that new or existing customers could either open a DiamondXtra account in any of Access Bank branches across the country or fund their account with a minimum of N5,000 which will qualify them for the draw.

To be part of the exciting scheme, just open DiamondXtra account with Access bank, increase your account balance with a minimum of N5,000 monthly. The more multiple of N5,ooo you save, the higher your chances of winning.

The chief medical director (CMD) of an Oil prospecting company, Chevron Nigeria Limited, Dr. Rotimi Babalola is now in a divorce mess as his wife Mrs. Adediwura Adebukola Babalola has approached the Lagos High Court for divorce.

According to court processes obtained by our correspondent in Suit No: LD/9231WD/2021, Mrs. Babalola brought the petition against her husband on the ground that he has been displaying act of intolerable cruelty and inhuman conduct towards her and the only child of the marriage.

According to the facts filed in support of the divorce petition, which constitute the grounds upon which the petition was anchored, Adediwura Alleged that her husband (Respondent) had abandoned the matrimonial home since January 1st 2021, leaving the petitioner and the only child in the matrimonial home.

The respondent has been adamant in his resistance to efforts to reconcile the two parties by their Counsel, A.O Agbola, Esq of Cheakley Chambers and Olusola Idowu (SAN) of Olusola Idowu & Co. for petitioner and Respondent respectively, Adediwura alleges.

The petitioner contended that the divorce petition became the last option for her when it was apparent that her husband was not ready for any peaceful reconciliation coupled with his alleged constant harassment, intimidation, and threat of unlawful forceful eviction from her matrimonial home.

Following the alleged constant harassment and physical assault on the petitioner by her medical doctor husband, which often left her with bruises, the petitioner said she has been traumatized and had in the past sought treatment at Chevron Clinic and has also been attended to by a psychologist at Chevron.

In addition, the petitioner contended that notwithstanding the fact that the respondent has abandoned the matrimonial home since January 2021, the Respondent between April and July 2021, has been coming to the matrimonial home at No 8, Service Crescent Cooperative Villa, Badore Ajah, Lagos and has carted away, fridges, freezer, gas Cooker, Generator and Solar Panels supplying electricity to the house.

The petitioner described the conduct of the estranged husband towards her and the child of the marriage as wicked, callous, irritational and physically abusive.

Apart from seeking the dissolution of the marriage contracted at the Kosofe Local Government Marriage Registry on 9th February 2012, the petitioner is also praying the court for the custody of the only child of the marriage; an Order compelling the Respondent to return all the items carted away from the matrimonial home.

In addition, the petitioner is also praying the court for an order of perpetual injunction restraining the Respondent from interfering with the petitioner’s possession of the matrimonial home at No 8, Service Crescent Cooperative Village, Badore Ajah, Lagos State

She is also seeking for an order of perpetual injunction restraining the husband from coming within one kilometer radius of any house or office premises that may be occupied by her and N1,000,000 monthly maintenance among other reliefs.

Meanwhile, The Chief Medical Director (CMD) of Chevron Nigeria Limited, Dr. Rotimi Olalekan Babalola was alleged to have on Saturday sent people suspected to be soldiers to retrieve a car from his estranged wife Mrs. Adediwura Babalola.

Mrs. Babalola, who had earlier reported her husband to the Lagos State Domestic and Sexual Violence Response Team was said to have got more than she bargained at the weekend on Saturday, when fully armed soldiers were said to have invaded her matrimonial home around 2.30p.m, putting her and her daughter under severe apprehension as they attempted to forcefully retrieve her car allegedly on the order of her husband.

Adediwura said the soldiers who did not mince words on their mission told her that they were acting on the instructions of her husband.

However, reprieve came for Mrs Babalola and her daughter when a good Samaritan, a senior military officer got wind of the invasion of her matrimonial home and challenged the soldiers on their unlawful mission.

According to an eyewitness, the senior officer was said to have asked the soldiers, “who authorised you to be meddling in civilian’s domestic affairs?” Following the intervention of the senior military officer, the soldiers immediately vacated the scene at No 8, Service Crescent Cooperative Villa, Badore, Ajah, Lagos.

Mrs. Babalola had earlier reported her husband’s alleged constant harassment, intimidation, assault and threat to the Lagos State Domestic and Violence Response Team which referred the matter to the Divisional Police Officer (DPO), Ajah via a letter dated July 17th 2021, on account of threat to her life.

Checks at the Ajah Divisional Police Headquarters confirmed that the DPO has already invited both Dr and Mrs. Babalola on the matter.

The DPO, it was gathered had warned the husband to stop going to the house and allow peace to reign. As at press time, the matter is still pending at the police station.

Dr. Babalola according to his wife’s complaints to the Lagos State Domestic and Violence Response Team was in the habit of beating her up at the slightest provocation. Besides, since January 1st 2021, when Dr. Babalola abandoned his matrimonial home, it was alleged that he has been coming to dismantle domestic utilities in the house.

In a bid to strengthen and reposition the Nigerian National Petroleum Corporation (NNPC) towards attaining global excellence and profitability, the Management of the Corporation has announced the promotion and redeployment of some staff to fill key vacant positions.

In a statement released by the Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Monday, Mr. Billy Okoye has been appointed the new Group Executive Director, Ventures & Business Development while Mrs. Aisha Ahmadu-Katagum has been promoted to the position of Group Executive Director, Corporate Services.

Until their new appointments, Mr. Okoye and Mrs. Ahmadu-Katagum were Group General Managers, Crude Oil Marketing Division (COMD) and Supply Chain Management Division in the Corporation, respectively.

Engr. Adeyemi Adetunji, formerly Chief Operating Officer, Business & Ventures Development, becomes the Group Executive Director, Downstream, while Mr. Mohammed Abdulkabir Ahmed, formerly Chief Operating Officer, Corporate Services, becomes the Group Executive Director, Gas & Power.

Other Chief Operating Officer positions in the Corporation have now been redesignated as Group Executive Directors (GEDs), in alignment with the rules of Company & Allied Matters Act (CAMA), preparatory to the new status of the Corporation as a Limited Liability Company, post-Petroleum Industry Bill (PIB).

The repositioning also saw the disengagement of Engr. Yusuf Usman, formerly Chief Operating Officer, Gas & Power.

The new appointments include that of Mr. Garba Deen Muhammad, who will take over from Dr. Kennie Obateru as the Group General Manager, Group Public Affairs Division of the Corporation.

Speaking on the Development, Group Managing Director of the Corporation, Mallam Mele Kyari, said the new appointments would enable the Corporation live up to the expectations of Nigerians and achieve its vision of becoming a world-class energy company of choice.

Urges taxi operators to device better means to win patronage

The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa, has promised that the legislative arm of government would continue to work for the progress of the state.

Obasa stated this when he received a delegation from the Lagos Chamber of Commerce and Industry (LCCI) led by its president, Mrs. Toki Mabogunje, on Monday.

The Speaker noted that Lagos enjoys an enviable environment for businesses to thrive. He also said the state currently enjoys a great level of security of lives which the government constantly improves upon.

According to him, the legislature had continued to make efforts, through lawmaking and feedback mechanisms, at ensuring that Lagos moves up from being the fifth largest economy in Africa.

Noting that Lagos is a mini-country with representatives from different parts of Nigeria, Obasa, who commended LCCI for its collaboration with the state legislature, said the House had made laws relating to security, transportation and other sectors and that these had helped to boost the state’s economy.

He, however, lamented the refusal of some critical stakeholders to honour invitations to public hearings on bills being considered by the House, only for them to raise complaints when such bills are passed.

“We realised that it is important to have security and protection of everybody because investments can only grow when you have safety. That led to the creation of the Security Trust Fund and the Neighbourhood Safety Corps to ensure we support the Nigeria Police.

“There is also a need for continued collaboration with industries in the state. We will continue to work together for the progress of Lagos,” he said.

Speaking earlier, Mrs. Mabogunje commended the House for the various bills it has passed for the improvement of businesses in the state.

“We appreciate your laudable efforts in this regard and look forward to more bills passed into law to promote enabling environment for the private sector to thrive so that they can generate more revenue for the state,” she urged.

Mabogunje, who noted that the mandate of the chamber is to protect the welfare of its members, appealed for consistency in policy implementation.

“Lagos State needs a multi-modal transport system to solve the traffic congestion on our roads today,” she said among other suggestions while promising more collaboration with the House and the government.

Meanwhile, Speaker Obasa has urged the Lagos State Taxi Drivers and Cab Operators Association to device strategies that would make them effectively compete with other organised operators in the state’s transport system.

Obasa said this when some members of the association paid him a visit.

President of the association, Otunba Omolekan Taiwo, had complained that some transport organisations engaging in taxi services had taken over the state.

He lamented that many of the members of his association have been left handicapped especially by the competitors who engage the use of the internet.

He pleaded with the House to assists with laws and resolutions that would favour the association.

In response, Speaker Obasa noted that the transport sector remains an important aspect of the commerce of a state or country.

“Transportation is a big industry that we cannot allow any single body to dominate. You have to create room for others to participate.

“What I want to suggest is that there is need for your organisation to be proactive and bring about new dimensions to your operation,” he told the transport operators.

Ecobank Nigeria has entered into partnership with the International Finance Corporation (IFC) and The Nigerian Exchange Limited (NGX) on the ‘The Nigeria2Equal gender program’ targeted at reducing gender gaps across employment and entrepreneurship in the Nigerian private sector.

The program is the first multi-stakeholder country project focused on ensuring equality within Nigerian companies. It is organized in three components i.e. research, peer learning platform and firm level support to companies.

Speaking at the virtual launch on Friday, Managing Director, Ecobank Nigeria, Patrick Akinwuntan who was represented by the Head, Consumer Banking, Korede Demola-Adeniyi, said Ecobank has policies and structures in place that promote gender balance in its employment, stating that the bank also has many initiatives and innovative products targeted at empowering and sustaining female entrepreneurs in Nigeria such as ‘Ellevate’ and ‘Ecobank Female Entrepreneurs Initiative (EFEI)’, which are designed to empower and support female owned small-scale businesses.

“As a bank. we have deliberately focused on supporting women leaders within Ecobank. In Ecobank Nigeria 46% of our workforce are women, 54% of the Exco members are women. We have four regions in Nigeria, three Regional Heads are women, including the Chief Financial Officer and Executive Director. We also institutionalized our Group’s advice to all affiliate to ensure that the board representation across all affiliates has a minimum of 30% women representation.

“That has the potential to be exceeded in a short time. Facing the market, we launched the Elevate program. It is dedicated to women-owned businesses and companies that employ women as majority of their work force. We have plans to empower 40 million female entrepreneurs in the next few years with this program. So, it is all encompassing,” she stated.

In her welcome address, Regional Gender Lead, Africa, IFC, Anne Njambi Kabugi, said the objective of Nigeria2Equal Gender Program is to work with the private sector to reduce gender gaps across employment and entrepreneurship, adding that the approach is to combine in-depth client work with peer learning to share best practices and create market learning.

She disclosed that the program which will last for about two and half years will focus on investigating gender balance in leadership and workplace; equal compensation and work life balance; policies promoting gender equality as relates to commitment, transparency, and accountability among others. She added that participating companies are expected to make two specific, measurable and time bound commitments to reduce gender gaps across leadership, employment, and entrepreneurship in the corporate value chain.

The initiative has 18 partners in 10 sectors which cuts across Banking and Finance, Construction, FMCG, Food Manufacturing, Hospitality, Insurance, Logistics, Oil & Gas, Ride hailing, Telecommunication.

Reduce pension of former governors by 50 percent


The Lagos State House of Assembly on Thursday approved the report of its committee on establishment which recommended the reduction of pensions to former governors and other affected officials by 50 percent.

The committee also expunged the provision of houses in Abuja and Lagos for former governors as stipulated in an earlier law operated by the state.


The report further showed a reduction in the number of vehicles to be made available to former governors and their deputies.



The Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa, suggested that former governors should get two vehicles (a car and a van) instead of three as recommended by the committee.

He also suggested that the amended bill should provide that the cars be changed every four years instead of the three years recommended by the report.

While some of the lawmakers, at plenary, had suggested for an upward review of the pension for the affected public office holders by 75 percent, others urged that the pension remain as stipulated in the old law.

However, Obasa argued that it should be left at 50 percent, especially as the report had recommended the removal of houses and reduced other benefits.

While recalling the recent murder of the president of Haiti, Obasa said it was necessary to also secure the lives of the former office holders.

“By virtue of my office, I have seen former Speakers who we just had to intervene in their lives because of the situations they found themselves outside office. We have also seen former governors in a very bad situation,” he said.

Obasa noted the argument of his colleagues that the projected downward review of the pension for the former governors and others could also be affected by inflation and other economic considerations, but reminded that the House must meet the wishes of the people one of which is a cut in the cost of governance.

“There is no argument, we must realise that this is democracy and it is all about the people. We are here because of the people. When we represent people, it is good for us to listen to them as well.

“We must realise that we would always go back to the people for support. So when we hearken to their agitations and reduce what existed, it shows that we listen,” Obasa told his colleagues adding that his suggestion for further reduction of the number of cars was because “as you age, your needs continue to decrease.”

Earlier some of the lawmakers had supported the report of the committee saying it would have a positive impact on the internally generated revenue of the state.