$13trn Lagos, Calabar Coastal Road Most Expensive In Nigeria’s History

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May 6, 2024

The presidential candidate of the People’s Democratic Party, PDP, in the 2023 election has described the Lagos, Calabar Coastal highway as the most expensive project ever by the Nigerian Government.

The ambitious project is being handled by Hitech a construction firm President Bola Ahmed Tinubu supposedly has substantial interest.

Atiku said the haste in which the project is being handled is a signal that the president has interest in it, noting that Seyi Tinubu, the president’s son is on the board of the construction firm owned by Lebanese businessmen, the Chagoury.

His remark is contained in a statement signed by his media aide, Paul Ibe on Sunday.

The PDP candidate, had in his first dig against the administration last week accused it of inflating the project, which is expected to cover some states in the country.

The government described Atiku’s claims as unfounded and delusional.

The federal government has recently approved over N1 trillion for the take-off of the project, thereby reinforcing the opinions of some Nigerians that it’s not a Public/Private project contrary to government’s claim.

More Nigerians are criticising the project because of the humongous amount involved, and the attendant job loses due to the demolition of property that have accompanied it since it took off.

But the Minister of Works, Dave Umahi said many of those affected have already been compensated for their loss.

The former vice president stated that it’s not surprising that the Chagoury family is the beneficiary of the project because of their link to the president.

He said, “Thanks to quality reporting by Africa Intelligence, our suspicions have been confirmed that Chagoury and Tinubu are indeed business partners and it has been formalised with Seyi on the board of one of Chagoury’s firms.

“It is on record that this project is the most expensive single project ever embarked upon by the Nigerian government. The fact that it is happening at a time Nigeria is facing its worst economic crisis ever is a red flag.

“To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding. From all indications, the so-called Badagry-Sokoto highway would be awarded in a similar fashion at an enormous cost to taxpayers purely because Tinubu has put his personal interest ahead of the Nigerian people.”

Zenith Bank Bests 2023 Results With N781bn GE; Eyes New Capital

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James Orji

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May 6, 2024

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Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189 percent in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.

From the unaudited statement of account submitted to the Nigerian Exchange, NGX, on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax, PBT, rose to ₦320 billion in Q1 2024, representing an increase of 270 percent from the ₦87 billion reported in Q1 2023. Profit after tax, PAT, equally grew significantly by 291 percent from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.

Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155 percent from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate, MPR, which currently stands at 24.75 percent. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.

The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.

The cost of funds grew by 48 percent from 2.7 percent in Q1 2023 to four pecent in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157 percent from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year, YoY, increase in interest expense, net interest margin (NIM) grew by 20 percent from 6.9 percent in the 3 months ended March 2023 to 8.3 percent in the current period ending 31 March 2024. Return on Average Equity, ROAE, and Return on Average Assets, ROAA, increased year-on-year, YoY, by 114 percent and 119 percent, respectively, due to improved profitability.

Gross loans, which are largely funded by customer deposits, grew by 30 percent from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11 percent percent from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19 percent to ₦24 trillion within the same period.

The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio, CAR, and Liquidity Ratio stood at 20 percent and 67 percent, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.

The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.

Rivers: “I Played The Devil’s Advocate To End Political Crisis”-Fubara

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James Orji

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May 6, 2024

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Siminalayi Fubara - Governor of Rivers State

Governor Simi Fubara of River state says the political crisis in the state has ended with him playing the devil’s advocate.

The state’s helmsman made this known when he hosted members of the House of Representatives Committee on Public Petitions, led by its Chairman, Mike Etaba, at Government House, Port Harcourt at the weekend.

The magazine reported that the governor has been in a protracted political battle with the immediate past governor of the state, Nyesom Wike over the control of soul of the state, since Fubara came to office last year.

Wike, now Minister of the Federal Capital Territory, FCT, supported the incumbent to win the governorship last year, but the duo has since parted ways over irreconcilable differences on who control the state.

Speaking on the state of the political crisis, Fubara said his focus now is how to provide good governance for the people of the state.

The governor’s remark was contained in a statement issued on Sunday by the governor’s Chief Press Secretary, Nelson Chukwudi.

Fubara said he has been able to weather the political storm, that his aim, saying “as far as we are concerned, there are no political issues” to worry about.

The governor said, “As far as we are concerned, there are no political issues. I had seen a movie many years ago, entitled, ‘Devil’s Advocate.’ I believe some of you must have seen that movie too.

“One of the starring characters: Al Pacino said, that pressure makes some people retreat or fail, and to others, it makes them become focused on succeeding. We have chosen to be focused under this pressure.

“That is why we are moving ahead. That is why we are making a positive impact on the lives of our people. Governance is about the people. It is not about self.”

Meanwhile, those watching what is happening in the state insist that it remains to be seen whether major political actors in the state are prepared to bury the hatchet so that peace can be sustained in the oil rich state for the good of the people.

“We Had An Agreement For Gov Yusuf, Others To Defect To APC Before The Supreme Court Judgment – Kwankwaso

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The Source

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May 5, 2024

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By Suleiman Anyalewechi

A frontline Kano politician and Chieftain of the ruling All Progressive Congress APC, Iliyasu Musa Kwankwaso, has described the spate of opposition to, and scathing criticisms against some Northern elements in the Federal Cabinet, particularly Bello Matawalle, the Minister of State for Defence and the National Chairman of the APC, Dr Abdullahi Umar Ganduje, as being targeted at President Bola Tinubu.

This is even as he has called on all patriotic Stakeholders from the North, irrespective of political party affiliations, to rally round the Federal Government to pull the country out of its present socio-economic predicaments.

The three-time Kano State Commissioner for Rural and Community Development, who spoke in Kano on Sunday, May 5, 2024, at an interactive session with the Media, warned that some misguided critics of the President Tinubu administration, particularly from the North, are doing a great disservice to the unity, growth and development of the country.

Alhaji Iliyasu Kwankwaso, the immediate past Kano State Commissioner for Rural Development, in Dr Ganduje’s regime, wondered where the later day Northern saints were when former President Muhammadu Buhari was in power, and why they never spoke out for the eight years he held sway .

The Kano APC stalwart, therefore, appealed to the Northern Elders to re-focus their energy towards collaborating with the Governors of their various States to fashion out a blue print for the economic emancipation of the region, just as President Tinubu is trying to pull the country out of the wood.

” Look, within the last one year he has been in office, the President has made so much positive impact. But those attacking him mischievously chose to close their eyes to the achievements .

“Are they now telling us that they were not in the country when Buhari was in charge of the country? Why didn’t they talk when many things were not going well during the era of President Buhari ?

“Now that power has shifted to the other side of the divide ,they have suddenly found their voices ,mounting unsubstantiated allegations and criticisms against President Tinubu,who instructively rallied round Buhari through out his two terms of eight years in office .

“There was an agreement that gave birth to APC as a strong party in the country and Buhari’s emergence was part of that agreement..

“Same agreement was what led to the emergence of Tinubu as president,.Those who are now at the forefront of criticizing President Tinubu and protesting were those that slipped out of the earlier agreements . And they are trying so hard to bring the President and his supporters down .

President Tinubu is working hard to resolve the challenges posed by insecurity in the North, and the result can be seen from the fact that people can now travel freely from Abuja to Kaduna without fear of being attacked as was the case before.” Kwankwaso stated.

The APC chieftain emphasised that instead of engaging in misplaced and misguided criticisms ,the Northern elders should rather support the President Tinubu administration to bring the dividends of democracy to the region.

“They should come out and call for the completion of the Abuja-Kaduna -Kano road,Abuja-Kano-Min na Rail line, AKK Gas Pipelines,Mambila Power Project,Bauchi/Gombe Oil Exploration and many others .Tinubu is ready to do all these and many others for the North .

“Get your Governors together and go for the development and progress of the region instead of engaging in mischievous criticisms” Kwankwaso admonished .

Alhaji Iliyasu Kwakwaso further revealed that there were some last minute agreements reached by all parties on Kano political situation before Governor Abba Kabir Yusuf was declared the winner by the Supreme Court .

“They (NNPP) accepted to join the APC, at the last minute and all agreements including power sharing in the State and Party were made at the last minute.

“They agreed to all the agreements reached, though behind their boss, for which he was not happy, but had no other choice than to accept ,with some conditions which even himself knew cannot be acceptable to the other side .

“Now ,the situation is that they, NNPP, are yet to fulfill their own part of the agreement. They have asked for more time, precisely five months to meet their own part of the agreement,which also include joining the APC

“We loyalist members of APC are not against any opposition party members joining the party .Every body is welcomed to the canopy of the biggest party in Africa,so long as the person is ready to contribute positively to growth and development of the party” Kwankwaso stated.

“Come And Collect Your Dead Ones To Avoid Mass Burial” – Ojukwu Teaching Hospital Urges Relations

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The Source

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May 5, 2024

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By Suleiman Anyalewechi

The authorities of Chukwuemeka Odumegwu Ojukwu University Teaching Hospital COOUTH Amaku Awka, have called on the members of the public,particularly those whose relations are missing to check the morgue facilities of the institution for possible identification and collection of their remains within the next one month to avoid mass burial.

A statement issued at the weekend by the spokesperson for the tertiary hospital ,Henrietta Agbai, said the hospital has set July 2024 to conduct mass burial for all corpses which have been at its morgue from 2014 to 2023 .

According to the statement ,this is sequel to a directive from Governor Chukwuma Soludo to the Chief Medical Director, CMD, Josephat Akabuike and the Chairman of the Medical Advisory Committee of the hospital,Dr Emmanuel Mba, to dispose of all abandoned corpses in the hospital’s mortuary from 2014 to 2023.

“His Excellency ,the Executive Governor of Anambra state ,Prof. Chukwuma Soludo has approved the disposal of abandoned corpses at the Chukwuemeka Odumegwu Ojukwu University Teaching Hospital COOUTH Amaku Awka

To this end ,the management wishes to inform the general public that COOUTH Amaku, Awka intends to conduct mass burials of the abandoned corpses in the mortuary from 2014 to December 2023 .

The Source reports that most of the abandoned corpses may have been those of accident victims,whose relations may not be in the picture of their fate and where about.

P&ID: Seun Kuti Admits He Lied Against SAN, Begs For Forgiveness

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The Source

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May 5, 2024

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By Gideon Njoku

Seun Kuti, musician-son of Afrobeat legend, Fela Anikulapo-Kuti, has publicly admitted he lied against a Senior Advocate of Nigeria, SAN, Chief Bolaji Ayorinde.

In an overwhelming defamatory statement Seun made in a video on social media, he alleged that Ayorinde sabotaged his Country, Nigeria in the case which involved Process and Industrial Development, P&ID, intentionally passed information to P&ID while representing Nigeria in the arbitration proceedings over a disputed gas contract.

Seun alleged that the Senior Lawyer deliberately passed information to P&ID.

After making the allegation, Seun was not remorseful. He stood his grounds and emphasised that he was prepared to meet Ayorinde in court.

Angry and embarrassed, Ayorindethe hit Seun with flaunting a libel and defamation of character lawsuit. The case was before an Oyo State High Court, Ibadan.

But on April 18, 2024, at the hearing of the case, both parties told the court the case has been peacefully they had amicably settled. Both asked the court to adopt their terms of settlement which was dated 15/4/2024. They, also, filed the same date as the judgment of the court.

Following that, The Honourable Justice Kamorudeen Olawoyin adopted the terms of settlement as the judgment of the court.

Said the Court: “In view of the foregoing and in accordance with the expressed desire of the parties in this suit as confirmed by the respective counsel in court, I hereby enter the foregoing terms of settlement as the judgment of the court.”

Seun admitted in his statements that what he published on his Instagram handle @bigbirdkuti on October 31, 2023, “against Ayorinde were untrue and stood retracted.”

Seun noted: “It is not true that the claimant (Chief Ayorinde SAN) leaked confidential documents to the adverse side in the P & ID Vs. Nigeria arbitration matter or in any way conducted himself in any unethical or corrupt manner in his work as legal Practitioner for Nigeria in the said case.

“It is not true that the claimant deliberately planned with the opponent to lose in the P & ID Vs. Nigeria Arbitration Matter and sabotaged the interests of Nigeria in the case.

“It is not true that the claimant committed Treachery against Nigeria in the said P & ID Vs. Nigeria Arbitration Matter.

“It is not true that the claimant charged $197 million for a case in which the claimant intentionally sabotaged his country, Nigeria.

“Having now conceded that my allegations are untrue and unfounded and that I have unjustifiably impeached the character and reputation of Chief Ayorinde, SAN, I hereby publicly recant and retract my aforesaid untrue imputations against Chief Ayorinde, which stood to damage the hard earned good name and good will of Chief Ayorinde’s character.”

Abduction Of Brotherhood Of The Cross Archbishop, Family: “Incident Not In Abia Soil” – Police

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The Source

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May 5, 2024

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The alleged abduction of the Archbishop of the religious sect, Brotherhood of the Cross and Star, Uka Uka Osim, his wife,son and three other Priests did not take place in Abia State, the Police Command has said.

The Source reports that the Archbishop his family and three other Priests were, on Wednesday, May 1, 2024, reportedly abducted by unknown gun men while on their way to Awka, the Anambra State capital for a Church activity.

The Religious group’s Aba Area Bishop,Dennis Onuoha, was quoted by some news outlets of confirming the abduction of his Archbishop and family members in the Aba area of Abia state.

But in a statement on Sunday May 5 ,Chilaka Maureen ASP ,the Abia state police Command spokesperson,noted that it has found the information regarding the alleged kidnap of the Archbishop on Abia soil not to be true .

“Abia state Police Command has investigated the story and contacted Bishop Dennis Onuoha ,who denied stating that the incident occurred in Abia state .

The Bishop ( Onuoha) confirmed that the kidnapping did not occur in Abia ,but in Awka ,Anambra state on Wednesday ,May 1,2024

The Commissioner of Police, CP Kenechukwu Onwuemelie, has, therefore, urged the media ,bloggers and online reporters to always crosscheck their facts by contacting the appropriate authorities before rushing to post.

The CP reiterated the Command’s unwavering commitment to ensuring that Abia state is safe for all and urges members of the public to go about their lawful businesses without fear” the police statement reads.

Military Man Allegedly Bites Employee To Death, Kano Residents Protest

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Ayodele Oni

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May 5, 2024

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By Ayodele Oni

Residents of Gwagwarwa Community in Nassarawa Local Government Area (LGA) of Kano State have protested over the death of a 23 year old employee of a military hospital, Yusuf Shuaibu.

The people blocked the Airport Road, seeking justice for the alleged killing of 23-year-old Yusuf Shuaibu.

The deceased, employed as a cleaner at the Nigerian Air Force Hospital in Kano, reportedly suffered fatal injuries inflicted by a military officer identified as Oga Aminu.

Shuaibu Bala, the grieving father, recounted the tragic events, saying “After completing a night shift, Yusuf was about to head home when Oga Aminu instructed him to perform a task.

“Upon completion, Yusuf requested money for food, but instead, he faced a violent attack, leaving visible bite marks on his body.”

Bala emphasized the inhumane treatment his son endured and called for justice.

He appealed to Governor Abba Yusuf, Emir of Kano, Alhaji Aminu Ado Bayero, the National Human Rights Commission, Chief of Air Staff, Air Marshal Hassan Abubakar to ensure justice over his son’s death.

In response to the incident, NAF Director of Public Relations and Information, Air Vice Marshal Edward Gabkwet, stated that Chief Of Air Staff, Hassan Abubakar, has ordered a discreet investigation.

According to Gabkwet, the deceased had a recent altercation with an airman, which was seemingly resolved. However, the circumstances surrounding Yusuf’s demise remain unclear.

Gabkwet assured that the NAF is committed to uncovering the truth behind Yusuf Shuaibu’s death and extending condolences to his family.

Coastal Highway; Catalyst For Economic Development – Ben-Bruce, Asks Peter Obi Not To Use The Road When Completed

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Ayodele Oni

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May 5, 2024

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By Ayodele Oni

The construction of the East -West Coastal Highway by the Federal Government has continued to generate reactions with some criticizing while others applaud the project.

Former Senator representing Bayelsa East, Ben Murray-Bruce sees the highway as a lifeline for business, a catalyst for economic development, and a symbol of hope for a better future.

He asked one of the major critics of the project, the Labour Party’s (LP) Presidential Candidate, Mr Peter Obi, and others not to use the road once it is completed.

Obi has been one of the most outspoken critics of the 700-kilometer road that will connect Lagos, Ogun, Ondo Delta, Bayelsa, Rivers, Akwa-Ibom, and Calabar states. He described it as a misplaced priority, noting that the existing highways require immediate maintenance and significantly improved security.

However, in a video posted on his X handle, Bruce expressed surprise that some Nigerians would oppose this project, and emphasized that President Bola Tinubu’s commitment to this project is a beacon of hope for the nation

The senator stated, “A new era in Nigerian transport history has begun.” A 700” km Lagos-Calabar coastal highway with feeder roads joining it from different parts of the country is being built by the present administration.

“It is a proof of the transformative power of visionary leadership of President Bola Tinubu who has put the present minister of works, David Umahi- a man of unwavering dedication at the helm of affairs.

“With its cutting-edge technology and innovative design, this highway will slash travel times, reduce transportation costs and increase access to markets and resources.

“It will be a game changer for entrepreneurs, investors, travellers and unlock new opportunities and boost economic growth.

“As we embark on this journey, we are not just building a highway, President Tinubu is crafting a legacy of prosperity and growth.

“The Lagos-Calabar highway will be a lifeline for business, a catalyst for economic development and a symbol of hope for a brighter future.

“This is why it is surprising that some disgruntled people are opposing this project. I will suggest that such enemies of progress should not ply the road when it is completed and stick to the old long and treacherous routes.

“President Tinubu’s commitment to this project is a beacon of hope for our nation. As we celebrate this milestone, we must recognize that this project is not just a feat of engineering but a triumph of our collective potential.

“So let us join hands and support Minister David Umahi and his team as they embark on this magnificent scheme.”

EFCC Disowns List Of Governors Under Probe

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Ayodele Oni

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May 5, 2024

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By Ayodele Oni

The Economic and Financial Crimes Commission has disowned a report in the media alleging the release of a list of 58 ex-governors, under investigation for corruption, to the tune of N2.18 trillion.

In a press statement on Sunday, the EFCC explained that it has not issued any such list nor discussed the investigation of the former governors with any media outlet.

A statement signed by EFCC spokesperson, Dele Oyewale, noted that the report titled ‘EFCC Releases Full List of 58 Ex-Governors that Embezzled N2.187 Trillion,’ was “a phantom report,” deemed “false and mischievous.”

“The Economic and Financial Crimes Commission, EFCC, feels obliged to dissociate itself from a phantom report circulating in sections of the media, claiming it has released a full list of ex-governors being investigated for alleged corruption.

“The report headlined ‘EFCC Releases Full List of 58 Ex- Governors that Embezzled N2.187 Trillion,’ in one of the news outlets, is false and mischievous as the commission neither issued the said list nor entertained discussions on the investigation of ex-governors with any news medium.

“This invariably means that the so-called list is a disingenuous fabrication designed to achieve motives known only to the authors.”

Oyewale urged the public to disregard the report and advised the media to verify information regarding ongoing investigations directly with the commission, to prevent the spread of false and inaccurate information.