₦airaland Forum

FBN Holdings PLC (FBNHoldings), Nigeria’s leading financial holdings company, has announced the appointments of Mr. Seni Adetu and Mrs. Juliet Anammah as Independent Non-Executive directors, while Mr. Otu Hughes has been appointed as a Non-Executive director.

The Moment Nigeria report that these appointments are subject to the approval of the Central Bank of Nigeria (“CBN”).

Speaking on the appointments, the Group Chairman of FBN Holdings Plc, Dr. Oba Otudeko, CFR, said, “On behalf of the board, management and staff of FBNHoldings, I am delighted to welcome the trio of Seni Adetu, Mrs. Juliet Anammah and Otu Hughes to the FBNHoldings board as they bring on board their combined professional experience and expertise of over 97 years, cutting across various industries and institutions of global repute.”

“I am certain that these rich experiences will have immediate and long-term impact on the group and its subsidiaries across Africa and beyond,” he added further.

SENI ADETU

Seni Adetu, a former Managing Director/CEO Guinness Nigeria Plc, has 35 years of private sector experience garnered at the highest levels primarily with John Holt Plc, Coca-Cola International and Diageo (Guinness) Plc in various countries within and outside Africa. He holds a first degree in Chemical Engineering and Masters in Business Administration (with specialization in Marketing), both from the University of Lagos. Adetu was at various times Marketing Director, Coca-Cola Nigeria Ltd, Managing Director of Coca-Cola, and the first African Managing Director/CEO and Executive Vice Chairman of Guinness Ghana Plc.

In 2009, Adetu was appointed Group Managing Director/CEO East African Breweries (EABL), the biggest company in East Africa, based in Kenya, during which time he was named Runner-up Forbes/CNBC CEO of the Year 2012 in East Africa. He was subsequently appointed MD/CEO of Guinness Nigeria Plc and Executive Chairman Diageo Brands Nigeria thus, again becoming the first Nigerian in nearly 20 years to lead that company. Adetu has had working stints in Hungary and the UK and has been exposed to various high-profile leadership courses globally including at the prestigious Harvard Business School.

He has served on the boards of various multinational companies in both Executive and Non-Executive capacity in Nigeria and abroad and was until recently an Independent Non-Executive Director on the Board of Fidelity Bank Plc and Non-Executive Director at APT Pensions Ltd among others.

Adetu is the Founder/Group CEO of Algorithm Media Limited and Ogilvy Nigeria Limited, two leading Marketing Communications agencies in Nigeria, in partnership with WPP, the world’s largest advertising and media agency network. He is a member of many reputable social clubs including the Metropolitan Club Lagos. He is also the immediate past National Vice President of the University of Lagos Alumni Association.

JULIET ANAMMAH

Juliet Anammah is Chairwoman Jumia Nigeria & Head of Institutional Affairs Jumia Group. Jumia is the largest eCommerce platform in Africa and the first African Tech start-up to be listed on the NYSE

She is an experienced executive with 28+ years of professional experience including 7 + years at Partner / Chief Executive level.

Before her current role, she was the CEO of Jumia Nigeria. Prior to joining Jumia, Juliet spent 16 years at Accenture and was the Partner managing Accenture’s Consumer Goods Practice in West Africa.

A Pharmacist by training, she started her career in Sales & Marketing with May and Baker (Sanofi-Aventis) in 1991 before joining Accenture as a Senior Strategy Consultant in 1999.

Juliet also serves on Corporate and non-profit Boards in a non-executive capacity. She is currently on the Boards of Flour Mills of Nigeria and APT Pensions as Independent non-executive member. She is also an EXCO member of Consultative Action Group for the Poor (CGAP) a not for profit agency funded by the World Bank, Bill and Melinda Gates Foundation and several Bilaterial/ Multilateral agencies.

She holds a Bachelor of Pharmacy degree, an MBA (Finance track) and is an alumnus of both Wharton College University of Pennsylvania (AMP) and Yale University.

OTU HUGHES

Otu Hughes has over 25 years’ experience in operations and strategy, principal investment, mergers and acquisition as well as capital raising in both the US and Sub-Saharan Africa. He started his career in 1993 with Lehman Brothers, providing strategic and financial advisory services to government entities and companies in privatisation and empowerment issues, notably Brazil (power and mining), Ghana (mining), South Africa (empowerment programmes), amongst others.

Otu joined Deutsche Bank in 1998 as Associate– Mergers, Acquisitions and Corporate Advisory Group with the oversight responsibilities of providing mergers, acquisitions, corporate and strategic financial advisory services to companies and government agencies across industries and countries, rising to Vice President. He is the Co-founder and Principal of Rofgam/Hughes Consulting and also worked at KeyBanc Capital Markets, amongst many others.

Otu is the Co-Founder & Managing Director of Candesco Limited, set up with the primary responsibility of developing and managing off-grid and independent power projects for Sub-Sahara Africa market, providing affordable, clean and stable power to clusters of communities.

A Federal High Court, Abuja has given the Economic and Financial Crimes Commission, EFCC, the nod to arrest Mr. Richard Laing, Managing Director, ExxonMobil Nigeria.

Justice Okon Abang on Friday January 29, 2021 granted the Commission’s application for a Bench Warrant to arrest the managing director of the international oil company.

The EFCC approached the Court for a Warrant after three invitations to Mr. Liang were rebuffed.

The Commission is investigating alleged procurement fraud in the Major Integrity Pipelines Project involving Mobile Producing Nigeria as the contracting company, Suffolk Petroleum Services Limited as the main contractor, Saipem Contracting Nigeria, Global Offshore Limited and Van Ord as sub-contractor to SPSL.

At issue, is the fraudulent creation of Change Orders worth over $213million USD.

...to expand the acceptance of cards in Nigeria

Access Bank and American Express have launched a partnership to broaden the acceptance and usage of American Express Cards in Nigeria.

The Moment Nigeria report that this announcement places Access Bank as the first full-service bank to acquire merchants who will accept American Express Card payments in the country.

This partnership will enable American Express Card holders use their cards at a wider range of merchant locations when they spend time in Nigeria for tourism, business or visit friends and family. International American Express Card holders will also be able to withdraw cash from Access Bank ATMs.

Local merchants will now have the option to accept American Express through Access Bank, thereby not only encouraging increased merchant business activity but also offering travelling American Express Card holders the opportunity to transact using their preferred method of payment.

This new partnership will broaden the acceptance of American Express payments via Access Bank as well as Access Bank ATMs and ecommerce websites nationwide. Many global organisations use American Express Corporate Cards as well as their employees who use these products for personal and business transactions.

When international travel recovers, many corporate Card holders travelling to Nigeria for business are therefore likely to seek merchants that accept American Express, presenting an opportunity for those businesses that welcome the Card. Consequently, Access Bank merchants who welcome the use of American Express cards will benefit from an additional high-spending customer base.

Robert Giles, Senior Banking Advisor Retail Banking, Access Bank said: “We are proud to be partnering with American Express to bring some of the best payment solutions in the world to Nigeria. Access Bank has the largest and most accessible ATM network in the country, a leading payments business with over 16 million card holders and a huge acceptance network both online and point of sale. The benefits will be immediate as soon as travel resumes.

“We expect significant demand for American Express acceptance in the country, and business travellers and tourists from across the globe will now be able to use the card of their choice. This is great news for Nigerian businesses and will help bring foreign exchange inflows into the country. We value the confidence that American Express has placed in us to significantly enhance the payment experience in our market.”

Vivi Galani, Vice President EMEA Network Partnerships for American Express said: “We are pleased to be partnering with Access Bank to continue to expand the presence of American Express in Nigeria, which is an important location for our travelling card holders and a fast-growing market for commerce.

“This agreement will give international Cardmembers even more locations to use their cards in Nigeria, whether they are travelling for business or leisure, and this will be particularly important as international travel resumes. For local merchants, it provides the opportunity to capture more business from global card holders visiting the country.”

About Access Bank
Access Bank is a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets spanning three continents. It is a diversified financial institution which combines a strong retail customer franchise and digital platform with deep corporate banking expertise and proven risk management and capital management capabilities.
Access Bank is committed to positively impacting lives and building the economy through technology. For years, the Bank has invested in several initiatives geared towards improving access to financial services for all segments, making payments seamless and expanding its retail footprint.

About American Express
American Express is a global payments company, providing customers with access to products, insights and experiences that enrich lives and build business success.
American Express has partnered with a select group of leading banks and financial institutions around the world to issue American Express branded products and acquire merchants on the American Express merchant network. By leveraging its partnerships, global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide.

The Federal Government has commenced strict enforcement of calibration of installed load weighbridges across the country.

In a letter issued by the ministry of transportation, the move was to facilitate the enforcement of the axle load limits necessary to prevent damage of Nigerian roads caused by overloading.

Our reporter recalled, that President, Muhammadu Buhari, signed the instrument of accession of the supplementary Act relating to the harmonization of Standards and procedures for the control of dimensions, weights and axle load of heavy-duty goods transport vehicles.

As a result, the Standards Organisation of Nigeria (SON) has been directed by FG to ensure that the weighbridges at the ports and loading bays are fully calibrated
According to the statement, the document provides guidelines and penalties for enforcement of the new regime of axle load limits in Nigeria.

Meanwhile, the Director General, SON Mallam Farouk Salim said during the official ceremony and commencement of the caliberatiion exercise of the APM terminal weighbridges in Apapa ports that the agency would carry out the directive in line with international best practices.

Salim who was representated by Director of NMI, Engineer Bede Obayi
emphasised that the task given to the agency is to calibrate weighbridges for measurement of all cargoes.

“The caliberatiion will be effected on weighbridges for ascertain the axile load for Heavy Duty Vehicles and Food Transporting Vehicle that transport both wet and dry products across the country

He reteriated that the Federal Government aim is toward preserving the roads from constant damage by overweight trucks, as well as given Nigerians the right quality products.

Performing the calibration of the weighbridges, Salim said the calibration, which would be extended to other seaports and oil deports/terminals in the country, would help the government to get accurate weights of cargoes and also to check influx of substandard goods and services.

The Director-General noted that the calibration exercise is a country-wide exercise that was given to the National Metrology Institute (NIMA) of the Standards Organisation of Nigeria as the custodians of the primary measurement standards of highest accuracy in Nigeria.

“Metrology is the science of measurements and can be used to check the influx of substandard goods and services in Nigeria.

He said the Federal Executive Council (FEC) Approvals on roads construction and management give credence to our calibration services to ensure that our roads are preserved and maintained for long-term uses.

“An example of the implementation process is been carried other Africa countries to support the AFCTA.

“SON is to ensure that these weighbridges give accurate measurements to the users.”

Salim maintained that given the assignment to SON shows that government appreciates the roles of the methrology and caliberatiion to economy development.

“We are happy that this assignment is given to us. This shows that government appreciates our measuring roles. We want to assure all port stakeholders’ of accurate measurements and enjoin them to always declare accurately necessary information about their imports and exports”.

The SON boss noted that the exercise would help the government to collect correct revenues.

He said that the SON management has sensitized all stakeholders on the benefits of weighbridge calibration and accurate declarationof cargo weights and would continue to educate and enlighten them.

The Nigerian Sovereign Investment Authority in a bid to assist the Federal Government scale up its COVID-19 response has formally handed over 126 units of Patient Monitors and 63 units of Oxygen Concentrators to 21 healthcare institutions across the six geopolitical zones of the country.

The move is part of the Authority’s COVID-19 relief programme as the country battles the second wave of the pandemic.

With the nation’s economy still in recovery, the relief equipment is expected to add to the current stock of critical medical equipment required for the containment of the virus in Nigeria.

The supply of oxygen concentrators and patient monitors is expected to boost the government’s efforts to provide an efficient and effective healthcare response for those affected by the virus.

The shortage of oxygen concentrators and patient monitors had slowed the government’s ability in providing an efficient and effective healthcare response for those affected by the virus during the first wave of the pandemic.

As of Wednesday, the country recorded 1,861 new cases in 22 states and the Federal Capital Territory taking the total confirmed cases to 126,160.

The Nigeria Centre for Disease Control had disclosed that 22 persons died of the virus on Wednesday bringing the number of deaths to 1,544 so far.

Speaking at the virtual handing over ceremony on Thursday, the Secretary to the Government of the Federation, Mr Boss Mustapha said the COVID-19 pandemic has had a huge negative impact on the global community disrupting well established health care systems.

Mustapha who is also the Chairman of the Presidential Task Force on COVID-19 said since the outbreak of the pandemic in Nigeria, the Federal Government had taken stringent measures to combat the spread of the virus.

He listed some of the measures so far taken to check the spread of the virus to include the ban on flights, the imposition of curfew, nationwide lockdown, and compulsory wearing of face masks among others.

However, despite these measures, the SGF lamented that the lack of compliance with non pharmaceutical measures had compelled the government to issue the Coronavirus Disease Health Protection Regulation of 2021 which was signed by President Muhammadu Buhari on January 26.

He also said the Federal Government had rehabilitated oxygen plants and will be constructing one each in every state of the federation to boost its response to the pandemic.

Mustapha told the participants at the virtual launch that the Federal Government will not rest until it ensures that the battle against the pandemic is won.

He added: “We know that our nation is at war with this pervasive enemy and we will ensure that the virus won’t spread further.

 “We are happy that the NSIA has assisted in providing these facilities and this equipment is a welcome development. It could not have come at a better time.”

He charged the healthcare centres that got the facilities to ensure that they are deployed in a manner that would help to save the lives of Nigerians.

He said, “This administration will continue to come up with measures to stop the spread of the virus. We cannot stop the spread if we fail to take responsibility.

“To those in doubt, COVID-19 is real, wear your face mask, maintain social distancing and if you can, do not travel. I want us to treat everyone as a potential carrier of COVID-19.

The SGF commended the frontline health workers for their zeal and commitment in fighting the battle against the virus.

In his comments at the event, the Minister of Health, Osagie Ehanire, commended the NSIA for its intervention in the healthcare centres in the Lagos University Teaching Hospital; Federal Medical Centre Umuahia and the Aminu Kano Teaching Hospital Kano.

The Health Minister said that with the success so far recorded by the NSIA in the running of these centres, the Federal Government would be studying the model with a view to adopting it.

He said while the nation’s healthcare system is not where the government wants it to be, the NSIA model in the healthcare sector would help the country have a good health care system.

He said the government would also be working closely with the NSIA to reverse the level of medical tourism in Nigeria.

The Health Minister described the equipment by the NSIA as commendable as it would help to scale up government’s response to the COVID-19 fight

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said that since the outbreak of the pandemic, the Federal Government has been coming up with policy measures to cushion the negative impact of the pandemic on the economy.

She also said the Federal Government has adjusted the 2021 budget to boost funding for the health care sector, noting that currently, work is ongoing to raise funds  to acquire COVID-19 vaccines for Nigerians.

Ahmed said the response to COVID-19 pandemic has been well coordinated by the PTF under the leadership of Mustapha.

The Finance Minister also stated that the Economic Sustainability Plan which was launched at the peak of the outbreak of the virus last year has helped to provide stability and reduce the impact of the pandemic on the economy.

She commended the NSIA board for providing the equipment, adding that through this gesture, the Authority has been able to demonstrate that investment in healthcare is investment in the economy as it guarantees greater returns.

“I want to encourage the NSIA to continue its assistance in the health care sector. The equipment will help to offer succour to families affected by COVID-19,” she added.

On his part, the Director-General of the Nigerian Centre for Disease Control, Chikwe Ihekweazu said that in the last one year, over 120,000 Covid-19 cases have been recorded with the death of 1500 people.

He said while the pandemic has affected many people and the economy, it has provided an opportunity to reposition the health care sector for effective service delivery.

The NCDC Boss explained that NSIA has been very passionate in improving health care infrastructure in the country, noting that the provision of the equipment is a good development for the country.

Ihekweazu explained that the NCDC partnership with the NSIA will help to tackle the challenges of Covid-19.

“One of our priorities is to build a sustainable relationship with NSIA to strengthen health care facilities and have an innovative way to fund health care,” he added.

In his comment, the Managing Director of NSIA, Mr Uche Orji, said the healthcare sector is a key focus for NSIA.

He said with the provision of the facilities, the NSIA has been able to boost the ability of the government to effectively tackle the pandemic.

First Bank of Nigeria Limited is supporting schools with an array of educational based products and solutions targeted at enabling the acquisition of various facilities to boost the continuous expansion and improvement of the educational sector.

The Moment Nigeria report that parents are not left out, as the Bank has bespoke products which empowers parents and guardians to meet the educational needs of their children.

The Bank’s educational products and solutions include the FirstEdu Loan, Operational Vehicle Loan, Term Loans for constructing new sites and extension of existing sites, Personal Loan Against Salary (PLAS) and FirstAdvance which enhances Parents/Guardians’ capacity to pay their wards’ school fees.

The FirstEdu loan offers short-term finance to private pre-primary, primary and secondary schools/ registered A level educational institutions with steady flow of income. The product offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment or assets, purchase of fairly-used school buses, as well as refurbishing dilapidated buildings and classroom blocks. This product helps school owners/proprietors in bridging the “no-income” gap between school terms, and to enhance diverse assets acquisition.

It allows schools access up to N20 million with no tangible collateral required apart from the domiciliation of school fees with the Bank. Schools with CAC registration that are yet to get Ministry of Education approval can access up to N2million without collateral for up to 90days. In a bid to cushion the effect of covid-19 pandemic, the Bank is in partnership with Lagos State Employment Trust Fund (LSETF) to finance low-cost private schools at a single digit interest rate where schools can access up to N5million.

The Bank is also in partnership with the apex association of private school owners in Nigeria, National Association of Proprietors of Private Schools (NAPPS) to finance member schools at a highly competitive rate. This reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.

The Operational Vehicle Loan is targeted at registered businesses. It allows the entrepreneur to acquire brand new vehicles for the day to day operation of the business. Organisations can take advantage of this facility to purchase school buses in the case of school proprietors and even upscale their staff welfare schemes through provision of staff buses. The product terms and conditions is competitive.

Personal Loan against Salary (PLAS) offers customers in paid employment access to cash to meet immediate financial needs such as payment of school fees, medical treatment, holiday expenses, etc. PLAS has a flexible repayment plan spread up to 48 months for our customers’ convenience. There is no equity contribution or collateral requirement.

FirstAdvance is a 30days tenured digital loan also available to salary customers who are in need of assistance to meet immediate financial needs. It empowers customers to access upto 50% of their net monthly salary in less than a minute at any desired time by dialing *894*11# or through our FirstMobile App. Only a salary account domiciled with FirstBank will qualify you for PLAS and FirstAdvance.

Beyond these, FirstBank is at the forefront of promoting virtual learning, whilst exposing not just school children but individuals of all ages to various e-learning initiatives, designed to promote innovation and skills development on emerging technologies through focus areas such as Artificial Intelligence, Coding, Cloud, Internet of Things, Blockchain, Data Science and Analytics, and Cybersecurity.

In achieving this, the Bank has collaborated with Lagos State government, IBM and Curious Learning to ensure the e-learning initiative swiftly moves across the country to school children and individuals with the need to promote the pursuit of knowledge, irrespective of age.

Speaking on the Bank’s support for schools, Mr. Chuma Ezirim, FirstBank’s Group Executive, e-Business & Retail Products, said “at FirstBank, we recognize the indelible roles the educational sector plays in promoting national economic development and we are delighted to support schools with collateral free educational solutions to meet various needs and projects to advance to the next level.”

“As schools proceed with the new term, we enjoin interested schools to visit the nearest branch or the Bank’s website for more information and encourage everyone to access our e-learning driven initiatives to keep learning and get exposed to various opportunities to stay ahead in today’s technologically advanced world.”

Much dance and song is being made about the Federal Government’s ongoing disbursement of N5,000 to the poor and indigent around the country.

The decibel level has increased since the launch on Tuesday January 19, 2021 by the Vice president Professor Yemi Osinbajo of the Rapid Response Register for the COVID-19 Cash Transfer to urban and rural poor.

Many commentators have asked where the money is coming from, how the poor were identified and plans for sustainability. These are valid questions and deserve answers.

First, let us look at the key word; Covid-19 has thrown up the world’s lack of preparedness for such a massive emergency. Countries from the US to the UK, Canada to Italy, and Afghanistan to Algeria were all thrown for a loop and have had to evolve emergency measures to cope with the pandemic.

At the tail end of December, 2020 the US congress signed about $900m in Covid-19 relief; Canada paid unemployed citizens CAD2000 monthly in 2020, Afghanistan committed 1.6% of its GDP to Covid-19 relief with rural poor households getting $50 monthly while urban poor households got $100 per month. Additionally the Afghan government gave food and waived electricity bills.

Why can America and Canada, two countries Nigerians are running to, give Covid-19 relief and Nigeria, a poor country cannot?

Here are 7 facts everyone interested in the disbursements must know in order to provide clarity to others.

1. When did FG’s Cash Transfer Start? Cash transfer is not new and did not start with the Ministry of Humanitarian Affairs Disaster Management and Social Development which was created in August 2019. The National Cash Transfer Programme was introduced by the Federal Government in 2016 in partnership with the World Bank to fortify social safety nets and establish a social protection system in Nigeria. This is in line with the President Buhari led Government’s Social Investment agenda of eradicating poverty and promoting shared prosperity amongst the citizenry.

2. What was the design? Designed as the Household Uplifting Programme-Conditional Cash Transfer (HUP-CCT), it involves the release of a monthly stipend of N5,000 to the poorest and most vulnerable Nigerian households, beginning in rural communities. The need for social nets has been underlined by the Covid-19 pandemic. As at December 2020, the programme operated in 33 states of the country and the FCT. A total of 1,414,983 beneficiaries with 7,068,629 individual household member beneficiaries had been enrolled, covering 487 Local Government Areas, 4,716 Wards and 37,628 Communities. The programme targets to cover all States of the Federation by March 2021.

3. How is the programme implemented? Contrary to claims of lacking a proper implementation structure, the Programme has a clearly defined implementation structure with an electronic based beneficiary enrolment system that focuses on the Poor and Vulnerable Households (PVHHs) mined from the National Social Register. The PVHHs are identified through a combination of geographic and community based targeting mechanisms conducted by the various State Operating and Coordinating Units (SOCU) under the supervision and guidance of the National Social Safety Net Co-ordination Office (NASSCO). The Community Based Targeting (CBT) mechanism is used for the targeting process.

4. How is the list of poor people compiled? Despite insinuations, the list is not compiled by the Ministry of Humanitarian Affairs Disaster Management and Social Development. The database of Poor and Vulnerable Households (PVHHs) is generated at the state level and domiciled at State Ministries of Planning. This information is accessible through the National Social Safety Net Project (NASSP) website. At the commencement of the programme in September 2016, Memoranda of Understanding were signed between the FG and all states. Some states committed to the programme instantly while others joined in later. This clearly put some states in the lead ahead of others in the generation of the State Social Register of Poor and Vulnerable Households. Currently, State Social Registers have been generated across all the states, while the Conditional Cash Transfer is being implemented in all 36 states with only Borno, Ebonyi and Ogun states yet to commence payments.

5. Are these cash transfers approved in the budget? First of all, there are 3 grant based programmes and all are within budgetary provisions and are processed electronically.
i. Rapid Transfer Register (RRR)- This is provided for under the Economic Sustainability Plan (ESP).
ii. Conditional Cash Transfer (CCT)- This is funded from the Abacha restituted funds and a World Bank facility.
iii. Cash Grant to Rural Women (CGRW)-This is a one-off cash grant and it was provided for in the 2020 Appropriation Act.

6. Who handles the disbursement and why are cash payments being made? Payments are done by Payment Service Providers (PSPs) who are engaged through a National Competitive Bidding (NCB) process within the World Bank Prior Review Mechanism threshold. Hence the transparency of the process is not in doubt. The world bank has had cause following M& E audits to let go PSPs. Electronic disbursement is the preferred mode of payment but it is limited by infrastructural capacity based on locations but we must bear in mind that the targeted beneficiaries of the CCT are the poorest of the poor who normally dwell in rural areas and are typically unbanked so usually lacking banking and telecom facilities.

7. Have there been success stories from these cash transfers? The CCT Programme provides capacity building, coaching and mentoring to beneficiaries in various areas including hygiene, girl child education, savings, etc. Formulation of co-operatives and savings are voluntary and managed by the beneficiaries with no degree of involvement by the Programme. A few weeks ago, Governor Abdulrahman Abdulrazaq of Kwara state announced on twitter that women in Irepodun LGA had pooled together their monthly N5,000 stipends to build a school for children in their community.

“This is a testament that President Muhammadu Buhari’s social investment programmes are working and impacting lives,” he tweeted.

That was clear confirmation that there are beneficiaries of the CCT despite nay sayers and secondly that it is having a beneficial impact.

Zenith bank has been fingered in over N700m fraud.

The Moment Nigeria report that a Federal High Court in Abuja has ordered the final forfeiture of various amounts estimated at about N700million linked to former Zamfara Governor, Abdulaziz Abubakar Yari hidden in Zenith Bank Plc and Polaris Bank Limited.

The Independent Corrupt Practices and other related offences Commission (ICPC) claimed the funds were kept in accounts in the two commercial banks by Yari, using his two companies – Kayatawa Nigeria Limited and B.T. Oil and Gas Nigeria Limited.

Justice Ijeoma Ojukwu, in a judgment on Tuesday, held that Yari could not prove how he got funds while or before serving as governor of Zamfara State between May 29, 2011 and May 29 2019.

Justice Ojukwu queried how one of companies’ bank accounts grew from zero to $301,319 at the end of his tenure.

The judge, who said Yari cannot claim the funds are his without providing evidence, rejected his claim that the action of the ICPC was political witch-hunt.

“There is nothing wrong in having huge sum of monies in one’s account, but what the law requires is that such proceeds should emanate from legitimate sources or businesses.

“The respondents, who have been given opportunity to tell their story, have failed to provide evidence for such legitimate income.

“The respondents have not countered the case and facts presented by the applicants (ICPC).

“The respondents, having failed to establish the legitimate source of the monies as stated in this case, this honourable court hereby makes an order of final forfeiture of the following:

“An order of final forfeiture of the sum of N12,912,848.68 being proceeds of some unlawful activity stashed in the name of Abdulazeez Abubakar Yari.

“An order of final forfeiture of the sum of $57,056.75 being proceeds of some unlawful activity stashed with in the name of Abdulazeez Abubakar Yari.

As the election of the executives of Eastern Chapters of Association of Nigerian Licensed Customs Agents (ANLCA), gets underway Tuesday at the Presidential Hotel PortHarcourt, the President of ANLCA, Hon Iju Tony Nwabunike has urged the emerging executives to mobilise the members (by taking advantage of the training opportunities at the national headquaters of ANLCA) to effectively key into the African Continental Free Trade Area (AfCFTA).

“Those to be elected through this meeting should take a cue from the national body and keep abreast of the developments like training and retraining programmes we shall be doing directly and virtually later in the year,” Tony Iju said.

He said: “As Customs Brokers, we have roles to play in deepening intra-Africa trade and ensuring seamless cargo movement within and outside our continent. Therefore, I urge you all to approach this emerging basket of opportunities with optimism and positive minds towards making the best of it.”

He tasked members of the association to ensure that they sharpentheir ICT capacities, urging them to further embrace learning of international languages like French, Mandarin (Chinese), Arabic and other means of international communication for business transactions.

On the election, Nwabunike, said: “I am pleased with the very peaceful, interactive and robustly engaging methods all the contestants have applied before, during and after the campaigns leading to the elections today (Monday).

“As a body, accept the congratulations of the National Executive Committee (NECOM) for your orderly and brotherly conducts. We are proud of you,” he said.

Nwabunike added that ANLCA is one strong and indivisible group, urging members not to be distracted by the activities of renegades and distractors.

“Our strength is in the collective unity we all profess and uphold irrespective of differences in tribe, language,” he stated.

He urged members not to lower their guard on compliance with COVID-19 protocols, saying the second wave of the pandemic is on and real. “ANLCA is at the vanguard of flattening the curve in our ports and within the total logistics chain. Continue to be part of our COVID-19 compliance drive for us all to survive it with our families,” he stressed.

…destroys N300m products

The Standards Organisation of Nigeria (SON) has urged the Federal Government to consider a policy aimed at returning substandard goods to countries of origin to boost consumers’ confidence and strengthen international trade.

Mallam Farouk Salim, SON’s Director-General, said, at an enforcement exercise on Monday, the policy would address the preponderance of imported fake and substandard goods in the country.

Salim noted that an arrangement to return goods with no economic value to countries notable for producing substandard goods was timely and critical.

“One arrangement I would love to have is the ability to return substandard goods back to country of origin, while also paying back the importers of the products if they were wrongly deceived.

“However, a situation where the importer was not deceived, we would prosecute the importer.

“We will support any country to prosecute any manufacturer or importer with their own laws over there, but that law to my knowledge is not yet in place, I will definitely like to appeal to the relevant authorities in the future to put such enabling law in place,” he said.

The SON DG revealed plans to destroy over N300 million worth of substandard gas cylinders and tyres.

According to him, the products failed to meet the minimum requirement of the Nigerian Industrial Standard (NIS) and, therefore, were not safe for consumption by the public.

Salim said the agency was also increasing its surveillance and intelligence to checkmate the influx of substandard goods, while restating its commitment to zero tolerance for substandard goods.

“We are destroying these goods in an environmentally friendly way because we do not want to pollute the environment and we also must ensure that everything recyclable would be recycled properly.

”We are looking at N300 million worth of goods to be destroyed and this is just an estimate.

“About six containers of tyres were stuffed into each other and for the cylinders, we intercepted them from multiple sources.

“We still have more products waiting for court orders to be destroyed because we cannot on our own destroy them,” he added.

Salim stressed the standards body’s preparedness to ensure the passage of only goods that met the minimum requirements following the commencement of the African Continental Free Trade Agreement (AfCFTA).

“In terms of the AfCFTA, we are prepared as far as standardising is concerned.

“We are ready for any situation whether from Africa or other continents across the world,” he said.

Also speaking, SON’s Compliance Director, Engr. Obiora Manafa, said the agency was poised to intensifying its sensitisation programmes to educate Nigerians on the negative effect of substandard products in 2021.

“The sensitisation campaigns had so far yielded positive results according to the feedbacks of many market organisations on the processes,” he said.

Mr Charles Amudipe, Assistant Director, Head of Enforcement, Lagos Office, Nigeria Copyright Commission (NCC), said both the SON and the NCC would continue to strengthen their partnership to ensure the safety of Nigerian consumers.

It was the English bard, William Shakespeare who wrote the enigmatic play “All’s Well that Ends Well”, which is regarded alongside “Measure for Measure” and “Troilus and Cressida” as Shakespeare’s problem plays on account of the heroes and heroines who are flawed in many ways.

A consideration of the trending news about N-power, one of the Federal Government’s flagship National Social Investment Programme (NSIP) will lead one to the same conclusion; all is well that ends well because despite some flaws in its original design, especially around the exit strategy, Sadiya Umar Farouq, in whose ministry the programme is now domiciled; and her team have found a fitting denouement.

The introduction of the N-power programme was greeted with joy and applause especially among Nigeria’s teeming and unemployed youthful population. As part of the NSIP, the N-power was critical to the realization of the Buhari’s administration’s vision of lifting 100 million Nigerians out of poverty over 10 years.

According to the NSIP website, the N-power programme “is designed to assist young Nigerians between the ages of 18 to 35 to acquire and develop life-long skills for becoming change makers in their communities and players in the domestic and global markets and given a stipend of N30,000 monthly.”

Ambitions and audacious were words employed by pundits to describe the vision but there was method to the FG’s seeming “madness”.

As at July 31st 2020 when N-power Batch A and B beneficiaries began their transition and exit from the programme having spent over 40 and 24 months respectively on the programme, there was much to applaud.

The dream of up skilling the beneficiaries to make them suitable for employability and entrepreneurship had been largely achieved. In fact, of the 500,000 beneficiaries in Batches A and B, about 109,829 beneficiaries had set up small scale businesses as at July 2020. This number, approximately 22%, according to the ministry of Humanitarian Affairs, Disaster Management and Social Development, were running small but thriving businesses in their communities and some were eagerly on boarded as aggregators for the National Home Grown School Feeding Programme, another component of the NSIP in a clear case of the NSIP providing a pipeline of skilled labour for the NSIP.

This is significant in a country like Nigeria where statistics from the CBN tell us that small and medium scale enterprises contribute 48% of national GDP and also make up 98% of businesses in the country which provide employment to 84% of Nigerians.

Aside the 109,829 entrepreneurs, many beneficiaries of the programme have also found employment in the organized private sector after passing entrance and psychometric tests of those companies.

The ministry highlighted these achievements via a series of mini-documentaries entitled “N-Power Success Stories” which ran on their social media pages.

These successes are not easily obvious if you monitor chatter on social media especially on twitter where N-power Batch A and B beneficiaries are very vocal. Their tone is often angry and the conversation usually around exit plans and unpaid stipends.

The complaints reached a crescendo in June 2020, when the ministry announced plans to begin enrolment for Batch C and the transitioning of Batch A and B. The beneficiaries of Batch A and B demanded clarification regarding the exit plans.
That clarification has now been made. A news report in Vanguard of January 21, 2021 announced – “FG offers former N-Power beneficiaries exit strategies” and according to the report Batch A and B beneficiaries now have three (3) exit options.

One; 200,000 beneficiaries will be on boarded on the Shared Agent Network Expansion Facility (SANEF) scheme operated by the Central Bank of Nigeria. The SANEF scheme is, according to the Vanguard report, “a project powered by the Central Bank of Nigeria, Deposit Money Banks, Nigeria Inter-Bank Settlement Systems, Chattered Institute of Bankers of Nigeria, Licensed Mobile Money Operators, and Shared Agents with the primary objective of accelerating financial inclusion in Nigeria. Under the scheme, the beneficiaries will be trained in different areas including customer service, transaction settlement, liquidity management, anti-money laundering, among others, while government would facilitate the initial funding for the scheme for each beneficiary.”

Two; another 30,000 beneficiaries who served under the N-Agro have been employed under the “Mass Agric programme as geospatial experts and enumerators. The goal is to engage the beneficiaries in the geo-mapping of farmlands and the enumeration of farmers, across the country for the programme. The Mass Agric programme is a component of the Economic Sustainability Plan designed to, among other things, engage millions of farmers, cultivating thousands of hectares of land across the country.”

Finally Three; “N-power beneficiaries are offered the option of applying for a proposed GEEP loan to fund their small businesses. Joint collaboration is encouraged to form registered cooperatives in line with earlier established GEEP loan requirements.”

With these three exit options, N-power beneficiaries can put their new found skills to use as gainfully employed Nigerians or as entrepreneurs thus helping to realise the vision of the NSIP.

It has taken time and there have been hiccups along the way but what is important now is to acknowledge that a fitting exiting strategy has been arrived at and those coming in Batch C and subsequent batches would have a smoother transition.

All’s well that ends well, indeed.

*Dapo Bruce a public analyst writes from Lagos

defence witness, Mr Anthony Abraham, has told an Ikeja Special offences Court, Lagos 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.

However, 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, who is standing trial for allegedly stealing the sum of N168.5m from several companies belonging to Mrs Ekeoma, 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.

According to Ekunife, in his defence, said that he helped the businesswoman 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.

Ekwunife told the court that “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”.

Meanwhile, during the proceedings, the DW1 (1st Defence witness), Mr Abraham, said that 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.

The witness, while being led in evidence by the defence counsel, Eubena Amedie, said, ” 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”.

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”.

Meanwhile, The Economic and Financial Crimes Commission, EFCC, had arraigned Ekwunife for allegedly, at different times in 2014, stolen 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 owned by Mrs Ngozi Ekeoma.

The matter was thereafter adjourned till December 11, 2020 for hearing of pending motions and January 23, 24, 25 for 2021 continuation of trial.

Titan Trust Bank Limited, one of the newest entrants into the Nigerian banking industry, at the weekend, emerged ‘Best Trade Finance Provider in Nigeria for the year 2020’ in the recently released Global Finance Magazine World’s Best Trade Finance Providers Awards.

The lender clinched the coveted influential international award previously won by only the first-tier banks in Nigeria in just 15 months of its commercial operations.

According to the organisers of the prestigious annual awards, Global Finance Magazine, New York, the awards were created to recognize top performers among banks and other providers of financial services in prominent areas of expertise and excellence.

For the 2020 Trade Finance Providers awards, the organisers added that winners were chosen in more than 102 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

In selecting its recipients, Global Finance Magazine’s principle was hinged both on quantitative and qualitative data, to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.

“The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included: transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies,” a statement by the organisers said.

Joseph D. Giarraputo, publisher and editorial director of Global Finance Magazine, New York noted: “The Trade Finance sector was hit particularly hard by the fallout from the COVID-19 pandemic, and providers were forced to respond and adapt to the unforeseen challenges it presented.

“The winners of the 2020 Annual Trade Finance awards are institutions that responded to the unprecedented landscape of the year with new technologies and improved capabilities that helped their clients succeed.”

Commenting on the recognition, Mudassir Amray, Managing Director and Chief Executive Officer of Titan Trust Bank Limited, said: “The news of the award is overwhelming. We are truly humbled and are grateful to our customers for their unwavering support and trust in us.

“At the heart of the bank are our people, without which this achievement would not have been possible.

“The award is also an endorsement of our professional board and well diversified and experienced management team,” Amray noted.

The bank’s chief added that despite the rage of the coronavirus (COVID-19) pandemic, the lender has continued to blaze the trail by delivering superior, convenience and innovative banking solutions to its customers through technology.

“Nigeria is going through a tough time due to the impact of the COVID-19 pandemic coupled with the fall in oil prices.

“Hence, Titan Trust Bank has had to face a business terrain that has been hit with the onslaught of a global pandemic.

“Despite the odds, the bank has become adept at providing tailored trade finance solutions to meet the needs of its customers.

“In an industry that is fiercely dominated by banks that have been in existence for decades, Titan Trust bank has been able to establish a formidable market presence in just under a year,” he said.

Titan Trust Bank was established on the 12th of December 2018 and commenced operation.

The management of Club VICTORIA in Lagos has appealed to the Lagos State Government to kindly reconsider its closure following a violation to the COVID-19 protocols.

The Lagos State Police Command had last week Saturday raided the club located at Ajose Adeogun, Victoria Island, Lagos and arrested some clubbers and strippers at the club.

But the club Executive Chairman, Bruno Roy Owede in a press statement issued in Lagos on Friday described the incident as gross managerial misconduct, stressing that, the management has enforced disciplinary procedures against the affected workers.

Owede maintained that, the intention of the club was not to disregard or flout the COVID-19 rules and restrictions, but to keep everyone away from harm’s way.

He added that, as a brand committed to due process and compliance, the Club has submitted to the authorities for their enforcement efforts and step up its commitment in the fight against COVID-19 pandemic.

He assured members of the host community and customers of the club of the management’s readiness to partner with Lagos State Government in an effort to create awareness about the importance of adherence to necessary precautions recommended by health professionals.

“On behalf of the entire board and management of Club VICTORIA, we are deeply sorry for the unpleasant events of Friday, 8th of January 2021, which has put our brand in the headlines for the wrong reasons.

“Last week was the toughest operational week in our history, but it’s important to state that our intentions were never to disregard or flout the COVID-19 rules and restrictions aimed at keeping all of us out of harm’s way.

“The incident was a gross managerial misconduct and we have enforced disciplinary procedures while working hard to put preventive measures in place.

“As a brand committed to due process and compliance with the rule of law, we promptly submitted to the authorities in their enforcement efforts; we would also like to take this opportunity to tender our unreserved apology to His Excellency; the governor of Lagos State, the entire State Executive Council, the Police Authorities and our friends and clients who were affected by this incident.

“As a company known for its commitment to the development of our host city, we pledge to step up on our commitment in the fight against COVID-19 pandemic. We are also ready to partner with the Lagos State government in the efforts to create awareness about the importance of adherence to necessary precautions recommended by health professionals.”

First of Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has launched the Virtual Payment card, a Naira denominated debit card and digital representation of the plastic debit card. The card is designed to be linked to either a customer’s operative account or wallet account.

The FirstBank Virtual Payment Card is a suitable alternative to the use of cash and cheques, with its wide-range features which  include the ability of cardholders to protect his/her card using the block and unblock capabilities; PIN Reset; Change PIN as well as view statement at one’s convenience. It also enables diaspora customers to spend from his/her FirstBank account within the spend limit advised by the bank without the need for a physical card.

The FirstBank Virtual Payment Card is a safe, convenient, and easy way of making e-commerce payments amongst other functionalities.

The Virtual Payment Card can be created via the Bank’s leading digital channels; FirstMobile or Firstmonie Wallet applications. Customers can download the card, activate the card and consummate transactions all at once from the comfort of their homes/offices. No branch visit is required. Customers are advised to update their mobile application to the latest version, then select Card Services on the FirstMobile App and My Virtual Card application to create a Virtual Card at the cost of N215 (VAT Inclusive).

Speaking on the launch, Mr. Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited said ‘the launch of our Virtual Payment Card is yet another secure and seamless way we promote electronic banking, whilst enabling customers to carry-out their transactions on the web”

“The Virtual Payment Card is also designed to guard against the spread of the COVID-19 as it does not require physical interaction between the customer and FirstBank Branches. We enjoin our customers to download the application and stay ahead in modern banking,” he concluded.

Similarly, FirstBank recently launched the FAST Track ATM, the next generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM without any form of physical interaction with the machine.

For more information on the Virtual Payment Card, kindly click here for the Frequently Asked Questions (FAQs).

…as Sanwo-Olu orders Sack

The Managing Director of the Lagos State Signage and Advertisement Agency (LASAA), Adedamo Docemo is going through tough times as the State Governor, Babajide Sanwo-Olu, threatened to show him the way out of his cabinet over his unilateral decision to employ 92 workers without his consent.

Docemo according to a reliable source, has been ordered by the governor to sack the 92 workers without further delay.

In carrying out the governor’s order, Docemo, on Monday issued them letters suspending their employment with the agency indefinitely.

As gathered, the appointment of the 92 workers without Sanwo-Olu’s approval, has put a serious heavy toll on the payroll of the agency at a time the state is battling with dwindling revenue as a result of the COVID-19 pandemic.

The source revealed that Sanwo-Olu also threatened to remove Docemo because his incompetence, maladministration, and lack of managerial skill have become an unbearable embarrassment to him and his government.

It was gathered that the governor had early last week suspended him but for some powerful party chieftains who begged the governor to rescind his decision by pardoning him.

“It is disheartening to note that in last one year, under this debilitating economic condition caused by an outbreak of COVID-19 pandemic and the brutal effect of EndSARS protest, an head of a government agency, could still thoughtlessly engage in illegal hiring of an irrational additional new 92 staff. This has shocked the governor because the wage bill of the agency has skyrocketed to the extent that the sustenance of the agency has become an embarrassment to the government. This is why governor Sanwo-Olu ordered the immediate disengagement of the 92 new staff that Docemo illegally employed,” the source said.

Following the sack of the 92 workers, some of them whose sack letters were prepared and handed over to on Monday, are threatening to take the agency to court, claiming that their employees cannot be indefinitely suspended without justifiable reasons by Docemo since they were duly employed by the agency.

Some sources within the agency said the MD, barely a year in the agency, had been taking such decisions without getting the governor’s approval.

…Says Obi Chima Best is impostor

 

The National Executive Council (NECOM) of the Association of Nigeria Licensed Customs Agents (ANLCA) Tuesday distanced the association from an election of the Western Zone Chapters elections which one Obi Chima Best said will hold today (Tuesday) and Thursday at a location in the Amuwo Odofin area of Lagos State.

ANLCA in a disclaimer by it National Secretary, Alhaji Abdulazzez Mukaila described the information as fake news, saying the man whose name appeared in the news as the one who will conduct the said election (Obi Chima Best) is an impostor and fake as ANLCA has only one Association Electoral Committees chaired by Barr Raymond Onyimba.

association has only the illegal Western Zone elections holding from today at a hotel in Amuwo Odofin area of Lagos State.

The disclaimer further stated that Obi Chima Best’s company, North Atlantic Limited is a defaulter and as such does not qualify to participate in any ANLCA activities, talk less of producing the chairman of the ASECO.

The disclaimer reads in part: “The National President IJU TONY NWABUNIKE has directed a reaction to false publication signed by one CHIMA OBI BEST claiming Chairmanship of ANLCA Association Electoral Commission (ASECO)

“For clarification, the Chairman of ANLCA ASECO remained BARR, OYIMBA RAYMOND ENEKWECHI as ratified by National Executive Council (NEC) copy approval hereby attached.

“Consequently, OBI CHIMA BEST been a member/Staff of NORTH ATLANTIC TRANSIT LIMITED a defaulter Corporate Company with personal staff I.D. No. EZ1500000178 is NOT and does NOT qualifies even if any as a non-stakeholder nominal director without single share of his Corporate employer. Status attached.

“The General Public and members of ANLCA is hereby enjoined to disregards such Publication as expired Board of Trustee and Non shareholder ordinary Corporate member does not perform ASECO Committee function in ANLCA”.

Keystone Bank Limited has upgraded its digital banking experience through the launch of a truly customer-centric mobile application – ‘KeyMobile’ .

A statement by the lender said the upgrade is in demonstration of its commitment to deliver superior, convenient, and innovative banking solutions to its customers, thereby promoting the bank’s unwavering commitment to enable its customers conduct all their banking needs in the comfort of their home/office.

The bank further disclosed that the move towards branchless banking is also in response to the new realities of the corona virus (COVID-19) global pandemic and the need to ensure safer banking practices for its customers by leveraging technology to redefine and reframe the customer service delivery.

On the features of the KeyMobile App, the bank said: “With the new KeyMobile App, customers can now reactivate or upgrade their accounts by uploading the required documents online, they can equally open new accounts within 2minutes and get their debit cards delivered within 48hours.

“Transaction limits can also be increased or set to the customers preferred amount instantly using pin, debit card, token or customer indemnity.

“Apart from allowing customers to withdraw cash from ATMs without the use of cards (careless withdrawals), KeyMobile also provide customers the option to schedule cash withdrawal or deposit requests at their nearest Keystone bank agent/branch locations thereby reducing their travel and wait time to withdraw or deposit cash.

“To help customers manage their investments and expenses, the bank introduced the self-booking and liquidation of fixed deposits, scheduled bills payments, standing orders, cheque deposits and request features in the new App.

“To promote inclusive Banking, customers can now send money to non-account holders through their phone numbers and beneficiary redeem the fund from their nearest Keystone bank branch or agent locations. Money can be sent to multiple beneficiaries with a single click,” the bank said.

To improve the security of its customers’ fund, Keystone Bank disclosed that the App can disable cards and accounts, change, or reset their transaction PIN if compromise is suspected.

“KeyMobile also enables customers to interact online with the bank’s service staff for enquiries and complaints, to report dispense errors on ATM, POS, WEB and get real-time resolution.

“The App is not only about seamless and enjoyable customer experience, it also about giving customers instant financial rewards when they refer their friend’s/family members to download the app,” the statement added.

Commenting on the development, group managing director/CEO of Keystone Bank Limited, Mr. Olaniran Olayinka, expressed delight about the upgrade of the new mobile app, stressing that the bank would continue to invest in technology in its bid to provide cutting-edge, round-the-clock banking services to its teeming customers.

“With the upgraded KeyMobile app, it is no longer a question of stepping out to the bank but about the convergence of innovative services, digital technology and Omni-channel platforms coming to us at breakneck speed.

“The app offers customers a simple, seamless and secure banking,” Olayinka added.

• Describes petition as “malicious statement devoid of truth”

Businessman and politician, Prince Ned Nwoko, has rubbished Tunde Ayeni’s claim that he (Nwoko) received the sum of $6,000,000 (Six Million Dollars) from him and Captain Idahosa Okunbo, in a business deal with Ocean Marine Solutions (OMS) Limited, over which he allegedly promised to pay the company the sum of $30,000,000 (Thirty Million Dollars).

In a letter addressed to the Inspector General of Police, Mohammed Adamu, Nwoko put a lie to Ayeni’s claim, stating that at no point in time “have I had any dealings with Ayeni or Ocean Marine Solutions in whatever capacity.”

Ayeni had, through his lawyer, Femi Falana, petitioned the Economic and Financial Crimes Commission (EFCC), to investigate Captain Hosa, citing various financial infractions. According to Femi Falana, the EFCC investigation has become necessary in order to facilitate “the recovery of the legitimate shares and earnings which our client (Ayeni) is entitled to.”

In the said petition, Falana stated among others, that Nwoko had approached OMS Limited, requesting it to fund the process for the Paris Club refunds to the Local Governments of Nigeria, and also that he (Nwoko) had charged 20% of the refund as his fee, and that upon success he would pay OMS the sum of $30,000,000 as return for the funding.

Describing Ayeni’s assertion as “a malicious statement devoid of truth”, Nwoko expressly stated he has “never received any sum from Ayeni which he purported in his petition and has never played any role whatsoever as it relates to this transaction.”

“All transactions on the subject matter were done directly with Capt. (Dr.) Idahosa Wells Okunbo in his personal capacity to the exclusion of any other party including Ocean Marine Solutions Limited. To suggest otherwise as contained in the said petition is merely a malicious statement devoid of truth.”

Nwoko urged the IGP to yield no credence to the contents of Ayeni’s petition, as he had no clue “as to the nature or extent of my involvement with ALGON,” as he further clarified that that he only met Tunde Ayeni “in connection with ALGONS contract for the supply of Ambulances which were to be funded from the Paris Club refunds (5% of the judgement sum) and this project is still pending for all that I know.”

“I am not aware of any payments in connection with this project,” Nwoko stated.

• Describes petition as “malicious statement devoid of truth”

Businessman and politician, Prince Ned Nwoko, has rubbished Tunde Ayeni’s claim that he (Nwoko) received the sum of $6,000,000 (Six Million Dollars) from him and Captain Idahosa Okunbo, in a business deal with Ocean Marine Solutions (OMS) Limited, over which he allegedly promised to pay the company the sum of $30,000,000 (Thirty Million Dollars).

In a letter addressed to the Inspector General of Police, Mohammed Adamu, Nwoko put a lie to Ayeni’s claim, stating that at no point in time “have I had any dealings with Ayeni or Ocean Marine Solutions in whatever capacity.”

Ayeni had, through his lawyer, Femi Falana, petitioned the Economic and Financial Crimes Commission (EFCC), to investigate Captain Hosa, citing various financial infractions. According to Femi Falana, the EFCC investigation has become necessary in order to facilitate “the recovery of the legitimate shares and earnings which our client (Ayeni) is entitled to.”

In the said petition, Falana stated among others, that Nwoko had approached OMS Limited, requesting it to fund the process for the Paris Club refunds to the Local Governments of Nigeria, and also that he (Nwoko) had charged 20% of the refund as his fee, and that upon success he would pay OMS the sum of $30,000,000 as return for the funding.

Describing Ayeni’s assertion as “a malicious statement devoid of truth”, Nwoko expressly stated he has “never received any sum from Ayeni which he purported in his petition and has never played any role whatsoever as it relates to this transaction.”

“All transactions on the subject matter were done directly with Capt. (Dr.) Idahosa Wells Okunbo in his personal capacity to the exclusion of any other party including Ocean Marine Solutions Limited. To suggest otherwise as contained in the said petition is merely a malicious statement devoid of truth.”

Nwoko urged the IGP to yield no credence to the contents of Ayeni’s petition, as he had no clue “as to the nature or extent of my involvement with ALGON,” as he further clarified that that he only met Tunde Ayeni “in connection with ALGONS contract for the supply of Ambulances which were to be funded from the Paris Club refunds (5% of the judgement sum) and this project is still pending for all that I know.”

“I am not aware of any payments in connection with this project,” Nwoko stated.

A Federal High Court in Abuja on Saturday dismissed the alleged certificate forgery case filed against Governor Godwin Obaseki of Edo State by the All Progressives Congress and one of its members, Edobor Williams.

Delivering his judgment, Justice Ahmed Mohammed, held that the plaintiffs failed to prove their claim that Obaseki forged his academic certificates that he submitted to the Independent National Electoral Commission before the September 19 2019 governorship election in the state.

The judge found as lazy, the attitude of the plaintiffs, who did no make any efforts to cross-check from the University of Ibadan and the West African Examination Council the two institutions that issued the certificates they claimed Obaseki forged.

Details soon…

Shareholders of London-listed Nigerian oil company Lekoil voted on Friday to approve an investor’s bid to add three members to the company’s board, in the culmination of a bitter dispute between its founder and its biggest shareholder.

The dispute between Lekoil founder and chief executive Lekan Akinyanmi and top shareholder Metallon even drew in Nigeria’s Ministry of Petroleum, and created more unwanted public turmoil for the company, which was caught out by a fraudulent loan last year.

A large majority of shareholders approved Metallon’s proposal to appoint Metallon CEO Thomas Richardson along with two others to the Lekoil board, expanding it to seven members.

Lekoil Chairman Mark Simmonds said he would stand down with immediate effect. The newly enlarged board will appoint his replacement.

Metallon, a private investment company that owns four gold mines in Zimbabwe, became a shareholder of Lekoil last March and now has a 15.1% stake, making it the top investor.

It says its proposal to expand the board will improve corporate governance and increase scrutiny of Lekoil’s finances.

“Today’s EGM result has delivered a clear mandate for change, in line with Metallon’s primary objective of a strengthened board, greater oversight and stronger governance at Lekoil, in order to unlock greater shareholder value for all,” Metallon CEO Richardson said in a statement after the vote.

Akinyanmi fought the change, and has said that if Metallon succeeded, they could be in “a very strong position to make a takeover attempt.”

Minister of Petroleum Resources, Timipre Sylva, sent a letter to Lekoil on Dec. 30 warning that he should have been informed and that there could be consequences for not notifying about “such significant change of shareholding.”

Ministry spokesman Garba Deen Muhammad confirmed on Thursday the letter and said that under Nigerian law, ministerial consent is required for acquisition or transfer of ownership transactions.

A year ago, Lekoil’s share price plunged after it said that a $184 million loan it had announced from the Qatar Investment Authority was a “complex facade” by individuals pretending to represent the authority.

The low share price and weak oil prices attracted Metallon, which was looking to diversify beyond gold, CEO Richardson told Reuters in a phone interview on Wednesday. It began purchasing shares last March.

But Metallon later encountered concerns, including high general and administrative expenses (GA) and a $1.9 million loan to Akinyanmi

Babajide Sanwo-Olu, governor of Lagos state, has taken to social media to shower encomium on Ibijoke, his wife, as she celebrates her 54th birthday.

In a post on his Twitter page on Friday, the governor shared a picture of his wife, alongside a lovely message expressing his gratitude for all she has done for him.

He also appreciated her for taking her role diligently and patiently while standing by him through thick and thin.

“A very happy birthday to my dear wife. Dr. Ibijoke Claudiana Sanwo-Olu. May God’s unending blessings continue to abide with you. Thank you for your prayers, support and encouragement always,” he wrote.

“Thank you for understanding that the role we have taken requires selflessness, hard-work, and patience, even in the face of adversity. As you celebrate another year, may grace never depart from you. Happy Birthday, Ibijoke mi. God bless you.”

Ibijoke, who was born on January 8, 1967, graduated from the University of Lagos (UNILAG) Akoka, where she obtained her Bachelor of Medicine, Bachelor of Surgery (M.B.B.S) degrees.

The medical practitioner also holds a post-graduate diploma in Hospital and Health Management (PGDHM); Diploma in Anesthesia (DA); Masters of Public Health (MPH) and Masters in Business Administration (MBA).

With a record of over 25 years of active service, rising through the ranks to become chief executive officer of Harvey Road Comprehensive Health Centre, Yaba and later General Hospital, Somolu, Ibijoke has served in various capacities in the state before her emergence as the first lady in 2019, following her husband’s victory in the governorship race.

She is a member of the Medical and Dental Council of Nigeria (MDCN), Lagos Anesthetic Association (LAA), Medical Women Association of Nigeria (MWAN), and the Committee of Wives of Lagos State Officials (COWLSO).

Jitters and palpable fear have been spreading in the camp of the embattled Edo State Governor, Mr. Godwin Obaseki, who faces the grim prospect of being sacked by the Abuja High Court on Saturday over claims of forgery and other malfeasance in the academic credentials he presented to INEC to contest the Sept. 19 governorship election in the State.

Although declared the winner of the election, the eligibility of Mr. Godwin Obaseki to contest the election as a candidate has been the subject of legal debate following a suit by the opposition APC contending that the Governor’s university degree certificate was doctored in violation of the Electoral Act. The governor has failed to mount any serious defense to the questions posed in court and now faces a real danger of disqualification, according to sources well briefed on the matter.

Relying on the procedural standards of Obaseki’s acclaimed University, the University of Ibadan, and the testimony of other graduands throughout the institution’s existence, the All Progressives Congress argued in court that the certificate Governor Obaseki submitted to INEC could not have been original as it lacked several crucial elements, including the signature of the Registrar, a part of the Vice Chancellor’s signature and date of issue.

Astonishingly, and to his own detriment according to legal observers, Governor Godwin Obaseki implicitly corroborated the APC’s claims on the defective nature of the certificate he submitted to INEC, but blamed the omission on a photocopying error.

Per the claims of the governor, he had carelessly omitted the very elements that authenticate any degree certificate in the process of duplicating the original with a photocopier. However, this claim has been dismissed.

In its counter-argument, the APC invited a respected forensic document examiner, Raphael Onwuzuligbo Amachukwu, a retired ASP who has testified as an expert in thousands of cases related to forgery.

His testimony, based on a careful examination and juxtaposition of the certificate presented by the governor and that of other graduands of the University of the same period, shattered the governor’s defense built on the shaky grounds of ‘photocopy error’ as it revealed alterations and mismatch in the logo, character spacing, and other elements contained in Governor Obaseki’s certificate – all of which could not have originated from error in duplication from a photocopier.

Tellingly, the governor’s legal counsel shied away from cross-examining the forensic examiner or his revelations. Instead, it embarked on a series of delay tactics with the ultimate goal of drawing out hearing beyond the constitutionally permitted 180-day period permitted for the trial of the case.

Some of their efforts to delay hearing included a spurious suit filed in the Court of Appeal that was summarily dismissed; an insistence that the Abuja High Court embarks on ‘Christmas Holiday’ though the Judge established the importance of proceeding with the trial as the case is a ‘sui generic case’; and complaints in court that ‘heaven will not fall if the case elapse – it has 180-day period’ to which the Judge rebuked them by re-asserting his responsibility to do justice by all parties involved in the case.

Governor Godwin Obaseki and the PDP spent weeks evading the substance of the allegations of forgery, while dedicating efforts to stall the trial. The move collapsed, along with it the faith and confidence of supporters. With judgment set for Saturday, January 9, some of the Governor’s supporters are already expressing regret over anticipated defeat, according to sources familiar with deliberations in the camp.

There are reports of violent protests organized by some group of the governor’s supporters ahead of the court’s verdict on Saturday which is expected to disqualify Mr. Godwin Obaseki’s participation in the election and stay in office as Governor.

President Donald Trump has announced that he will not attend the inauguration of President-elect Joe Biden on 20 January.

Trump who have explored many undemocratic avenues to overturn the election said he wanted to make it clear to those who were asking if he would attend.

“To all of those who have asked, I will not be going to the Inauguration on January 20th,” he said in a tweet on Friday.

Vice President Mike Pence is expected to attend according to some of aides.

More to follow…

…examines role of youths in nation building



The annual public lecture of January 9th Collective (J9C), a socio-cultural group devoted to good governance and development in the society, holds tomorrow, Saturday January 9.

However, due to the COVID-19 challenge, this year’s edition with the theme: Evolved Generation, Fresh Voices and The Pragmatic Next Step will be held as a hybrid virtual event.

In a press statement signed by the captain of the club, Loye Amzat, speakers and panelists are drawn from across the world to talk on the theme via zoom.

According to him, there are two keynote speakers from the academia, which are Dr. Nenadi Adamu, a senior lecturer from the University of Bedfordshire, UK and Prof. James Yeku from the University of Kansas, USA.

Both respected academics will present papers on the theme of the conference which seeks to examine the role of youths, as an evolved generation, in nation building and the Pragmatic steps required to make their voices heard.

The panel of discussants for the conference includes the Centre Director of CIAPS, Lagos, Prof. Anthony Kika; popular columnist and publisher of The Cable, Mr. Simon Kolawole and Lawyer and President, Digital Music Commerce and Exchange Ltd, Oyinkansola “Foza” Fawehinmi.

Others are US-based public analyst, Jide Alara; Former Banker, entrepreneur and politician, Hon Deji Ogunsakin and a student activist and Law student of the University of Kent, UK, Dara Apampa.

The statement added that the royal father of the day is the Oniru of Iruland, Oba Gbolahan Lawal; while special guests of honour expected to deliver goodwill messages are Senior Special Assistant to the President on Education Intervention, Mr. Fela Bank-Olemoh; Ekiti State Commissioner for Finance and Economic Development, Mr. Akin Oyebode and Special Adviser to the Lagos State governor on Science and Technology, Mr. Tubosun Alake.

The J9C captain explained that the lecture is one of the association’s contributions to national discourse through engagement and dialogue, adding that previous lectures had addressed issues ranging from education, taxation and small-scale enterprise to good governance.

J9C is an association of friends and professionals from diverse fields who came together in January 2012 against the background of the #Occupy Nigeria protests with a view to advancing common interests that would lead to national development.

The conference starts at 2pm West African Time.

First City Monument Bank (FCMB) has appointed an acting managing director in the wake of the sex scandal rocking its managing director, Adam Nuru, and his subsequent stepping aside.

The new chief executive of the bank is Yemisi Edun.

A statement by the bank sent on Wednesday and titled: “YEMISI EDUN TO ACT AS MANAGING DIRECTOR OF FCMB, WHILE ADAM NURU PROCEEDS ON LEAVE, read: “In line with normal corporate practice, Mrs. Yemisi Edun is acting as the Managing Director of FCMB in the interim period while Mr. Adam Nuru is on leave, and the Board conducts its review of the allegations. She has not been appointed as the substantive Managing Director.

“As and when the Board completes its review of the allegations, we will provide an update,”.

Nuru had volunteered to proceed on leave while the board of the bank begins investigation into his alleged romance with a former staff of the bank, Ms. Moyo Thomas.

Edun holds a Bachelor’s degree in Chemistry from the University of Ife, Ile-Ife and a Master’s degree in International Accounting and Finance from the University of Liverpool, United Kingdom.

She is a Fellow of the Institute of Chartered Accountants of Nigeria and a CFA® Charter holder. She is also an Associate Member of the Chartered Institute of Stockbrokers; an Associate Member of the Institute of Taxation of Nigeria; a Member of Information Systems Audit and Control, U.S.A; and a Certified Information Systems Auditor.

She began her career with Akintola Williams Deloitte (member firm of Deloitte Touché Tohmatsu) in 1987, with main focus in Corporate Finance activities. She was also involved in audit of Banks and Other Financial Institutions. She joined FCMB in year 2000 as Divisional Head of Internal Audit and Control before assuming the role of Chief Financial Officer of the Bank and now as CEO.

To deepen financial inclusion and promote economic development in Kebbi State, an international NGO, Oxfam, in partnership with First City Monument Bank (FCMB) has trained 20 Village Saving and Loans Associations (VSLA) members as community agents on agency banking.

The exercise is aimed at promoting access to affordable financial services as well as facilitating the onboarding of rural populace who represent the major financially excluded population in Nigeria on to mainstream financial sector.

The agents who were drawn from eight local government areas in Kebbi were trained on how to facilitate bank account, opening services for community members with bank verification numbers as well as how to provide other financial service such as cash deposit, withdrawal and funds transfer.

OSAID project programme coordinator in Kebbi, Mr Enock Bamaiyi, said at the training held yesterday at FCMB’s Conference Hall in Birnin Kebbi, that the beneficiaries of the training which included male and female were drawn from Birnin Kebbi, Kalgo, Suru, Sakaba, Gwandu, Danko-Wasagu, Jega and Dandi local government areas of the state.

He expressed gratitude to state government for providing enabling environment for development partners to make their contributions in the development of the state.

He however stressed the need for efficient and effective public-private partnership in deepening financial inclusion system which will promote inclusive economic development in the state.

Bamaiyi called on the trainees to take the training as an opportunity to improve their livelihood while providing needed service in the communities.

The zonal coordinator of FCMB, Mr Anule Joseph Avalumun, charged the trainees to work towards the armpit of bank’s laid down rules and regulations noting that anybody caught operating out of such rules and regulations would be sanctioned accordingly.

The trainees were provided with working materials for the smooth running of agency banking services at their respective communities under the supervision of both Oxfam and FCMB.

A high court in Edo state has nullified the candidacy of Audu Ganiyu, running mate of Osagie Ize-Iyamu, candidate of the All Progressives Congress (APC) in the September 19, 2020 governorship election.

A Peoples Democratic Party (PDP) chieftain had filed a suit against Ganiyu whom he said was not qualified as Ize-Iyamu’s running mate.

He had asked the court to disqualify Audu on the grounds of “giving false information” to the Independent National Electoral Commission (INEC).

Delivering judgment in Benin, the state capital on Wednesday, Courage-Ogbebor, a judge, held that Ganiyu presented false information to INEC in his Form EC9.

As part of the New Year celebration, the Chinwe Bode-Akinwande (CBA) Foundation, a non-governmental organization in Nigeria, has put smiles on faces of some widows in Nnewi, Anambra State.

The event, which was held on Friday, January 1, 2021 had excited widows numbering over 55 going home with food-items and financial empowerment.

Speaking at the event, the founder of the NGO, Mrs. Chinwe Bode-Akinwande, said the basis for diligently driving the foundation is derived from the passion and need to impact the lives of underprivileged widows who have gone through so much pain and discrimination and might have lost hope.

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

“At the moment, we have over 1,200 authentic widows on our profile. The successes have been enormous, many women are now business owners and are able to not just fend for their families but are employers of labour. Over 40 children who had lost hope in education are back to school, through the payment of school fees as well as provision of stationeries. Twenty-six underprivileged widows through our medical intervention recovered from stroke.

“We have reached out to over 5,600 underprivileged widows and over 850 children through our International Widow’s Day outreaches since we started with food items, clothing, skill acquisition training, and financial empowerment to some selected and medical outreaches. We can go on and on but time wouldn’t permit me,” she said.

Mrs. Bode-Akinwande added: “We have a long term expansion plan but what matters to us at CBA Foundation is our immediate environment.

“This indeed forms the basis for expanding our environment beyond Lagos, Ogun and Anambra which we currently cover. We are hopeful that more individuals and organisations will support us to spread across the country and beyond.”

At the Nnewi outreach, the widows expressed gratitude to the foundation as some were seen with smiles and relief on their faces.

According to Mrs Nwosu, one of the widows, a bitter kola and palm kernel trader, every market day, she goes to the town’s market society to borrow money to be able to buy and resell; she thereafter returns the money along with a part of the profit.

Mrs Nwosu was given a seed capital for bitter kola and palm kernel business by the CBA Foundation.

Mrs Nnodu is a mother of three. She and her kids hawk fruits on the streets. They share the routes they have to cover daily. To boost her income, she used to borrow money from the women group to sell plastics but was unable to meet up interest and timelines. She became a lucky beneficiary of CBA Foundation seed capital for the plastic business and packaging of the fruits.

Just like Nwosu, periodic checks and reports are to be done by leaders of their respective groups to track their progress, Mrs. Chinwe Bode-Akinwande, the CBA founder said.

For Mrs Okonkwo, the kids’ welfare had remained a huge challenge.   The widow who cleans the streets and takes care of her very aged mother, wants to start a poultry business that can fetch her money, take care of the sick aged mother with her is enough for her to cater for her kids. CBA has come to her rescue also by providing a seed capital for the poultry business which will be tracked by her group leader just like others who were empowered the same day of outreach.

One of them, Mrs Akoma, goes into thick bushes to fetch firewood, arranges them and takes to different market days to sell and earn a living.  Akaoma was also among the beneficiaries of the seed capital to start a business to immediately stop the risk to her life in the thick forest.

The CBA Foundation is primarily dedicated to promoting the protection of Nigerian underprivileged widows and their vulnerable children, restoring immediate and lasting hope, confidence, and courage in their lives.

Established in 2015, the foundation, under its five-point agenda, has reached out to thousands of underprivileged widows and children through skills acquisition training, health intervention, business start-ups and provision of clothing, nutrition and tuition fees for the children.

A breakdown shows 5,600 widows have been empowered through its women empowerment and capacity building initiative; over 3,500underprivileged widows have received health intervention while over 3,600 have received food items. The foundation has also reinstated 45 children in schools, empowered 120 widows financially to start a business of their own and provided palliatives to 250 widows during the COVID-19 pandemic lock-down.