₦airaland Forum

Federal Inland Revenue Service (FIRS) has awarded contracts for the procurement of souvenirs and non-security documents worth N5.5 billion between January and July 2021.

According to documents available to Nigerian Tribune, FIRS management under the leadership of its Executive Chairman, Muhammad Nami awarded N2.211 billion contracts within the period and another N3 billion for non-security documents. Incidentally, many of the contracts were split supposedly to beat federal procurement regulations.

Documents showed, for instance, that on March 18, 2021, 39 different vouchers totaling N311.0 million were raised for the procurement of items such as customized jotters, customized pens, T-shirts, umbrellas, mugs, hats, executive organizers, power banks were awarded.

Similarly, on April 12, 2021, 32 different vouchers were raised, on May 4, 2021, 26 vouchers were raised, while on June 9, 2021, 30 vouchers were raised for the procurement of the same items as above worth hundreds of millions of naira.

Management of FIRS and National Civil Service Union (NCSU) are currently battling in the National Industrial Court over issues of staff welfare. FIRS had asked the court to stop NCSU from either going on strike or picketing any of its offices while the union asked that management be refrained from enforcing its proscription order.

Management of the Service was also accused of spending about N3 billion on printing of non-security documents in a year when Nami at a National Assembly hearing asked that the 3.5 per cent cost of collection allotted to it be increased to seven per cent.

Few weeks after he took office in December 2019, Nami accused his predecessor of spending too much on recurrent expenditure thereby plunging the Service into a N38 billion debt.

On Monday, some staff accused Nami of over bloating the staff of FIRS by increasing it from 9,409 in December 2019 to over 12,000 currently. He was also accused of never advertising vacancies but recruiting all the additional over 3,000 staff secretly. Nigerian Tribune is in possession of a fresh letter of employment issued on June 30, 2021.

Despite spending over N5 billion on souvenirs and non -security documents, there are allegations that staff have not been paid their conventional annual performance bonuses while their performance appraisals have not been reviewed in the last six consecutive quarters.

When contacted, FIRS Director of Communication and Liaison, Abdullahi Ismaila Ahmad denied the allegations. In reply to a message asking him for comments, he simply replied “not true really.”

Ecobank Nigeria has announced the relaunch of its Credit Card products with a wide range of benefits to customers including access to International Point of Sale (POS) and Automated Teller Machines (ATM).

Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, who made the announcement in Lagos, said the Ecobank Platinum and Gold Credit Cards would afford holders the opportunity to shop now and pay later while also ensuring customer safety by eliminating the risk of carrying cash. She added that the Ecobank credit card can be used in-store, on the web and via all digital channels.

“Our card types include Platinum and Gold Cards both of which have validity period of three years, however the credit limit would be for a maximum period of 12months, and this is renewable. The Ecobank credit card is cash on the go and its pricing is competitive. Our customers can have up to 45 days of interest-free usage. Interest would be applied on the unpaid amount after the grace period and not the total credit limit on the card. This product is available on a pre-approval basis to selected individual customers (new and existing) of the Bank,” she stated.

Also speaking, Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria listed the features of the card types and eligibility criteria. According to her, salaried customers and customers with investments are eligible for credit cards. She added that customers with existing loan may also request for a credit card, but that their capability to take on additional credit would be considered in deciding the credit card limit.

Mrs. Effiong added that customers may request for credit cards via various channels that include Ecobank website, the Bank’s 24/7 contact centre or by simply walking into any of its 255 branches nationwide. She advised those seeking further enquiry to do so via the Bank’s social media platforms and contact centre.

Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 33 African countries and presence in four other locations (London, Paris, Beijing and Dubai).

Ecobank Nigeria is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.

Ecobank is a major player in the distribution of financial services in Nigeria to various segments, leveraging digital channels and an expansive agency network of more than 30, 000.

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in the month of March 2021 representing a 24.7% increase from the ₦188.15billion sales recorded in the previous month of February 2021.

This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.

In terms of volume, the above value translates to 1.782billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

This volume is made up of 1.75billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also informed that the Corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.

NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in the month of March 2021 representing a 24.7% increase from the ₦188.15billion sales recorded in the previous month of February 2021.

This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.

In terms of volume, the above value translates to 1.75billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021.

This volume is made up of 1.782billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO).

Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also informed that the Corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.

NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).

Ecobank Nigeria has assured customers that the bank has put in place every arrangement for the implementation of the foreign exchange (fx) policy issued by Central Bank of Nigeria (CBN).

The bank in an email to its customers indicated that all its branches had been put on notice to ensure smooth FX sales to eligible Ecobank customers and non-customers.

According to Ecobank all relevant staff, especially the Tellers have been well trained on strict adherence to the drive by the CBN to ensure availability, access, and efficient handling of all FX transactions.

In his comment, Managing Director, Patrick Akinwuntan said: “Ecobank remains a one stop shop for all FX needs particularly for PTA, BTA, School fees, Medical bills, Mortgage payments and remittances, stressing that all customers with genuine documents and complying with the FX regulations will be well served by the Bank.

“I wish to assure our customers that there are no worries. Walk into any of our branches nearest to you and access FX once you have genuine documents, legitimate needs and meet the other requirements. We have staff dedicated to handle and meet your foreign exchange needs. From Personal and Business Travel Allowances to tuition and medical payments. Be rest assured, Ecobank has got your back,” he said.

The CBN Governor, Godwin Emefiele had disclosed the end of FX sale to Bureau De Change (BDCs) while briefing newsmen at the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja last week. He directed all commercial banks to immediately create designated desks in their branches for the sale and disposal of FX to eligible customers for legitimate purposes. The apex bank governor said the bank would now channel weekly FX allocations, hitherto meant for BDCs, to commercial banks.

The National Industrial Court of Nigeria (NICN) sitting Abuja, the Federal Capital Territory has issued a Bench Warrant against the Director of Operations, National Film and Video Censors Board, Mr. Ferdinand Ogbaji Abua, for his failure to appear before the court, despite being summoned by the court.

Apart from the bench warrant issued against Ogbaji, the court also awarded the cost of N300, 000, 00 against the Board, for disregarding the court summons.

The court presided over by Justice Osatohanmwen Ayodele Obaseki-Osaghae, issued the arrest warrant against Abua for willfully stalling the trial slated for July 15, in a suit filed against the Board and it’s Executive Secretary, Alhaji Adebayo Thomas, by a former employee of the Board, Olushola Peace Anjorin.

Justice Obaseki-Osaghae issued the bench warrant against Abua and awarded the cost on the Board, while granting an application made by Prof. Joash Ojo Amupitan (SAN), counsel to the applicant, in the suit.

Olushola, an employee of NFVCB had dragged the Board and Thomas before the court for allegedly terminating his appointment in 2018, for allegedly being a ‘whistleblower’.

Anjorin in the suit marked NICN/ABJ/269/2019, asked the court to make an order for reinstatement with full salary and other entitlements paid.

The applicant had told the court that before his appointment was unlawfully terminated, the Board had stopped his salary and other entitlements for over one year.

The court enrolled order reads: “Upon this suit coming up before this Honourable Court on July 15, 2021 for Trial, The applicant Present, respondent Absent.

“Prof. J. O Amupitan SAN for the Applicant, with Francis Nwarah, Esq: M O Onyilokwu for the respondents.

“And the court after hearing Prof J. O. Amupitan (SAN), counsel for the Applicant applying for a bench warrant.

“It is hereby ordered that a bench warrant is issued against F. O Abua who must produce all the documents listed at the next adjourned date having frustrated today’s trial, the adjournment must be on terms.

“The learned SAN came from Jos, the Claimant came from Lagos, Cost of N300, 000 (Three hundred thousand Naira) is to be paid by the 1st defendant before the next adjourned date. The case is adjourned to November 4, 2021 for trial”.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has assured that the ongoing 614kilometres Ajaokuta-Kaduna-Kano (AKK) gas pipeline project would be delivered on schedule, create prosperity through massive job opportunities and guarantee peace for the country.

A statement by the Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, disclosed that the GMD stated this Thursday at Gas Sector Stakeholders’ Forum which held in Kano, Kano State, with theme: “Optimizing the Economic Development Capacity of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project”.

In a paper titled: “The AKK as an Economic Development Game-Changer – NNPC’s Vision, Contributions, & Plan Forward,” Mallam Kyari, stated that the AKK gas project would help revamp about 232 industries creating massive employment opportunities and prosperity for the people.

He said it would also serve as gas supply link to other African countries and Europe upon completion.

“This project has been on the drawing board for 30 years and the dream was to have gas delivered to Europe across the Trans-Sahara route. What we are seeing today would deliver at least 2billion standard cubic feet of gas to the domestic market at the first instance with the potential to increase it. What this means is that it will debottleneck the gas supply network in the entire country,” Mallam Kyari informed.

He said the AKK gas project would also lead to the development of three Independent Power Plants (IPP) in Abuja, Kaduna and Kano, adding that the IPPs would boost electricity supply and promote the growth of small and medium scale enterprises in the Nigeria.

“I want to state clearly that this gathering would not have been possible if we don’t have a line of sight to the completion of the AKK gas pipeline project. This is possible because of the clear direction that Mr. President has shown on the need to deepen domestic gas consumption with a view to creating prosperity out of the enormous gas resources we have as a nation. He has given us all the necessary support and incentives to deliver on this project,” he stated.

Mallam Kyari said the AKK gas project would also boost the Agricultural, Industrial, Manufacturing and Power Sectors for the overall growth of the nation’s economy.

He averred that the AKK gas pipeline project was in sync with the aspiration of the Federal Government to reduce the nation’s carbon footprint in line with the global quest to arrest global warming and climate change and in furtherance of the Decade of Gas programme.

According to him, gas is a key driver of prosperity all over the world and it cannot be different in Nigeria, stressing that the extensive industrial layout in the Otta area of Ogun and Lagos States is anchored on the gas supply by the NNPC and its partners which is creating jobs and other opportunities for people.

In his keynote address, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said the Gas Sector Stakeholders Forum would ensure collaboration amongst stakeholders geared towards kick-starting the required activities that would guarantee full usage of the gas to be delivered through the AKK pipeline when completed.

“Today’s event reinforces our commitment to realizing the inherent potentials of gas usage as a national catalyst for achieving economic diversification from crude oil and as a transition fuel from fossil of today to the renewable energy of tomorrow,” Chief Sylva submitted.

The event had in attendance major stakeholders in the oil and gas value chain and the Governor of Kano, Alhaji Abdullahi Ganduje, while the Governors of Nasarawa, Niger, Kaduna, the Hon Minister of Finance and Alhaji Aliko Dangote joined virtually. The Governor of Kogi State sent a representative.

A Lagos High Court has heard from how a Polaris Bank Account Officer, Keshinro Babatunde, allegedly stole the sum of N12.6m from a customer’s account through forged request forms and cheques.

A prosecution witness, David Areyo, who is a colleague of the defendant and also an employee of the bank, told the court that Babatunde transfered funds belonging to a bank customer by signing request forms and cheques pretending to have been authorized by the customer.

Babatunde is currently standing trial on a 9 count charge bothering on stealing, forgery and fraudulent false accounting with a customer’s account.

The alleged offence contravenes Sections 287, 365, 337 and 411 of the Criminal laws of Lagos state of Nigeria, No 11, 2015.

However, testifying before the court, Areyo, who works at internal audit department of the bank, narrated how the bank found out about the alleged criminal activities of their then staff.

While being led in evidence by the prosecutor for the Economic and Financial Crime Commission (EFCC), Rotimi Oyedepo, the witness said, “Sometime last year 2020, we got an invite from EFCC to the head of internal audit requesting to come with the statement of account of one of our customer.

“Upon the request, the bank also carried out it own investigation looking into the involvement of the staff.

“We found some fund transfers. When we confronted the defendant, he told us that the customer instructed him to transfer those funds”.

When asked if it was the procedure of the bank for a staff to sign the instruction form or cheque on behalf of a customer, the witness replied “No my Lord! No staff has the right to sign a customer’s instruction or customer’s cheque”.

The Witness was further shown Exhibit C (Termination of Fix deposit) to affirm if after the bank investigation the document carried the signature of the customer.

In his response, the witness said, “our findings showed it was not the customer that signed the document

Meanwhile, the EFCC had alleged that Babatunde forged a Skye bank cheque No.47423262 dated 16/08/2018 in the sum of N340,000 and purported same to have been signed by one Kola Oseni.

The defendant, on or about the 14th of December 2016, while in the employment of Polaris bank plc falsfied account number and dishonestly converted the total sum of 10,000,000 naira property of Alh. Ganiyu Kola Oseni

The matter was further adjourned the July 30, 2021 for continuation of trial at 12 noon.

By William Ajibade

It is not a crime for a person to fall in the journey of life. We have heard and read many stories of people who fell. What makes some of such stories inspiring is the ability of these individuals to rise again after such a plunge. That is what, they say, makes a man.

In the case of Kayode Opeifa, a former commissioner for transportation in Lagos State, falling does not have a solution. It only has a strategy aimed at an attempt to pull others down with him. Opeifa’s pitiable political deep is no longer news. What is news is the fabrications, the lies with which he has enveloped himself in a bid to win a level of pity. But his error is the fact that he seeks this pity from the same people of Agege, who have long despised him and who, at every opportunity, he tries to coerce into doing his bidding.

With a depleted and battered image in Agege politics, Opeifa, the author of political violence in Agege, attempted to push his way back into political limelight albeit forcefully taking advantage of the recently held local government election in Lagos. His fall again was unprecedented. Rather than pick the pieces and move on, he decided to reenact what he is best known for – violence and lies – one of which was to claim that his residence on Oyewale Road, Mulero, was attacked in the aftermath of the election by suspected hoodlums whom he was quick to link with the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa.

He further claimed that the attack on his residence was because he attempted to fight for the All Progressives Congress (APC) while some people are trying to thwart the progress and planned victory of the party in the election.

This is the same Opeifa, a master of violence who is infamously renowned for introducing violence into Agege politics in 2007 and who had lived on violence since then. This is the same person who unjustifiably fought against the emergence of a prospective candidate for the councillorship of Ward D whose popularity is widely affirmed in the area. You love the APC, but you tried to pull down someone who would lead the party to victory because of his widely-held popularity. How sensible can this lie be?

Afolabi Omotunde, believing in his capacity to win the election, decided to defect to the Young Progressives Party (YPP) where he sought and won. Even a child would understand that as a prospect, Afolabi would have had his supporters in the APC who left and campaigned for him out of anger that he was not treated well. Linking this to someone else is like trying, interminably, to latch at straws while drowning. Opeifa should not forget so soon that there are video evidences of the jubilation that greeted the defeat of his anointed aspirant at the primaries. Or does he want someone to remind him that the people jeered and chorused ‘Opeifa olee’ in the ward where he is supposed to be one of the most respected?

On the day of the election, it was evident that Afolabi, now in YPP, was coasting home to victory. Even as this was painful to the leaders of the APC in Orile-Agege, the election was peaceful until Opeifa unleashed his thugs on the ward. One of the hoodlums was said to have been heard shouting that it was either Opeifa or no other person. He claimed Opeifa was their leader and thus, they won’t allow him disgraced. At the end of the chaos caused by these hoodlums, six people were lying on the ground with gunshot wounds. This is not concocted. The photographs of the injured residents, who are still being treated is attached here. Some of them have given accounts of how the incident happened.

These victims confirmed that they were rescued by Niniola Moruf, a youth leader in the area, who rushed them to the hospital. Niniola has, on his own, confirmed that when Obasa got wind of the incident, he immediately placed a call to the chairman of the House committee on health at the Lagos State House of Assembly, Hakeem Sokunle, who made the successful effort that got them to receive urgent medical attentions. Opeifa, a supposed leader in the ward, as he wants to be identified, had left the victims to journey to their graves, but another leader decided to rescue them from death. Yet, Opeifa claims being the victim.

In politics, like it happened in Agege during the local government election, not all antics work. A political lie must be well calculated to avoid a backlash. No, Opeifa may have been too blind to study what he was putting out. He decided to confirm a saying that when an unreasonable man clings to a decision, he fails to listen to other arguments against it. The lies fell ‘yakata’ on his laps. His own music went off on him.

Then, he played the next drama, an allegation that his residence was attacked and that he escaped death. When you decide to throw a stone, in the case of this election, shoot at a people you are supposed to protect, then you should know that there could be reactions.

There are two angles to his claim. Some said the attack on his residents was done by angry youths who were provoked by the shooting of the six people at the Ward D. Others claim Opeifa damaged his own residence to win sympathy. He should have also availed the public about the details of his supposed escape even if it would mean telling lies again. It won’t be surprising then if it is later realised that it was Opeifa who truly cracked his glass windows and called it ‘escape death’. Laughable. This is because despite the mass opposition he got from his own people during the election, nobody attacked him apart from the fact that he was booed while he drove around during the election as seen in videos that trended. The people were angry, yet they allowed him move freely during the election.

The election is over or so it feels. Will it make sense to continue to brood over a loss? It is proven that brooding does no one any good. Bracing up from a political fall will be the best for Opeifa at this time, not the strategy of cooking up imaginations and lies which have a way of backfiring.

After his term as commissioner, it is known that Opeifa became redundant. He, thereafter, ran after Babatunde Fashola to Abuja. He was rehabilitated, but lies did him wonder. He was again made the executive vice chairman of the Presidential Task Team on the Apapa gridlock. What brought him down? The former commissioner saw the office as an opportunity to enrich himself rather than serve. Bribery from the truck and tanker drivers became a norm. Could he say this was made up or that it is the imagination of detractors?

It is widely held that a leopard can never change its spots, but in politics, Opeifa can turn a new leaf and become responsible for his own actions rather than point fingers endlessly. Or what is the relationship between a councillorship election and a senatorial ambition?

Ajibade wrote this piece from Orile-Agege, Lagos.

Ecobank Transnational Incorporated (ETI) recorded a 33.04 per cent rise in its profit before tax for the first half of the year ended June 30, 2021.

In its unaudited financial statement for the first half of the year 2021, Ecobank said its operating income improved by 15.35 per cent year-on-year from June 30, 2020. It said its operating profit before impairment charges and taxation rose by 32.62 per cent to N138.26bn.

At the end of H1 2021, Ecobank’s total assets increased to N11.02tn from N10.38tn in December 2020. The loans and advances to its customers fell from N3.70tn in H1 2020 to N3.63tn in H1 2021, while customer deposits in all its operating locations increased by 7.38 per cent from N7.32tn to N7.86tn. the total equity depreciated by 1.06 per cent as it reduced from N811.75m to N803.18bn.

Commenting, Ade Ayeyemi, Ecobank Group CEO, said: “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1% versus 15.2% a year ago and increased diluted EPS and tangible book value per share by 19% and 6%, respectively. In addition, profit before tax increased 23% to $210 million.”

“Group revenues rose 7% to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery. Our diversified pan-African business model continued to rise to the challenge. Revenues grew 13% and 6% in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets. The slowly increasing business and spend activity drove a 20% rise in our Payments business’s revenue to $90 million. Deposits growth was strong, with total deposits now over $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in a year, driven by our omnichannel strategy. Though loan growth remained flat, we are focused on providing support to MSMEs for growth,” Ayeyemi added.

“I am proud of the team’s hard work in driving efficiency, which continues to reflect in our cost-to-income ratio of 58.7% ahead of guidance and progressing well toward our medium-term goal of approximately 55%. In addition, credit quality continued to be exceptionally strong. As a result, our NPL ratio of 7.4% is a substantial improvement from the prior year’s 9.8%, as we also build reserves to insulate the balance sheet with an NPL coverage ratio of 86.7% and pushing towards our near-term target of 90%,” Ayeyemi continued.

“We successfully raised $350 million Tier 2 Sustainability Notes in June, the first-ever by a financial institution in sub-Saharan Africa and first to have a Basel III-compliant 10-year non-call 5 structure outside South Africa in 144A/RegS format. The Bond was 3.6 times oversubscribed, demonstrating strong confidence in the Ecobank Group and our commitment to the sustainability of our communities and their social needs. I am deeply grateful to all stakeholders and must thank our clients for continuing to put their trust in Ecobank for their diverse banking needs.” Ayeyemi concluded.

…As The Voice Nigeria Season 3 enters final stage

By Bolaji Israel

Unity Limited and Livespot360, producers of the global talents reality series, have emphasised that public voting has become very crucial at this stage to keep vocalists fighting for the grand prize on the voice Nigeria 3 series, sponsored by FirstBank, Baba Ijebu and Airtel.

To keep their favourite vocalists on the show, viewers have to dial *894*7*talent’s code#.

The voting code of your preferred contestant to win the competition is in the embedded Instagram post.

The International talents reality series designed to discover and harness music talents in Nigeria is in its third season in Nigeria.

Scores of vocalists have performed on the highly competitive show but dropped out going through the Auditions, Blinds, Knockouts, Battles and Live Shows stages.

With an electrifying mix of pulsating musical performances, music training, glamorous fashion and life enriching entertainment, the The Voice Nigeria 3 continues to glitter to the very grand finale

Voting opens on Saturday at 9:00pm and closes at 11:59pm on Thursdays.

Lead show sponsor, FirstBank in a statement by its Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, reiterated that The Voice Nigeria 3 is a Reality TV show designed to discover and promote talented singers to actualise their dreams of becoming international stars which aligns with the Bank’s commitment to provide a platform for nurturing and showcasing talents and driving social cohesion.

For more details on the show, do visit the Bank’s official website.

Africa’s leading financial services institution, Guaranty Trust, has been named Africa’s Best Bank 2021 by Euromoney, the premier information authority on global finance.

Guaranty Trust Bank (GTB) was also recognized as Nigeria’s Best Bank for a record 11th time.

“Not the biggest but the most profitable. That’s the strategy of Guaranty Trust Bank,” said Euromoney, following the announcement.

With a return on average equity of 28.5% in 2020, [Guaranty Trust Bank] is clearly achieving among its banking competitors in its home country Nigeria and also across Africa,” the global financial publication added.

Euromoney’s Awards for Excellence recognizes financial institutions that demonstrate leadership, innovation, and momentum in the markets they operate. With the 2021 Excellence award, Guaranty Trust has now been named Africa’s Best bank twice in three years, reflecting its leading position as one of the best managed financial institutions on the continent. The Euromoney award is the latest recognition for Guaranty Trust, having recently retained its position as Africa’s most admired financial services brand in the 2021 ranking of The Brand Africa 100: Africa’s Best Brands.

Commenting on the award, Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust said: “Being recognized as Africa’s Best Bank and the Best Bank in Nigeria speaks to our commitment to delivering on our promise of creating new and innovative financial solutions that make life easier for our customers and generate the returns our shareholders expect.”

He further stated that: “The biggest winners continue to be our customers and shareholders and our top priority will always be creating value for them. With our transition to a holding company structure, we will be extending our banking excellence to new growth areas wherein we can help our customers achieve the full breadth of their financial goals whilst realizing the full value inherent in our group.”

Prior to its corporate reorganization to Guaranty Trust Holding Company Plc, Guaranty Trust Bank Plc has been at the forefront of delivering innovative banking products and services to customers and best-in-class Return-on-Equity to shareholders. It is widely regarded as the best managed financial institution in Nigeria and has, over the past decade, embarked on a period of unparalleled growth, growing its customer base from less than 3 million customers in 2011 to over 24million customers in 2020, and profit before tax from ₦45.5 billion at the end of the 2010 financial year to ₦238.1billion at the end of the 2020 financial year.

12 facts and issues surrounding the revocation and re-award of OML 46 (Atala Field)

The Nigerian oil and gas ecosystem has been, largely, the exclusive preserve of the International Oil Companies since Shell-BP struck oil in commercial quantities in Oloibiri.

The first time Nigerians had the opportunity to participate in the oil and gas industry was in the late 70s when indigenous grants were given to Henry Stevens Company promoted by Chief Henry Fajemirokun and Nigus Petroleum promoted by Alhaji Ado Ibrahim. There was also the Niger Delta Oil Co but none of the three brought their blocks to production

Dubri Oil has the rare distinction of being the first Nigerian oil-producing company following its acquisition of the Giligili field in a concession from Philips Oil Company Ltd. in 1987.

However, it was not until 1991 that Professor Jubril Aminu, the Minister of Petroleum at the time, awarded eleven (11) oil blocks to Nigerian entrepreneurs on a discretionary basis. That bid round threw up Mike Adenuga’s Consolidated oil (now Conoil) as the most significant success story.

By 2003, the Obasanjo administration upped the ante with the award of 24 marginal fields to 31 companies. Of those 24 fields only 10 were brought to production and some of those licences were revoked. One of the revoked licenses is operated by Bayelsa Oil Company Limited (BOCL), OML 46 (Atala) field.

Why was the BOCL Asset not as successful as Mid-western? And why is Bayelsa state finding it difficult to get back the Asset? Read on to discover some baffling facts and reasons how former public administrators of a people’s common wealth are planning to appropriate assets belonging to a whole state.

OML 46 was discovered by Shell in 1982. When the marginal field round was announced by the OBJ administration in 2003, OML 46 was among fields thrown into the basket to be bid for by interested indigenous owners. Bayelsa government under late Chief D.S.P Alamieyeseigha and Dr. Goodluck Jonathan put in a bid for OML 46 as a means of making Bayelsa a participant in the oil and gas sector and shoring up the state’s revenue. The state won and set up Bayelsa Oil and Gas Company Limited (BOCL). Delta state had interest in Mid-western OML 56 while Akwa Ibom had interest in Stubb Creek OML 14.
The initial plan was to have Shell manage the field on behalf of the state and a management deal was signed in 2004. That deal was vacated in July 2005 when BOCL signed a farm-in agreement with Hardy Oil for the management of the Atala Marginal Field. BOCL eventually terminated the contract with Hardy and in 2011 awarded same to Century Exploration and Production Limited (CEPL) an indigenous company as Technical Services Provider. CEPL which received 35% equity (later reduced to 29%) made quick progress and brought the field to a 1,000 bopd at test production level and was waiting for Department of Petroleum Resources (DPR) approval to evacuate when issues cropped up.
At inception, the development and production plan for the Atala field by the JV partners received incredible support from the Government, but the tenure of the succeeding administration marked the beginning of a series of challenges for the Atala field. The management of BOCL was sacked and replaced at will and the Atala field development project was adversely affected by this continuous interference. This continued without respect to the farm-in agreement between the partners or consideration of the investment and commitment of CEPL which bears 100% of BOCL’s financial responsibilities on the project.
The succeeding administration frustrated the efforts of CEPL to fully finance the work through unreasonable and unwarranted denial of project strategy and necessary approvals. Rather, a revocation plot was designed and orchestrated by elements and emissaries within the government as a strategy to take up the asset for the personal benefit of their principal and themselves.
Due to the substantive work already done by BOCL in collaboration with the JV partners, on OML 46, Atala field, despite the frequent unwarranted and unreasonable politically motivated interference by the government, DPR renewed its license in 2013 for another 7 years and work continued but the interference did not abate.
With the License renewed, the administration of the day continued to play musical chairs with the hierarchy at BOCL with the government tryingevery trick and strategy at their disposal to make sure the field didn’t progress from test phase to full production operations.
CEPL (the technical partners of BOCL) which was now being owed millions of dollars in production and field expenses was frustrated and had no means to compel the state government to stop meddling.
The Operating License of the Atala field (OML 46) eventually expired. With the expiration of the license, the DPR formally announced on April 6, 2020 the Revocation of the Marginal Oilfield License it issued to Atala Oil Field on the grounds that the BOCL JV did not to turn the asset around for the nation to derive maximum value from available resources. This decision was taken without consideration of the fact that the Atala field (OML 46) has been developed, crude oil produced and sold from the same field at different stages of test crude production. Royalties on crude oil sold from the field had been paid to the Federal Government several times before revocation.
The succeeding Governor, H.E Douye Diri, upon assumption of office expressed a resolve to seek legal redress in overturning the revocation especially in consideration of the resources already committed to the Atala field by the Bayelsa state government as owners of 51% equity in the Atala Marginal Oilfield. His protest soon led to the Federal Government approving and directing the immediate “reinstatement of the revoked Licenses on a discretionary basis to qualified companies with consideration given to the previous operators of the respective fields subject to the demonstration of technical/financial capacity and payment of applicable Good and Valuable Consideration (GVC).” With this approval by the FG, Bayelsa state government looked forward to taking back their asset in OML 46. But this is where the whole story gets very interesting and curious.
Through a letter dated February 28, 2021, from the DPR and signed by Auwalu Sarki, the Minister of State, Petroleum Resources was urged tore-award OML 46 to Halkin Exploration and Production Limited, a company owned by former Governor Dickson, the same governor who was in office when the licence for the Atala field expired and was revoked. The DPR informed the minister that Halkin claims to have “in 2019 through one of its subsidiary companies, received the approval of the board of Bayelsa Oil Company Limited (BOCL former operators of Atala Field) to farm-in to 41% of the field through the execution of Farm/in agreement and Field Management Service agreement with BOCL. The company claims to have invested over sixty million US dollars (US$60,000,000:00) to revive the asset in the process.” The company was incorporated in 2019; so how did it make such an investment in the Asset.
The memo from DPR has led to many questions: If Halkin had indeed executed a farm-in agreement with BOCL, why did former Governor Dickson allow a company he had interest in to lose its licence? Secondly, DPR noted in its letter that “Halkin E& P” “has the potential to immediately bring the field to production and progress with full development of the asset including the drilling of more wells and production/utilization of the field’s gas resources” when there is no evidence to prove the assertion. Thirdly, how did BOCL hand over 41% to Halkin E&P” without recourse to JV partners identifiable in the Farm-in Agreement of 2011? Fourth, why hand over Atala, OML 46, to “Halkin E& P” instead of to Bayelsa state?

The facts surrounding this Asset highlight a grand fraud orchestrated by a few desperate and uninformed individuals on the administration and execution of petroleum contracts. The victims of this grand deception are the Federal Government of Nigeria, the Government of Bayelsa State, DPR & the investors of Halkin E & P who were presented with fraudulent documentation to support their scheme that is now a source of embarrassment to a system that has been busy building character and goodwill. Obviously, the Federal Government is investigating how it was deceived into making a decision that undermines its readiness to attract, and earn the trust of investors globally; it must go on to make the findings of the investigation public and clear the names and image of all those innocently cowed by the forged documentations that formed the basis of the re-award of the Atala field (OML 46).

Justice A. Lewis Allagoa, Presiding Judge, Federal High Court ( Lagos Division) has ordered the Economic & Financial Crimes Commission ( EFCC) to take possession of all property owned by society woman, Ms Nora Johnson.

The Boss learnt that the anti-graft agency had received a petition over some infractions allegedly committed by Ms. Johnson in her former office.

We gathered that Ms. Johnson was accused of over invoicing on purchase of vehicles, inflating air ticket fares and more and the amount in local and foreign currencies were in excess of One billion naira (N1billion).

This then prompted the interim forfeiture of some properties and bank accounts on the order of Justice A.M. Liman on February 16, 2021, following an application on behalf of the Federal Government of Nigeria by the EFCC.

However, on March 21, 2021, Ms Johnson and the other respondents: Babajide Aremu Johnson, Olabose Ibrahim Falobi, Steve Nnamdi Izebu, Steve Ibem and Bakoliza Limited went to court to suspend or stay execution on Justice Liman’s order.

They had sought the following: an order to discharge the interim order of forfeiture of assets, an order discharging the final forfeiture and any other orders as deemed fit by the court.

In his judgment after hearing J.O. Adeyemi Esq Counsel for the Applicant/Respondent and V.C. Nwokafor Counsel for the 1st, 2nd and 6th Respondents/Applicants, Justice Allagoa ordered that the motion of Ms. Johnson and the other respondents dated March 12, 2021 is “hereby set aside”

The judgment delivered on July 15, 2021 stated further: “That the order of Justice Liman stands in all its ramifications” and “That the Economic and Financial Crimes Commission (EFCC) are entitled to take possession of all that property subject of the Order of my Lord A.M. Liman on 16th day of February, 2021”

Interestingly, maybe as a reaction to this court ruling, knowing full well that Nigerians like the story of the underdog, Ms Johnson has released a viral video where she was seen wailing, begging and making wild allegations.

Those who know the root of the story say the woman was only blackmailing and being melodramatic with the release of the video and that she had employed every means to prevent the Federal Government from taking possession of her assets as has now been ordered by the court.

An employee of the First City Monument Bank (FCMB), Olayinka Olaleye, narrated before an Ikeja Special Offences Court, Lagos how seven men successful withdrew the sum of N900m from the bank’s database belonging to several of its customers.

The seven men identified as: Gideon Oluwatimileyin, Osita Martyns, Daramola Samuel Akanji, Abiodun Aina, Samuel Adenitiri, Oluwasegu Daliu and Olaitan Ajibola Sheu, allegedly committed the offences sometime in March 10, 2018 in Lagos.

The Economic and Financial Crimes Commission, EFCC, arraigned the seven men on a two count of conspiracy to defraud and unauthorized access to FCMB computer materials and software.

The witness, an investigation officer in the Group Internal Audit Division of the bank, told the court that the event which took place on March 9th and early morning of March 10th, 2018, shook the entire FCMB bank.

While being led in evidence by the EFCC lawyer, Benedict Chima Benneth, the witness said, “We received a call from one of our customers, Eko-hotel, reporting an unauthorized debit of N300, 000 from their account.

“When we received the call, we immediately went into our system and discovered that the sum of N900 million has been withdrawn from various customers’ accounts. It was also discovered that these suspects account received huge sums of money.

“There was an account of Abdullahi Kazeem that received the sum of N250 million; Daramola Samuel about N300 million, Olaitan’s account received the sum of N350 million. When we investigated further, we discovered that these suspects viewed the accounts of top customers like MTN, Multichoice, one account of Rivers State Government, Eko-Hotel.

“They gained unauthorized access into the system of FCMB, they conspired together and deleted information and hacked into the password of some users in the bank to increase transaction limits on the corporate accounts, increase the transaction amount and they increased the transaction frequencies and linked their ATM cards into these corporate accounts I earlier mentioned.

” Thereby effecting online transfer from those corporate accounts into their own accounts. Immediately we discovered these we lodged an official complaint at Lion Building police station at Lagos Island. We also reported the matter at State CID Panti and at the Police State Headquarters in Ikeja before we finally reported at the Special Fraud Unit that later further conducted investigation on the matter.

“As a matter of fact, it was the special fraud unit that assisted in the arrest of the suspect. There is a common story about the suspects that still baffles the bank; That why would the claims of the suspects be the same”.

When asked what the claim was, the witness said, “When PSFU arrested Kazeem Abdullahi Kazeem, his claim was that Gideon (1st defendant) was the one that approached him in Abuja where he was a truck pusher and asked if he has an account with FCMB, and Gideon collected his ATM card. By the time Gideon was picked up, it was the same story that it was Abdullahi that asked for his own ATM card when he was arrested.

“When Daramola Samuel was arrested it was the same claim, including with Olaitan. To the extent that I investigated the matter before PSFU picked them, the suspects were directly linked to the fraud”.

Also narrating how the suspects were linked to the fraud, the witness further said: “They hacked into the system of FCMB, by hacking into passwords of some users of the bank which is necessary to increase the transaction limit and transaction frequency. The linked their personal ATM cards to the corporate account of our customers that were defrauded which I earlier mentioned.

“They gained unauthorized access to view the balances of the accounts; they deleted some information which included information that could intimate the owners of the account of the happenings on the account. And in all, the fraudulently withdrew the sum of N900 million from the bank”.

However, during cross examination by the 1st & 2nd Defence Counsel, Lekan Egbereoungbe, the witness said that he has worked with the bank for six years.

When asked how the suspects gained unauthorized access, the bank staff said, ” The bank has its application FINACLE, software application. It is hosted centrally upon which any person that wants to access it is given a right in relation to his duty. Rights differ from person to person.

“I as an employee of the bank have a right by inputting my details and password. My password allows me to access my rights, the extent to which I can begin and end. There is what we call penetration; there is a way that our ‘SO Called Software’ can be penetrated. The software is the host every other users are given rights”.

Meanwhile, the EFCC alleged that the seven defendants did steal by authorized transfers and withdrawals from various FCMB points nationwide of the sum of N900 million property of the owners of and various customers of FCMB from their account to various accounts outside the bank via POS and ATM.

The commission also alleged that the defendants also conspired to defraud FCMB by gaining unauthorized access and alteration of its data program that enabled the transfer and withdrawal from FCMB accounts to various other banks accounts via POS & ATM.

Justice Oluwatoyin Taiwo thereafter adjourned the matter till October 21, 2021 for continuation of trial.

Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, has urged the Kano business community and other taxpayers in the country to continue to take advantage of cutting-edge technologies the Service has deployed recently to pay their taxes as and when due.

Nami also charged members of staff of the FIRS to redouble their efforts in generating tax revenue for the country by expanding the national tax net to include those still outside it.

Mr. Nami gave the admonitions on Monday at a stakeholder meeting involving the Management and Staff of the FIRS and the Kano Business Community.

According to him, “presently, Nigeria’s economy relies on non-oil revenues to discharge its statutory responsibility of paying salaries and providing social amenities to the citizenry. However, despite the prospect which tax revenue holds for the country, the ‘’Tax to GDP’’ ratio for Nigeria is about 6% compared to Egypt at 15%, Ghana and Kenya at 17%, South Africa at 28%. This is a very sad reality that is unacceptable for a country that has the largest economy in Africa.”

Nami continued: “To overcome this challenge, we must recognise and adapt to the changing pattern of the business environment where technology is the driver of business operations. For many years, our revenue generation architecture had been largely manual with limited use of technology. Adopting technology in tax administration is crucial in improving domestic revenue mobilization given dwindling oil prices to avoid falling into a debt crisis. It is against this backdrop that the TaxProMax became the channel for filing Naira-denominated tax returns effective from 7th June 2021.”

Furthermore, the FIRS chief explained: “The TaxProMax enables seamless registration, filing, payment of taxes and automatic credit of withholding tax as well as other credits to the Taxpayer’s accounts among other features. The TaxProMax platform also provides a single view to Taxpayers for all transactions with the Service.

“It will interest you to know that the Service collected over N650 billion in June 2021. This feat was achieved as a result of the efficiency and effectiveness of the TaxProMax Solution.”

Another groundbreaking development that Nami pointed out which occurred under his administration is the introduction of the court-backed “FIRS Practice Direction”. According to Nami, “this is another innovation introduced to aid revenue generation by cutting down on needless litigation which slows down revenue collection.”

He listed the advantages which the FIRS Practice Direction conferred on tax revenue generation thus: “Cases of FIRS will be given accelerated hearing and priority in the Federal High Court; it enables the FIRS to obtain Order of the Court for forfeiture of immovable property of taxpayers, freezing of bank accounts, access to books, servers, billing systems etc; it fast-tracks the recovery of tax debts by civil action; it increases tax compliance, and increases the collection of revenue to the Government.”

Nami also disclosed that the National Tax Policy Implementation Document had prioritised the assessment and collection of indirect taxes in Nigeria as they are difficult to dodge, easy to pay and easy to administer. He, therefore, charges members of staff at the FIRS to put the document to good use in the tax collection processes.

The Executive Chairman listed challenges of tax collection in the country to include the fact that “when companies collect taxes as an agent of collection, Value-Added Tax (VAT) for instance, they do not remit as and when due. In some cases, they do not remit it at all.”

He, therefore, appealed to defaulting corporate organisations to turn a new leaf by remitting VAT and other taxes as and when due, stressing that the consequences of not doing so under extant tax laws in the country are severe, which corporate executives would not wish to experience.

The Nigerian Exchange (NGX) Limited, on Tuesday, July 13, marked the listing of Guaranty Trust Holding Company Plc’s (“GTCO Plc”) shares with a Closing Gong Ceremony on the main floor of the exchange.

This follows the completion of all regulatory requirements for the corporate reorganization of the leading financial institution into a holding company structure and the listing of GTCO Plc, on the Nigerian Exchange (NGX) Limited and the London Stock Exchange, replacing Guaranty Trust Bank Plc.

Guaranty Trust was first listed on the Nigerian Exchange in 1997, winning the “Nigerian Stock Exchange President’s Merit Award” within months of its listing. In 2007, it became the first Nigerian bank to list on London Stock Exchange, the first to dual list on an international exchange and the first Nigerian company to raise international capital using listed Global Depositary Receipts.

Since then, Guaranty Trust has embarked on a decade of unparalleled growth with total assets and shareholders’ funds closing at ₦4.993trillion and ₦837.2billion respectively, at the end of Q1, 2021.

As part of its long-term growth strategy, Guaranty Trust has now adopted a holding company structure wherein GTCO Plc will operate as the parent company of all Guaranty Trust banking businesses across Africa and the United Kingdom as well as other non-banking businesses which will be established following the transition.

Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust, commented: “These are very exciting times for us. Following our transition, we can now compete more effectively with non-banks in this new and evolving competitive landscape, whilst creating more value for customers and shareholders than we ever could as a bank.

“Although we are delighted to have completed this rigorous transition process, we know that the hard work has just begun. We are in the final phase of building a new payments business that will deepen and extend digital financial services across Africa. We also believe that we are in a better position to drive an Asset Management business and a Pension Fund business, given our strong retail base and digital-first approach to financial services, which we have honed over the past decade.”

Founded in 1990, Guaranty Trust has maintained an unbroken streak of year-on-year growth and a consistent lead in driving the digitization of financial services in Africa. It is the best managed financial institution in Nigeria, leading the industry across key financial indices, such as Return on Equity (ROAE of 26.0% in Q1 2021), Return on Assets (ROAA of 4.3% in Q1 2021), and Cost to Income ratio (42.6% in Q1 2021).

A Federal High Court sitting at Ikoyi, Lagos State, has granted an order freezing and attaching the bank accounts to which the Managing Director of PC Outlet Limited Company, Mr Onyema Okonjo and two other directors of the company: Messrs Kenneth Njoku and Ernest Awuionu are signatories and maintain in 15 commercial banks in Nigeria.

The order was as a result of the adjudged indebtedness and accrued interest up till 28 February 2021to the tune of N168,431,375.61.

The court also directed Corporate Affairs Commission to place a lien on the shares of the defendants held in a limited liability company, Giant Beverages Limited pending the determination of the substantive suit.

The presiding Judge, Daniel Osiagor, also granted an order to Asset Management Corporation of Nigeria, pAMCON to enter into and take possession of the property lying at Plot 18, Block 130, Lekki Peninsula Residential Scheme in Eti-Osa Local Government Area of Lagos State which was pledged as security by third party deed of legal mortgage for the facility granted to P.C Outlet Limited Company.

Justice Osiagor made the orders after listening to the argument canvassed by a Lagos lawyer, Barrister Laolu Owolabi from the law firm of Bonajo Badejo and S.E.Omoragbon for the defendants not opposing.

According to an affidavit in support of a debt recovery suit sworn to by a legal practitioner, Mr Francis Oloruntoba, filed and argued before the court by Barrister Owolabi on behalf of AMCON, Oloruntoba averred that, a private Limited liability company, P.C Outlet Limited, registered in Nigeria to carry on business of trading, marketing, sales and distribution of general goods was advanced various facilities by Eligible Financial Institution between 7th September, 2007 to 15th October, 2008.

The various facilities were secured by full and unconditional personal guarantee of the Managing Director/Chief Executive officer of the company, Mr. Onyema Okonjo, while his wif, Mrs Udokanma Mary Ane Okonjo executed a Third-party legal Mortgage as security for the facility obtained by P.C Outlet Limited.

Messrs Okonjo, Njoku and Awuionu, as Directors of P.C Outlet Limited were instrumental to how the facility was sourced, applied for and granted as well as the way and manner the facilities granted to the company from the Eligible Financial Institution were utilized at the material times.

However, the Directors of the company were alleged to have failed to fulfill all the conditions in the offer letters and defaulted severally.

Upon acquisition of the Eligible Asset, AMCON instituted a legal action against P.C Outlet Limited and the Court presided over by Justice Ibrahim Buba of the Federal High Court entered judgement in the sum of N132,103,039.70 against the company.

The court also awarded 10% post judgement interest from 28th May, 2018 which had accumulated to the total sum of N36,328,335.91 as at 28th February, 2021.

On 11 February, 2021, AMCON appointed the law firm of Bonajo Badejo & Company to enforce and recover the outstanding facilities and in furtherance of the mandate by AMCON, the law firm took steps to investigate the defendants and discovered that Mr. Onyema Okonjo, who is the Managing Director/Chief Executive Officer of the company and sole signatory to the account of P.C Outlet maintained with the Eligible Financial Institution had diverted the funds of P.C Outlet to establish another company called Giant Beverages Limited and owns the controlling shares.

Consequently, AMCON has no other option to re-coup the defendants indebtedness if this application is not granted and the property is dissipated by the defendants.

Justice Osiagor while acceding to the request of AMCON, adjourned till 27 July,2021 for hearing of the substantive suit.

…to host UN World Youth Skills Day conference

WeForGood International in partnership with IHS Nigeria, and in collaboration with the United Nations Information Centre (Lagos) is pleased to invite the public to its 2021 UN World Youth Skills Day Conference.

The United Nations General Assembly had in 2014, declared 15 July as World Youth Skills Day, to celebrate the strategic importance of equipping young people with skills for employment, decent work and entrepreneurship.

This year’s conference, which will be held virtually, will also serve as the launch event for the 3rd edition of the Sustainable Solutions Africa Project, an initiative to promote skills for sustainable development, will hold on July 15, 2021 by 11:00am.

The event will feature high level speakers, panel sessions and breakout sessions to dissect the theme: ‘Driving Africa’s Sustainable Growth Through Technology’ as well as the sub-themes: “How might we Leverage Technology to Build the Africa we want?” and “Innovation in Africa – Harnessing the Continent’s Capacities”.

Some confirmed speakers for the conference include Prof. Ndubuisi Ekekwe, Lead Faculty, Tekedia Institute USA, a Global Young Leader of the World Economic Forum; Mrs. Bilikis Adebiyi-Abiola, DG, Archives and Records, Lagos State and Co-Founder, WeCyclers Corporation; Mr. Femi Longe, Founder PartnershipLab and Co-Founder, Co-Creation Hub (CCHub); and Mr. Samuel C. Ayo, CEO, CyberAware Africa, Uganda.

Other confirmed speakers are Mr. Femi Oye, CEO, SMEFunds and OneWatt Solar; Ms. Ireayo Oladunjoye, Head Startups (Ag), Lagos State Employment Trust Fund; Dr. Faith Nwaobia, President, Youthup Global; Mr. Solomon King, CEO, Brass & Books Financial Services and Ms. Nneka Ukay, Executive Secretary, Innovation Support Network (ISN Hubs) amongst others. Apart from the intellectual discussions, the conference, which will be anchored by the delectable Temi Popoola, will also feature side attractions such as entertainment, quizzes and raffle draws with amazing gifts to be won.

Interested participants can register to attend the conference for free by visiting WeForGood’s website.

A property development company Grant Properties Limited, has asked the Federal Government to probe into an alleged collusion between Sterling Bank Plc and Assets Management Corporation of Nigeria, (AMCON) in the dissipation of the company’s assets to satisfy a facility obtained by the company.

The company said it had secured a loan from a consortium of four banks, including Sterling Bank, Skye Bank, Unity Bank and Wema Bank, to finance the development of an estate, Victory Park Estate, in Lekki, Lagos.

It said the facility was secured via the shares in its subsidiary, Knight Rook Limited, which only asset of about 46 hectares of land in Victory Park Estate.

A similar petition was written to the Central Bank of Nigeria. Both letters, which are duly acknowledged receipt by the Presidency and the CBN, were obtained by our correspondent.

The petitions were signed by Chief Olajide Awosedo (now late) who was then the chairman of the company.

In the petition, entitled: Insider Abuse, Collusion and Fraud: Petition Against Sterling Bank Plc, Mr Yemi Adeola, Mr Yemi Idowu, Ms Justina Lewa & Asset Management Corporation, Awosedo asked the president to intervene to redress the injustice meted out to him and his company.

He also called on the CBN to review the action taken by the bank.
The petitioner said: “We would, however, like the CBN to investigate the legal and ethical issues raised in the insider abuse, collusion and illegal sale of a customer’s assets by Sterling Bank to its directors.”

The company stated that the judgement of a Lagos High Court had established the illegality of their actions, which broke the AMCON Act, the Securities and Exchange Commission laws,

Banking laws and all the ethics of the banking profession.

Among other demands, it asked the CBN to cause a thorough investigation of the insider trading and collusion by Sterling Bank and its top management, Yemi Adeola, Yemi Idowu and Ms Justina Lewa; Compel Sterling Bank to return the 10 hectares of land which Yemi Adeola and Yemi Idowu illegally sold to themselves, to AMCON as part of the collateral. This, itself was in line with the judgement of a Lagos High Court which nullified that sale.

The company also asked the CBN to compel AMCON to recover the 10 hectares of land as its collateral, and apply it toward the N8.5 billion debt obligation.

It said: “AMCON should commission a valuation of the property and take the portion of it which satisfies the obligation, and then return the remainder to us.

“After the obligation is satisfied, AMCON should be asked to issue a letter of release, and return our Knight Rook shares and other properties held by AMCON and the Receiver Manager to us,” it said.

The company said Sterling Bank management in order to ensure that the court verdict the company won was not executed engaged in an intricate web of mind-game, bringing in the AMCON to set obstacles for the company in order to arm-twist it to abandon its judgement it won at the Lagos High Court.

In the petition to the CBN, he asked the apex bank to investigate the dealings of Mr Yemi Adeola and co-conspirators in Sterling Bank and AMCON and ultimately ensure that the ethics of the banking profession is upheld and not be dragged into the mud because of the greed of some individuals in the industry.

The petitioner recalled that at some point in 2009, the project was stalled due to liquidity challenges in the banks, “and they were no longer able to provide funds to continue the development.”

He said: “When AMCON was established in 2011, the banks transferred the loan to the corporation, but Sterling Bank retained the Knight Rook shares and used the same to trade illegally.

“We discovered that Sterling Plc did not transfer all of our collateral to AMCON, instead it diverted 10 hectares of the land, which it secretly sold to its Director, Mr Yemi Idowu, a rival real estate developer.”

The company stated that Mr Yemi Idowu was “appointed to manage the account as the head of the Project Implementation Committee, PIC, comprising the four financing banks and ourselves.

In reality, Yemi Idowu should never have been allowed to manage our account as he was a direct competitor.”

It alleged: “He (Yemi Idowu) had made several controversial attempts to buy the land in the past, with the knowledge of the other Executive Directors and the Managing Director (Sterling Bank), Mr. Yemi Adeola.

The company further alleged that Sterling Bank sold the land to Yemi Idowu, using a proxy company and deposited the sales proceeds of N1.8 billion “into our project account” and immediately withdrew same without the knowledge or mandate of the real estate development company to pay BENA Management Services Limited, another surrogate/proxy company which “Sterling Bank secretly used to purchase houses in the Victory Park Estate.”

The petition read: “We took our case to the Lagos State High Court, to press for our rights. During the course of the case, we discovered that after selling the land to Mr. Idowu for N18,500 per square metre, Sterling Bank immediately sold 2.4 hectares of it to UPDC Plc at the rate of N26,000 per square metre, which would translate to a secret profit of N750 million, assuming that Sterling Bank sold entire 10 hectares, However, it turned out that they only sold 2.4 hectares and kept 6.6 hectares to themselves.”

But while they were in court, the company said Mr. Idowu continued to build on the land in contempt of two separate court orders that parties should maintain the status quo, and stop all construction work on the land pending judgement.

“He has now built an estate on the land, called Cadogan Estate. The estate has more than 300 houses in it, valued at around N30 billion, which is more than adequate to settle our exposure to AMCON,” Grant Properties Limited said.

The company, however, pursued its case to conclusion at the court, “and won Judgement on June 2, 2017.” The following positions were reached and granted by the court verdict:

That Mr. Yemi Adeola, Ms Justina Lewa and Sterling Bank sold our land after they had transferred the loan to AMCON;
That Mr. Adeola, Ms Lewa and Sterling Bank had no right to sell the land, and that it should have been transferred to AMCON along with the loan obligations;

That Mr. Adeola, Ms Lewa and Sterling Bank acted alone, without informing the other members of the PIC; that the sale of the land is null and void.

Consequent upon the judgement, ownership of the land and all developments on it should revert to Knight Rook Limited, and stands as part of “our collateral to AMCON,” the petition further stated.

The company noted, however, that while the case was on, AMCON intervened and referred the matter to the CBN for review, and it (the company) also wrote a petition to the Bank Supervision

Department of the CBN, but “we were told the CBN could not intervene in the matter because we were in court.

“We wrote to AMCON on June 15, 2017, to notify them that we had won our case, and we would like to pay the loan from the land that we had won.”

He stated that the company was surprised when on Friday, June 16, 2017, AMCON sent a Receiver Manager, Mr. Lanre Olaoluwa, an army of thugs and policemen who invaded not only the chairman’s house, but also the company’s offices across several locations, beating up the staff and carted away generators and other valuables, which were not accounted for till today.

“Still the violent team of thugs and policemen returned three days after, on Monday, June 19 2017, to take over the residences of the chairman’s children,” the petitioner added.

The Lagos House of Assembly on Monday called on the Governor of the state, Mr. Babajide Sanwo-Olu, to increase the number of officers in the Neighbourhood Safety Corps.

The lawmakers also urged Mr. Sanwo-Olu to equip the state’s security agency so that it can adequately protect the lives and property of residents.

The House further resolved that the Governor should call on the commissioner of police in the state to intensify efforts to secure the state.

The resolutions of the lawmakers resulted from the attempt on the life of Hon. Olawale Rauf Age-Sulaiman, the state’s legislator representing Amuwo Odofin 2 on July 8, during a political rally ahead of the forthcoming local government election.

While the lawmaker escaped death, a chieftain of the All Progressives Congress (APC), whose name was given as Kayode Samuel and who stood beside him, was hit and later confirmed dead.

Raising the issue as a ‘matter of urgent public importance’, Hon. Age-Sulaiman narrated how he escaped death from gunshot adding that the incident occurred in Oriade Local Council Development Area (LCDA).

“I heard some people making noise while the campaign was on and I called for calm but I didn’t know that there were some elements who came with another intention.

“We were about going out when somebody told me not to go out and two persons stood beside me and right there I heard a gunshot sound and the next person beside me shouted my leg with blood-stains,” he said adding that he escaped by the whiskers.

Commenting on the incident, Hon. Rotimi Olowo, condemned the use of thugs to settle political matters. He also urged that security in the county be given more seriousness through the establishment of state police.

“The commissioner of police should investigate the issue,” he said adding that politicians and other Nigerians are not safe at this period.

While Hon. Yinka Ogundimu suggested that the Governor should be called upon to protect lives and property by asking the commissioner of police to intensify efforts, his colleague, Hon Tobun Abiodun, urged people to desist from crime.

“Killing one individual can cause a family enternal sorrow,” he said as he used the opportunity to call for the establishment of state police.

“I know our government is very responsible, but we want to use this opportunity to call on the Governor again,” he said.

Hon. Adedamola Kasunmu, noted that with the increasing crime rate in the society, the call for the establishment of state police for the protection of lives cannot be over-flogged.

He urged the other Houses of Assembly in the federation to start calling for state police so that the National Assembly would take it serious.

In his contribution, Hon. Setonji David said those against state police are enemies of the country.

Other lawmakers who spoke included Desmond Elliot, Kehinde Joseph, and Rotimi Abiru.

Deputy Speaker of the House, Hon. Wasiu Eshilokun-Sanni, who presided over the sitting on behalf of the Speaker, Rt. Hon. (Dr) Mudashiru Obasa, said the incident was shocking. He also commiserated with the family of the deceased.

8 contestants seek viewers votes, as First Bank-Sponsored The Voice Nigeria Season 3 enters live shows

By Bolaji Israel

With an electrifying mix of pulsating musical performances, music training, glamorous fashion and life enriching entertainment, the The Voice Nigeria 3 continues to dazzle to the very grand finale.

The fate of eight amazing music talents now lies with the viewers votes for a chance to fight for the grand prize as the world acclaimed music talents reality series, the Voice Nigeria 3 sponsored by FirstBank, Baba Ijebu and Airtel entered the much awaited Live Shows stage in Nigeria. The music show is produced by UN1TY Limited and Livespot360.

Out of the twelve talents that made it to the live shows, the four celebrity coaches cum judges only picked one each following spectacular performances, leaving eight badly in need of the voters life-lines.

The lucky four were Eazzie, Naomi Mac, Esther and Kitay while the highly gifted and promising Dapo, Kpee, Inioluwa, Nuel Ayo, Jeremiah, Toeseen, Anu and Tamara can now only be saved by the viewers votes by dialing *894*7*talent’s code#. More details of the show can be gotten via this link https://www.firstbanknigeria.com/the-voice-nigeria/

Fifteen weeks into the FirstBank- powered world-class show, eight outstanding talents had earlier emerged from the pack while viewers saved Toeseen, Jeremiah, Nuel Ayo and Tamara offering them an opportunity to perform at the live shows and raising the tally to twelve.

All four saved talents are now in need of a second chance as they are part of the eight that needs viewers votes again.

Meanwhile, all twelve talents had given their best with the performances of various songs at the live shows witnessed for the first time by not only judges but also a small audience.

It was team Waje that first opened the live show kicking off with a powerful singer, Eazzie in a vibrant performance of Omawumi’s “If You Ask Me” then Inioluwa with a soulful delivery of “Essence” by Wizkid featuring Tems followed by Nuel Ayo with an angelic delivery of Diamonds by Rihanna. Coach Waje chose Eazzie leaving Inioluwa and Nuel to the viewers vote.

Team Darey then took over the stage first with Esther who wowed the audience with a superb delivery of another Omawumi classic, “In the Music” followed by Jeremiah with a princely delivery of Teni’s Billionaire and the flamboyant Kpee in a different mode singing Roju by a Voice Nigeria alumni, Chike. At the end, Darey chose Esther, leaving Kpee and Jeremiah.

It was soon Team Yemi’s turn to dazzle with Toeseen performing “The Climb” by Miley Cyrus, then Kitay delivering an emotional Luther Vandross classic, “Dance with My father” followed by Anu’s rendition of “Feeling Good” by Nino Simone. Expectedly, Yemi saved Kitay.

Tamara’s rendition of Beyonce’s “Halo” ushered in Team Falz, followed by Dapo’s performance of John Legend ‘s classic, Ordinary People, and Naomi Mac’s delivery of John Legend’s revolutionary song, Glory. At the end, Naomi was saved by Falz, leaving Dapo and returnee Tamara to the viewers votes.

With an electrifying mix of pulsating musical performances, music training, glamorous fashion and life enriching entertainment, the The Voice Nigeria 3 continues to dazzle to the very grand finale.

Lead show sponsor, FirstBank in a statement by its Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, reiterated that The Voice Nigeria 3 is a Reality TV show designed to discover and promote talented singers to actualise their dreams of becoming international stars which aligns with FirstBank’s commitment to providing a platform for nurturing and showcasing talents and driving social cohesion.

The Financial giant added that its support for The Voice Nigeria 3 is a demonstration of FirstBank’s commitment to contributing to the projected revenue of US$86m by 2021 from Nigeria’s music industry aimed at promoting a diversified economy in line with the Federal Government’s diversification policy.

Multichoice, owner of the satellite television, DSTV, a popular subscription-based platform in Nigeria have reacted to the story making the round over N1.8trillion tax fraud, and move to freeze the company accounts.

The Federal Inland Revenue Service (FIRS) has earlier accused MultiChoice Nigeria Limited and MultiChoice Africa of been indebted to the Federal Government of Nigeria to the tune of N1.8trillion.

But, in a reaction, the company maintains its readiness to prove tax compliance if and when needed.

“We have read the media reports and the statements made by the Federal Inland Revenue Service (FIRS).

“MultiChoice Nigeria has not received any notification from FIRS. MultiChoice Nigeria respects and is comfortable that it complies with the tax laws of Nigeria.

“We have been and are currently in discussion with FIRS regarding their concerns and believe that we will be able to resolve the matter amicably,” the statement read.

To further solidify its trendsetter status as a foremost customer-focused company, Smile Communications Nigeria, the multiple
award-winning broadband services company, is set to shower more goodies on its existing and new customers.

This time around, Smile, renowned as the first to launch VoLTE on its network, is set to introduce four new local call options with extended
validity to its range of SmileVoice ONLY plans. The new options were developed to complement the three existing 30-day SmileVoice ONLY plans.

Leading the pack is the new 60-day validity plan, which comes in two options of 150 minutes talk time for ₦1,500 and 450 minutes talk time
for ₦4,000, invariably ensuring the customer a ₦500 comparative savings over the first option. It is also suitable for those adept at longer talk time. There are also the new 90-day validity plans in two variants. The first at the cost of ₦2,000 with a 175 minutes talk time value, and the second plan with 500 minutes talk time value at only ₦5,000.

Explaining the rationale behind these new SmileVoice ONLY plans, Abdul Hafeez, Chief Marketing Officer of Smile Communications, stated that the new SmileVoice ONLY plans have an extended validity period and are more cost-effective. He emphasised that the significant difference between the new plans and the existing SmileVoice ONLY plans is that the new plans are valid for more than 30 days, and customers can now talk for longer. As a result, we've heard our customers who want to speak for longer and get the best value call rates.

The existing SmileVoice ONLY plans, valid for 30 days, include the trio of 65 minutes talk time value at ₦510, 135 minutes talk time value at ₦1,020, and 430 local minutes talk time value at ₦3,070.

It is worth re-iterating that all Smile customers enjoy unlimited FREE Smile-to-Smile calls and SMSs. Customers will experience crystal clear voice and video calls using VoLTE-capable handsets with a Smile SIM card or downloading the FREE SmileVoice App on Android or Apple iPhone devices. With SmileVoice, customers can call anyone, anywhere, on any number in Nigeria or the rest of the world. Furthermore, calls are charged in megabytes (MBs) to the customer's active data plan, translating to the lowest local call rate per second in Nigeria at 13.7k/sec.

Another great advantage of SmileVoice is that Smile customers can take their local call rate with them when travelling abroad by just connecting to the local WiFi network and using the SmileVoice App to call anyone in Nigeria. These calls will be charged at local call rates and is another premium advantage that is obtainable only from Smile.

The management of Zenith Carex is currently running from pillar to post to ensure it comes out clean in the investigation launched by the Economic and Financial Crimes Commission (EFCC) into a report of an alleged $3 million fraud.

The Office of the Inspector General had raised the $3million fraud allegation in the latest report issued on March 9.

Global Fund, an international health sector funding mechanism which pools the world’s largest financial donations for the prevention, treatment, and care of AIDS, Tuberculosis, and malaria, blacklisted Zenith Carex in its report.

It accused Zenith Carex of systematically inflating invoices for the distribution of health commodities to warehouses and health facilities throughout Nigeria.

The company committed the alleged fraud between 2017 and 2019, a period of two years, the report had stated.

That the EFCC has begun investigation into the matter was confirmed to journalist by the anti corruption agency.

In a bid to exonerate the firm from the fraud allegations, Zenith Carex denied the allegations in a report by Punch Newspaper on March 11, three days after the OIG’s report was issued.

The firm said EFCC was aware of the development and had invited some of the parties involved. It also called on the federal government to intervene in the matter.

Global Fund is a funding mechanism that pools the world’s largest financial donations for the prevention, treatment, and care of AIDS, Tuberculosis, and malaria.

Given that Nigeria has the highest malaria burden in the world (one in four cases globally), the world’s fourth-largest tuberculosis burden and about two million people living with HIV, funding programmes to stem the tide of these grim indices became a central focus for Global Fund.

Since 2003, the Global Fund has disbursed over $2 billion in Nigeria. But despite that, the country is still dogged by disturbing health statistics partly because corrupt and incompetent officials undercut progress in health management, health experts say.

Zenith, a sub-contractor of Chemonics International, who managed an integrated supply chain for Global Fund Principal Recipients in Nigeria and the United States Agency for International Development (USAID) was blacklisted by the Fund.

The OIG report said Zenith allegedly inflated distribution invoices up to ten-fold and misrepresented the services executed, resulting in a $3 million overcharge.

The revelation builds on previous yearly reports by the OIG accusing Nigerian companies and government agencies of abusing millions of dollars of the Global Fund aid.

–National Waves

Burgeoning online universe with origins in Nigeria and roots all over Africa, the Zigzag Nation, has commenced a detailed, systematic and rewarding empowerment programme for Nigerians.

The focus of this first phase of an all-encompassing empowerment programme for Nigerians is three-fold; quick and easy access to finance for businesses, job creation and self-employment. These three are forerunners that will be followed by programmes that will pivot on Wealth Creation, Savings Culture and Financial Independence.

In line with its Afrocentric stance, this empowerment programme will subsequently be open to African youths as Zigzag Nation embodies a cross-pollination of different African people of positive vibrations under one nation. Though global in outlook and orientation, the Zigzag Nation remains, for now, an African platform for people of different cultures to showcase their talents. The platform would enhance freedom to borderless trade between Africans.

To be a prospective beneficiary of either the current self-employment or job creation programmes, Zigzag Nation will provide a dedicated phone number to be activated on its platform, which provides a security and a three-way authentication in order for an e-wallet to be given.

This means even those who are financially excluded can now enter into the financial ecosystem. Towards this end, a 9mobile phone number will be assigned to the prospect who will in turn visit any 9moble centre to activate the phone number. Each member will have a very attractive bundle to give easy and low cost communication in the community. Each member will also be encouraged to invite all their friends and family members to be part of the programme so that they can call them with almost unlimited calls and have data for their online business. Parts of the special benefits derivable from this alliance with 9mobile include unlimited calls to all members, 1.5GB data and 3-way authentication for security.

After the activation, the prospective beneficiary has almost completed his or her set up for the Zigzag "passport", which gives access to many financial benefits. The focus group of beneficiaries remains the Youths, Students, Merchants, Artisans, Workers and a host of others. Every active member will be allocated an e-wallet combining a personal savings account and an expenses account with a debit card attached to the expense account. The member would choose or form his or her own group or community with up to twenty persons he invited to Zigzag Nation.

On full commencement, each group will set up their exclusive Savings group chat box showing all members, their status, total amount pooled, and access to borrow funds in less than one minute. The group members will also have access to start-up funds after one year of membership. The Savings - Ésusu/Ajo/Adashe group chat is available for each group where their meeting is conducted and information made available to members of that group. Through Savings with notable banks that are financial partners of Zigzag Nation, each individual Savings is assured up to 10% per annum interest as a starting rate. After 6 months, each member can avail themselves of daily, weekly or monthly loans depending on the business model. An expenditure account will also be made available and each beneficiary will be given a virtual card.

Other additional benefits accruable to members of the Zigzag Online community will include unfettered access to the Zigzag online education library, opening by September, to upscale the skills of beneficiaries in the spheres of loans, business and Enterprise set up.

To be part of the Zigzag nation, a prospect is required to download the Zigzag app on Google Play store, Apple App Store or at the official website zigzagnation.net. Register with his photograph and NYSC/National identity card, get the ZZN SIM card, get the e-wallet and ask financially responsible friends and family to join in an Ésusu group.

The Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to ensuring effective stewardship of the nation’s hydrocarbon resources to guarantee energy security and drive wealth creation in Nigeria.

The Group Managing Director of NNPC, Mallam Mele Kyari, made this assertion while delivering the keynote address at the 2021 Nigeria Oil and Gas Conference and Exhibition (NOG 2021) on Tuesday in Abuja.

Speaking on the topic: “Vision and Priorities for Nigeria’s Energy Transformation,” Mallam Kyari stated that for a nation with a teeming youth and a developing economy, Nigeria needed the right policies to unlock its huge economic potential, stressing that NNPC was working towards bridging the energy gap to multiply wealth for its varied stakeholders.
“We see a nation that must integrate by developing midstream and downstream infrastructure as the intersection and bridge to value. We see a nation in need of right policy framework to attract new investment while encouraging existing players,” Mallam Kyari averred.

He said that the Corporation has completed the Escravos Lagos Pipeline System (ELPS) Phase II project, thereby expanding the gas supply channel for domestic gas utilization, adding that it has also kick-started the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, while the Obiafu-Obrikom-Oben gas pipeline (OB3) project was billed for completion soon.

The GMD maintained that the Corporation’s vision was to emplace the critical backbone infrastructure, create liquidity and provide the necessary linkage to markets.

He noted that NNPC and its partners were harnessing and exploiting the nation’s huge gas potentials one of which was the Nigeria Liquefied Natural Gas (NLNG) Train 7 project which the President performed the Ground-breaking ceremony recently.

According to him, the NLNG Train 7 is a flagship project expected to increase the nation’s LNG production capacity by 35% and seal Nigeria’s position as one of the top LNG nations in the world, adding that Nigeria was in the process of also transforming into an LNG-consuming country while at the same time deepening domestic utilization of Liquefied Petroleum Gas (LPG).

On the refineries, he said the programme for the rehabilitation and upgrading of the existing refineries was on course, adding that while work had already started on the Port Harcourt Refinery Company (PHRC), work would soon start on the Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited (KRPC).

“The NNPC plans to take 20 per cent equity in the Dangote Refinery and acquire stakes in other private modular and condensate refineries in the country. Our priority is to meet our local fuel demand because that is the right way to go thereby making Nigeria to become the hub of petroleum products supply to other African countries in the years ahead,” Mallam Kyari informed.

He said NNPC, as a National Oil Company (NOC), has made strategic decisions that would enable Nigeria to be energy sufficient through its partnerships and several business portfolios that would add value to the nation.

The NNPC helmsman said the recent passage of the Petroleum Industry Bill (PIB) by the National Assembly was a clear example of how collaboration across political lines can deliver reforms, assuring that the Corporation would sustain engagement with partners to co-create solutions for unique challenges and provide the platform for effective policy engagement.

In the past two decades, outsourcing has grown, as a business discipline, across sectors and geographies.

For many, their first introduction to outsourcing had its roots in ICT with American companies hiring call center operators in India and elsewhere thus ensuring that business was always open thanks to cost efficient labour in the Global South and differences in time zone.

So, what exactly is outsourcing? It means the transfer of work responsibilities and decision rights to an entity outside the business. While outsourcing can produce significant economic benefits when done right, it is still not recommended for all business.

As Resource Intermediaries Limited, a people management company and one of the pioneers of business outsourcing in Nigeria celebrates its 15th anniversary, we zero in on what outsourcing means and how you or your company can benefit.

Outsourcing seems expensive but is cheaper in the long run: Confusing right? Well, when you outsource you tap into an organization with people management competence. That competence is what you will be paying for and it will seem expensive but by the time you factor in the cost of expertise, flexibility and scalability your organization will gain, you will see your company making savings in the long run.

Outsourcing helps you focus on your core business. So let us say your business is banking but as a bank you need to hire cleaners and catering staff and drivers etc. Why do you, as a banker, have to deal with these issues when you can simply outsource those non-core functions while you focus on the core business of providing banking and financial services and advisory? An outsourcing company like Resource Intermediaries Limited can provide functions like janitorial, front Desk, Field marketing, basic operations and other non-core services thus easing your business burdens.

Outsourcing provides objective analysis of your business. Starting a business is like starting a family and growing a family can be time consuming and also leads to sentimental attachment which is why sometimes when the company is over staffed, the owner still feels the need to keep on the extra weight because…they are family. Dragging around unneeded over-head can atrophy your business. With outsourcing services, staffing needs are strictly aligned to business needs. No sentiments.

Outsourcing saves capacity building costs: A true business outsourcing company is at its core a people management business and a key component of people management is capacity building. Outsourcing companies like Resource Intermediaries Limited are always training their personnel to deliver on the job. The training cost is borne by the outsourcing company while the recipient company enjoys the benefits because if an outsourcing company fails to train its staff it will lose its business.

Outsourcing saves time in many ways: Running a business and meeting the needs of your varied clientele base can be tough and time consuming so imagine adding to the core business needs other requirements like payroll, insurance, health care, regulatory compliance and others. Getting an outsourcing company is a good way of focusing on your core business and avoiding the grey hairs that come from add-ons.

Outsourcing delivers competitive advantage to your business: The fact that you will have access to best support services while you focus on your business, will make your decision making faster. This agility and ability to upscale and downscale where and when required is even more invaluable for the times we are in.

Outsourcing protects your core business from many liabilities: Professional outsourcing companies like Resource Intermediaries Limited assume full responsibility for liabilities that arise from the functions outsourced to them. This is a major benefit as it frees users of their service of harmful litigation and recovery of stollen items or funds by staff that could have been on the user’s payroll.

The Nigerian National Petroleum Corporation (NNPC) and its partners in the Oil Mining Lease (OML 130) Production Sharing Agreements (PSA) and Production Sharing Contract (PSC) are set to earn over $760m from fresh Gas Supply Purchase Agreements (GSPAs) and Gas Entitlement Agreement (GEA) executed Thursday at the NNPC Towers.

The agreements which are part of the Corporation’s gas commercialization programme involve Total Exploration and Production Nigeria (TEPNG), China National Offshore Oil Corporation (CNOOC), South Atlantic Petroleum Nigeria Limited (SAPETRO) and Prime 130 Limited.

The sale structure under which the agreements were executed is designed to provide a clear delineation for the allocation of the gas sale proceeds to all the participating parties, including midstream handling and transportation.

“This a very proud moment for all of us. I understand all the delays, they are completely unavoidable. It is desirable for us to have full alignment of all parties before we proceed. The end result is that there would be clarity around our relationship and we would be unlocking resources that have been on the table for many years. We now have a clear line of sight around gas revenue of up to $250million dollars, and also another $510 million dollars that is applicable to the rest of us,” Mallam Kyari enthused.

He noted that apart from the revenue boost, the agreements have also opened up an opportunity to have the dispute settlement agreement for the OML 130 PSC and ultimately to have a renewed production sharing contract which would now guide the relationship going forward.

On the recently passed Petroleum Industry Bill, the GMD assured the parties that the fiscal terms proposed in the oil reform legislation remain some of the most attractive in the global oil and gas industry, noting that investors have no cause to worry.

In his response, Mr. Mike Sangster, Managing Director of TEPNG, expressed delight at the signing of the agreements, adding that the parties were committed to the terms of the agreements.

He commended the GMD and the NNPC for their vigorous pursuit of the aspiration of the decade of gas programme of the Federal Government.

OML 130 is a deepwater block located 130kilometres offshore Niger Delta at water depths of well over 1000metres. The block contains the producing Akpo and Egina fields and Preowei discovery.

The asset originally known as Oil Prospecting License (OPL) 246 was awarded in 1998 to SAPETRO and was later converted to OML 130 in February 2005 after commercial discovery of oil in Akpo and Egina in 2000 and 2003 respectively.

At conversion, the Federal Government, represented by NNPC, exercised its rights as concessionaire of the block in April 2005 whereby it entered into a PSC with SAPETRO as contractor and TUPNI as operator for 50% of the interest in OML 130 PSC and a Production Sharing Agreement (PSA) between TUPNI, SAPETRO and PRIME 130 for the other 50% interest in the OML 130 block.

In April 2006, SAPETRO farmed-out 90% of its Contractor interest in the OML 130 PSC to CNOOC.

The remaining reserves on the block are estimated at One billion barrels of liquids and over 1.2trillion cubic feet of natural gas.

Gas from the block was transported and sold to the Nigeria Liquefied Natural Gas (NLNG) via the Akpo-Amenam Gas Pipeline and was funded in kind by the PSC under the Gas Utilization Agreements (GUAs) for a consideration of 1TCF of gas which was achieved in July 2018, thus terminating the GUA.

It was projected that the parties would agree on the post- 1TCF regime for the monetization of the gas upon the expiration of the GUA. However due to underlying disputes on the PSC and other reasons, the post-1TCF regime was never agreed upon.

The new agreements offer the gas sales framework for the 100% volume under the PSC and the PSA.

Two former staff of First City Monument Bank (FCMB) have been jailed for stealing N11,360,000 from the bank for personal use.

The Kano Zonal Office of the Economic and Financial Crimes Commission (EFCC) had on October 31, 2019 arraigned the duo of Jude Ameh and Ademola Aderibigbe before Justice Farouk Lawan of the Kano State High Court.

The convicts were said to have connived and fraudulently stolen the said amount and arraigned on a one count amended charge of theft by Kano State High Court presided over by Justice Farouq Lawan Wednesday, 30, 2021.

The prosecution counsel Salihu Sani had requested for a date to proceed to trial, after both defendants had pleaded ‘not guilty’ to the 17-count charge brought against them.

The convicts later approached the Commission with a plea bargain proposal before the commencement of trial, which was accepted by the parties.

Meanwhile, on Wednesday at the resumed hearing of the matter, the defendants resulted to changing their initial plea from ‘not guilty’ to ‘guilty’ to an amended one count charge.

”That you Jude Ameh and Ademola Aderibigbe sometime in 2017 at Kano within the Jurisdiction of the High Court of Kano State did conspire between yourselves to commit an illegal act to wit: theft and thereby committed an offence contrary to Section 96 of the Penal Code Law and Punishable under Section 97 of the same Law,” the charge read.

Counsel for the prosecution, Sani prayed the court to convict them accordingly, in line with their new plea.

The defendants were convicted and sentenced to two years imprisonment with option of N100, 000 (One Hundred Thousand Naira) fine, by Justice Lawan.