₦airaland Forum

…on staying protected in the information age



First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has announced a webinar to sensitise individuals and businesses with useful information on being protected in today’s digital age.

The virtual event is scheduled to hold by noon on Friday, 16 April 2021 with “Staying Protected Amidst the Pandemic Chaos” being the topic to be discussed at the event. Registration is ongoing for the event via the link https://firstbanknigeria.zoom.us/webinar/register/WN_PUnqA7enTMG8o0OfOaWxlg

Today’s world, largely referred to as the digital age has been influenced by information technology which has optimised the way we carry out our individual and business activities.

However, the current age has been marred by illicit activities like identity theft, internet fraud amongst many others which poses a risk to the safety of individuals and businesses. Attending the webinar will have participants knowledgeably equipped with vital information that will ensure they make informed decisions, thereby promoting their safety whilst staying protected against possible risks and malicious attacks.

Tope Aladenusi, Chief Strategy Officer & Cyber Risk Services Leader, Deloitte West Africa; Confidence Staveley, Cyber Security Evangelist/ Founder, Cybersafe Foundation and Harrison Nnaji, Chief Information Security Officer, FirstBank will lead the discussion at the event.

Speaking on the planned Webinar, Dr. Adesola Adeduntan, CEO of FirstBank Group noted that “the world as a global village is associated with not just benefits but also risks of cyberattack and for individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cybersecurity threats”.

He further noted that: “in today’s digital age, which the pandemic has accelerated the embrace, cyberattacks are occurring at an alarming rate across the world. As such, no individual, business or government entity with digital and online presence is immune to cyberattacks; and the financial, physical and legal implications of an attack can be significantly upsetting.’’

In concluding, he enjoined everyone to participate in the forthcoming webinar as it is a viable opportunity to stay informed whilst being abreast with current trends that are pivotal to promoting safety in today’s world that is driven by information technology”.

The National Disciplinary Committee of the Association of Nigerian Licensed Customs Agents (ANLCA) under the able leadership of Dr. Kayode Farinto, National Vice President of ANLCA just announced the suspension of Chief Taiye Oyeniye, former Secretary of the defunct BoT; Chief Taiwo Mustapha, a former board member; Chief Dennis Okafor, Coordinator of ANLCA Western Zone and Comrade Joe Sanni, National Publicity Secretary of ANLCA.

Tope Akindele of the Murtala Muhammed Airport, Lagos chapter was also suspended.

Recalls, the Nigeria Police recently disclosed that it’s operatives at the Force Criminal Investigation Department (FCID) arrested the immediate past Secretary of the Board of Trustees (BoT) of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Taiye Oyeniyi, and the Coordinators of the Western Zone of the association, Mr. John Offobike and other members of the association, for unlawful arms possession.

Police Public Relations Officer for FCID, Niyi Ogundeyi, explained in a telephone interview that the matter is in court.

“It’s a case of illegal possession of firearms. They have charged them to court. You know it’s not a case that the police will just grant them bail.

“Their lawyer is looking for a way to bail them and the requirement from the Correctional Centre is that they should be COVID-19 free. They are just in police custody on remand from court.”

Findings by our reporter indicates that the suspects were picked up at various locations in Lagos in a renewed effort to round up suspected criminals involved in arson, robbery and assault on the National Secretariat of ANLCA and its National President, Chief Iju Tony Nwabunike.

Nwabunike was allegedly attacked and robbed by some hoodlums in the face of the crises ostensibly sponsored by some aggrieved chieftains of the association on February 18, 2021 at Ports Terminal Multiservices Limited (PTML) port in Lagos during a visit where his phones, cash and other valuables were taken away from him.

The Economic and Financial Crimes Commission, EFCC, Tuesday arrested the former Imo state governor, Owelle Rochas Okorocha, over alleged money laundering.

Okorocha was arrested in his office.

Confirming the arrest, the spokesperson for the commission, Wilson Uwujaren, said the news was true. “Okorocha has been arrested by our men”, he said in a telephone chat.

More detail shortly…

The Department of Petroleum Resources (DPR) has denied revoking 32 refinery licenses issued to private companies in Nigeria.

Mr Paul Osu, Head, Public Affairs, DPR, made the clarification in a statement on Tuesday in Lagos.

“We wish to clarify that DPR did not revoke any refinery licence.

“Refinery licenses, like our other regulatory instruments have validity periods for investors to attain certain milestones.

“This implies that after the validity period for the particular milestone, the licence becomes inactive until the company reapplies for revalidation to migrate to another milestone.“This does not in any way translate to revocation of licence of the company,” Osu said.

According to him, the DPR in line with the aspirations of the government initiated the refinery revolution programme of the country.He said it was aimed at boosting local refining capacity by enabling business and creating new opportunities for new investors with the granting of modular and conventional refinery licenses to investors.

Osu said the DPR would continue to provide support for investors in the oil and gas industry in Nigeria using its regulatory instruments of licences, permits and approvals to stimulate the economy and align with governments job creation initiatives.

Earlier today, some media reports suggested that the DPR had revoked refinery licenses that were issued to some companies for being inactive beyond the validity period. These refineries include modular refineries and conventional plants.

As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The Moment Nigeria reports that the UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021 via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

The capacity building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14 th, 2021, at 2pm WAT. Interested participants can register via http:///UBASMEWorkshopMarch2021.

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe: “With her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth.”

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding: “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

ScholarX Technologies Ltd., an EdTech start-up founded in 2016 and headquartered in Lagos, Nigeria has announced a strategic partnership with leading telecommunications services provider, Airtel Nigeria, to launch LearnAM, a new mobile learning platform that provides skills training content to improve learning outcomes.

The Moment Nigeria reports that ScholarX will also receive major support from the GSMA Innovation Fund for Mobile Internet Adoption and Digital Inclusion while leveraging on the expansive retail and digital footprints of Airtel Nigeria to deliver its skill acquisition content.

According to ScholarX, the grant received from the GSMA Innovation Fund for Internet Adoption and Digital Inclusion will help fund key components in the initial phase of the project including Platform Development, Content Development & Sourcing, and Early User Adoption.

Commenting on the LearnAm initiative, Bola Lawal, Co-founder and CEO, ScholarX, said: “The ScholarX team expresses profound appreciation to Airtel Nigeria and the GSMA Innovation Fund, funded by the Foreign, Commonwealth & Development Office (FCDO). Through the GSMA fund, we are now able to embark on our quest to connect millions of unconnected people in Africa to the Internet and help them get trained in valuable skills for the new Digital Economy.”

“LearnAM provides audio and visual content to improve digital and vocational skills of Africans so they can access decent work. It employs a 360 approach as it provides learning opportunities, assessment to measure competency, and a marketplace that connects users to jobs, customers and apprenticeships.”

“We are committed to building a more skilled workforce focusing on young people, and not-so-young adult population who are looking to upskill or simply improve their standard of living,” he said.

Commenting on the partnership, the Chief Commercial Officer of Airtel Nigeria, Dinesh Balsingh, said Airtel is pleased to partner with ScholarX, the GSMA Innovation Fund Grantee, in creating platforms and opportunities that will empower and equip young Nigerians with the skills they require to become more successful in their personal and professional endeavours.

“At Airtel, we are passionate about improving the quality of education and also helping Nigerians to gain the required skills they need to become self-sufficient and also to realize their dreams. We will continue to explore innovative partnerships that will transform lives and help more people to become successful.”

The initial version of LearnAM app has been developed on KaiOS and it will be available on affordable “smart-feature phones” and with content in local dialects such as Pidgin English, Yoruba, Igbo and Hausa.

A key feature on LearnAM is a Device Financing Program that enables individuals and members of Cooperative societies to procure a device preloaded with the LearnAM app bundled with services from strategic partners on installment after an initial deposit. Details of this program is currently being finalized with the Financing and Agent Network Partners.

While the prototype of the LearnAM KaiOS app is now available on the KaiOS app store, official launch of the platform will be in June 2021.

...ahead of commissioning


Executive members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) led by its president, Elder Chinedu Okoronkwo undertook a facility tour of the OPAC modular refineries in Kwale, Delta State on 9th of April with a mission to assess the refining capacity and perform oversight on the preparedness of the refinery as it is poised to provide finished petroleum products to bridge the constant demand and supply gaps of petroleum products in Nigeria which is brought about by the overdependence on the importation, with the attendant high cost in foreign exchange and challenges of logistics and delivery timeline.

OPAC Refinery facility tour is coming ahead of the commissioning upon the approval of feedstock crude. Chairman of OPAC Refineries, Mr. Momoh Jimah Oyarekhua said that his company, being one of the local set-up and indigenous refining company in Nigeria, is determined to continue its drive to provide a quick and better alternative to petroleum products supply and ease the pressure on the foreign exchange due to overdependence on import for finished products.

Speaking, the IPMAN President, Elder Chinedu Okoronkwo who is the leader of the delegation on the tour and in affirming IPMAN’s support for local refining said;

“We are now beginning to have the belief that Nigerians can solve their problems, this 10’000 barrels capacity per day by OPAC has shown that there is no other way than to allow the business of refining to be run by Nigerians.

“The management of OPAC Refineries has displayed a lot of uncommon innovation into the management of the refinery. With what we are seeing today, we are very happy and proud that this country has a wonderful future where our refining will be done locally. It will save us a lot of money and a lot of stress.

“Having been very satisfied with what we have seen so far today, I want to assure you that IPMAN is set to automatically become a major off-taker of products from OPAC Refineries. We make this commitment with firm confidence that our partnership with OPAC refineries will bring about greater improvement and progress in the Oil& Gas industry”

Speaking on behalf of OPAC Refineries, Willy Awili who is Project Coordinator said “on behalf of management and the entire leadership of OPAC Refineries here in Kwale, we want to express our profound gratitude to IPMAN for having been a crucial stakeholder in the Oil & Gas Industry, we thank the executive of IPMAN for coming to Kwale, and it has shown that as Nigerians we are having the mind of true Nigerians, which is to lift Nigeria for the good of us all through support for indigenous businesses”

OPAC Refineries management during the tour hinted that it has the technology for gas reuse which is designed in such a way that the residual gas from the refinery unit is channeled back into the system as fuel for the burner, making the unit resource-efficient. It noted that the modular refinery maintains high safety standards with equipment, fittings, and connection pipelines with temperatures higher than 50°C thoroughly insulated OPAC Refineries is a critical component of OMSA PILLAR ASTEX COMPANY Limited; the business vehicle is a consortium of OMSA Integrated Services Limited, Pillar Refining Company Limited, and Astex General Trading FZE Limited.

OPAC refineries produce multiple primary products which include Automotive Gas Oil (AGO), Light Fuel Oil (LFO), Naphtha – source for Premium Motor Spirit (PMS), Kerosene (or ATK. These products are in high demand locally and globally and are produced according to international specifications. OPAC plants are built to function at climate conditions way beyond the range obtainable in any part of Nigeria and while producing excellent yield results.

Being the first-of-its-kind modular refinery located at Umuseti, Kwale in Delta State, Nigeria, OPAC Refineries is equipped with a processing capacity of 10,000 barrels of crude oil per day, with plans of expansions and spread to different regions.

The project was conceptualized in 2017 with installation already completed, and currently at the plant commissioning phase. OPAC Refinery is designed to produce according to the best international standards and Department of Petroleum Resources (DPR) standards (API, ASME, ASTM, and BS).

The refinery has commenced an expansion plan which is at a design phase and which will allow the company to produce Premium Motor Spirit (PMS), Jet fuels, and also increase its production capacity to yield larger volumes, thereby enabling them to reach new regional markets at a faster and globally competitive scale.

The motive behind the extension of service for Ms. Abimbola Alale in 2019 as the Managing Director and Chief Executive Officer of NIGCOMSAT for another 4-year term may be gradually unfolding.

As it is now obvious that though she is the only African on the board of Space Generation Advisory Council, when it comes to the financial affairs of NIGCOMSAT; a satellite communications service provider wholly owned by the Federal Government of Nigeria and incorporated on April 4, 2006, she does not fly solo.

Investigations revealed that between September and December 2011, Ms. Alale in connivance with the immediate-past managing director of NIGCOMSAT, Engr. Ahmed Rufai and one Alma Okpalefe Udoyen without a Certificate of No Objection from the Bureau of Public Procurement and no approval from the Federal Executive Council since the service was a non-consultant service contract, paid the sum of N5,893,920,000 (five billion, eight hundred and ninety-three million, nine hundred and twenty thousand Naira) as an insurance premium for the launch of NigComSat-1R satellite to Fasaha Intercontinental Insurance Brokers Ltd, with an office at Block C3 Amsalco Plaza, No 100 Zoo Road Kano.

As the project director for NIGCOMSAT 1R we learned, Ms. Alale also allegedly facilitated payment up to the tune of N3,082,742,400 (three billion eighty-two million, seven hundred and forty-two thousand four hundred Naira) for non-existent and fictitious insurance policies, amongst which was a N1,475,680,000 (one billion, four hundred and seventy-five million, six hundred and eighty thousand Naira) payment as premium for an Early Launch Orbit insurance with no certificate issued. China Great Wall Industries Corp. (CGWIC), the satellite manufacturers, however, did not indicate Early Launch Orbit Insurance as part of the insurance cover for the satellite.

Despite the contract document of NIGCOMSAT 1R satellite between Nigerian Communications Satellite Limited (NIGCOMSAT) and China Great Wall Industries Corp. (CGWIC) stating that the transit insurance of the NIGCOMSAT-1R satellite from the factory in Beijing to the launch site at Xichang was the responsibility of CGWIC, another payment of N1,607,062,400 (one billion, six hundred and seven million, sixty-two thousand, four hundred Naira) was allegedly made with no insurance policy or certificate to authenticate the transaction.

Obviously running the agency with an open check, the sum of N1,475, 680,000 (one billion four hundred and seventy-five thousand six hundred and eighty thousand) was subsequently paid for NIGCOMSAT 1R Launch Insurance while the sum of N1,335,497,600 (one billion three hundred and thirty-five thousand four hundred and ninety-seven thousand and six hundred Naira) was paid for NIGCOMSAT 1R In-Orbit Insurance valid for two years from 2011 to 2013.

However, on 21st December 2012, while the subsisting in-orbit insurance was still valid, the astronomical thieves having developed a conduit pipe through which they siphon taxpayer’s money again paid the sum of N421,885,364.63 (four hundred and twenty-one million, eight hundred and eighty-five thousand, three hundred and sixty-four Naira, sixty-three kobo) to Fasaha Intercontinental Insurance Brokers Ltd for the renewal of the in-orbit insurance policy for 19 December 2012 to 19 December 2013.

Just like other fictitious deals, we gathered that the payment was approved by the in-house tender management board fully aware that the said in-orbit insurance not renewable as it is traditionally a one-time payment.

While the copy of the insurance policy did not state the premium, no FEC approval or BPP Certificate of No-Objection was obtained for the procurement which remarkably, was not signed by either party, with no insurance certificate from the local and foreign insurers. Further diggings showed that not only was the act fraudulent, but the amount approved for the project was also above the threshold of the company’s tenders board as set out by BPP in the approved revised threshold for the award of contracts, thus contravenes section 16 (I) (2) of the Public Procurement Act, 2007.

By Lasisi Olagunju

Zamfara State governor, Bello Matawalle is in the news. He issued a very long statement on Thursday attacking the south in defence of his north. He also attacked anti-Buhari London protesters for their hatred for the president and the north. This governor belongs to the PDP, a political party that claims to be in opposition to the ruling party. But he sees nothing wrong washing Buhari’s APC feet and scenting him in groveling shame. I do not know who told him that President Muhammadu Buhari needed the ‘ineffectual buffoonery’ of the PDP to defend himself from haters. My people say the warrior’s kumo (club) is enough to kill, it does not need further fortifications from charms and amulets of busybodies.

What is the business of an opposition governor in buying drugs for a sick president? The PDP and some of its jobless leaders do not know how to mind their business. They don’t. The party has many of such ‘leaders’ in the south west who dingily campaign for Senator Bola Ahmed Tinubu for his undeclared 2023 presidential ambition. They lick the arse of APC with their party clapping and hailing them: “you are doing well.” What kind of man is in PDP and at the same time a shit-packer for Buhari and the other APC power-bags? All over the world, no man of value hyphenates contradictory values; no good man grafts good on bad and bad on good. PDP has such ghastly people who misbehave without wearing masks. The Yoruba use bewildering eyes to look at anyone who expands his Oshokolo to start bearing Oshakala-Oshokolo. There are other savage names for such characters; we call them alagabagebe. You do not need a translator to grasp the meaning of that zigzag word; all you need is listen to its macabre sound and you get how disgusting whoever is so described is.

Matawalle is my focus here, the loathsome Oshaka-Oshoko of the South West are just an abhorrent detour, so I leave them. Matawalle informed us in his statement that the protest against Buhari in London was an attack on the north. He said “as a northerner,” he condemned “in strongest terms” the protests which “demonstrated the growing hatred against anything north.”

Now, is it a northern policy that a president luxuriates abroad while hospitals are closed at home? Who told Matawalle that the London assembly of protesters was one hundred percent southern? When did we start ethnicising protests against bad governmental acts and behaviours? The January 2012 fuel price protests that burst the balls of President Goodluck Jonathan was actively financed by elements who populate the APC today, north and south. Buhari was involved; Nasir el-Rufai was involved; the Zamfara kingmakers who enthroned Matawalle were involved. Now, using the illogic of this governor from Zamfara, would we be right to say that the 2012 protest was a manifestation of those people’s hatred for Jonathan’s Ijaw and ‘anything’ south south?

What our president says with his grisly silence is what desperate Matawalle has said in gruesome words. This is a season of sickening politics. Because of the pushback against retail and wholesale smuggling of banditry into the south, Matawalle also threatened that the north had the capacity to ‘reciprocate.’ His dogoturenchi (gigantic English) clung like salamander on what he called south’s attacks and hostilities to northerners in the south.

His words: “If Northerners and their means of livelihood will not be protected, accommodated and be dignified anywhere they choose to stay in any part of the South, southerners should NOT expect such reciprocal protection from the North as the North has more than what it takes to respond to any kind of aggression and hatred.”

We regularly hear such threats from bandits and other criminals from the north since 2015. But a governor is not an ordinary official of state, he is a miniature president. So, when Matawalle spoke the language of bandits, it could only mean that Nigeria has truly metastasized from a country of hope to a monstrous forest of the heartless.

Zamfara, where Matawalle is governor, is the banditry capital of Nigeria. You would think that this governor already had enough in his plate and would mind his business. But no. He is a politician, there is no commitment to anything edifying. There is no shame; what there is, is the end which must always justify the vile means. Just eleven days ago, Matawalle cried out that six northern states, including his own, had 30,000 bandits in 100 camps. Specifically, he said in his state, there were 4,825 bandits who had 232 commanders with 24 routes and networks across 14 local government areas of the state. He disclosed further that in Zamfara State between 2011 when the banditry crisis began and 2019, 2,619 people were killed; 1,190 kidnapped and the sum of N900 million paid as ransom while 14,378 animals were rustled.

He added: “One hundred thousand people were displaced from their ancestral homes. This is in addition to the hundreds of houses that were burned to ashes with foodstuffs and other valuables worth billions of naira destroyed by the bandits.”

He did not give details of the bad things that have been the lot of his state since he happened to Zamfara in 2019. But we cannot forget that the situation has terribly deteriorated to the point that a slumbering Buhari had to recently wake up to pronounce that state a no-fly zone.

But did you notice that all that concerned Matawalle was Southern Nigeria? This governor had no warning for his brothers, the bandits who have wrecked his region, his state and his people. Instead, what he has for them are bread and butter and bullion vans as thank-you packages. He is the originator of the pro-bandit amnesty policy popularized by Sheik Ahmad Gumi.
So what does Matawalle want? The involution in his politics is deliberate. He wants a second term. Full stop. Because he wants a second bite at the cherry, he has therefore decided to befriend the two unfailing factors for political success in the shit-hole of the north. He knew he needed the protection of Buhari and the support of the uncritical, fanatical street. These two he would get if he assumed the role of their champion and becomes the north’s own Sunday Igboho. That is what he has done by launching a blitzkrieg at the south. But with that statement of poorly assembled phrases, did he not cut the pitiable picture of a repulsive desperado? Let us see how far he can go.

Well, it turned out that this governor was just the appetizer; the main course came the following day. Leaders of the Hausa-Fulani north don’t take prisoners when they go to war. So, on Friday came from them a Fatwah on the south. They would restructure Nigeria (in their own image) and won’t mind keeping the presidency of the country till death do them part. The ultra conservative, pro-Buhari Arewa Consultative Forum (ACF) and the nimble pro-Atiku Northern Elders Forum (NEF) led 15 other groups to make it very clear in a communique they issued in Kaduna that Friday that, in this patriarchy nicknamed Nigeria, they are the husband and their word is law. Did you read them?

They said: “The North believes that restructuring the country is now a vital necessity for survival as one entity…(But) the north will not be stampeded or blackmailed into taking major decisions around rotating the presidency.”

Very short, clear, unambiguous and audacious. That is how masters talk to slaves. They are ready to restructure Nigeria but that restructuring must not include allowing other parts, especially minority groups, to produce the president.

They also significantly borrowed warning shots for the south from Matawalle. They said: “The north warns against the continuation of demonization, attacks and killings of northerners in the southern parts of the country.” They asked the government to “take firmer steps to protect members of northern communities who live in the south…” But what about the atrocities of northern bandits in the south? The 12-paragraph, graceless, provocative communique had not one word of sympathy or pity for victims of northern violence in the south. It was all arrogance served in haughty, masterful plates. A helpless commentator, who read them, lamented online that the Hausa-Fulani north ‘always ensure that whatever they say happen.’

They decide and choose how Nigeria is run and dare the conquered south to contradict them. Well, my people say if you are sure of the potency of your Ogun or your oogun (charm), you swear with it. That is the meaning of that Kaduna Declaration. But it is ‘morning yet on creation day;’ we wait to see how far they will go.

(First published in the Nigerian Tribune on Monday, 12 April, 2021).

These are not the best of times for one of Nigeria’s old generational banks, Wema Bank Plc, as the financial institution is said to be under the surveillance of the Central Bank of Nigeria (CBN) following illiquidity of its liquidity ratio.

The development, we learnt has raised fear among the bank’s shareholders and depositors.

This is even as, commercial lenders in Nigeria are averse to extending loans to the bank because of its capital which has fallen below the regulatory threshold. Results of the bank posted to the Nigerian Stock Exchange (NSE) shows that it did not get a single deposit from banks in the 2020 financial year compared to the N3.64 billion it attracted from them in the previous year.

Wema Bank’s liquidity ratio stood at 14.53% as of September 2020 instead of 32.04% it had the same period the prior year, while the benchmark liquidity ratio is 30%.

The bank’s Capital Adequacy ratio (CaR) was 11.35% as of the third quarter of 2020 compared to 14.78%, which was below the industry average of 11.5%, while the regulatory threshold is 15%.

The bank may urgently shore up its capital by raising fresh capital if it would continue to be a going concern.

Speaking with our correspondent, Mr. Moses Ojo, Chief Economist/Head, Investment Research at PanAfrican Capital Holdings, explained that Wema Bank was barred from some investments that could have a positive impact on its performance because of its precarious financial position, which profitability static. “Its capitalization has eroded. It is at risk,” he noted.

“Having looked at the bank and seeing it is one of the weakest lenders in the country, other banks will be wary to do business with it or giving them loans. They know the stand of each bank in the system,” Ojo added.

Meanwhile, the unimpressive performance of Wema Bank was again replicated at the end of the 2020 financial year, heightening shareholders’ concern over the lender’s recent poor run of results.

The unaudited 2020 financial statement of the bank released recently showed that as a group it struggled to generate income as it shrunk 14.79% to N80.85 billion on the back of the huge 73.18% decline in net trading income and 8.41% drop in interest income during this period.

Wema Bank could not grow operating income which went down 2.49% to N42.97 billion in 2020, although net fee and commission income were up 5.09% at the end of last year.

It made progress in cutting down the value of its toxic assets by 31.72% to N4.18 billion compared with N6.13 billion in the previous year, resulting in 35.24% growth in recovery from bad debt to the tune of N326.27 million in 2020.

But this could not spur the lender to ramp up profit, which declined 2.66% to N5.06 billion in 2020 instead of N5.20 billion in the prior year.

The bank experienced four consecutive dips in the four quarters of last year, which has made shareholders express worry over this downturn.

The cut in expenses in the last financial year- interest cost reduced 24.60%, personnel expenses dipped 5.83% and other operating expenses went down 1.34%- could not bolster its profit during this period.

However, Wema Bank assets improved 37.82% to N986.64 billion in 2020 compared with N715.87 billion in the previous year, helped by loans and advances to customers which grew 27.49% to N368.75 billion.

Despite the sluggish performance last year, the bank’s total liability rose 40.49% to N928.22 billion bolster by deposit from customers which grew 40.68% to N812.10 during this time.

Though Wema Bank stocks benefited from the NSE impressive performance last year, which saw it post 18.56% appreciation in the last one year, it has suffered 42.62% capital depreciation in the last five years to N0.61 as of 12.02 pm on Tuesday, March 9, 2021.

Its shareholders last got a dividend at the end of the 2018 financial year, when they were paid 3 kobo per share.
Industry watchers have however attributed the lender’s woos to the poor performance of the its Managing Director/ CEO, Mr. Ademola Adebise.

Mr. Adebise was appointed in September 2018 as the bank’s head-honcho to turn around the fortunes of the lender following the retirement of Mr. Segun OIoketuyi.

Ironically, three years after, Mr. Adebise has not been able to deliver. This, we privately gathered, is not unconnected with the poor results of the bank due to lack of trust customers and even other financial institutions now have with the lender triggered by the lack of administrative experience and expertise of the management led by Mr. Adebise.

Adebise, with a career in banking spanning over 30 years (inclusive of four years in management consulting), and an amazing profile as an alumnus of the Advanced Management Program (AMP) of the Harvard Business School, Lagos Business School, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and also holds a Bachelor’s degree in Computer Science from the University of Lagos, financial analysts expected a major turnaround for Wema Bank under his watch but reverse is the case.

A visit to the lender’s headquarters located at 54, Marina, Lagos, will tell how its branches operate – in a low-key setting. The once-bubbling branches of the bank have now become a shadow of themselves as many depositors of the bank have started closing their accounts. While other commercial banks in the country are leveraging on digital innovations to enhance customer service delivery and open fresh streams of revenue, Wema Bank is said to be languishing in its stone age system of operations.

Finding by us revealed that the bank’s internet banking APP, ‘Wema Bank ALAT, its Unstructured Supplementary Service Data (USSD) banking platform, *945# Smart Code, are nothing to write home about as customers of the bank have continued to experience difficulties using the services. Industry experts and financial stakeholders had frowned at the fact that Polaris Bank

Efforts by our reporter to reach Funmilayo Falola, Wema Bank’s head of Marketing, Corporate Communications and Investor Relations, for the bank’s angle to the developments proved futile as calls and text message placed to her mobile lines went unanswered as at press time.

Source: THE WITNESS

Eniola A. Aleshinloye

Yoruba drummers (of talking drums) are deep people. They are always at their dexterous best in dishing out instructive messages when necessary. Ibile persons like me will easily bond with drummers' reminder of the empitness that always ends markets once they are over: B’oja ba tu, a ku p’ate, p’ate, p’ate, p’atep’ate ni o ku. Translated, it means at the close of market, what remains is the solitude of the last to pack their trays.
The saying is quite apt in the current political situation in Osun State where it is gradually dawning on many that the market which came to a close about two years ago has become deserted and would no longer serve its purpose. Although the erstwhile Babaloja, in the person of former governor of the State, Ogbeni Rauf Aregbesola, is fighting hard to prove that trading could still be carried out, but with the obvious desertion that the market place has experienced, whatever he does now is akin to forcing the impotent to have an erection. As it is now, not so much efforts need to be made to convince anyone that the time to pack bags and basket and head for home was some two years ago.
Those who had since seen the reality of a new dawn had long joined the wise ones and moved on to the next market.
It is good to note that those who had for one reason or the other been unnecessarily obstinate and not ready to do the right thing are now gradually seeing the wisdom in changing their minds. A good example is that of Senator Surajudeen Ajibola Basiru, representing Osun Central Senatorial District in the National Assembly at the moment. Noted for his subservience to the former Babaloja, the senator falls into the category of those considered never to have seen anything fantastic about the current governor of Osun State, Adegboyega Oyetola, until, may be, now.
Oyetola’s offence against their Babaloja, are, among others: the reversal of a situation where all students in the state wear one uniform, and the payment of full salary to civil servants as opposed to Aregbesola’s half salary otherwise referred to as AFUSA.
A number of cases have proven this belief about the senator. His affinity to the former governor, for instance, was a veil enough to make him blind to the gravity of the attempt on the life of Oyetola when he was attacked in October 2020 during the EndSARS protests. Armed with guns, cutlasses, hoodlums swooped on the governor who was addressing the protesters in Oshogbo. Stones were hauled at his car and thank God, he narrowly escaped. But as far as Senator Basiru was concerned, the attack could be said to be of no significance and hence was undeserving of any mention at the different occasions where he spoke on the incident.
His loyalty to the former governor was still unshaken when a gathering to mark "10 years of progressive governance" by Aregbesola’s loyalists was scheduled to clash with the occasion to mark the second year anniversary of the Oyetola-led administration last November. But for the deft moves to stop the antics, the state would have been engulfed in a confusion of monumental proportion.
However, having realised that it is time to go home at the close of Aregbesola's market, the Distinguished Senator Surajudeen Ajibola Basiru, is gradually facing reality just like the proverbial chicken that came home to roost.
Identifying with the governor which was a rarity is one of the steps he has taken lately. To describe Oyetola as his Leader in a statement he personally signed sounded unbelievable. It is obviously the sign of a new dawn which is worthy of emulation by others still insistent on fuelling chaos in Osun State’s political terrain, by trying to work against the government under the pretence of being loyal to a former governor whose era ended more than two years ago.
The Senator’s giant stride towards embracing peace is an action he must have thought deeply of. Like the brilliant man that he is, SRJ, as he's popularly known, is smart enough to choose the path of objectivity by dissociating himself from the brewing crisis and stating clearly that his new preoccupation is the success of Oyetola’s administration and his representation at the Senate.
But does the move by the Distinguished Senator make any meaning to the former governor and those using his name to fan the embers of discord? In case it is, just like some other similar developments, there is the need to wake them up to some facts. It is a clear indication of the reality of the day that many are realising that the market place they are currently patronising closed some two years ago, and to trade profitably, they need to move to this market that has God's covenant of profitability. It is particularly instructive to note that except the erstwhile Babaloja wakes up to the current reality, he may be faced with the shame of being lonely and alone in a deserted market.
Let his family members draw him back and tell him what the drums are saying: B’oja ba tu, a ku p’ate, p’ate, p’ate, p’atep’ate ni o ku.
Let Aregbesola listen and quietly go home. His market was over two years ago.

*Aleshinloye writes from Osogbo, Osun State

Towering 65m above the ground, the $52 million architectural masterpiece, LucreziaBySujimoto audaciously dominates the landscape of Africa’s most expensive square meter, Banana Island.

The 14-storey skyscraper which is the brainchild of Sujimoto Construction Ltd, the leading luxury construction company in Africa, has a combined liveable space of 18,000 square meters and will be the tallest residential building in the highbrow neighbourhood.

The design of the sophisticated building combines the rare attributes of Beauty, Affluence and Style. The purely residential 14 storey tower includes luxury apartments which comprises magnificent maisonettes and 2 of Africa’s best penthouses, the first Virtual Golf Bar in Africa, Full Home Automation where you can control your lights, door, air conditioning, curtains, music & TV from the touch of a button, an IMAX Cinema, a 345 square meter temperature controlled pool including a Jacuzzi and kids’ pool, the 14 storey building has a floor to ceiling height of 4m, which creates an illusion that makes it look 20 storeys tall, an Interactive lobby where business meetings and casual hangouts can be held, Zaha Hadid by Porcelanosa sanitary wares, Private Salon, Crèche, amongst a host of others.

During the construction phase of the foundation, 25,000 cubic metres of soil was excavated, a total of 11,500 cubic metre concrete of C40 was used to create one of the biggest pile caps in the world which has a 900 mm piles diameter that goes 45-meter-deep, making the Lucrezia’s foundation one of the strongest foundation ever! The pile caps have a depth of up to 2.55m with 900 x 300mm tie beams. In all, a total of 1470 trucks of concrete were required to deliver these pile caps.
The luxury development will use approximately 1000 tons of steel, Bonded Post Tensioning slabs, this makes Sujimoto the first indigenous company to use such technology which is only used in Dubai for the construction of high-rise buildings. This technology reduces the weight of the building, increases the speed of construction by 40%, eliminates shrinkage and offers more flexibility for structural modifications.

The 56 metres condominium will be the first 14 storey with Glass Reinforced Concrete façade costing the company over €2 million (N1,146,000,000) to deliver one of the best façades systems in the world. The façade panels will have a finishing covering of approximately 7500 square metres.

Having raised the first slab on the 1st of December, 2020 and currently on the 8th floor, the Lucrezia will be the fastest luxury condominium ever built in Africa with a delivery timeline of 1st of January, 2022.

Those who came onboard 11 months ago are the biggest winners as some of them bought the maisonette for $1.2 million. The almost sold out maisonette is selling for $1.9m at the moment while the penthouse which is approximately 1400m² is selling for $9 million, making it the cheapest yet most sophisticated penthouse in Africa with exclusive and remarkable features such as: a private gym, private looby, private lift, the first private pool in the sky which is located on the 12th floor, a private cinema and the first private golf Garden in Africa!
According to Sijibomi Ogundele, CEO Sujimoto Group, the Lucrezia's penthouse is arrogantly built for the vital Few.

One of Nigeria’s frontline engineers, Pa Matthew Akindele Adebayo, has died at 80. Engine Koboko, as he was fondly called by his associates, died on Thursday after a brief illness.

He would have been 81 on July 18, 2021. Many described Pa Adebayo as a jolly good fellow, the most observant, attentive and knowledgeable man to meet.

He was compassionate and humble; a man many wished to be. With a contagious smile and infectious laugh, he turned heads every time he talked and wowed many with his good nature and open heartedness.

Adebayo was born on July 18, 1940. He was born into the royal family of Omole in Ilesa, Osun State. He attended Ilesa Grammar School, Ilesa, Osun State. He then went to Germany to further his education in Engineering.

Upon returning from Germany, he set up his own private company called ABAY VENTURES . Adebayo was a family man, a loving husband, father, brother and uncle.

Until his death, he was married to Prophetess Eunice Adebayo (JP) and the marriage was blessed with many outstanding children, grandchildren and great grandchildren.

Adebayo was a prominent member of the Peoples Democratic Party (PDP), Lagos State chapter.

A statement signed by the party state chairman, Engr Adedeji Doherty, stated: “We in the Lagos State PDP are all grieved by the huge loss of a prominent and strong member of the party in Ikeja LGA. We are well aware of his contributions to the development of the our great party, hence our grief.

“We hereby pray that God in His infinite mercies would grant both families, friends and all of us in the Lagos PDP family the fortitude to bear this loss, while also praying that God would continue to protect us all.”

He will be buried on March 16, 2021 at his Lagos residence.

When a slave stays too long in a family, he will, most certainly be swearing with the holy name of the family’s ancestor (Bi eru ba pe n’ile, yio bu alajobi). That is the case with an Ondo town, Ondo State man called Bola Ilori. He loves Osun State more than he does his home state. That possibly is because Osun is ‘sweet’ and ‘simple.’

His tribe’s way of saying this in Yoruba is to look down on the 30-year-old State and its accommodating people and shout: ‘Osun goo.’ This man was imported into Osun State government by Mr Rauf Aregbesola as a practical demonstration of the unusualness of his regime of aliens. He came first as a special adviser on environment and left an evergreen (pun intended) memory of using Osun State’s hundreds of millions of naira to plant trees in the rain forests of Osun state. Then he was upgraded to a commissioner and he forgot (and still forgets) that his Ondo Egin butterfly cannot compete with the eagle of Osun State in Osun State skies.

If there is any tension today between the incumbent governor, Mr Gboyega Oyetola and Aregbesola, his immediate predecessor, the credit must go to characters like Ilori who prosper by sowing discord in the fertile minds of politicians. Because he is brave and courageous, Ilori does not do his own anti-Oyetola politics behind any veil.

He climbs right to the top of the mountain to throw abuse at the governor on behalf of his master. The latest he did which provoked this short piece is a recent post he dropped on the social media and signed. He gave it the title: “The Irony of Aregbesola, Oyetola and Makinde!” This is what Ilori wrote:

“Life can be a funny mix. In line with his party’s interest APC, loyalty to his boss Asiwaju Bola Ahmed Tinubu and the love of his late friend, Sen Abiola Ajimobi, Aregbesola did everything in the book to prevent Seyi Makinde from becoming the Governor of OYO. On the other hand, in line with his party’s interest, loyalty to his boss and love for his chief of staff, the same Aregbesola did everything within and outside the book to install Oyetola as the Governor of OSUN!

Two years down the line, Oyetola’s people are doing everything within and outside the books to humiliate Aregbe while Makinde people are doing everything to honour Aregbe. Oyetolas people threatened anyone that wished to attend Aregbesola’s investiture as NUJ Grand Patron (NUJ even announced that they received several threatening calls), while Makinde’s Deputy Governor attended the investiture (WITHOUT INVITATION O!) with the consent of his Governor. Senator, House of Rep member and head of parastal from Oyo were in attendance.

Oyetola’s people took to Facebook to celebrate those who didn’t attend while Oyo people (APC and PDP) celebrated Aregbe as a man of integrity, a mentor and role model. Posterity will assess this season!!! May God spare our lives to see the end of the drama!!!”

Now, the man who wrote the above is currently Special Adviser to Aregbesola as minister of the Federal Republic. Was he asked to write that? That his boss got an award in Ibadan and officials of Oyo State government attended has become dry powder in his gun against Oyetola and his ‘people.’ Suddenly now, the PDP people in Osun and Oyo are good people in the eyes of Ilori, Rauf Aregbesola’s man.

Indeed, to use Ilori’s words, “life can be a funny mix.” But, did Aregbe inform Oyetola of any award and, even if he did, how many of such outings did Aregbe attend to honour others when he was in power in Osun State?

Ilori moaned that Aregbesola did everything to instal Oyetola as governor. But, how about if those he called ‘Oyetola’s people’ counter him that whatever Aregbesola did in 2018 for Oyetola was simply a fractional payback for past favours? How about that? People who dream too much always have problems with the reality of their lives.

Aregbesola ran a government in Osun State for eight years and left. When is he and ‘his people’ going to wake up to the reality of the end of his era as governor? Why can’t he over-grow or grow over his former office and let the incumbent be?

Aregbesola’s people keep inserting the name of Asiwaju Bola Ahmed Tinubu in every media attack they launch against Governor Oyetola and his government and that is a surprise. Is anyone baiting the leader, daring him to come out and fight them? I cannot understand the persistent reference of Ilori and the other members of that tribe to Aregbesola’s loyalty to Asiwaju Tinubu whenever they want to issue threats about the future of Osun State and its politics. If this woman is intent on filing a divorce, she should come out clearly with her suit instead of invoking the name of the village head as the reason for her continued stay in her husband’s house. Abi?

A self-conscious powerful APC party man like this Aregbesola’s man is admitting openly that their award ceremony in Ibadan needed the presence of the PDP to be “successful.” A responsible family head must never be heard declaring that he eats outside because he is not wanted at home.

When a supposed APC big shot starts “doing everything within and outside the book” to paint the opposition PDP and its leaders as good and agreeable, then wahala wa. What really did Ilori want to achieve by that drivel? Is he confirming their alliance with the devil that is almost by now no longer a secret? I read and re-read the entire piece and my conclusion is that it is an unfortunate isokuso by an Ondo State man about Osun State.

Pa Oladejo Okediji in one of his detective Yoruba books, “Agbalagba Kan” called this kind of behaviour “kaunkaun bi aago soosi, bekebeke bi obuko, potopoto bi aiyekooto, katikati bi omuti (incoherent like church bell, restless like the he-goat, talkative like the parrot, inebriated like a drunkard).

●Ajisefini writes from Osun State

MTN is stifling the progress of Nigeria’s small and medium-sized enterprises by ensuring that access to airtime and data through simple technology is cumbersome.

With the increase in the transfer charges on USSD, MTN is looking to drive Nigerian SMEs who sell data and airtime out of business.

MTN has also compelled SMEs who aggregate data and airtime sales to push only MTN platforms while at the same time cutting down commissions on sales but that is not all, there is the issue of the privacy policy.

With MTN Nigeria, your personal information is not safe. Why is that? MTN is insisting that most of their customers use their own (MTN) apps or applications to buy recharge for both voice and data services because they want to collect as much personal information from customers as possible.

This means MTN can share your details which include your phone number, Bank Verification Number amongst others to third parties for targeted advertising and possibly phishing. Do you still receive unsolicited SMS on your MTN line? That is because MTN is sharing your phone numbers with companies that are willing to pay for it.

These companies then target you even though you never requested their service. You will notice that you randomly receive SMS from companies asking you to take quick loans or even luring you to enter into a competition where you can win millions of naira.

There are two things involved. The first is that MTN has made its customers vulnerable and has stepped up its game by insisting that you use their own applications like MTNTopit and MoMo channels to transact. This helps them monitor your transactions as well as monitor your browsing history.

Secondly, as an organization, MTN has shown gross negligence to customers who do not use smartphones, as a matter of fact, they did not factor such customers into their nefarious plans. Instead of encouraging more customers to embrace USSD, they are pushing them back into the era when we used to buy paper recharge cards.

The question is simple, is this obtainable in South Africa? Why is Nigeria the guinea pig for MTN’s callous scheme? Why is MTN making life harder for Nigerians and why are they selling personal information to third parties?

The privacy policy of MTN is one that is not customer friendly, so how then have they been able to get away with it? What exactly are the regulatory agencies doing? What are the role and functions of the Nigerian Communications Commission? Why is MTN allowed to get away with things like this?

Remember when MTN aided terrorism and was fined by the Nigerian government? For some reason, they were allowed to get away with it. How does the NCC explain how a $5.2 billion fine was reduced to a paltry sum? Is the Nigerian government culpable? Is the Nigerian government concerned about the safety of its citizen?

The NCC has been slow in reacting to some of the monopolistic actions by the MTN. In a circular, MTN asked their customer service agents to pacify customers, why? Why is MTN asking customer service agents to pacify Nigerians if it has not committed any atrocious act?

“Please be informed that some of MyCustomers may not be able to purchase airtime and data recharges via banks including MOD and myMTN App.

“Please pacify MyCustomers and educate them to use MTNTopit, MoMo channels, as well as the debit card options on MOD or myMTN app.”

The above quotes is from the MTN circular which clearly explains that MTN has a heinous plan and how being allowed to perpetuate it, thanks to the failing of the regulatory agency, in this case, NCC.

Some of you will remember how Cambridge Analytica and Facebook colluded to sell the personal information of users and how it backfired? Nigerians must rise up in one voice and put an end to the monopolistic and oligarchy mentality of MTN.

We want to buy data and we want to continue to do it using our USSD, we do not want to use MTN apps that will enable MTN to have more of our information and sell them to third parties.

In conclusion, every Nigerian must note that their information is not safe on the MTN apps and if we do not kick against it, then they have us where they want us.

Shareholders optimistic about future earnings prospects



Pan African financial institution, United Bank for Africa (UBA) Plc has assured its teeming shareholders and investors of even greater returns in the coming months, with the bank having established a diversified business model that ensures impressive performance even in periods of uncertainty, across its geographical network.

UBA Group Chairman, Tony O. Elumelu, who gave this assurance to shareholders at the 59th Annual General Meeting at the UBA Head Office, on Thursday April 1, 2021, explained that the bank has made strategic decisions that will strengthen its resolve to earn the industry leadership that it has envisioned in Nigeria, Africa and globally.

“We spearheaded strategic investments in our digital banking and technology platforms to further promote self-service banking; we have also focused on enhancing the capabilities of our people through various online capacity development programmes,” Elumelu added, “Our African operations (ex-Nigeria) have contributed approximately 55% of our profits for the year, illustrating that we are truly a pan-African bank.”

He further explained that the bank remains committed to ensuring its viability amid an ever-changing business environment and to continue be a role model for African businesses by showcasing the best of Africa to the world. “The work we have done in strengthening our governance structures Group-wide and in improving our business and operating models in 2020 positions our bank to benefit from these recovery trends and to achieve significant market share gains across our operations,” he noted.

At the end of the 2020 financial year, UBA’s profits grew remarkably by 27.7 percent to N113.8 billion, compared to N89.1 billion recorded at the end of the 2019 financial year, whilst profit before tax was impressive at N131.9 billion, compared to N111.3 billion at the end of the 2019 financial year.

Gross earnings grew by 10.8 percent to N620.4 billion, compared to N559.8 billion recorded in the same period of 2019 whilst total assets also grew by 5.6 percent to an unprecedented N7.7 trillion for the year under review.

In its usual tradition of rewarding shareholders, the bank proposed a final dividend of N0.35 kobo for every ordinary share of 50 kobo, bringing the total dividend for the year to N0.52 kobo as the bank had paid an interim dividend of N0.17 kobo earlier in the year.

Shareholders at the meeting commended the bank’s decision to plough-back some of its profits into business consolidation, adding that these times call for prudent and effective management of financial resources for all businesses especially those with high shareholding rate such as UBA.

One of the shareholders, Sir Sunny Nwosu, who spoke at the meeting, commended the board and management of the bank company for keeping up with its activities despite the Covid-19 pandemic and its resultant effect on major businesses.

Whilst advising the company to gear up efforts to increase dividends in the next financial year, Nwosu praised UBA’s for ensuring that the African subsidiaries performed well by contributing 55% to the Group’s business.

Another shareholder, Nonah Awoh, who agreed with the improvement recorded from the bank’s Ex-Nigeria’s subsidiaries, encouraged the management to boost other subsidiaries with the needed resources to help them perform even better in the current financial year.

UBA’s Managing Director/Chief Executive Officer, Kennedy Uzoka, who responded to shareholders’ comments at the meeting spoke on the reduced dividend pay-out this year, explaining that the bank had decided to be conservative to further strengthen the business.

He said, “As an institution that has been in operations for 72 uninterrupted years, UBA wants to continue to perform optimally. In line with this, we have used most of our funds to prepare for unforeseen challenges. Given the trajectory and the resilience of our business, we can assure you that we will meet and surpass the expectation of you our shareholders.”

Continuing, he said: “We have recalibrated our business structure, starting from Lagos and extending to the South-South. We have bolstered them with the necessary leadership to achieve our aim. We believe that with these measures we have put in place, our Nigerian business will give the rest of Africa a good fight,” Uzoka said.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points. Operating in 20 African countries with presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

...in fuel subsidy fraud

The criminal trial of a former banker, Chukwuemka Ekwunife, before an Ikeja Special offences Court, Lagos was stalled on Tuesday following the absence of a subpoenaed witness, who is to testify in his defence.

Ekwunife, who is standing trial on an 8 count charge of stealing, was arraigned by the Economic and Financial Crimes Commission, EFCC, alongside Structured Energy Limited for stealing a total sum of N168.5m from several companies.

The EFCC alleged that Ekwunife, at different times in 2014, stole the said sum of money from, M.R.S oil and Gas, Exit Energy limited, Globin oil and Gas limited, Bond Energy, Greenage Energy Limited – all properties of Nepal Oil and Gas Limited.

However, during the proceedings on Tuesday, the defence lawyer, Eubena Amedie, informed the court of the absence of the subpoenaed witness.

According to Amedie, the witness was also absent on the last adjournment on January 25th, 2021 because a member of his family contacted COVID-19 and he came in contact with the family member, so he needed time to isolate himself from the public.

The witness’s absence, howeever, prompted the court to adjourn the matter till 19, 20 and 21 of April, 2021.

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

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

The Ex-banker, had earlier narratively testified before the court how

Mrs Ekeoma, who is an oil marketer, used him to facilitate false documentations in Liberia in order to steal millions of Naira from the Federal government of Nigeria through subsidy scheme.

Ekwunife said he resigned from Sterling bank in 2014 the businesswoman pleaded with him to join her business and help her provide credit facilities for her companies.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Wants N6bn from IGP Adamu for defamation and harassment


COSON Chairman, Chief Tony Okoroji has sued Stanbic IBTC Bank for the unlawful freezing of his two accounts domiciled in the bank.

Okoroji is demanding General Damages in the sum of N2,000,000,000.00 (2 Billion Naira only) against the bank for the alleged unlawful action.

Okoroji, is also asking for General Damages in the sum of N1,000,000,000.00 (One Billion Naira only) against the Inspector-General of Police for defamation of character and the sum of N5,000,000,000.00 (Five Billion Naira only) for the unlawful, unconstitutional and coordinated brutal, horrendous, wicked, harassment and torture of his person.

Okoroji is suing the Inspector General of Police over “the controversial attempt to abduct him last December by 5 policemen from Zone 5 Police Command, Benin -City and their plan to drive the celebrated former President of PMAN, syndicated columnist and the continent’s master of copyright, to Benin-City in the middle of the night at a time it was well known that Chief Okoroji has been ill”.

In a related matter, Justice A.R. Mohammed, an Abuja Federal High Court Judge, has also ordered the Inspector-General of Police, the Department of State Services (DSS) and the Economic & Financial Crimes Commission (EFCC) to report to the court on April 7, 2021 and show cause over the alleged continued harassment and disturbance of Copyright Society of Nigeria (COSON), Nigeria’s biggest copyright collective management organization, its officers, staff and associates.

The three security agencies together with one Pretty Okafor and Biodun Eguakhide were ordered to show cause over the alleged continued disturbance and harassment of the COSON Chairman, Chief Tony Okoroji; the General Manager, Ms. Bernice Eriemeghe and two other officers of COSON, Mr. Vincent Adawaisi and Ms. Anne Okomi.

The order of Justice Mohammed is based on a motion ex-parte filed on behalf of COSON, Chief Tony Okoroji, Ms. Bernice Eriemeghe, Mr. Vincent Adawaisi and Ms. Anne Okomi by their lawyer, Mr. James Ononiwu of the Lagos law firm of WhiteDove Solicitors. The motion was argued before Justice Mohammed by Abuja based COSON lawyer, Mr. Bamiyi Adejo.

In the substantive suit, COSON, its Chairman and Management staff are asking the court for a declaration that the Inspector-General of Police, Pretty Okafor, Biodun Eguakide, DSS and EFCC have been engaged in an unlawful, unconstitutional and coordinated brutal, horrendous, wicked, harassment and torture of the plaintiffs who are innocent citizens of the Federal Republic of Nigeria.

The plaintiffs have asked the court for general damages in the sum of N5,000,000,000.00 (Five billion Naira) jointly and severally against the 1st to 5th Defendants in the suit and a perpetual injunction.

Speaking on the development, renowned COSON lawyer, Mr. James Ononiwu said: “This is a big warning to those who believe that at a time when the nation is facing terrible security challenges, they would rather divert the attention of the agencies of state and use them to terrorize innocent citizens and drive a great Nigerian like Chief Tony Okoroji out of town so as to take over the institution he has built. This is pure madness! The harder they come, the harder they will fall. One by one, they will end up in the hole they have dug.”

Two senior officials of the Nigerian Communications Commission (NCC) are currently enmeshed in a N122 million fraudulent claims scandal.

The officials, Yakubu Gontor, head of the finance department, and Philip Eretan, former head of the internal audit department of the agency, received the funds as allowances for trips they never made.

They were indicted by an investigative committee which was set up by the commission’s governing board in 2020.

While Mr Gontor was said to have received a total of N54 million as accruable allowances for official trips he never made, Mr Eretan is said to have fraudulently raked in about N68 million.

The committee, which was headed then by Millionaire Abowei, a professor and member of the board of the commission, recommended that apart from refunding the illegally received monies, the two officials should be made to face a disciplinary panel with appropriate sanctions meted out to them, we learnt.

However, the Umar Danbatta-led management of the NCC, which in 2020 won the Ethics Compliance and Integrity Scorecards (ECIS) award of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), has refused to discipline the indicted officials as recommended by the committee, nor call for their prosecution.

When contacted, the agency did not deny the allegations against its officials but said “it is an administrative matter that has been handled.”

Our reporter’s findings, however, revealed that the amount fraudulently claimed by these officials is being deducted in instalments from their emoluments.

Despite this, many workers at the agency, who are privy to the development, are wondering why the management of NCC has continued to shield the accused officials from prosecution.

Some of the workers, who spoke to our reporter on the condition that their names are not disclosed for fear of victimisation, said the leadership of the commission has, by its conduct, “made the agency undeserving of the award it received and celebrated just last November.”

They also alleged that the agency’s pledge to promote the culture of accountability during the launch of the ICPC anti-corruption unit at NCC headquarters was a mere “window dressing.”

NCC’s executive vice-chairman, Mr Danbatta, at the inauguration of the Anti-Corruption and Transparency Unit (ACTU) in December, pledged to “continually maintain high ethical standards in all its regulatory activities consistent with the federal government’s efforts to entrench the culture of accountability and transparency in the ministries, departments and agencies.”

How it all began

In 2019, about 70 NCC officials noticed irregular deductions from their allowances over a period of time.

According to reliable sources, some eventually noticed cumulative deductions that ranged between N500,000 to N3 million depending on their levels and grades.

The development led to complaints by the workers who were told by the management that they flouted the agency’s cost-cutting measure that was put in place to minimise the cost of governance.

“We were accused of travelling beyond three times in a month as recommended by the cost-cutting circular. But our trips were approved by the same management and we reported when we returned,” an angry junior official told our reporter.

NCC Board sets up committee

The board of the NCC, which was then led by a former senator, Olabiyi Durojaye, set up an investigative committee to probe the matter but the coronavirus pandemic lockdown slowed down the committee.

Also, the abrupt removal of Mr Durojaye from office was also said to have affected the task of the committee.

But Mr Durojaye’s successor, Adeolu Akande, a professor of political science, could not ignore the cries of the workers, who had insisted that they did not flout any rule.

The new board, therefore, in 2020, set up another five-member investigative committee chaired by Mr Abowei. Other members of the committee included Ubale Maska, an engineer; Adeleke Adewolu, a lawyer; Salmon AbdulAzeez, an engineer, and the Commission’s secretary, Felix Adeoye. Mr Adeoye served as the committee’s secretary.

The committee commenced its probe in May 2020 and submitted its report to the board on June 24, 2020.

According to insiders, out of about 70 officials whose names appeared on the list, only the duo of Messrs Gontor and Eretan were indicted by the investigative committee.

However, almost one year after the report was submitted to the NCC board, and the board’s directive to the management to ensure the prosecution of the two indicted officials, the management is not known to have taken any action.

Another official of the commission, who also does not want to be named, told our reporter that; “All the other workers were refunded by the management but N54 million and N68 million respectively are being deducted from the pay of Gontor and Eretan.

“Though a disciplinary committee was initially set up by the board which was chaired by Mr Adewolu Adeleke, the committee insisted that the management needed to have queried the officials before facing the disciplinary committee. And since then, the management which is led by the executive vice-chairman, Prof Dambatta, has kept mute.”

EFCC’s aborted probe

We are aware that between January and February 2020, both Messrs Guntor and Eretan frequented the Kaduna zonal office of the Economic and Financial Crimes Commission (EFCC) following a petition by a yet-to-be-identified group.

But the new leadership of the EFCC in the zone has said it could not trace the details of the matter.

Speaking with our reporter in February, the new head of the zone, Sanusi Abdullahi, said he was only transferred to the zone in July 2020, and that he could not trace the files of the matter.”

“But we are still investigating and I can assure you that we will do our best to know what is amiss,” Mr Abdullahi said.

Group sues NCC, EFCC

A non-governmental organisation – Lygel Youths and Leadership Initiatives (LYLI), has filed an ex-parte motion at the Federal High Court in Abuja, against both the NCC and the EFCC.

The case with suit number, FHC/ABJ/CS/395/2021/ is seeking an order for leave of the court to apply for an order of mandamus “directing and or compelling the first defendant/respondent to reopen the investigation albeit discontinued or conducting a fresh investigation concerning the allegation of fraud against the former head of the second defendant’s department of audit and its incumbent head of the finance department.”

While the EFCC is the first defendant in the case, the NCC is the second defendant.

The group’s action according to its director of legal and compliance unit, Lekan Oladapo, is a reaction to the NCC refusal to accede to its request on the details of the corruption allegations against its staffers.

Mr Oladapo told our reporter on the phone that his organisation had in December 2020, written the executive vice-chairman of the NCC, accusing the management of condoning corruption.

The letter, a copy of which this newspaper obtained, is titled; “Condonation of Corrupt Practices and Obtaining Public Funds Under False Pretences: Our complaints”

“…it has come to our attention that there are serious cases of festering corruption being allowed to go unpunished in your organisation which was discovered sometime on or about June-July this year and the step being taken by the management of your organisation has been far from satisfactory,” the letter reads in part.

It, therefore, requested the report of the investigative committee and urged the NCC management to prosecute the indicted officials without delay.

In its response to the group’s enquiry, which was dated January 8, 2021, and signed by the director of legal and regulatory services, Josephine Amuwa, the NCC said the detail requested by the group was too broad.

The agency, therefore, demanded the specifics of the cases and pledged to respond appropriately.

On January 22, another letter was addressed to the agency by the NGO stating the specifics of the cases and demanded the report of the investigative committee and the resolutions of the board of the organisations on the matter as reportedly taken on June 24, 2020.

“It is our further request that the Commission should furnish us with official steps taken towards enforcing the reports with the related documents. Furthermore, your office is urged to enforce the relevant disciplinary actions to the affected staff and facilitate the speedy criminal investigation and prosecution as required by laws,” the letter reads in part.

In its second response to the group’s follow-up enquiry, the NCC noted that it could not honour the requests of the group.

Ms Amuwa said, “The Commission has reviewed the contents of your letter and notes that you have maintained that the information you seek is the subject of an ongoing investigation by the Economic and Financial Crimes Commission, and therefore cannot provide the information you required under the Freedom of Information Act, 2011.”

NCC, accused officials evade questions

PREMIUM TIMES on several occasions reached out to Messrs Gontor and Eretan on the matter but they refused to respond to our reporter’s enquiries.

Calls and text messages sent to the duo were not responded to. Our reporter also sent them WhatsApp messages and even after reading the messages, they failed to respond.

This newspaper on Sunday also reached out to the spokesperson of the agency, Ikechukwu Adinde, on why the NCC has for months failed to act on the matter and he responded by saying the matter is “purely administrative”.

Hours after speaking with our reporter, he called back to say he would provide a substantive response to his inquiry. He is yet to do so as of Monday morning.

A right activist, Olowolafe Dunsi, said the actions of the agency show that “they did not deserve the transparency award given to them last year by ICPC. The officials indicted for fraud should be adequately dealt with.”

If you have ever rented an apartment, house or flat in Lagos then you would understand when we say it feels like making your way through the eye of the needle.

Any renter who successfully passes through the obvious bottlenecks that come with renting an apartment in Lagos in one piece should be given a standing ovation.

For those that are new to the game or perhaps interested in moving to Lagos, there are some few hints that you need to know so you don’t end us making the wrong decision. Most of the time, the real estate agents are only interested in the registration fee that renters usually pay when they employ their services. After about 1-3 days of house hunting it becomes really difficult getting a real estate agent to go on a house hunt with you especially when he has other clients.

Another major drama is the specification of the type of renter the Landlord is seeking for. After the trauma of seeing nonsense with the agent, you might finally see an apartment that seems custom made for you! But, the story comes up when the agent tells you the terms and conditions to be met, which often border on the point of outrageous. One of the most famous is; “Only someone of a particular tribe can rent this house.”

At Pelow, we understand these challenges from both sides (the agent and the renters). Aside from our personal experience; we have also been able to identify major cause of these struggles and created a solution that solved these problems on our platform.

RENT
How often do you get to negotiate your contract with your landlord, Airbnb/Vrbo host, or Hotel host? Not so much, we think. Property owners or Hotels need to be sure that you know what you are getting into when you sign your lease, and you want to make sure you can afford it. Well, on Pelow, you can find your Commercial and Residential properties to rent with confidence.

SALE
Let’s face it: you are at a disadvantage. You are a buyer that can never know enough about the area you wish to buy your dream property from because it isn’t your full-time job and your needs are malleable. You are a property owner or agent looking for buyers for your property but also wish to speed up your sales process while coming across as fair and balanced. Well, fear not. Pelow will be your advantage.

To extend the value we bring to the market, we have created an opportunity to invest in real estate on our platform.

INVESTMENT
As the old saying goes: “You have to start from somewhere…” You have properly thought it through, but fundraising is difficult, and you need all the help you can get with raising money for next month’s rent; a community project; your first residential or commercial building project; your mortgage or a passion building project you started but could not finish. Pelow is where you start your FREE journey to your goals because there are NO FEES or COMMISSIONS whatsoever.

What we have done at Pelow is to help renters with the vetting of agents, while creating visibility for agent listings on our platform. With our solutions, agents get to list their specifics, making it easier for renters to show their exact interest.

Mudassir Amray, the managing director and chief executive officer of Titan Trust Bank Limited, has said that the lender’s ground breaking successes in just 17 months of its commercial operations despite the COVID-19 pandemic, was tied to its unmatched digital technology which has delivered superior customer-centric experience.

In a chat with selected journalists in Lagos at the weekend, the bank’s chief said as a financial service provider that is passionate about the future, Titan Trust Bank positioned itself for delivering seamless banking services to its teeming customers during the pandemic by continued investment in its alternative banking channels which include: the Titan Mobile Application, Titan Internet Banking platform and the Titan *922# Unstructured Supplementary Service Data (USSD) solution.

According to him: “At the inception of the bank’s operations in October 2019, we drew up a holistic and integrated approach to business modernization which has formed the foundation for the bank’s superior customer-centric experience. The impact of this strategic decision led to a positive impact in our performance and it has also given us recognition on the global stage where we recently emerged the ‘Best Trade Finance Provider in Nigeria for the year 2021’, an award previously given by New York-based Global Finance Magazine to only the first-tier banks in Nigeria.

“In demonstration of our commitment to deliver superior, convenient and innovative banking solutions to our customers, we have invested substantially in technology and developed fully integrated service models that enable our customers enjoy banking services through a wide range of channels and these have also placed the bank on an upward trajectory.

“As a bank, we are focused on delivering digital and fintech solutions that will position us as Africa’s most trusted financial institution.

“The flawless execution of our digital strategy has seen the introduction of several innovative solutions, new partnerships, digital integration of customer value chains and development of new revenue lines from pure digital solutions,” he said.

“Recently, we launched and deployed the latest version of Oracle’s FCCM module, powering our AML/CFT infrastructure, used in over 120+ sites by top global banks. We have also invested in top-notch infrastructure for AML/KYC, as well as the Oracle Financial Services Analytical Application (OFSAA) to ensure rigorous analysis and measurement of its risk-performance objectives.

“Aside the regular features, our state-of-the-art mobile banking application- the TITAN mobile app has been upgraded with new features such as the generation of referral codes whilst opening accounts, transaction status information, receipt generation for previous transactions, as well as being able to carry out traditional mobile banking services.

“We are also working round the clock to integrate the ‘Titan Pots’, where customers will be able to create targeted savings, investment options, purchase of insurance coverage, cheque deposits, PTA/BTA requests and a new Voice Banking function into our mobile app.”

On its *922# USSD Code banking platform, the bank’s chief said the bank is also working to include additional features such as account opening options, cheque book management, access to Titan loans, automated cash deposits and withdrawals and card-less ATM withdrawals.

“For our POS terminals, we have deployed Android machines as the standard, in keeping with our 21st century cutting-edge outlook. These terminals allow our customers to make cash deposits and withdrawals using only their fingerprints, in addition to electronic funds transfer and debit card transactions.

Speaking further, Amray, the banker with over 25 years of global exposure across six geographies disclosed that the bank’s digital channels are certified by the Payment Card Industry Security Standards Council and it has also obtained the Payment Card Data Security Standard.

“This attests to the security of our various channels and our commitment to safeguarding our customer’s information,” he concluded.

…reinforces its leading role in promoting women empowerment



First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the fourth edition of its annual FirstGem Conference, tagged FirstGem 4.0.

The 2021 event is themed ‘The Art of Negotiation’ and convened to provide women with insights on the secrets of wealth management, investment and savings. It is scheduled to hold on Wednesday, 31 March 2021. Participants are required to register via the link http:///firstbankwebinar

The product, FirstGem, is an account designed specifically to meet the needs of women, aged 18 years and above. The product is targeted at a broad spectrum of women, working professionals, entrepreneurs or market women to promote their business through an array of benefits, from free business advisory services on business funding, specialized training on Business Development initiatives (online and physical), regular information or insights on business opportunities or openings in various sectors and industries. FirstGem account owners have access to mouth-watering discounts at merchant outlets (spas, salons, grocery stores) that offer lifestyle products and services.

The Guest Speakers at the event are Mrs. Ibukun Awosika – Chairman, Board of Directors, First Bank of Nigeria Limited; Prof Pedro Videla – Prof. of Economics at IESE Business School and Prof Mehta Kandarp, Senior Lecturer, IESE Business School. They would respectively speak on the topics; the theme of the International Women’s Day “Choose to Challenge”, the current state of the Global Economy and how it Impacts Business Decisions and Negotiation as a Tool for Winning in Business & Career.

During the event, FirstBank SME customers would be given the opportunity to pitch their business idea and stand a chance to get N1,000,000 seed fund to kick-start their business. The business ideas would be judged by the following criteria; Originality, Feasibility, Good presentation skills and Sustainability.

Speaking on the event, Mr. Francis Shobo, Deputy Managing Director, Firstbank said: “The FirstGem 4.0 is the icing on the cake in the streams of initiatives and activities we have organised and participated in March as we join the world to celebrate women for the indelible roles they play in our society. Through these activities, we spearhead the call on the need to promote women inclusiveness in the country as the role they play towards the continued socio-economic growth and development of any given society cannot be overemphasized.”

Shedding light on the impact of the FirstGem account, he said: “Our FirstGem account is specifically designed to meet the financial needs of women as it offers unrivalled services that empower women to do more and achieve more. It seeks to drive financial development and the empowerment of women through gender engineered programmes. At FirstBank, we recognize that promoting female entrepreneurship and empowerment is crucial to a better society,” he concluded.

Since the product launch in October 2016, the Bank has implemented various activities targeted at promoting female empowerment, impact and influence in the economy.

Through its online portal – designed to provide a virtual online community with over 61,293 members where like-minded women irrespective of where they are in Nigeria and abroad, gather to connect, grow and share knowledge on everything about lifestyle, motherhood, career development, entrepreneurship, health, work and family. We encourage all women to join the community by signing up via this link https://firstgem.com.ng/community to enjoy this experience.

FirstGem has successfully empowered women in states across the geo-political zones in Nigeria and the United Kingdom.

The Economic and Financial Crimes Commission (EFCC) has arraigned Cecilia Osipitan, chief executive officer of Great Nigeria Insurance Plc, for alleged fraud.

Osipitan was arraigned before a federal high court in Abuja on Friday on a nine-count charge bordering on criminal breach of trust and conversion of funds.

She was alleged to have diverted funds belonging to the Power Holding Company of Nigeria (PHCN), to the tune of N6 billion.

The EFCC alleged that she and PJO Ventures Limited, said to be her company, diverted the money meant for insurance premiums and claims of deceased and incapacitated PHCN staff.

She allegedly committed the fraud between 2014 and 2016.

She, however, pleaded not guilty to the charges when they were read.

Inyang Ekwo, the presiding judge, granted her bail in the sum of N200 million with one surety in like sum.

The surety must be a responsible citizen, and must own a landed property worth the bail bond.

Osipitan was directed to deposit her international passport with the court and prohibited from travelling out of the country without the court’s approval.

The matter was adjourned till May 24 for commencement of trial.

In 2015, the report of how N27 billion retrospective payments of the insurance premiums were not provided to the defunct PHCN.

Since then, the EFCC has arraigned two persons, including Benjamin Dikki, former director-general of the Bureau of Public Enterprises (BPE), and Mohammed Wakil, a former minister of state for power, over the matter.

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Office, has secured the conviction and sentencing of a businessman, Charles Ihenetu, to 15 years imprisonment before Justice Mojisola Dada of a Special Offences Court sitting at the Lagos State High Court, Ikeja, Lagos.

The convict was arraigned on May 16, 2018 alongside his company, V-Choice International Company Nigeria Limited, on a three-count amended charge bordering on conspiracy to obtain by false pretence and obtaining money by false pretence.

The offences are contrary to Section 8 (a) and 1 (3) of the Advance Fee Fraud and Other Related Offences Act, No 14, 2006.

He pleaded “not guilty” to the charges prompting a full trial, which commenced on July 1, 2018.

The prosecution, led by A.B.C. Ozioko, told the Court that Ihenetu was a member of a syndicate that connived to defraud his victim, Emmanuel Osaduwa Amechi, of the said sum, having deceived him to invest in a purported petroleum business involving bonny light crude, onboard a vessel, Kaveri Spirit, bound for Ghana from Nigeria.

Amechi, who paid the money in three tranches to the defendants, had, in October 2015, petitioned the EFCC, after he realised that he had been duped.

The petition was subsequently investigated and the charges filed against the defendants.

To prove the case, the prosecuting counsel, Ozioko, called four witnesses and tendered several documentary evidence against the defendants.
After the prosecution had closed its case, the defence filed a “no-case” submission, which was later dismissed by the Court.
He was, therefore, ordered to open his defence.

The defence, subsequently, called only one witness, Ihenetu.

Delivering her judgment today, March 26, 2021 Justice Dada held that Ihenetu, based on the evidence before the Court, was “a pathological liar”, whose testimony in the dock and documents tendered by the defence showed that “everything was calculated to swindle the victim in a non-existent transaction.”

Justice Dada also held that the Court was satisfied that the prosecution had proved the charges beyond reasonable doubts and sentenced him to 15 years from the date of his remand, May 16, 2018.

The Court ordered that the company be wound up and that no property should be left.

Justice Dada further ordered that the sum of N16 Million be restituted to the victim.

…Posts Petroleum Products Sale of ₦288.77billion



The Nigerian National Petroleum Corporation (NNPC) has announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020.

This is contained in the December 2020 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.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.

According to the report, the operating revenue of the NNPC Group in December 2020 as compared to November 2020 increased by 33.44% or N137.00billion to stand at N546.65billion. Similarly, expenditure for the month increased by 27.54% or N112.81billion to stand at N522.47billion. The December 2020, expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020.

The report indicated that the 80.12% increase is due mainly to the significant rise in the profit of NNPC’s flagship Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.

Other contributory factors to the robust trading surplus recorded in the month under review include the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.

In the Downstream, 2.26billion litres of white products were sold and distributed by PPMC in the month of December 2020 compared to 1.72billion litres in the month of November 2020.

This comprised 2.254billion litres of petrol, translating to 72.72million litres/day, 11.40 million litres of Automotive Gas Oil (diesel) and 0.48 million litres of kerosene.

Total sale of white products for the period of December 2019 to December 2020 stood at 18.456billion litres and petrol accounted for 18.325billion litres or 99.29%.

In monetary terms, the volume translates to a value of ₦288.77billion recorded on the sale of white products by PPMC in the month of December 2020 compared to ₦226.08 billion sales in November 2020.

Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at ₦2.217triilion, where petrol contributed about 99.09% of the total sales with a value of ₦2.197trillion.

In December 2020, 43 pipeline points were vandalized representing about 18.60% increase from the 35 points recorded in November 2020. Mosimi Area accounted for 56% of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 33% and 12% respectively.

In the Gas Sector, natural gas production in December 2020 stood at 213.34Billion Cubic Feet (BCF) translating to an average daily production of 6,881.83million standard cubic feet of gas per day (mmscfd).

The daily average natural gas supply to power plants increased by 3.52% to 816mmscfd, equivalent to power generation of 3,445MW.

Out of the 208.61BCF of gas supplied in December 2020, a total of 146.72BCF was commercialized; consisting of 42.90BCF and 103.82BCF for the domestic and export market respectively.

This translates to a total supply of 1,383.93mmscfd of gas to the domestic market and 3,349.00mmscfd of gas supplied to the export market for the month.

This implies that 70.33% of the average daily gas produced was commercialized while the balance of 29.67% was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.80% for the month under review (i.e. 457.25 mmscfd) compared to average gas flare rate of 7.15% (i.e. 538.59 mmscfd) for the period December 2019 to December 2020.

The 65th edition of the NNPC MFOR highlights the Corporation’s activities for the period of December 2019 to December 2020.

In line with the Corporation’s commitment of becoming more accountable and transparent, the Corporation has continued to sustain effective communication with stakeholders through the MFOR which is published on Corporation’s website, national dailies, as well as independent online news portals.

Zenith Bank Plc has been named as the Best Bank in Nigeria for the second successive year in the Global Finance Magazine’s Best Banks Awards 2021.

The bank was among other banks from 35 countries in Africa recognised as the prestigious US magazine, Global Finance announced its 28th Annual Best Bank Awards Winners in Africa.

The editors of Global Finance made all selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Global Finance considered factors that ranged from the quantitative objective to the informed subjective in selecting these top banks. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, AsiaPacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community.

According to Joseph D. Giarraputo, publisher and editorial director of Global Finance, “this year’s evaluations are more important and valuable than at any point in their 28-year history, given the unprecedented economic conditions wrought by the global pandemic.” In his words, “Banks are playing a key role in economic recovery around the world, and as such, our Best Bank awards highlight the leaders in restoring growth and mapping a way forward.”

Commenting on the recognition, the Group Managing Director/Chief Executive of Zenith Bank, Mr, Ebenezer Onyeagwu said: “This award is a strong indication of our resilience despite a very excruciating macroeconomic environment exacerbated by the COVID 19 pandemic”.

He added that the award was made possible by the joint contributions of the bank’s key stakeholders – the Group Chairman, Jim Ovia, for his pioneering and foundational role in building the structures and laying the foundation for an enduring and very successful institution, the Board for the deep insights and outstanding leadership they provide, the staff for their commitment, doggedness, creativity and very outstanding talents as well as the Bank’s teeming customers for their continued support and loyalty.

Zenith Bank has remained a clear leader in the Nigerian financial services industry, distinguishing itself through unique customer experience and sound financial indices. The bank is also the pioneer in the digital space with several firsts in deploying innovative products and solutions that ensure convenience, speed and safety of transactions.

As a testament to its resilience and market leadership, Zenith Bank recently announced an impressive result for the year ended December 31, 2020, with gross earnings rising by 5% to N696.5 billion and profit before tax (PBT) growing 5% to N255.9 billion.

Consistent with this superlative performance and in recognition of its track record of exceptional performance, Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and Best Corporate Governance’ Financial Services’ Africa 2020 by the Ethical Boardroom.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria, for the fourth consecutive year, in the Banker Magazine “Top 500 Banking Brands 2021” and Number One Bank in Nigeria by Tier-1 Capital in the “2020 Top 1000 World Banks” Ranking published by The Banker Magazine. Similarly, the bank was recognised as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.

Ecobank Group has recorded a revenue of N641.8 billion for the year ended December 31, 2020, representing nine per cent increase compared with N586.9 posted in the corresponding period of 2019.

In its audited report submitted to the Nigeria Stock Exchange (NSE) on Tuesday, the pan-African bank also recorded superlative performance in other key financial indices despite the harsh operating environment during the period.

Summary of the report showed that gross earnings was stable at N841.1 billion from N842.5 in 2019. The operating income before impairment losses increased by 20 per cent, from N198.6 billion to N239.1 billion during the year under review.

Also, Total asset of the bank nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase. “This is a reflection of the power of our panAfrican diversified one-bank business model” says Ade Ayeyemi, Ecobank Group CEO.

Ayeyemi further said: “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe. I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”

Other results of the bank shows profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019. The bank recorded Profit before tax of N66.6 billion as against N146.5 billion reported in 2019. While Profit after tax closed at N33.7 billion during the year under review.

Popular Betting platform, Betking has landed in a bit of trouble after the customers of the platform asked Nigerians not to use it anymore.

The customers trended the #StopUsingBetking on twitter, and many of them have published several complains under the trend.

Most of the issues have to with the withdrawals. They accused the platform of giving so much troubles to them whenever they try to withdraw but fail to the same same whenever they deposit.

They went further to make it known that Betking asks for several means of identification and certificates before they allow withdrawals.

Read below

I just got online to see #stopusingbetking trending, without much thoughts I knew it was about withdrawal.
I don’t seem to understand why you’ll joyfully collect people’s money but when they win you’ll start asking them for their family tree and death certificate!

—BISHOP�� (@opeolu_wa) March 16, 2021

You don’t ask for means of identification when we deposit huge sums, but when it’s withdrawal time you start bottling the process. This is so bleeped up. @1xBet_Eng @melbet_ng @22bet_official and Betwinner are sitting pretty on this table too… #stopusingbetking https:///wxsZDaDguM

—Rokamo (@RokamoBet) March 16, 2021

Person wey never chop betting money no fit get experience ���

Dem don chop all my money. Dem kon dey gimme cap and t-shirt �� as per regular customer �#stopusingbetking

—1 Million followers for no reason♛ (@Heyjerey) March 16, 2021

Imagine @BetKingNG 500k you dey pend am

Bro send them means of identification to thier email or message them on twitter if they will respond

� #stopusingbetking https:///70AvsMzCp6

—Mayor of Ekiti � (@Ekitipikin) March 16, 2021

Thank God finally, i have gotten enough resons to #stopusingbetking , though I an open ticket with either it won or not I am going to #stopusingbetking and I will uninstall their app ASAP. But na Accessbet worst pass.

—Falling Heroes lives 4reva (@TM_Sanjo) March 16, 2021

Keystone Bank Limited has restated its commitment to environmental sustainability as it recently partnered with the Nigerian Conservation Foundation (NCF) to plant 100 fruit trees.

A statement by the bank said the exercise which was in commemoration of the 2021 International Day of Forests (IDF) with the theme “Forest and Biodiversity”, witnessed employees of the financial institution plant seedlings of jack fruit, tenera oil palm, cashew and mango donated by NCF in their homes. The lender further noted that the exercise aligned in achieving the goals of preserving and restoring the environment for the benefit of the people.

“It equally supports NCF’s Green Recovery initiative, a 30-year programme aimed at increasing Nigeria’s forest cover to at least 25% over the next 30 years. The initiative is coming at a time when Nigeria is recording one of the highest rates of forest loss globally,” the bank said.

The International Day of Forests was established on the 21st day of March 2012, by resolution of the United Nations General Assembly to celebrate and raise awareness of the importance of all types of forests, and trees outside forests, for the benefit of current and future generations.

In his remarks, the director-general, Nigerian Conservation Foundation (NCF), Dr. Muhtari Aminu-Kano while thanking Keystone Bank for the gesture, said Nigeria had lost over 90% of its forest cover to degradation, unsustainable development, and over-exploitation of the forest.

“Thus, such collaborative effort on a larger scale could be crucial towards reversing the trend of deforestation in Nigeria.

“We depend on forests for our survival as trees provide the air we breathe. Forests also offer ecosystem services, enhance global food security and mitigate effect of climate change,” Dr. Aminu-Kano noted.

On his part, the managing director/CEO of Keystone Bank, Mr. Olaniran Olayinka called on individuals, corporate organisations and civil society actors to reflect on the state of Nigeria’s forests and the implication of losing such valuable heritage.

“Everyone should consider what can be done individually and collectively to protect, restore and sustainably manage the country’s remaining forests for present and future generations.

“As a bank, we cannot overemphasize the need to foster a sustainable environment to ensure business and life continuity through tree planting, carbon footprint reduction, recycling amongst other sustainable practices.

“We will continue to collaborate and initiate exercises like this that align with our sustainable living culture as a bank,” the bank’s chief concluded.

Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

…likely to confuse consumers, applicant alleged



The Nigeria Bottling Company (NBC) is entwined in a legal tussle over trademark infringement on its Predator energy drink, with a lion symbol, which has the likelihood of confusing consumers of that market segment who are used to the market leader, a product of Rite Foods Limited.

The lawsuit with the number, FHC/L/CS/92/2021, which was contained in a publication in the ThisDay and Guardian newspapers editions of Friday, 19th of March, 2021,was instituted against the NBC by Rite Foods Limited at a Federal High Court, in lkoyi, Lagos, on January 20, 2021. The publication also contains notice of contempt proceedings against the managing director of NBC for disobedience of interim injunctions granted by the court.

In line with the court proceedings, the counsels to the plaintiff, Rite Foods Limited, filed a motion ex parte for an interim injunction against the defendant, NBC, restraining it from further promoting or using any sales promotion material for its Predator energy drink in a manner that infringes or passes off or that is capable of infringing or passing off the plaintiff’s Fearless energy drink, until the interlocutory application for injunction is determined.

In the suit, the alleged infringement negates the law which offers exclusive rights to owners of product designs.

With further investigations, it was discovered that the Plaintiff, Rite Foods’ Fearless energy drinks, which consist of the Red Berry and Classic brands, were launched into the Nigerian market on June 15 and 16, 2017, respectively, and has gained a wider market share before the NBC’s Predator brand which made entrant in June 2020.

This points out that the trademark had been in use by the Rite Foods’ brands before NBC’s Predator drink was launched into the market.

And according to Rite Foods, it owns the exclusive right to the design which has been a mark of identifying its market leading Fearless energy drink brands.

The company stated that with the infringement by NBC, consumers are likely to assume (mistakenly) that the aforementioned energy drinks in the case are from one source.

It further stated that the degree of similarity between the lion symbol on its Fearless brands and that of NBC’s Predator energy drink is high, and that since both compete in the same market spectrum, the mark is likely to cause confusion in the minds of consumers, about the source or sponsorship of the brand offered under the defendant’s mark.

Further proceedings for the case at the Federal High Court are slated for March 24, 2021.

However, while the Predator brand is struggling to gain acceptance among consumers, Rite Foods’ Fearless energy brands has attained a very high market share of the lucrative beverage market, cutting across the different demographics, mainly the youth segment.

The Fearless brands provide consumers limitless benefits and contain high quality ingredients.

The energy drinks contain Vitamin B6, a water-soluble nutrient that is part of the vitamin B family, which supports adrenal function, helps calm and maintain a healthy nervous system, and are necessary for key metabolic processes. Also, included is Vitamin B12 which is essential for building blood cells and maintaining healthy nerve cells in the body.

Few cases of trademark infringements in the country were those of Nabisco Inc., v Allied Biscuits Company Limited in 1998, where the trademark RITZ was the issue before the court.

Allied Biscuits first registered the mark eight months before Nabisco, and the court held against the appellant, Nabisco, on the premise that it has not used the mark sufficiently to acquire a reputation for the mark in Nigeria, that its intention is to destabilise the Nigerian market and her economy.

Also on October, 18, 1993, Pfizer dragged Iyke Merchandise to Court for infringing on its trademark, Combatrin Plus, with the mark, Combatinrein, which was likely to confuse consumers.

The plaintiff’s (Pfizer) action for injunction, order of delivery up for destruction of the infringing product (Combatinrein) and general damages succeeded.

...Reports PBT of ₦238.1billion

Guaranty Trust Bank plc has released its Audited Financial Results for the year ended December 31, 2020 to the Nigerian and London Stock Exchanges.
A review of the result shows improved performance across all key financial metrics in the face of the unprecedented challenges brought on by the COVID-19 pandemic, reflecting the quality of past decisions and reaffirming its position as one of the best managed financial institutions in Africa.
The Group reported Profit before tax of ₦238.1billion, representing a growth of 2.8% over ₦231.7billion recorded in the corresponding year ended December 2019. The Group’s Loan book (Net) grew by 10.7% from ₦1.502trillion recorded as at December 2019 to ₦1.663trillion in December 2020, while Customers’ deposits increased by 38.6% from ₦2.533trillion in December 2019 to ₦3.509trillion in December 2020.
Guaranty Trust Bank’s Balance sheet remained well structured, diversified and resilient with Total assets and Shareholders’ Funds closing at ₦4.945trillion and ₦814.4billion respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while Asset quality was sustained as NPL ratio and Cost of Risk (COR) closed at 6.4% (Bank: 5.9%) and 1.2% (Bank: 1.0%) in December 2020 from 6.5% (Bank: 6.2%) and 0.3% (Bank: 0.2%) in December 2019 respectively.
Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said: “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate. We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”
He further stated that: “Amidst the many challenges that persist, we remain ardent believers in Africa’s growth potential. Our world is increasingly digital, and we see it opening new and exciting opportunities for empowering people and uplifting our communities. With our commitment to deepening customer relationships and intense focus on delivering innovative financial solutions, we enter 2021 well-positioned to lead this new world.”
Guaranty Trust Bank plc continues to post the best metrics in the Nigerian Banking industry in terms of all Financial Ratios i.e. Post-Tax Return on Equity (ROAE) of 26.8%, Post-Tax Return on Assets (ROAA) of 4.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 38.2%.
Renowned for its forward-thinking approach to financial services and customer engagement, GTBank was recently ranked Africa’s Most Admired Finance Brand in the 10th-anniversary rankings of Brand Africa 100: Africa’s Best Brands, the pre-eminent survey and ranking of the Top 100 admired brands in Africa. The Bank was also awarded the Best Bank in Nigeria by Euromoney Magazine for a record-extending tenth time and the Euromoney Excellence in Leadership Africa Award for its swift reaction in responding to the Covid-19 crisis and for addressing the impact of the pandemic on its customers and communities.

In a bid to promote diaspora remittances into the country, Access Bank Plc, Nigeria’s leading financial institution will be rewarding customers with N5 on every $1 received from their loved ones or associates abroad through foreign remittances.

The N5 for every dollar cashback will be paid to Access Bank customers irrespective of their preference to receive funds as US dollars cash pick-up over the counter or direct transfer into their domiciliary accounts.

The reward scheme is in line with the Central Bank of Nigeria’s “Naira 4 Dollar scheme” aimed at encouraging inflow of diaspora remittances into the country and the scheme will run from Monday, March 8 to Saturday, 8 May 2021.

Speaking on the initiative, Victor Etuokwu, Executive Director Retail Banking, Access Bank Plc, said: “Remittance Services are a key aspect of our economy and it is still vibrant and viable today because people still take care of family members, loved ones, friends and invest at home even as they live abroad.

“As part of our promise to create value and meet the needs of our customers, we are happy to announce that our customers can now receive the N5 for every $1 incentive, at any of our branches nationwide, when their loved ones or associates send funds from the diaspora.

“The Bank’s promise to deliver “More than Banking” services is even more relevant at this time as customers are looking for convenient products and services to facilitate their lifestyle needs. As a pioneer in international transfer services, we still maintain a strong relationship with our remittance partners: Western Union, MoneyGram, Ria, WorldRemit, Transfast, Paysend, Shift, Sendwave and other international money transfer services and we are committed to delivering excellent service to all our customers. Our remittance services are available to both customers and non-customers of Access bank,” Victor concluded.

Access Bank, over the years, has leveraged technology including advanced analytics, cloud computing, artificial intelligence, machine learning and robotics process automation to reform business operations and drive performance to improve customer experience.