₦airaland Forum

OYO STATE: WHY I WANT TO BE GOVERNOR AGAIN - ALAO-AKALA
source: http://www.eyesoflagos.com/2018/07/oyo-state-why-i-want-to-be-governor.html

A former Oyo State Governor Adebayo Alao-Akala has declared his intention to contest the governorship seat in 2019.


Alao-Akala said he was bowing to intense pressure from his admirers.

The former governor spoke yesterday at his Bodija, Ibadan, home while hosting members of the Akala Support Group.

Eyes Of Lagos recalls that the group, at a programme held at Premier Hotel in Ibadan on March 29, urged Alao-Akala to re-contest in 2019.

He said: “Patriotic people of Oyo State, for quite some time now, I have been inundated by telephone calls and text messages from well-meaning citizens and subjected to intense pressure.

“I have been receiving these messages from Destiny Group, corporate bodies, political associates and friends alike to stage a comeback to the governorship seat in the state.

“Having communed with my creator, the Almighty God, my immediate family and due consultations with critical stakeholders, I do solemnly offer myself to contest for the governorship seat in 2019. So help me God.”

Alao-Akala said he was contesting with a view to consolidating on and surpassing the achievements of Governor Abiola Ajimobi.

The former governor claimed that he endeavoured “to put smiles on the faces of people within available resources” when he was governor between 2007 and 2011.

He lauded the efforts of Ajimobi, who has been governing the state in the last seven years.

Alao-Akala said: “Ajimobi’s remarkable programmes and projects in the areas where people find tough to venture into have been impactful on the citizenry such that the people have tagged him Koseleri (Pathfinder) Governor.

“My fellow compatriots, you can see vividly the similarities in our designations, Oyato (Unique) and Koseleri, both of which are clear evidence of purposeful governance.”

The Chairman of Akala Support Group, Dr Fola Akinosun, described the former governor as the most qualified and experienced among those who have declared interest in the governorship race.

FIRS: MULTIPLE TAXATION DOES NOT EXIST IN NIGERIA
source: http://www.eyesoflagos.com/2018/07/firs-multiple-taxation-does-not-exist.html

The chairman of the Federal Inland Revenue Services (FIRS), Babatunde Fowler, says multiple taxation does not exist in Nigeria.
Eyes Of Lagos gathered that, Speaking on Wednesday after a session with the federal executive council, he said the list of defaulters would be released by the middle of July.
The Voluntary Assets Income Declaration Scheme (VAIDS) window closed on June 30 after a three-month extension from its initial March deadline.
“The update is that it expired June 30th. And anyone who has not come forth by now we shall use all the legal means to make sure that we bring them to book and make sure that they pay the appropriate tax with interests and penalties,” he said.
“Well, the response has been very good. We are collating all the figures both at the federal levels and the states levels and I believe that by the middle of July, we should be able to tell the nation the exact progress in terms of the numbers that have declared, amount that has been paid and the amount that is going to be paid in installments”
“Let me say once again that we do not really have a situation of multiple taxation. You only have multiple taxations when you pay the same tax to different tiers of government.
“What we have found out is that a lot of people categorize any payment to the government as a tax. For example, if you receive fine, a penalty they call it a tax. If you pay for the parking space, they call it a tax. Those are the things you refer to as user charges and not taxes.”
In May, the FIRS chairman had assured entrepreneurs that the national tax policy will address the issue of multiple taxation.
“The Joint Tax Board as a body is working together with the FIRS to harmonise tax collection from small businesses all over Nigeria.
“We have the national tax implementation committee working on the National Tax Policy to harmonies the taxes that are being paid in different states.
“It is going to address the issue of multiple taxation.”

LOW FOREX INFLOW WEAKENS NAIRA AT I&E WINDOW
source: http://www.eyesoflagos.com/2018/07/low-forex-inflow-weakens-naira-at-i.html

The value of the naira at the Nigeria Autonomus Foreign Exchange (NAFEX) market weakened last week compared to what it closed the previous week as inflow from the window dropped to $796.02 million. Eyes Of Lagos reports gathered that, Penultimate week, the NAFEX also termed the Investors’ and Exporters’ Window had seen an inflow $1.292 billion. Although the Central Bank of Nigeria (CBN) had increased its interventions, a low inflow of dollars on Friday at the I&E window saw the naira selling at N361.32 to the dollar as against N361.07 which it sold to the dollar the previous week. CBN had intervened twice at the foreign exchange market last week boosting inflow from the official and I&E window. In total, both windows saw a combined inflow of $1.324 billion last week compared to $1.2 billion the previous week. The CBN in its two intervention for the week injected $210 million and $318.73 million into the foreign exchange market on Tuesday and Friday respectively. The Monday intervention of $210 million was meant to cater for requests in the wholesale segment of the forex market. The information obtained from the CBN on Friday indicates that the deals in the retail window represent requests from the various sectors in the Secondary Market Intervention Sales (SMIS), thereby providing a boost to the respective sectors. According to the acting director, corporate communications at the CBN, Isaac Okorafor, $318.73million sold was for companies in the raw materials, agricultural, airline and petroleum industries. Okorafor reiterated the CBN’s commitment to ensuring that all the sectors continue to enjoy access to the foreign exchange required for their business concerns. At the bureau de change (BDC) market the currency remained firm by trading at N360/$1, N482/€1, N420/£1 throughout the week which it also maintained last week. Meanwhile, overnight lending rate at the interbank market surged 1,050 bps on average, w/w, to close at 14.08% as outflows of N207.04 billion through Open Market Operations and N31.22 billion through bond auctions as well as forex sales outweighed inflows from matured OMO bills worth N183.27 billion. This week, inflows from maturing OMO bills worth N238.65 billion and the monthly FAAC disbursement are likely to outweigh outflows; thus, higher liquidity. In the treasury bills market, bearish sentiments were sustained, on the back of reduced liquidity. Consequently, average yield rose 10 bps to 13.00%. Investor sentiment was negative across the short (+8 bps), mid (+8 bps), and long (+12 bps) ends of the curve, amid selloffs of the 13DTM (+61 bps), 146DTM (+29 bps), and 188DTM (+36 bps) bills, respectively. Analysts say they expect a reversal of the bearish trend, on the back of anticipated healthy liquidity. At the NTB auction scheduled for Wednesday, the CBN will offer NGN170.50 billion – NGN9.52 billion of the 91-day, NGN33.93 billion of the 182-day, and NGN127.06 billion of the 364-day – worth of bills to the market.

SCORES INJURED AS TRAILER RAMS INTO VEHICLES IN OWORONSHOKI
source: http://www.eyesoflagos.com/2018/07/scores-injured-as-trailer-rams-into.html

Many road users were left injured and battling for their lives as a result of a horrific accident that occurred along Iyana-Oworo bridge, Lagos Mainland, yesterday, Monday, July 2, 2018.
Eyes Of Lagos gathered that the accident occurred during evening rush hour with several road users caught in the process.
The trailer driver was said to have lost control of the vehicle before ramming it into other private and commercial cars driving along the same route.
It was learnt that those who sustained injuries were promptly attended while some others were rushed to a nearby hospital for urgent medical care.
Eyes Of Lagos gathered that the driver of the trailer fled the scene upon realizing the impact of the accident.

BELLO AFEEZ OLALEKAN'S FULL BIOGRAPHY
source : http://www.eyesoflagos.com/2018/07/bello-afeez-olalekans-full-biography.html

Bello Afeez Olalekan (born 28th December 1990) is a Nigerian actor, film-maker, producer and director. He is from Kwara state but born and raised in Ibadan, Oyo State Nigeria. He attended the Salvation Army primary school Ibadan, and Later loyola college Ibadan, both in Ibadan. He completed his Ordinary National Diploma (OND) at the Polytechnic Of Ibadan Nigeria. Bello Afeez Olalekan started his acting career in year 2013, which he featured in his first movie titled ‘IWE’ produced by Abiodun Adeleke. He has also featured in popular movies and Tv Series like Tojubole Tv series written and directed by Wale Rasaq and also in Morenikeji TV written and directed by Wale Rasaq. He has also featured in some recent movies like TTMM(Tade Too Much Money) produced by popular Actor ‘Kevin Ikeduba’, Gbarada written and produced by popular Actor ‘Muyiwa Ademola’.




He recently starred in a new movie called Igara directed by Damola Olatunji. He is a talented and fast rising actor in the movie industry .

LAGOS COOPERATIVES INVESTMENT HITS N152 BILLION
source: http://www.eyesoflagos.com/2018/07/lagos-cooperatives-investment-hits-n152.html

Ahead of the 2018 United Nations International Day of Cooperatives, the Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs. Olayinka Oladunjoye, has disclosed that Cooperatives investment has risen to N152billion.
Eyes Of Lagos gathered that, Addressing journalists in Lagos yesterday, she said the importance of Cooperatives to the growth and development of the economy cannot be over emphasized.
She noted that the decision of Governor Akinwunmi Ambode’s decision to realign the Cooperatives Department, hitherto domiciled in the Ministry of Agriculture, was to fully unleash the economic potentials of the Cooperative sub-sector for increased contributions to the state’s economy.
She said: “The general objective of this realignment is to deploy cooperative principles towards the establishment of viable and profitable enterprises.”
She added that concerted effort to turn the Cooperative Movement into an instrument of economic growth and business prosperity is already yielding bountiful harvest, as Cooperative investment in Lagos State economy had risen to N152billion in the last three years.
“Against the backdrop of success and positive yields recorded, there has been an appreciable growth in the number of registered Cooperative Societies in the state.
During the period under review, a further 371 societies were registered, bringing registered societies since the Department of Cooperatives was absorbed into the Ministry of Commerce, Industry and Cooperatives to 1,045.”
Speaking further, she noted that the theme for the 2018 International Day of Cooperatives: “Sustainable Consumption and Production,” is strategic as it aligns with the United Nations Sustainable Development Goal (SDG) Number 12.
“Hence with the slogan of the day: ‘Sustainable Societies through cooperation,’ co-operators in Lagos State are very happy to join their counterparts all over the world to showcase how they are helping to transform societies into more sustainable and resilient habitats through the adoption of best practices towards the development of viable, profitable but environmentally-friendly enterprises.”
Conclusively, she noted that the commemoration, which was held in conjunction with Lagos State Cooperative Federation (LASCOFED), had other programmes like: Cooperative Awareness Walk, Quiz Competition, visit to Orphanages, Jumat Service, Novelty football match, among other programmes.

POLICYHOLDERS RECOUP N540BN CLAIMS FROM INSURANCE FIRMS
source: http://www.eyesoflagos.com/2018/07/policyholders-recoup-n540bn-claims-from.html

Insurance policyholders across the country have recouped N540 billion claims from the insurance industry in the last five years after suffering insured risks, Eyes Of Lagos can exclusively reveal. The industry also generated N1.5 trillion premium income in the last five years, A year-on-year (Y-o-Y) analysis of the claims payment trend from 2013 to 2017 shows that there is a consistent progress in claims paid by the industry, even as more policyholders are now aware of how to claim when an insured risk occurs, unlike what it was years back. Within the period under review, findings show that non-Life Insurance companies paid N287 billion claims, while Life Insurers paid N253 billion, thereby bringing the cumulative claims paid by the sector to policyholders to N540 billion. In 2013 financial year, insurance sector paid N92.9 billion claims to claimants, out of which the non-life underwriters paid N38.6 billion, while life insurers paid N34.3 billion. By 2014, policyholders got N35.9 billion claims from life underwriters as well as N51 billion from non-life insurers, bringing the total claims paid for that financial year to N86.9 billion. At the end of 2015 financial year, the industry had paid N105.1 billion claims of which life outfits paid N50.5 billion, with non-life operators paying N54.6 billion compensation to policyholders. A cumulative sum of N119.5 billion was paid as compensation to claimants in 2016, wherein life insurance firms remitted N61.8 billion and non-life outfits paid N57.7 billion claims. While the total claims profile of the insurance industry in 2017 financial year could not be ascertained, with some underwriters yet to get regulatory approval on their accounts, market observers’ project that the industry could have paid N135 billion claims in the last financial year. Investigation by Eyes Of Lagos also showed that the benefiting claimants comprise of public and private companies, government at federal, state and local levels as well as individuals who have paid premium to insure their respective risks before they happened. Although most people have faulted the inability of some underwriting firms to pay claims as and when due, leading to low patronage of the insurance industry, things seem to have changed for better as insurers are now waking up to the reality that they will lose their customers if they refuse to promptly pay genuine claims. With incessant increase in volume of car crash, building collapse, fire incident in factories and market places, among other risks across the country, there has been continuous upsurge in the volume of claims in the last five years. Besides, increase in replacement value of insured assets, which is making underwriting firms to pay more to replace assets when risk occurs, could be partly responsible for the increase in claims value. Meanwhile, the insurance industry generated a whopping N1.5 trillion premium income in the last five years, despite the low insurance adoption and penetration in the country. In 2013, insurance companies made N267.8 billion premium income, generated N293 billion in 2014, made N312.4 billion premium income in 2015 and in 2016, the premium income of the industry was N315.8 billion, while the industry recorded N363 billion premium income in its 2017 financial year end. Managing director of AIICO Insurance Plc, Mr Edwin Igbiti, while speaking on the claims paid by the insurance sector in the last five years, said insurance companies exist to assume the responsibility of the premium they collect, which is the payment of claims. “We realise that we exist, not just to create wealth but to provide protection for our clients in return for premium payments,” he said. On his part, immediate past chairman, Nigerian Insurers Association (NIA), Mr Eddie Efekoha, said insurance operators have improved in the area of prompt payment of genuine claims, noting that the association has persuaded its members on the need to honour claims obligations, which according to him, is the reason why underwriting firms exist. He said the best form of insurance advocacy that operators can do is to pay claims, adding that the beneficiaries will spread the gospel of getting claims in insurance firms, thus persuading more people to pick up insurance policies. Efekoha who is also managing director of Consolidated Hallmark Insurance Plc said insurance operators would continue to live up to their claims responsibilities, noting that insurance should be considered first in decision making, especially now that it is difficult to replace lost items due to high replacement value. Accordingly, he advised his colleagues to publicise the claims they pay, as this will increase insurance awareness and acceptance. Managing director of Alpha Choice Insurance Brokers Limited, Mr Sunny Adeda, had earlier stated at a forum in Ijebu-Ode, Ogun State, that payment of claims as and when due remains the best way to deepen insurance penetration, even as it will persuade people to have trust in insurance firms. He disclosed that the industry had paid billions of Naira of claims that most people are not aware of, urging operators to henceforth increase publicity on the claims they pay.

BLACK FRIDAY IN YABA AS RESIDENTS CELEBRATE EID
source: http://www.eyesoflagos.com/2018/06/black-friday-in-yaba-as-residents.html

As residents across the Lagos Mainland and other parts of Lagos State celebrate the auspicious occasion of Eid-il-Fitri, their counterparts in Onike, Lagos Mainland, were thrown into confusion following a fire incident which occurred in the area today, Friday, June 15, 2018.
According to the operatives of the Rapid Response Squad (RRS) attached to the Lagos State Police Command, the incident occurred at No. 21 Akintunde Street off Onike round about, Yaba, Lagos Mainland, at about 12 noon.
The inferno razed parts of the building leaving occupants of the building to scamper for safety. Luckily, no life was lost in the incident.
Eyes Of Lagos learnt that a distress call was made to the officials of the Lagos State Emergency Management Agency (LASEMA) who immediately mobilized to the scene.
The combined team of the RRS, LASEMA and Lagos State Fire Service, however, salvaged the situation after helping put out the fire.
See more photos from the scene below.

RESIDENTS CRY OUT ON STATE OF DILAPIDATED LINK ROAD IN IGANDO
source: http://www.eyesoflagos.com/2018/06/residents-cry-out-on-state-of.html

The residents of Isijola, Popoola Street and environs in Igando-Ikotun community, Lagos Mainland have appealed to the authorities of Igando-Ikotun LCDA and Governor Akinwunmi Ambode to come to their aid following the agonizing struggles witnessed daily in assessing their homes.
The residents of the community disclosed that although their homes are situated around the local government secretariat, yet their roads are in a deplorable state.
Eyes Of Lagos gathered that, According to a resident identified simply as Okey who spoke to Alimosho Mail, he said; ”We are leaving not up to a kilometer to the LCDA secretariat within a major commerce center of the local government yet our roads are left in this terrible state.”
Another resident identified as Kunle who claims to be doing business within the axis lamented on how the LCDA is only interested in collecting revenue from business owners without considering the effect of the dilapidated road on their businesses.
He noted further that businesses within the street are practically paralyzed at any slightest of rain.
In addition, residents of the community who are worried about the effect of torrential rainfall on the community urged the relevant authorities to take prompt action on finding a lasting solution to the road to aid easy of accessibility by road users. They noted that an urgent palliative measure on the area is needed especially as the rains are already pouring which makes it more difficult for both motorists and other road users.
When we contacted, the Supervisor for Works Igando-Ikotun LCDA, Hon.Wale Azeez told Alimosho Mail that the “road is among the roads listed for construction under Governor Akinwunmi Ambode’s 181 local government road project.”
He, however, promised that the LCDA would provide a palliative measure on the road as soon as possible.

RECRUITMENT:‎ POLICE RELEASE LIST OF SUCCESSFUL CANDIDATES
source : http://www.eyesoflagos.com/2018/06/recruitment-police-release-list-of.html

The Nigeria Police Force, has released the list of the successful candidates of its 2018 recruitment exercise‎. Eyes Of Lagos gathered that, As stated on the website of the Police Service Commission and confirmed by FCT Spokesperson, DSP Manzah Anjuguri, the training for the new recruits began on June 8, while resumption will close on June 13 in all the training schools. He noted that “the list of successful candidates and the Police Institutions where they are to be trained has been pasted at the FCT Police Command Headquarters and the Old Parade ground Area 10, Garki Abuja. ” Candidates are therefore advised to visit any of these locations to check for their names, training institutions and the Training Requirement.‎” ‎ The PSC warned that the failure of any candidate to report at the training schools June 13 would mean that such applicant has declined the offer.‎ The names of successful candidates were selected from all states of the federation and the Federal Capital Territory ‎‎

NGO TARGETS 2, 000 NIGERIAN YOUTHS FOR ENTREPRENEUR SUMMIT
source: http://www.eyesoflagos.com/2018/06/ngo-targets-2-000-nigerian-youths-for.html

No fewer than 2, 000 Nigerian youths are expected to benefit from an entrepreneurial summit being packaged by a Lagos-based Non-Govermental Organisation (NGO), Spark Consults under the Bola Adeboye Foundation (BAF). The summit, which is scheduled to mark the country’s 58th independence anniversary in October 2018, is aimed at liberating Nigerian youths from being dependants to becoming employers of labour. Eyes Of Lagos gathered that, Addressing journalists yesterday in Lagos, the Chief Executive Officer of Spark Consults, Bola Adeboye said the summit was planned towards meeting the needs of the Nigerian undergraduates, those who have graduated from the higher institutions as well as those still undergoing their one year mandatory Nigeria Youths Service Corp (NYSC) programmes. Adeboye further stated that the summit will focus on core vision, values and objectives of creating new breed of entrepreneurs with the sole aim of empowering them towards exploring opportunities in Nigerian markets that would make them succeed in businesses. Commenting on the need for the entrepreneur summit, Adeboye explained that his organisation, Spark Consults under the Bola Adeboye Foundation (BAF) was passionately concerned that youths have little or no orientation about those opportunities available to them in the Nigerian markets hence, the desire to expose them to those opportunities. He stated that his organisation has packaged a workshop under the National Entrepreneurship and Empowerment Summit (NEES2018), which would be exposing the beneficiaries to areas such as Market Creation; De-Marketing and Re-Marketing; Start-Up Strategies and Financing Opportunities in the country’s business environment as well as Inherent Opportunities and Imminent Challenges that accompany enterprises creation in Nigeria.

Leave Nigerians alone, stop imposing leaders – CD tells Obasanjo
source: http://www.eyesoflagos.com/2018/06/leave-nigerians-alone-stop-imposing.html

The Campaign for Democracy (CD) has called on former President Olusegun Obasanjo to stop imposing leaders on the the people of Nigeria.


Eyes Of Lagos gathered that, The group in a statement by its national secretary, Ifeanyi Odili said Obasanjo had paid his dues and should leave the stage for younger ones.

Odili noted that most of the problems of the country were direct consequences of the imposition of leadership by the former president.

“You will recall that soon after you could not achieve your third term agenda you foisted Umaru Yar’adua on Nigeria.

“Soon after the gentleman bowed to death, you again did all you could to give us Dr. Goodluck Jonathan.

“You fought him to a standstill and he eventually lost his second term bid. Consequently, you came up with Muhammadu Buhari.

“Baba, today, Nigeria is in a mess. Any government that cannot guarantee the security of its people is like a salt that has lost its taste.
“Recently, you visited Baba Fasoranti of Afenifere in his Akure country home seeking his support to end Buhari’s government.

“Baba, your time is far spent. The market is over. It is time you should leave Nigeria and Nigerians alone.

“It is time you should go back to Ota farm, relax, enjoy your old age and wealth.

“If death comes knocking at your door and you answer it, will that be the end of this country?

“May God Almighty bless your old age. This we ask in faith and thanksgiving,” he said.

N1.64BN FRAUD: EX-TARABA GOV, NYAME, BAGS 28-YEAR JAIL TERM
source : http://www.eyesoflagos.com/2018/05/n164bn-fraud-ex-taraba-gov-nyame-bags.html

A high court of the Federal Capital Territory yesterday sentenced former Taraba State governor, Jolly Nyame, to 28 years in prison.Eyes Of Lagos gathered that, According to the court headed by Justice Adebukola Banjoko, the former governor is to serve 14 years for criminal breach of trust, two years for criminal misappropriation, seven years for gratification and five years for obtaining by dishonesty. Nyame, whose trial began on July 13, 2007 was charged to the court located in Gudu with 41-count by the Economic and Financial Crimes Commission (EFCC) for criminal misappropriation, diversion of public funds and breach of public trust. In a ruling which lasted more than 4 hours, Justice Banjoko found Nyame guilty of counts 1, 2, 6, 8,10, 12, 14, 16, 18, 20, 27, 29, 30, 31, 33 and 36 charges bordering on criminal breach of public trust, counts 3, 7, 9, 11, 13, 15, 17, 19, 21 23 and 25 charges bordering on misappropriation of public funds, counts 4 and 5 charges bordering on gratification. He was however discharged of counts 22, 24, 26, 28, 32, 34, 35, 37, 38, 39, 40 and 41. In her ruling, Justice Banjoko noted that Nyame, a clergyman as governor of Taraba, breached the trust reposed in him by the indigenes of the state when he misappropriated N250 million which he approved purportedly for the purchase of stationery for the state. “From the totality of facts before the court, Nyame approved N250 million for purchase of stationery, but is found to have no intention to fulfill the purpose,” the trial judge held. In the course of the trial, the prosecution called 14 witnesses and presented documentary evidence, which among other things revealed that the N250 million was shared and never utilised for the purpose for which it was approved. It was also revealed that a total of N180 million was diverted to the bank account of Salman Global Ventures Limited, which provided no services for the state. However, Nyame had during the trial denied knowledge of Salman Global Ventures Limited. But in her judgement, Justice Banjoko noted: “Immediately the fund was released, his verbal instruction was given, that N180 million be paid to Salman Global Ventures. “The audacity of the defendant to divert N180 million from the N250m to the company, shows that he had more than a casual interest and so can’t hide behind a screen. There was no evidence to show that Salman Global Ventures bidded for any contract”. The trial judge said within five weeks, Salman Global Ventures received over N300 million from the state coffers. Nyame was also found guilty of “misappropriation and misapplication of N165 million with dishonest intention”, as well as the misappropriation of N24,300,000 purportedly approved for “purchase of grains”. Justice Banjoko held that Nyame is “guilty of criminal breach of trust beyond reasonable doubt”, even as he also found him guilty of the offence of gratification as stated in count 4 of the charge. The EFCC had accused him of accepting a gratification of N80 million from Abubakar Suleiman of Alusab International (Nig) Ltd through Salman Global Ventures “as a reward for the award of contract by the Taraba State government to USAB International Limited”, an offence punishable under Section 115 of the Penal Code Act 1990. In his allocution, the defence counsel, Olalekan Ojo, urged the court to consider that Nyame was a first-time offender, and a family man who had dependents to cater for. “He served the people of Taraba State for eight years, and through him the lot of the people in the state were bettered,” he argued. Ojo prayed the court to “take into consideration the selfless service of the convict, who has no criminal record of any sort and is still less than 60”. In his counter-argument, prosecution counsel, O.A. Atolagbe, urged the court to take into cognizance the aggravating effect the action and inaction of Nyame had on the people of the state. Citing Section 416 2 (a) (d) (e) and (f) of the Administration of Criminal Justice Act 2015, he urged the court to put into consideration the aggravating factors on the state. He also drew the attention of the court to the FCT Courts Practice Direction 2016, stressing that Nyame, played a leadership role in the commission of the offence. “He abused his position of trust and caused severe harm to the society and economy of the state, and so the effect of the offence must be put into consideration,” he argued, adding that, “claim of selfless service is far from the truth”. After listening to the arguments of both counsel, Justice Banjoko gave her sentence, saying despite the claim of being a first-time offender, a family man, and his service, “I am morally outraged with the facts of this case. “There’s no moral justification for the level of outright theft, and the Court must therefore, impose a statement, hopefully as a deterrent to other public officers who may be similarly inclined”, she added. Name Bribe-taking Lawmakers, NASS Dares Jega Meanwhile, members of the National Assembly yesterday took a swipe on former chairman of the Independent National Electoral Commission (INEC), Prof Attahiru Jega, for accusing the lawmakers of bribe taking. The lawmakers accused the former INEC boss of denigrating the image of the National Assembly, even as they dared him to name the bribe taking lawmakers. Both chambers of the National Assembly responded to Jega’s allegation that lawmakers are notorious for bribe taking. The Senate specifically said if Jega cannot name the lawmakers collecting bribe, there is need to call him to order and ensure he faces the consequences of his actions. Jega had said chairmen of committees in the National Assembly were more notorious for bribe-taking antics. He made the allegation in Abuja recently while delivering a lecture titled, ‘Peace Building and Good Governance for Sustainable Development in Nigeria,” as part of activities organised to mark the 2018 Democracy Day. But moving a motion on Order 43 yesterday, Senator Isah Misau (Bauchi Central) said the comments by Jega were weighty and very embarrassing to the lawmakers. Senate President Bukola Saraki while ruling on the matter said, “We were all embarrassed by the comment and it is slight on integrity of lawmakers. If Jega cannot name any of those members he feels are notorious in collecting bribe during oversight, then, the matter should be put to rest.” nPDP Didn’t Request For Stoppage Of Saraki’s Trial – Baraje The chairman of the defunct new Peoples Democratic Party (nPDP), Alh Abubakar Kawu Baraje, yesterday debunked reports suggesting that the group requested for the stoppage of Senate President Bukola Saraki’s trial at the Code of Conduct Tribunal(CCT) during their meeting with Vice President Yemi Osinbajo. Baraje, in a statement issued in Ilorin, the Kwara State capital, described as ‘blasphemy’ the said meida report that part of the requests of his group was the stoppage of the ongoing trial of Saraki at the Code of Conduct Tribunal (CCT). Describing the reports as a flagrant lie, total blasphemy and far from the truth, Baraje disclosed that “nothing of that nature was part of the issues raised or discussed at the meeting the group held on Monday with the Vice President at the Presidential Villa, Abuja”. He stated: “There was no mention of anybody’s case talk less of the Senate President, Dr Saraki at the said meeting. I want to warn that if this is the way we want to handle the issue by creating bad blood against our group, through the media, it will not augur well for them and we are therefore warning that blasphemy and arrant lies cannot resolve the matter at hand. “I want to also disclose that at the last meeting, the Vice President requested and appealed to us that we should all keep our mouth shut until we reach the final stuck, that’s why we are not talking to the press. “If the media houses concerned do not stop this blasphemy, particularly, The Nation Newspaper, this issue will be very difficult to solve and the group or myself as a person is ready to take any news media to court for blasphemy”. Baraje also described as untrue an online publication, which claimed that he was occupying a juicy position at a parastatal. Declaring that he had never occupied any position in any board under the present administration, he said, “I have been existing and living in accordance with my own legal means for the past three years and I’m not complaining. “The complaint we are raising is that all the issues we raised when we left PDP are now resurfacing, particularly lack of respect for the rule of law and that there is total anarchy; that the government does things as it likes against anybody which was happening in PDP when we left.” My CCT Trial Never Part Of Discussions At nPDP Meeting With Osinbajo – Saraki Also the, Senate President Bukola Saraki said yesterday that his trial at the Code of Conduct Tribunal (CCT) was never discussed at the new PDP meeting with Vice President Yemi Osinbajo. Saraki, in a statement signed by his special adviser on media and publicity, Yusuf Olaniyonu, described the publications as false. Olaniyonu said, “Ordinarily, Dr Saraki would have ignored the story as he has done in the cases of other speculative ones concerning the on-going discussions between the new People’s Democratic Party (nPDP) and the All Progressives Congress (APC)-led Federal Government published by the newspaper. “But since this story specifically mentioned an issue concerning him and the newspaper is associated both in ownership and viewpoint with a section of the APC leadership, it may be perceived to have some level of authenticity”.

SURULERE GROUP SAYS NO TO HON. GBAJABIMIALA’S FIFTH TERM BID
source : http://www.eyesoflagos.com/2018/05/surulere-group-says-no-to-hon.html

Weeks after popular political commentator and radio show host, Jimi Disu said that his younger cousin and lawmaker representing Surulere Federal Constituency I in the House of Representatives, Hon. Femi Gbajabiamila must not run for office for the fifth term, a political group in Surulere community has also spoken against the ambition of the lawmaker.
Eyes Of Lagos gathered that, The group, Surulere Unites, expressed its thought on the ambition of the lawmaker via a gigantic banner placed in the heart of Surulere community, Lagos Mainland, with an inscription which says “we say a big no to 5th term for Hon. Femi Gbajabiamila.”
Meanwhile, the group endorsed Lagos State Governor, Mr. Akinwunmi Ambode to run for a second term in office. Also, Surulere Unites backed Senator Oluremi Tinubu to run for office for the third term.
Recall that Jimi Disu in a post shared via his official website, said that ‘Gbaja’ as Gbajamiala is fondly called “should allow another person to also contribute his or her quota to the development of Surulere Constituency.” The comment by Jimi Disu is however yet to draw any reaction from Hon. Femi Gbajabiamila or his camp.
The actions of Surulere Unites in wanting Hon. Gbajabiamila to shelve his fifth term ambition is coming weeks after leading stakeholders and other political groups in Surulere community endorsed the lawmaker to run for office for a fifth term.
Hon. Femi Gbajabiamila has been in the Federal House of Representative representing Surulere Federal Constituency since 2003.

GOV AMBODE GOES SPIRITUAL IN IKEJA
source: http://www.eyesoflagos.com/2018/05/gov-ambode-goes-spiritual-in-ikeja.html

The Lagos State Governor, Mr Akinwunmi Ambode attributed the remarkable achievements recorded by his administration in the last three years in all sectors to the hand of God, saying the feats attained across the length and breadth of the State were divinely inspired.
Eyes Of Lagos gathered that, Ambode who spoke at a Special Thanksgiving Service held at Lagos House in Alausa, Ikeja On Sunday, Lagos Mainland, to mark the third anniversary of his administration, said it was obvious from the upward trajectory of the State that God was involved in the process of thinking, planning and executing policies and programmes for the people.
“In two days time, we will be three years in the saddle of this major task. There is no other way to celebrate and that is why we are doing this service because we believe strongly that there is no way we would have made the level of progress so far made without some supernatural hands and we want to give God all the thanks.
“No matter how much strategy that you have read in school or how much work you have done in the public service, it is not possible for you to put a plan up, strategize and try to implement and it works. If it is working back to back and consistently, there has to be some other source that is making it work because you are just one out of several others and why it works for Lagos is the more reason why one has to be very sober and humble to actually know that there is something that is making that to happen and that has to be God,” he said.
The Governor noted that notwithstanding the complexity of managing the massive population of the State, it was evident that Lagos had been hugely prosperous, just as he thanked all those who have helped in managing the State rightly in the last three years. “I just want to say a big thank you to everyone that has actually been a co-traveler in this journey that we have had in the last three years. It has not been easy but somehow to the glory of God, it is evident that there is huge prosperity in Lagos.
“In all these, the complexity of managing 24 million people, there has to be something else driving it and in all situations, we give glory to God; in all situations, we are grateful that He has given us the opportunity to become a source of joy to the rest of Nigeria because Lagos is like the last hope for the country,” Ambode said.

BUHARI, APC TAKING NIGERIANS FOR FOOLS – OBASANJO
source: http://www.eyesoflagos.com/2018/05/buhari-apc-taking-nigerians-for-fools.html

Former President Olusegun Obasanjo, yesterday, declared that the Coalition for Nigeria Movement (CNM) has officially adopted a new political party, African Democratic Congress (ADC) as a platform to enable its members achieve their dreams of changing the current state of governance in Nigeria. The former president made the disclosure while addressing a press conference in Abeokuta, the Ogun state capital. Flanked by one of his former aide, Dr Gbolade Oshinowo and the former State Secretary to the Government (SSG) of Oyo state, Chief Olayiwola Olakojo, Obasanjo said the decision of the Leadership of CNM to join ADC was borne out of the fact that the President Muhammadu Buhari-led All Progressives Congress (APC) controlled federal government have been taking “Nigerians for fools” for a long time. Eyes Of Lagos gathered that, He explained that CNM as a popular grassroot movement, meant to stimulate the interest and participation of Nigerians towards bringing the desired change in governance, found a good ally in the “renewed and reinvigorated ADC” as a political party. The former president however, maintained that he would cease to be a member of the movement just to keep in line with his earlier position that he has quitted partisan politics. “With the emergence of ADC as a political party for the movement and its associates and in line with my clear position which I have often repeated, the first phase of my job is done and I will not be a member of the party”. “But as I have always done since I quit partisan politics in 2014, I will keep alive and active on Nigerian and African issues and interest and I will be opened to offering advice to any individual or organisations for the unity, development and progress of Nigeria and indeed Africa,” he stated. Obasanjo further stated that he would never be intimidated in the course of exercising his rights to freedom of speech wherever he considers such necessary in the interest of the country, Nigeria. The former president vehemently condemned the existence of the two leading political parties: All Progressives Congress (APC) and the People’s Democratic Party (PDP), describing them as lacking disciplines.

SENATOR SANI: NO APC CONGRESS IN KADUNA
source: http://www.eyesoflagos.com/2018/05/senator-sani-no-apc-congress-in-kaduna.html

The senator representing Kaduna Central, Shehu Sani, has observed that the All Progressives Congress, APC, ward congress slated for Saturday did not take place in Kaduna.
Eyes Of Lagos gathered that, Making his observation at Abuja, venue of the Nigeria Union of Journalists, NUJ, Press Freedom Awards on Saturday night, he said, “I am just coming back from my state where party congresses was supposed to hold, there was no party congress.”
In a paper entitled; “Good Governance and Nation Building”, the lawmaker said that there was an onslaught against freedom of the press.
He stated, “Still the media is being seen as the enemy. I think what you should do is to remain firm to your ethics. Do everything possible to report event as it is.”
Sani, who is the chairman of the Senate Committee on foreign debts, explained that in the past, news was slow to reach the readers, pointing out that the social media has now changed the dynamics.
“In those days we wait for a week to read analysis and wait for the day to break to read news.
“In those days, you don’t see the bodies of people dismembered. But now images are splashed everywhere on social media,” he explained.
The Senator said that the only reason the media still remains relevant was because it is the only place you can read news without doubts.
He observed that without press freedom, you cannot have a democracy that is truly democratic.
“You have a duty to ensure the electoral body does its job as expected,” Sani charged journalists.

LAGOS, KADUNA, 9 OTHERS BEGIN PENSION REMITTANCE INTO WORKERS’ RSA
source: http://www.eyesoflagos.com/2018/05/lagos-kaduna-9-others-begin-pension.html

Having fully commenced the implementation of the Contributory Pension Scheme (CPS), 11 states have kick-started pension remittance into the Retirement Saving Accounts (RSAs) of their workers, Eyes Of Lagos has learnt. This includes the remittances of both the employees and employers portion of the monthly pension contribution into the RSAs of civil servants across the concerned states. The states are: Lagos, Osun, Ogun, Ondo, Kaduna, Delta, Anambra, Jigawa, FCT, Edo and Ekiti states. While the states are still using the 15 per cent old monthly contribution shared at 7.5 per cent each between an employee and an employer, Eyes Of Lagos gathered that none of the states across the country have commenced the new 18 per cent monthly contribution of which an employer contributes 10 per cent while an employee contributes eight per cent, as prescribed in the Pension Reforms Act (PRA) 2014. Moreover, Zamfara, Kebbi and Rivers states are only remitting employee’s portion while Imo, Benue, Kwara, Bauchi and Niger states are states with remittances from self-funded agencies. Thirteen states, comprising of Adamawa, Bayelsa, Ebonyi, Enugu, Gombe, Imo, Kano, Kogi, Nasarawa, Oyo, Sokoto, Taraba and Abia States have enacted laws, but are yet to commence remittance. However, Bauchi, Benue, Borno, Cross-Rivers, Katsina, Kwara, Plateau and Akwa-Ibom states are at bill stage in their respective state houses of assembly. Yobe remains the only state that is yet to commence any process towards the implementation of the Contributory Pension Scheme (CPS). Speaking at a workshop organised by the National Pension Commission (PenCom) for journalists in Uyo, Akwa-Ibom state, at the weekend, company’s secretary/legal Adviser, PenCom, Mr. Mohammad Sanni Mohammad, said some states have enacted the law but are having remittance issues, while 16 states have not enacted law and appropriation not made. Stating that PenCom cannot prosecute the defaulting states but can only persuade, he said, the federal system of government being operating in the country has limited the commission’s power to prosecute states that are non-compliant to the CPS. For the CPS to become effective in states, he said, the states must first of all, domesticate it in their respective state by-laws, after which necessary appropriation must be made to fully key into the new pension scheme. He pointed out that some states are having challenges to pay salaries of their workers, hence, defaulting in the prompt pension remittance of their workers, adding that, the commission is doing everything possible to persuade more states to join the new pension scheme. However, the new president, Pension Fund Operators of Nigeria (PenOp), Mrs. Aderonke Adedeji, urged workers both in the public and private sectors, to mount pressure on their employers to remit their pension as and when due, noting that, until workers fight for themselves, dubious employers will continue to evade pension remittance of their employees. Earlier, Mr. Ibrahim Shehu Kangiwa, of the Investment Supervision Department of PenCom, announced that Multi-fund Structure of RSA Funds will commence July 1, 2018, having amended and released the Regulation on Investment of Pension Fund Assets to Pension Fund Operators on April 18, 2017. This new provisions in the regulation, he stressed, took immediate effect, except the Implementation of Multi-Fund Structure for RSA Funds which would commence later in the year. The implementation of the RSA Multi-Fund Structure, he said, was delayed to allow adequate public sensitisation and education, noting that, the main objective of the RSA Multi-Fund Investment structure, is to resolve the challenge of Asset-Liability risk management experienced by Pension Funds. This, he pointed out, would be achieved by better aligning the risk and return expectations of Contributors, better matching of pension assets and liabilities and diversification of pension fund portfolios, as minimum limits are set for aggregate investments in variable income securities, for each Fund. To implement this multi-fund, he said, Pension Fund Administrators (PFAs) would be required to provide contributors with information on the benefits and risks of the various Funds, prior to approving any change, the Commission and PFAs would embark on Public Enlightenment / Sensitization Campaign prior to commencement date. “PFAs are currently carrying out the necessary in-house system upgrades and processes to ensure a robust IT system for the Multi-Fund. The introduction of the Multi-Fund investment structure for RSA Funds would address the varying risk appetite of Contributors, as the different Funds are tailored to fit the ages and risk profiles of Contributors,” he stated. To him, expanding the scope of allowable investment instruments and Fund classes available to Contributors would also improve returns on pension funds, as minimal limits have been set for variable income instruments which generally yield higher returns over a given period.

SHOCK AS BURNING ELECTRIC CABLE FALLS ON RESIDENT IN YABA
source: http://www.eyesoflagos.com/2018/04/shock-as-burning-electric-cable-falls.html

There was pandemonium at the Tejuosho end of Lagos Mainland yesterday, Thursday, April 26, 2018, after an electric cable fell on a resident whose stall was directly under the pole.
Eyes Of Lagos gathered that residents of the community first noticed the fire on the electric cable when power was restored to the area.
As a result of the electric spark, the pole caught fire leaving residents of the area to scamper for safety.
Meanwhile, a resident of the area who sells oranges under the electric pole was caught in the process after the electric cable fell on him.
The victim was seen leaving the spot but returned seconds later only to be caught after the electric cable fell on him.
He was reportedly rushed to a nearby hospital where he is currently fighting for his life.
Watch the video below.


https://www.youtube.com/watch?v=-uUsO7FlSE8

VIDEO : OLAYIMIKA BABALOLA – NIGERIAN ANTHEM ( YORUBA VERSION)
source : http://www.eyesoflagos.com/2018/04/video-olayimika-babalola-nigerian-anthem.html

Babalola, Olayinka Gabriel is a Nigerian –Norwegian child from a Yoruba father from Ile-ogbo, Osun State and a Norwegian mother, a 12year old boy born and bred in Norway and resides presently in Houston Texas, United States of America with his family. He is one of the students of an Educative and Cultural institute situated in Houston Texas, USA known as Lineage Alive foundation which is a foundation focused on teaching both Yoruba youths and adults living in Nigeria and most especially in Diaspora our Yoruba language and Cultural morals and values which is a passion borne out of the discovery that our Yoruba Language, cultural and moral values are fast eroding and we have decided to re-awaken it so as to stop it from getting into oblivion.
Olayinka has shown a great deal of interest in learning Yoruba Language and because of his passion for music, he has featured in many Yoruba cultural concerts in the USA and has released four tracks of Yoruba poems which are ise logun ise, eran ewure, iya ni wura and our National Anthem in Yoruba language and because of his quest to learn more about Yoruba race

watch video here


https://www.youtube.com/watch?v=zrI6HGXZ_u4

LAGOS ATTRACTS $43BN INVESTMENT PROPOSALS
source: http://www.eyesoflagos.com/2018/04/lagos-attracts-43bn-investment-proposals.html

Lagos State government yesterday said it attracted investment proposals worth $43billion in the last three years in its drive to boost economic prosperity of the state. The special adviser to Lagos State governor on overseas affairs and investment, Professor Ademola Abass made the disclosure at the annual ministerial press briefing held in Lagos. Abass noted that some of the proposals have been transformed into actual investment in the state, saying the office of overseas affairs and investment otherwise known as Lagos global is a one-stop shop established by the present administration in the state to manage overseas affairs and implement policies to attract and promote investment in the state. Eyes Of Lagos gathered that, He said: “I am pleased to inform the public that within the last three years of Mr Akinwunmi Ambode-led administration, Lagos State has received investment proposals approximately worth $43billion. “Following the vigorous pursuit of measures geared towards enhancing the ease of doing business, investors have shown considerable interest in tapping into the investment opportunities that are abundant in Lagos.” Abass added that since its creation, the office had inspired investors’ confidence in Lagos as a place to conduct business and live in, which had translated into considerable success, noting that it also pointed to the fact that the state, as an emerging market, was becoming the financial hub and a preferred investment destination in Africa. According to him, a foreign firm, LaTerre Batiment Limited has concluded plans to build a new Island in the state, while another firm, Rockwealth Integrated Services would also commence redevelopment of Amuwo Odofin area into a mixed use real estate development. Other major projects, according to Abass, are Detergent Manufacturing Plant to be sited within the Lekki Free Trade Zone by Gilmore Limited; LED manufacturing factory to be located in Epe by Low Energy Designs Limited; and development of energy savings streetlights across the State, also by Low Energy Designs Limited, while redevelopment of Makoko area by Bufad Engineering Services and reclamation of Land for mixed use development in VGC area by Ja Paul Lekki Heights Limited, were awaiting approval. He said in the bid to grow the economy of Lagos, the present administration also identified key areas critical to growing the Gross Domestic Product (GDP) of the State including power, agriculture, transportation, health, tourism, housing, information technology and manufacturing. He said the focused sectors have already been scanned for investment opportunities with a view to providing foreign investors with an insight into the opportunities that abound in the sectors at a glance, while the turnaround time for transforming proposals into actual investments have also been massively reduced. Besides, Abass said as part of measures to project the investment opportunities in the State to the world, government would soon unveil an advocacy tagged “Lagos To The World (L2TW), which is a multifaceted initiative aimed at using various cutting-edge strategic tools in projecting and effectively communicating the investment opportunities that abound in the State. “To be clear, the campaign has nothing to do with branding or anything of sort. It is a well-pointed strategy aimed at better communicating what the State has got to offer investors worldwide, as well as laying out the benefits that await investors who choose Lagos State as their destination,” he said. Abass said Lagos Global further helped existing investors by providing aftercare services and as well ensure the provision of necessary business support services. He added that, “The office assisted some businesses to establish partnerships with Lagos State Government and to resolve issues relating to taxes, environmental issues, local government and land ownership rights, tax reduction, multiple taxation, land issues, infrastructure and partnerships.”

AMERICAN RAPPER J COLE ARRIVES NIGERIA FOR HIS PERFORMANCE IN LAGOS THIS WEEKEND [PHOTOS]
source: http://www.eyesoflagos.com/2018/04/american-rapper-j-cole-arrives-nigeria.html

AMERICAN HIP HOP ACT, J COLE WHO DROPPED HIS 5TH STUDIO ALBUM ‘KOD” A FEW DAYS AGO HAS ARRIVED NIGERIA AHEAD OF HIS PERFORMANCE THIS WEEKEND ALONGSIDE DAVIDO, WIZKID AND OTHERS.

J Cole touched down at the Muritala Muhammed international airport last night as he’s set to headline the Castle Lite Unlocks concert scheduled to hold at Eko Hotel on Friday 27th April, 2018 with performances from other Nigerian superstars like MI, Davido, Falz, Ycee and others.
See his picture when he arrived below;

COURT REMANDS SENATOR NWAOBOSHI IN IKOYI PRISON
source: http://www.eyesoflagos.com/2018/04/court-remands-senator-nwaoboshi-in.html

A Federal High Court, sitting in Lagos, has remanded Peter Nwaoboshi, a Peoples Democratic Party (PDP) senator representing Delta North, in Ikoyi prison.
Eyes Of Lagos gathered that, The trial judge, Mohammed Idris, ruled that the senator be remanded till Friday pending the hearing of the his bail application.
Sen. Nwaoboshi was arraigned by the Economic and Financial Crimes Commission (EFCC) on a two-count charge of money laundering.

EFCC SEIZES FOUR PROPERTIES FROM PROVOST OVER ALLEGED N359M FRAUD
source: http://www.eyesoflagos.com/2018/04/efcc-seizes-four-properties-from.html

A Plateau State High Court has ordered the interim forfeiture of four properties allegedly acquired by the Provost of Federal School of Medical Laboratory Technology, Plateau Sate, Dr Nkereuwem Etukudoh.
According to Eyes Of Lagos reports gathered, The Spokesman for the Economic and Financial Crimes Commission, Mr. Wilson Uwujaren, said in a statement that Justice D. D. Longi ordered the temporary forfeiture of a duplex, two parcels of land and four flats.
The order followed a motion ex-parte by the EFCC seeking interim forfeiture of the said properties, same having being acquired with proceeds of illegal activities.
Etukudo is standing trial alongside the accountant, FSMLT, Yusuf Samuel; Secretary of Tenders Board, Ernest Demtoe; and Goodluck Echewa, and Esio Udoh who are both contractors of FSMLT.
They were charged on 15 counts bordering on conspiracy, official corruption and diversion of FSMLT funds to the tune of N359m.
The statement read in part, “Details of the properties to be forfeited are: a duplex situated at 1 Senator John Mbatu Crescent (Plot 240) Andi Kan Beulah Estate, Phase 2, Kafe, Abuja; and four flats situated at 2 Edem Urua Road, Off Nudo Udoma Avenue, Itam Ikot Ebia Uyo, Akwa Ibom State.
“Others include: a parcel of land measuring 4,183.560 square meters situated at Ediene Ikot Obio Imo, Abak Road, Uyo and another parcel of land measuring 2,657.686 square meters at Defarmco Street, Eniong Offot, Uyo Akwa Ibom State.”
It would be recalled that the prosecution had on February 22, 2018 presented its first witness, Ethel Ekam, a former employee of the FSMLT, who narrated how Etukudo and his accomplices allegedly mismanaged N359m FSMLT funds and tendered relevant documents to back up the claim.
However, attempts by the defence counsel to pose questions to the witness relating to a document was objected to by the prosecution as the document referred to was not in an admissible form.
In the meantime, the matter has been adjourned till May 31 from the earlier adjourned date of April 19 – 20, 2018 for cross-examination of the PW1 and continuation of trial.

NIGERIAN STOCK EXCHANGE RESUMES ON DOWNWARD TREND, DOWN BY 0.12%
source: http://www.eyesoflagos.com/2018/04/nigerian-stock-exchange-resumes-on.html

The Nigerian Stock Exchange (NSE) market indices resumed for the week on Monday on a negative trend dropping by 0.12 per cent.
The market capitalisation dipped N18 billion or 0,12 per cent to close at N14.724 trillion in contrast with N14.742 trillion posted on Friday.
Also, the All-Share Index which opened at 40,814.89 shed 50.96 points or 0.12 per cent to close at 40,763.93 due to price depreciation.
Eyes Of Lagos gathered that, An analysis of the losers’ table showed that Flour Mills recorded the highest loss, shedding N1.65 to close at N33.55 per share.
Dangote Cement trailed with a loss of N1.50 to close at N248, while Guaranty Trust Bank was down by 95k to N43.90 per share.
Lafarge Africa lost 85k to close at N43.60, while Dangote Sugar Refinery also dropped by 85k to close at N20.55 per share.
On the other hand, Nigerian Breweries led the gainers’ table, gaining N3.60 to close at N129.70 per share.
Forte Oil followed with a gain of N1.85 to close at N39.50, while GlaxosmithKline added N1.70 to close at N32 per share.
Stanbic IBTC advanced by N1 to close at N50, while FBN Holdings appreciated by 60k to close at N13.45 kobo
However, the volume of shares traded appreciated by 118.84 per cent as investors bought and sold 530.22 million valued at N7.77 billion transacted in 4,567 deals.
This was against a turnover of 242.29 million shares worth N3.03 billion exchanged in 5,746 deals on Friday.
Law Union and Rock Insurance recorded the highest volume of activities for the day, trading 220.75 million shares valued at N253.81 million.
Zenith International Bank followed with an account of 76.67 million shares worth N2.07 billion, while FBN Holdings sold 24.27 million shares valued at N318.74 million.
Nigerian Breweries traded 21.02 million shares worth N2.73 billion, while Transcorp exchanged 17.66 million shares valued at N30.74 million.

EFCC to move into N24 Billion newly built head office
source: http://www.eyesoflagos.com/2018/04/efcc-to-move-into-n24-billion-newly.html

Economic and Financial Crimes Commission (EFCC) will move into its N24 billion headquarters next month, Eyes Of Lagos learnt at the weekend.

President Muhammadu Buhari is to inaugurate the building.

Acting Chairman Ibrahim Magu said yesterday: “I am excited that the headquarters is ready for use.

‘’The Federal Government has spent over N24 billion to build it. I will crosscheck to give you the exact figure.

“I thank Mr. President for according this project a priority. It is part of his commitment to the anti-graft war. This is a legacy project, which many generations will be proud of.

“No leader in Africa has provided such a conducive environment for an anti-corruption agency like President Buhari has done.

“We have also received support from ministers and MDAs on release of funds and necessary infrastructure.

“This commission is grateful to the National Assembly for its interest in the project. Speaker Yakubu Dogara, Deputy Senate President Ike Ekweremadu, chairmen and members of committees on Anti-corruption always visited the site to monitor the work.

‘’It shows that if we are determined, we can be on the same page on this war against corruption. It is not a personal thing.

Magu added: “We are hosting heads of anti-graft agencies in the Commonwealth (Africa chapter) in May and we are hopeful the headquarters will be ready for occupation because it is more than 95 per cent completed.

“We are expecting Vice President Yemi Osinbajo to inspect the facility any time from now.”

The project has passed through three administrations in EFCC.

The construction of the headquarters was initiated by a former EFCC Chairperson Mrs. Farida Waziri.

Following a memo presented by a former Secretary to the Government of the Federation, Mr. Yayale Ahmed, the Federal Executive Council (FEC), on November 24, 2010 approved N18 billion for the 10-Storey building.

Another former Chairman Ibrahim Lamorde tried to get the peogramme completed but it was unsuccessful due to poor timeline for release of funds.

Magu, however, succeeded in seeing the project through in the last two and a half years.

IMF UNVEILS NEW CORRUPTION POLICY FOR MEMBER STATES
source : http://www.eyesoflagos.com/2018/04/imf-unveils-new-corruption-policy-for.html

The International Monetary Fund will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday.
The stricter new policy also aims to tackle how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership.
“We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel, According to reports gathered by Eyes Of Lagos, IMF Managing Director Christine Lagarde said in a statement.
“We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries.”
Corruption and poor governance sap economic growth and exacerbate inequality, according to the IMF, and the new policy framework attempts to ensure the institution will hold all members to the same standards — something the fund said it had not always done.
The new policy comes as Ukrainian authorities work to implement stringent new anticorruption reforms at the behest of the IMF, which has held up the latest instalment of a $17.5 billion aid package.
The revised good governance guidelines, which take effect on July 1, follow a recent review of the IMF’s 20-year-old policy framework which concluded the fund had sometimes employed euphemisms when discussing corruption in member states — leaving local officials unclear about IMF concerns.
– ‘More intrusive’ –
And IMF analysis sometimes failed to apply the same standards evenly to all members.
Under the new guidelines approved by the IMF board on April 6, the fund will discuss good governance concerns in all annual economic reviews of member countries.
IMF officials however say they do not expect the policy will lead to more stringent conditions on loans, which go to a minority of the fund’s 189 members and which already include anti-corruption provisions.
The fund also will rely on the findings of outside transparency campaigners who have criticized the existence of tax and corporate havens in advanced economies as a conduit for illicit financial flows to and from poorer countries.
However, the IMF will not investigate specific instances of corruption.
Rather, it will focus on the strength of key economic institutions: fiscal and central bank governance, market regulation, the rule of law and policies on money laundering and countering terrorism financing.
IMF analysis suggests falling 25 notches on a corruption index could shave as much as 0.5 percentage points off a country’s annual growth — amounting to tremendous economic losses over multiple years.
In unveiling the new policy on Sunday at the close of the IMF-World Bank spring meetings, Lagarde said the fund’s board supported a “more intrusive” approach to member state evaluations.
“Because it is a macroeconomic issue, the IMF is really perfectly legitimate in acting, especially when we have a program in a country,” she said.

PETROL AND GAS TANKERS COLLIDE IN OJOTA
source : http://www.eyesoflagos.com/2018/04/petrol-and-gas-tankers-collide-in-ojota.html

Information reaching us at Eyes Of Lagos has it that an auto crash occurred at the Ojota end of Ikorodu road few minutes ago involving gas and petrol tankers.
According to reports, the petrol tanker rammed into a gas tanker at New Garage in Ojota leading to the officials of the Lagos State Emergency Management Agency (LASEMA) closing down both lanes on Ikorodu to and from Ojota in a bid to prevent any form of explosion.
Motorists who are thinking of going towards Ojota axis and its environs are advised make a detour to use alternative routes.
See more photos from the scene below.

DANGOTE CEMENT MAINTAINS DOMINANCE WITH STRONG EARNINGS
source : http://www.eyesoflagos.com/2018/04/dangote-cement-maintains-dominance-with.html

Eyes Of Lagos gathered that, Dangote Cement Plc recently released its full-year earnings report for the period ended December 31, 2017 to the Nigerian Stock Exchange (NSE), strengthening investors’ interest and confidence. It was also helped by the impressive dividend proposed on the strength of a significant improvement in performance. The growth in the Pan African segment has become more apparent over the years- as the segment contributed 32.1 per cent in 2017. No doubt, the strategy of continuous expansion continues to support the earnings of the cement giant. In 2017, the segment recorded total volumes of 9.37MT, an increase of 8.4 per cent year-on-year, with strong performances in Cameroon 14.8 per cent year-on-year, Ethiopia 13.2 per cent year-on-year and Senegal 21.4 per cent year-on-year. Dangote Cement also extended its frontier into two new markets in 2017, Sierra Leone and Congo, which recorded initial contributions of 91kt and 32kt respectively to total sales volumes growth. Also, shareholders of the company are surely in for a good deal as the company’s directors have recommended an increase of 23.5 per cent in the dividend payout to the shareholders, for the period under review. The amount will translate to N178.9 billion as against a dividend of N8.70 kobo per share that was paid in the corresponding period of 2016. The company’s group revenue grew by 31 percent, from N615.1 billion in 2016 to N805.6 billion, while its net profit rose by 43 percent, from N142.86 billion to N204.25 billion. Earnings per share rose to N11.65 compared to N8.78 at the previous year indicating an increase of 32.7 percent. A breakdown of the report indicated that while sales from the three plants in Nigeria contributed N552.36 billion to the group’s revenue, the balance of N258.44 billion was accounted for by plants in other African countries. Revenue attributable to Nigeria grew by 29.6 percent while that from Pan-African operations rose by 32.5 percent. Though group sales volumes were lower by seven percent due to depressed Nigerian market, Pan-African sales volumes went up by 8.4 percent to 9.4Mt with strong volume increases in Senegal, Ethiopia and Cameroon and new capacities of 1.5Mta in Congo, 0.5Mta in Sierra Leone. Acting group chief executive officer, Dangote Cement, Joe Makoju, speaking on the results said, “Dangote Cement turned in a record year with revenues up 31 percent to N805.6bn and EBITDA up by 50.9 percent to N388.1bn. Although Nigerian volumes were lower in 2017, our Pan-African operations increased volumes by 8.4 per cent and now make up 42 per cent of the Group’s total cement sales, demonstrating the robust diversification of our business. “We expanded our footprint from eight countries to ten with the opening of new facilities in the Republic of Congo and Sierra Leone, while our operations in Cameroon, Senegal and Ethiopia achieved strong sales growth during the year. With total sales volumes of nearly 22 million tonnes, we are by far the leading manufacturer of cement in Sub-Saharan Africa.” Recently, the chairman of the company, Aliko Dangote, while presenting the 2016 reports to the shareholders said the company’s strategy in every country of operations is to be the leader on costs, quality and service. He said the company build large, modern, highly efficient plants that combine the latest equipment from Europe, China and beyond to enable it make higher-quality cement at lower costs, thereby giving it strong competitive advantages. CardinalStone Research said “In 2018, we see scope for further growth in pan African segment as Dangote Cement continues to gain grounds in these countries. Moreover, we envisage increased contribution from Sierra Leone and Congo. Altogether, we expect total volume to settle at 10.77MT in full year 2018, 15 per cent year-on-year growth and revenue to N290.8 billion. “Thus, increasing revenue contribution of the non-Nigerian segment to 33.2 per cent from 32.1 per cent in 2017. Overall, we project group full year 2018 revenue to settle at N915.7 billion. “While our outlook on the counter remains bright, we have made slight downward adjustments to our full year 2018 PAT projections, in light of the recent developments in regard to the tax rate. Consequently, using a blend of DDM, EV/EBITDA and FCFE valuation methodologies, we arrived at a target price of N291.69, with a potential upside of 14.4 per cent, based on the last close price of N255.00 on March 26, 2018. Therefore, we recommend a HOLD.” Analysts ARM Securities Research also said, “Going into 2018, we remain broadly positive on Dangote Cement and expect the company to sustain earnings growth, albeit at a much slower pace than 2017. Specifically, we see volume induced revenue growth and lower energy as key drivers of earnings in full year 2018, relative to the price-induced growth story in prior year.” On pricing, ARM Research said, “we believe with Nigeria gross margin now ahead of the pre-crisis level of ~61.8%, the argument for leaving prices at currently elevated levels to compensate for cost pressures will fall apart.” Cordros Capital noted that the management is targeting seven to 10 per cent volume growth in 2018, saying that stable cement prices and broadly better economic and infrastructure spending outlook in Nigeria are enablers. Outside Nigeria, Cordros noted that Ethiopia, Senegal and Cameroon are expected to continue to perform strongly, and importantly, utilization rate in Tanzania is expected to average 45 to 50 per cent compared to 25 per cent in 2017, as the plant starts running on gas from May. “Whilst acknowledging pressure from competition, management said it expect its Pan Africa prices to be stable from last year and will likely raise prices, specifically in Ethiopia, to offset the impact of last year’s devaluation on prices,” they said. Cordros estimated group sales volume of 24.5 million tones, comprising 14 million tonnes in Nigeria and 10.5 million offshore. Dangote Cement is Africa’s leading cement producer with nearly 46Mta capacity across Africa. A fully integrated quarry-to-customer producer, with a production capacity of 29.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries. In addition, Dangote Cement have operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (1.5Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

NCC: MOBILE INTERNET USERS INCREASE MARGINALLY TO 100.9M IN FEBRUARY
source : http://www.eyesoflagos.com/2018/04/ncc-mobile-internet-users-increase.html

Internet users in the country increase to 100. 9 million in February from 1.2 million in January, the Nigerian Communications Commission (NCC), has said.
Eyes Of Lagos gathered that, The NCC made this disclosure in its Monthly Internet Subscribers Data for February 2018 on its website on Monday in Abuja.
The data showed a marginal increase of 670,385 new subscribers in the country.
NCC said Airtel, MTN gained more internet subscribers during the month in review, while Glo and 9mobile were the big losers.
The breakdown revealed that MTN gained the most with over 762,366 new internet users increasing its subscription in January to almost 38 million from 37 million recorded in January.
It said Airtel also gained 247.216 new internet users in February amounting to 25,075,110 million users as against 24,827,894 users in January.
It said 9mobile however lost 146,034 internet users in February, decreasing its subscription to 11,132,153 as against 11,278,187 recorded in January.
The data showed in February that Globacom lost 193,127 internet users decreasing its subscription 26,733,989 from the 26,927,116 recorded in January.

IKORODU – SAGAMU ROAD: HOW RESIDENTS ARE REACTING TO DELAY IN CONSTRUCTION OF DILAPIDATED ROAD
source: http://www.eyesoflagos.com/2018/04/ikorodu-sagamu-road-how-residents-are.html

Following the approval of N20 billion by the Federal Government for the rehabilitation of dilapidated Ikorodu–Sagamu Expressway and the cheers that followed the deployment of the construction company, Arab Contractors to site on the part of the residents, the shocking delay in the flag-off of the project has drawn mixed reactions from the residents.
Recall that the flag-off of the construction was scheduled to hold on Thursday, April 12, 2018, in Ikorodu, Lagos Mainland, with the presence of the construction company already evident across different sections of the expressway.
Meanwhile, the shocking announcement to postpone the flag-off of the rehabilitation of the road has dampened the mood of residents of the communities that ply the dilapidated road daily to eke out a living.
Eyes Of Lagos gathered that, According to Ajalogun Ola in a Facebook post, he said: “I believe you know what the good people from Odoguyan to Ishagamu are facing daily? If you do, you will know that flag off is not the issue but the work being done to alleviate the problems faced daily from here.”

Olanrewaju Olamina on his part said; “I think we need to go spiritual about that Ikorodu Shagamu road, something must be wrong somewhere. Between yesterday and today three peoples has died. I advice JB to focused on another better project rather than wasting his time on that road. When the time for liberation comes, the road will see light.”
Meanwhile, Eyes Of Lagos learnt from sources close to the lawmaker representing Ikorodu Constituency in the House of Representatives, Hon. Jimi Benson that the construction company, Arab Contractors have moved their equipments to their newly leased permanent site and are ready to commence works on the road in earnest.

SINGER, MOCHEDDAH BLOWS HOT AS IKEJA ELECTRIC SHUTS DOWN OVER 9 TRANSFORMERS IN AKOKA – YABA
source: http://www.eyesoflagos.com/2018/04/singer-mocheddah-blows-hot-as-ikeja.html

Popular singer and fashion entrepreneur, Mocheddah has taken to her social media page to vent her anger about the present darkness witnessed by members of Akoka community, Yaba, Lagos Mainland.
According to Mocheddah, the community had witnessed power outage for quite a while with the power holding company servicing the area, Ikeja Electric Plc, only supplying the area power for about six hours daily.
She noted that the development led members of the community registering their displeasure to the leaders Community Development Association who subsequently held meetings with the officials of Ikeja Electric to find a lasting solution to the power crisis.
Meanwhile, the meeting “was however unproductive as no solution was given and no definite commitments were given to the people,” Mocheddah said.
The situation led to some members of the community putting out notices on different transformers in the community where they said “No Light, No Pay.”
They were however asked to remove the signs but events took another turn when some officials of Ikeja Electric stormed the community on Sunday, April 1, 2018, with policemen to shut down over nine transformers in the neighbourhood throwing the residents into complete darkness.
This development however drew the ire of residents who have continued to protest the decision by the disco to shut down transformers in the area.
Read Mocheddah’s full post below.
“WHICH WAY NIGERIA ?
NIGERIAN ELECTRICITY REGULATORY COMMISSION
The power supply has been abysmal since the 1st of April 2018.
My community started experiencing constant power outage sometime in FEBRUARY. We would have a 3 days period of power outage and one day on (about 6 hours of power).
On the 21st of March, 2018, a meeting was called at Ikeja Electric with the community development chairman, to discuss the poor power supply.
The meeting was however unproductive as no solution was given and no definite commitments were given to the people.
The bills are sky rocketing as most people in the community have not been provided with pre-paid meters because of this, I get between N12,000 to N15,000 in power bills for absolutely no power supply. Fuel consumption running into hundreds of thousands a week. Another community meeting was held at Akoka and a letter was written to Ikeja and NERC.
Out of frustration, some members of the community went and put out notices on different transformers SAYING “ NO LIGHT NO PAY “. A meeting was called and the people were asked to remove the signs.
On the 1st of April 2018, PHCN officials namely; ADA, VICTOR DIKE AND, BOLU, made several calls, came with POLICEMEN and SHUTDOWN over 9 transformers in AKOKA!!!! We have been in TOTAL DARKNESS. Victor even has a WhatsApp group for complaints – where he threatens members of the community.
These people are people’s children, husbands and fathers. We blame our leaders all the time and forget to be better human beings in every aspect of our lives.
How can you literarily put POWER in your hands?
You have made lives uncomfortable, businesses suffer for weeks because of your EGO