₦airaland Forum

Some shareholders of the FCMB Group Plc have expressed dissatisfaction over the company’s drop in profit after tax for the financial year ended December 31, 2015.

The group had reported 78 per cent drop for the period.
The Bank had informed stake­holders that they should expect weaker performance due to spike in impairments particularly in the energy sector and the significant reduction in trade finance-related revenues due to foreign exchange liquidity.

MORE: http://theicon.ng/2016/04/03/shareholders-groan-as-fcmb-group-records-profit-fall-in-2015/

In a move seen by industry analysts as a major step by the Buhari administration towards curbing the menace of crude oil theft, the Federal Government of Nigeria has instituted civil actions against Shell, Chevron, Agip and other prominent oil companies to recover over N2 Trillion in missing revenues from over 57 million barrels of crude oil shipments that were either not declared or under-declared between the period 2011 and 2014.

In suits filed on behalf of the Federal Government of Nigeria by a team of Lawyers including Prof. Ajogwu, SAN, Mr. Larry, SAN, Mr. Ajuwa and Mr. Anuga against the oil giants, the FG is praying the Federal High Court to direct the Defendants to pay into the Federal Government of Nigeria’s account with the Central Bank of Nigeria, the sums of over $0.6 Billion (USD 51,033,180, USD 462,681,780, and USD 145, 848, 551) in the first instance being the value of missing revenues accruable to the Government of Nigeria from the shortfall/ undeclared/ under-declared crude oil shipments made by the Defendants.

The significant Crude Oil theft takes the form of accounting fraud, non-declaration or under declaration of crude and gas cargoes. The cases reveal instances where an oil tanker declares that it loaded about 50,000 barrels at Nigeria’s port, but the same vessel on arrival at a port in the USA, it would discharge over 60,000 barrels of crude oil (an impossibility) It is the differences that account for the losses running into billions of dollars in lost revenues.

READ MORE HERE: http://theicon.ng/2016/03/26/exposed-how-shell-chevron-defrauded-nigeria-n2-trillion/

In a move seen by industry analysts as a major step by the Buhari administration towards curbing the menace of crude oil theft, the Federal Government of Nigeria has instituted civil actions against Shell, Chevron, Agip and other prominent oil companies to recover over N2 Trillion in missing revenues from over 57 million barrels of crude oil shipments that were either not declared or under-declared between the period 2011 and 2014.

In suits filed on behalf of the Federal Government of Nigeria by a team of Lawyers including Prof. Ajogwu, SAN, Mr. Larry, SAN, Mr. Ajuwa and Mr. Anuga against the oil giants, the FG is praying the Federal High Court to direct the Defendants to pay into the Federal Government of Nigeria’s account with the Central Bank of Nigeria, the sums of over $0.6 Billion (USD 51,033,180, USD 462,681,780, and USD 145, 848, 551) in the first instance being the value of missing revenues accruable to the Government of Nigeria from the shortfall/ undeclared/ under-declared crude oil shipments made by the Defendants.

The significant Crude Oil theft takes the form of accounting fraud, non-declaration or under declaration of crude and gas cargoes. The cases reveal instances where an oil tanker declares that it loaded about 50,000 barrels at Nigeria’s port, but the same vessel on arrival at a port in the USA, it would discharge over 60,000 barrels of crude oil (an impossibility) It is the differences that account for the losses running into billions of dollars in lost revenues.

READ MORE HERE: http://theicon.ng/2016/03/26/exposed-how-shell-chevron-defrauded-nigeria-n2-trillion/

For those who have been following events from the office of the Corp Marshal of the Federal Road Safety, Mr. Boboye Oyeyemi, it will agreed that these are not the best times for the man most of his officers address and call ‘The Oga with a passion to enslave his men’. Aside making series of illegal deductions from salaries and allowances of his men at will such as the controversial N6,000 allegedly deducted from over 20,000 men and officers of Federal Road Safety Corp totalling N120,000,000, there have been other allegations of other deductions purportedly for a compulsive Cooperative. It would be recalled that these deductions have continued until the officers raised alarm and threatened a showdown with the Road Safety echelons.

Smartly as alleged, Boboye upon learning that the officers were going public and knowing that the accusations are wealthy and could nail him in the face of the new anti-corruption wave immediately set up a committee that will convince the officers that all the deductions being made from their salaries and allowances would be kept in a specific account as their contribution in the Corp’s Cooperative. The officers were said to have turned down the entreaties on the ground that all deductions should have been officially communicated to officers and men prior to the deductions and they queried why the committee only came into existence after many months of the ill


MORE: http://theicon.ng/2016/03/17/frsc-boss-boboye-oyeyemi-in-trouble-over-alleged-monumental-fraud/

Skye Bank Plc has denied report in some online media that the bank did not remit N6.3 billion funds belonging to the Presidential Implementation Committee (PIC) to the CBN in compliance with the TSA directives by the Federal Government.

In a statement by the bank’s Head of Strategic Brand Management, Nduneche Ezurike and made available to The ICON, the financial institution said that the balances in the said PIC account had since been moved to the CBN in compliance with the TSA on 2nd of October 2015 and the account closed.

MORE: http://theicon.ng/2016/03/11/we-complied-with-fg-directives-on-tsa-skye-bank/

There are indications that Dr. Mohammed Sani Haruna, the Director-General of the National Agency for Science and Engineering Infrastructure, (NASENI), may soon get into hot water with the Economic and Financial Crime Commission (EFCC).

Why? Very high ranking officials of the agency are hurling bricks at him, accusing him of pilfering of NASENI funds, over invoicing, violation of civil service rules and regulations, maltreatment of staff who are reluctant to get on his gravy train, and are therefore insisting the EFCC takes a look at the books.

NASENI with headquarters in Abuja, has nine financially autonomous outstations, they are Scientific Equipment Development Institute, Enugu (SEDI-E), Enugu State; Scientific Equipment Development Institute, Minna (SEDI-M), Niger State; Hydraulic Equipment Development Institute (HEDI), Kano, Kano State

READ MORE: http://theicon.ng/2015/08/10/investigation-multi-million-naira-fraud-rocks-naseni-d-g-fingered/

'WHERE IS THE GREATER PROSPERITY YOU PROMISED US?' That has been the question on the lips of Kwarans to the executive governor of the state, Alhaji Abdulfatah Ahmed.

In an investigation spanning a week headed by The ICON Deputy Editor, Sylvester O. Sylvester, it was revealed that though it's propagated by the Gov. Ahmed-led government that Kwarans are currently experiencing a greater prosperity, the reverse is the case. The ICON can report that the so-called prosperity in the state is for selected individuals allegedly piloted by the state governor. We can report that the few areas in the state where the so-called prosperity touched in the last four years are areas that directly or indirectly benefit the governor and his aides.

For instance, roads that lead to the government house, the governor's private residence and lodge were constructed with state-of-the-arts facilities but other roads where the governor does not really benefit from are abandoned.

This week, our focus is on the sorry state of government owned schools in the state.


MORE: http://theicon.ng/2016/01/05/kwarans-to-ahmed-where-is-the-greater-prosperity-you-promised-us-pictures-dont-lie/

The Nigeria Union of Teachers (NUT) in Kwara State says primary school teachers in the state will embark on strike on Monday to protest the non-payment of their four months’ salary arrears.

Chairman of the union, Musa Abubakar, made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Kaiama, Kaiama Local Government Area of Kwara State.

The strike action will begin just when schools are expected to resume from their first term holiday.

Abubakar said that the union could no longer guarantee industrial harmony in the state following the non-payment of their salary arrears.


MORE: http://theicon.ng/2016/01/03/kwara-primary-school-teachers-begin-strike-on-monday-over-4-month-unpaid-salaries/

Preparations are already in top gear ahead of this year’s annual World Anointing Night service organized by the wave-making and lives-changing daily devotional, “Our Daily Manna” in conjunction with The Manna Prayer Mountain, an inter-denominational Ministry located at Orioke-Ogudu, Ojota in Lagos.

The programme seen by millions as AN ANNUAL YEAR STARTER will hold on Friday 29th, January 2015 at the expansive Tafawa Balewa Square, TBS in Lagos concluding a 21-day fasting & prayer which begins January 9th.

The greatly anticipated event is drawing over 800,000 enthusiastic worshippers from various nations across the globe like the U.K., U.S.A., Zambia, Ghana, South Africa, Canada, Australia, Zambia etc. This edition’s theme is: “JEHOVAH EBENEZER- Lord Wipe My Tears’’ and people are encouraged to bring 12 HANDKERCHIEFS (MANTLES) which will be used in prophetic prayers. Thus, it is also a NIGHT OF 12 PROPHETIC MANTLES!


MORE: http://theicon.ng/2016/01/03/b%E2%80%8Bishop-chris-kwakpovwe-set-for-annual-our-daily-manna-world-anointing-service/

It is true that Professor Alexia Thomas, Chairman, The Commonwealth Liberation Party and Chieftain, Commonwealth Alliance Treaty Commission in United Kingdom has been in the fore-front of fighting against the act of slavery, injustice and dehumanization of United Kingdom Border Agency, UKBA against Commonwealth citizens.
Obviously, the consistent and various justifiable steps undertaken by Professor Thomas, famously known in most homes in almost two decades as ‘Her Knowledgeable’ had not gone down well with some people at United Kingdom Border Agency (UKBA).

‘Royal Mother,’ as this British fiery human right is called observed that she was been stalked daily, followed and closely monitored. She kept receiving anonymous-blocked phone lines. Matters came to the worse, when she knew a third party had bunged her phones.

MORE: http://theicon.ng/2016/01/03/my-assassination-escape-in-britain-professor-alexia-thomas-chairman-tclp-uk/

As Guus Hiddink is being lined up to replace José Mourinho until the end of the season, who will take the job on a long-term basis?

See the top 5 contenders for the job.

READ MORE: http://theicon.ng/2015/12/17/chelseas-next-permanent-manager-the-top-five-contenders/

Chelsea have sacked manager Jose Mourinho seven months after he led them to the Premier League title.

The 52-year-old Portuguese had been in his second spell at the club, taking charge in June 2013.


MORE: http://theicon.ng/2015/12/17/breaking-jose-mourinho-sacked-as-chelsea-manager/

Chelsea have sacked manager Jose Mourinho seven months after he led them to the Premier League title.

The 52-year-old Portuguese had been in his second spell at the club, taking charge in June 2013.

Chelsea finished eight points clear last season and also won the League Cup, but have endured a terrible start to their defence, losing nine of their 16 league games so far.

Mourinho’s final match was Monday’s 2-1 defeat at leaders Leicester City.

Pep Guardiola, Guus Hiddink, Brendan Rodgers and Juande Ramos have all been touted as possible successors.

Chelsea have sacked manager Jose Mourinho seven months after he led them to the Premier League title.


MORE: http://theicon.ng/2015/12/17/breaking-jose-mourinho-sacked-as-chelsea-manager/

SaharaReporters can authoritatively confirm that the Senate Minority Leader for the Peoples Democratic Party (PDP), Godswill Akpabio, has been sacked today. Mr. Akpabio is a Senator representing Akwa Ibom State, and is the former two term governor of that State.

The Federal Court of Appeal announced today that violations to the Electoral Act during the senatorial election between Mr. Akpabio and the All Progressives Congress candidate ....

MORE: http://theicon.ng/2015/12/11/senator-godswill-akpabio-reportedly-sacked-from-the-senate/

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Sokoto State Governor Rt. Hon. Aminu Waziri Tambuwal has said that the Fidelity Bank Helping Hands Programme (FHHP), an arm of the Bank’s Corporate Social Responsibility (CSR) practice is a viable tool in mitigating the social inequalities in the country. Governor Tambuwal made the commendation in Sokoto at the weekend while commissioning the Sokoto State Orphanage Home renovated by staff of Fidelity Bank Plc. in Sokoto.

Speaking at the occasion, Governor Tambuwal said that such gestures are rare especially among organizations whose operations are commercially driven. “I must say that I am elated by the wonderful gesture from the Bank”. Though part of the Bank’s corporate social responsibility (CSR) practice, Governor Tambuwal insisted that Fidelity Bank’s action is a testament to the enthusiasm and concern for the welfare of the people of Sokoto State, especially, the less privileged in the society.

“The project of this magnitude and its choice is an indication that Fidelity Bank is truly acting according to script of empowering the good people of Sokoto State and by extension, Nigeria”. He praised the Management of the Bank for their vision and for coming to the aid of the state government. Rt. Hon. Tambuwal also promised to take proper care of the Home and charged other corporate organisations in the state to emulate the good work Fidelity Bank is doing.

Earlier in his welcome address, Managing Director/Chief Executive Office, Fidelity Bank Plc. Nnamdi Okonkwo stated that Corporate Social Responsibility was a way of life in Fidelity Bank. Okonkwo who spoke through the Executive Director, North, Mohammed Balarabe attributed the growing culture of giving back to the society on the focus of the management and founding fathers of the Bank. He expressed satisfaction in knowing that some good had been done and stressed that the goal of grooming a crop of socially responsible young men and women within the ranks of the Bank was on course.

The Fidelity Helping Hands programme (FHHP) is the Bank’s multi-purpose CSR vehicle set up primarily to give back to the communities where the Bank does business and also raise a new generation of executives who love social investing.


MORE: http://www.theiconng.com/governor-aminu-tambuwal-commends-fidelity-bank-on-csr/

President Muhammadu Buhari has relieved service chiefs of their positions. The affected officers are Sambo Dasuki, national security adviser; Alex Badeh, chief of defence staff; Usman Jibrin, chief of naval staff, Kenneth Minimah, chief of army staff and Adesola Amosu, chief of air staff.

MORE: http://www.theiconng.com/breaking-buhari-sacks-service-chiefs/

Tony Elumelu Foundation hosts historic Bootcamp for 1,000 emerging African entrepreneurs


As part of Tony Elumelu’s $100 million commitment to empowering African entrepreneurs, 1,000 Tony Elumelu Entrepreneurs, representing 51 African countries from the Tony Elumelu Entrepreneurship Programme (TEEP) Class of 2015, converged near Lagos, Nigeria for an intensive two-day bootcamp session, an unprecedented gathering of emerging African entrepreneurs, from 10-12 July, 2015.

The entrepreneurs travelled from across the continent – from as far as Madagascar and Morocco – and convened in Ota, Nigeria for an entrepreneurship bootcamp made up of interactive sessions with successful entrepreneurs, political and business leaders, and an open mic session with the Founder, Tony O. Elumelu CON.

Gambian Badje Modou Lamin, whose business is in the agricultural sector, said, “The bootcamp has been a great experience. I have been able to exchange ideas with a number of entrepreneurs. This has really changed my perspective on Africa.”

Maalainine Mohamed Bouya, from Morocco, said: “The bootcamp has been a blast! Right from our journey from the airport down to the bootcamp, we have been discussing and sharing ideas among ourselves. Africa has huge potential.”

Nigerian Obinna Chukwu, said: “The bootcamp has been a wonderful experience – I have met people from all over Africa. It makes me proud of being a Nigerian. I thank Tony Elumelu and the Tony Elumelu Foundation for making this happen.”

Mr. Elumelu, the Chairman of Heirs Holdings, spoke on his life experiences and the principles that he learned from mentors, such as Chief Ebitimi Banigo, that he applied towards his own successful entrepreneurship journey. He answered an array of questions during a two-hour question-and-answer session, offering perspective on innovation, strategy, governance, financial management and decision-making.


MORE: http://www.theiconng.com/tony-elumelu-foundation-hosts-historic-bootcamp-for-1000-emerging-african-entrepreneurs/

With company’s values touted as Hardwork, Emotional intelligence, Integrity, Resilience and synergy, Heirs Holdings founded in 2010 by a visionary entrepreneur and philanthropist, Mr. Tony O. Elumelu, is an African investment holding company, with investments in financial services, power generation, oil and gas, agribusiness, real estate and hospitality.
Talk of Mr. Elumelu, he has been responsible for creating businesses across the continent, in sectors critical to Africa’s economic development.
He is also the chairman of UBA Group Plc and Transcorp Plc, which is Nigeria’s largest listed conglomerate.



Born 22 March, 1963 in Jos, Nigeria, Mr. Elumelu in his early career turned the financially distressed Standard Trust Bank (STB) into a top-five financial services player in Nigeria. In 2005, he led the largest merger in the banking sector in sub-Saharan Africa, between STB and United Bank for Africa (UBA). Today, UBA operates in 19 African countries, as well as New York, London and Paris.

His foundation, The Tony Elumelu Foundation (TEF) through its Entrepreneurship Programme recently announced the selection of the first 1000 African entrepreneurs. Entrepreneurship Programme is a $100 million initiative to discover and support 10,000 African entrepreneurs over the next decade, with a target of creating one million new jobs and $10 billion in additional revenues in the process.

Mr. Elumelu is the author and leading proponent of “Africapitalism,” an economic philosophy which advocates for the private sector’s commitment to Africa’s development through long-term investment in strategic sectors of the economy, that drive economic prosperity and social wealth.

In 2003, the federal government of Nigeria conferred the honour of Member of the Federal Republic on Mr. Elumelu. In 2012 he was awarded a Commander of the Order of the Niger for his service in promoting private enterprise. In 2013, Mr. Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute Awards. He was also named African Business Icon at the 2013 African Business Awards.

Mr. Elumelu presently serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative (SE4ALL) and USAID’s Private Capital Group for Africa Partners Forum.

In this piece, The ICON Business takes a look at those who run the company which investments currently tops ten in Africa. Read on.


DR. AWELE ELUMELU – CEO, Avon Medical Services

Dr. Awele Vivien Elumelu is the Chief Executive Officer of Avon Medical Services Limited and oversees the healthcare investments of the group. She holds a Bachelor of Medicine and Bachelor of Surgery degree from the University of Benin. Her experience as a medical doctor includes medicine, surgery, paediatrics, obstetrics and gynaecology and emergency medicine. In Nigeria, Dr Elumelu has worked with the Lagos University Teaching Hospital and, in the UK, with Grantham and District Hospital, Grantham.


EMMANUEL N. NNOROM – CEO, Transnational Corporation of Nigeria

Emmanuel N. Nnorom is the President/CEO of Transnational Corporation of Nigeria Plc and is responsible for driving the group’s interests in oil and gas, agribusiness and hospitality. Prior to joining Transcorp, Emmanuel served as President/COO of Heirs Holdings and before that, CEO of UBA Africa, overseeing United Bank of Africa’s operations outside Nigeria and executing corporate strategy in 18 African countries. Other senior roles within UBA included Group COO UBA, followed by his appointment as UBA’s Group CFO, with responsibility for Finance and Risk. Emmanuel is qualified as a chartered accountant, and brings over three decades of professional experience in the corporate and financial sectors, working with publicly listed companies. He is an alumnus of Oxford University’s Templeton College, and a prize winner and fellow of the Institute of Chartered Accountants of Nigeria.

MORE: http://www.theiconng.com/spotlight-meet-those-who-shape-africas-most-formidable-company-heirs-holdings/