Unity Bank Forecasts N5.7bn Q3 Profit

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June 11, 2024

The Retail Lender has projected a Profit After Tax, PAT, of N5.2 billion in Q3, 2024, according to its latest earning forecast released to the Nigerian Exchange Group, NGX.

The lender projects a pre-tax profit of N5.7 billion while targeting a turnover of N26.93 billion in gross earnings during the quarter, an 8.2% increase from the Q2, 2024 projection of N24.89 billion.

An essential part of the earnings forecast also shows that the lender expects to record its interest income at N23 billion, with net revenue anticipated to hit N6.58 billion for the period. Operating income is expected to rise to N13.38 billion, while cash flow from financing activities is projected to rise to N353.6 billion. Moreover, the improved projected cash from financing activities and the expected increase in cash and cash equivalents highlight the lender’s strong liquidity position, which is critical for sustaining current and future business operations.

The lender stated that it expects the results to be achieved and surpass the projection, barring any unforeseen significant changes in the operating macroeconomic environment under which assumptions underlying the forecast were made.

Analysts believe that the positive outlook of the lender’s Q3, 2024 earnings forecast reflects strategic growth in key financial metrics, a focus on strengthening its income base, efficient financial management, and enhancing customer deposits geared towards maintaining a strong, stable, and profitable financial institution.

Meanwhile, financial analysts insist that the Tomi Somefun-led commercial bank has built a strong trajectory of performance, and may surpass the current projections to the benefit of the bank’s major stakeholders.

Minimum Wage: Allocation To States Drops To N388bn

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Tosin Olatokunbo

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June 11, 2024

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AbdulRahman-AbdulRazaq — Governor Abdulraham AbdulRazaq.

The Federation Accounts Allocation Committee, FAAC, has shared a total of N1.143 trillion to the federal government, states, and local government councils as revenue for May.

The amount is short of the N1.2 trillion shared for April, according to the figures provided by the Ministry of Finance.

By implications, what accrued to different levels of governments in the month of May has dropped. For instance, while FG received N390.412 billion, state governments received N403.403 billion from the federation account last month.

The development comes amidst debate over the new minimum wage.

State governments have insisted that they have no capacity to pay the N62,000 new minimum wage proposed by the committee set up by the federal government to negotiate with the Organised Labour. The labour unions lead by the NLC and TUC also rejected the amount, demanding N250,000 instead.

According to some school of thought state governors should be able to pay, considering that the allocations to state government have increased significantly since the administration of Bola Ahmed Tinubu came on board last year.

Announcing what was shared by the governments at the various levels on Monday, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the federal got the highest of N365.813 billion.

He said the shared revenue comprised of Statutory revenue: N157.183 billion, Value Added Tax , VAT, revenue: N463.425 billion, Electronic Money Transfer Levy, EMTL, revenue: N15.146 billion and Exchange Difference revenue: N507.456 billion

According to him, states received N388.419 billion, and local government councils received N282.476 billion. An additional N106.502 billion was shared to benefiting oil-producing states as derivation revenue.

Ekiti:”We Will ‘Confront’ Oyebanji, Fayose Says; Remains In PDP

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James Orji

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June 11, 2024

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Ayodele Fayose, a former Governor of Ekiti State, says he remained a member of the Peoples Democratic Party, PDP.

The former governor made this known on Monday while addressing his supporters in Ado Ekiti, the state capital.

Critics of the former governor said Fayose must have made the clarification due to suggestion that he has been inactive in the PDP for some time.

Recall that Fayose supported Bola Ahmed Tinubu’s presidential bid during the 2023 presidential election against the position of his party.

He had argued that it was the turn of the South to produce the nation’s president following the expiration of then President Muhammadu Buhari.

Also, Fayose’s critics say the former governor’s influence in the state PDP has been seriously whittled down due to the struggle between him and Senator Biodun Olujimi for the control of the soul of the party in the state.

But. the former governor said he has not relinquished his membership of PDP, stressing that he will lead the party against the incumbent, Governor Biodun Oyebanji of the APC in the next governorship election.

According to him, his robust relationship with Oyebanji will not stop him from leading the PDP to victory in the next election.

Ayodele Fayose, on Monday, dismissed insinuations that he had dumped the opposition Peoples Democratic Party for the governing All Progressives Congress.

Fayose, who said he would never join APC, appealed to PDP members to stop maligning his character and person and cautioned them against politics of bitterness.

The former governor, who spoke in Ado Ekiti, the Ekiti State capital, while addressing his supporters, urged party members to close ranks, embrace peace and discourage divisions and factions among them in a bid to defeat APC in the next governorship election in the state.

“PDP must not die” in Ekiti state, the governor said adding that the campaign to oust Oyebanji has started already.

He said: “I have come to tell you that the PDP must not die in Ekiti State. I want you to have peace, please don’t destroy my personality.

“When we come to election period, we will fight BAO (Governor Biodun Oyebanji). The PDP is not in order in Ekiti, let us come together.

“BAO is a humble governor. Thirteen times, he has visited me in Lagos to greet me. We discussed the progress and development of the state. I have to respect him, that has nothing to do with politics. He is the only governor that has brought all governors in the state together.

“When it is time for election, we will confront him. I am a landmark governor in Ekiti State. We supported Asiwaju in the last presidential election because he is a Yoruba man, and it’s time for our Presidency.”

Meanwhile, those watching the PDP in the state insist that the former governor’s soul has left the party, that he’s just using the opposition party as a bargaining chip to get leverage in the ruling APC.

Strike: Workers On Standby As Labour Awaits President’s Decision

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James Orji

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June 11, 2024

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President Bola Ahmed Tinubu will determine whether the Organised Labour will resume their strike or not. This is the position of the Nigerian Labour Congress, and Trade Union Congress, TUC, over the ongoing negotiation on the new minimum wage.

The President of the NLC, Joe Ajaero revealed the position of the unions on the issue on Monday in Geneva, Switzerland.

The magazine reported that the NLC and TUC suspended their strike last Tuesday following President Tinubu’s intervention. The unions had rejected the N62,000 offered by the federal government insisting on N250,000 minimum wage for Nigerian workers.

The president’s intervention brought the unions back to the negation table with the Tripartite committee set up by the federal government.

The committee is made up of the NLC, TUC, Federal and state governments and the representatives of the private sector.

Speaking yesterday, Ajaero said the NLC and TUC will await the president’s position on the issue to determine the next line of action.

Ajaero said: “We cannot declare strike now because the figures are with the President.

“During the tenure of the immediate past President, the figure that was proposed to him was N27,000 by the tripartite committee but he increased it to N30,000. We are hopeful that this President will do the right thing. The President had noted that the difference between N62,000 and N250,000 is a wide gulf.”

According to him, organized labour has not accepted the N62,000 proposal submitted by the Committee, stressing that labour could not embark on strike because the President had yet to communicate his decision on the issue.

On Monday, there were reports that the unions will call on their members to resume the strike after the federal government negotiation team proposed N62,000 as minimum wage.

Governor Sanwo Olu Emerges New Chairman, South West Governors Forum

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Akinwale Kasali

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June 11, 2024

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By Akinwale Kasali

After a closed door meeting that lasted for several hours, Lagos State Governor, Babajide Sanwo-olu, has been elected as the Chairman of the South West Governor’s forum.

The election had in attendance Governor Dapo Abiodun of Ogun State, Governor Seyi Makinde of Oyo State, Governor Lucky Orimisan Aiyedatiwa of Ondo State, Governor Ademola Adeleke of Osun State, Governor Sanwo Olu and Governor Abiodun Oyebanji of Ekiti State.

Sanwo-olu is expected to lead the six South West States namely, Ondo, Ogun, Oyo, Osun, Ekiti and Lagos. He succeeds the late Ondo State Governor, Oluwarotimi Akeredolu, SAN, who served as the Forum’s Chairman until he passed away in December 2023.

Governor Akeredolu who died of cancer was a notable figure among others who fought for the establishment of Western Nigeria Security Network (WNSN), also known as “Amotekun.

Akeredolu, during his tenure as the Forum’s Chairman stood his ground and championed the establishment of Amotekun to address the security challenges in South-West states, even getting collaborations with the government to make the security outfit more effective.

Several regional groups has urged the South West Governors to sustain Amotekun in order to immortalise Akeredolu’s legacy and make sure that his efforts are not in vain.

Sanwo Olu will lead the affairs of the South West Governors Forum for the next three years.

Why We Cannot Declare Strike Now – NLC President, SGF Receives Report Of Wage Committee

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Ayodele Oni

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June 11, 2024

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By Ayodele Oni

The Nigeria Labour Congress (NLC) has announced that it will not embark on a strike action on Tuesday in demand a new national minimum wage.

This decision was made known by the NLC President, Joe Ajaero, at the ongoing International Labour Conference in Geneva, Switzerland.

Ajaero said: “We cannot declare strike now because the figures are with the President.”

He added that the Tripartite Committee’s proposals are awaiting the President’s decision, and the NLC’s National Executive Council will deliberate on the new figure once it is announced.

“During the tenure of the immediate past President, the figure that was proposed to him was N27,000 by the tripartite committee but he increased it to N30,000.

“We are hopeful that this President will do the right thing. The President had noted that the difference between N62,000 and N250,000 is a wide gulf.”

Ajaero berated governors who declared that they wouldn’t be able to pay a minimum wage of N62,000.

He said, “How can any governor say he cannot pay? They cannot also be calling for the decentralization of the minimum wage.

“Are there wages decentralized? Governors whose states are not contributing a dime to the national purse and who generate pitiable Internally Generated Revenue (IGR) are collecting the same amount as governors whose states are generating billions of dollars into the FAAC.

“They should decentralize their salaries and emoluments first.”

He praised Governor Godwin Obaseki of Edo State, who is paying a minimum wage of N70,000, as an example to be emulated.

Meanwhile, the 37 member Tripartite Committee on National Minimum Wage has concluded its assignment and submitted Report to the Secretary to the Government of the Federation, (SGF) on Monday.

A statement from the office of the SGF on Monday stated that “A formal presentation of the Report will be made to Mr. President for appropriate action, when the leadership of the Organised Labour as well as representatives of Government and Organized Private Sector, who are presently in Geneva, Switzerland for the ongoing International Labour Organisation (ILO) Conference, return to the country.

“The SGF thanked the Chairman of the Committee, Bukar Goni Aji and members for their commitment and sacrifices.”

2026 FIFA World Cup: Qualification Hope Dims For Nigeria, As Former Coach, Rohr Laughs Last

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Akinwale Kasali

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June 10, 2024

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By Akinwale Kasali

The possibility of the Super Eagles of Nigeria qualifying for the 2026 FIFA World Cup looks uncertain following the abysmal display of the Coach Finidi George-team leading to their 2-1 loss to the Squirrels of Benin Republic.

Many soccer fans had thought that Super Eagles would redeem its image after playing a 1-1 draw against the Bafana Bafana of South Africa at the Godswill Obot Akpabio Stadium in Uyo, Akwa Ibom. Surprisingly, a compact Beninoise team came all out for the Super Eagles and showed that they are no pushovers.

Nigeria had taken the lead in the 24th minute courtesy of a powerful strike from Raphael Onyedika, but the Benin Republic team equalized through Jodel Dossou, before Steve Mounie added the second in stoppage time to give the less fancied West African side the lead.

At the resumption of the second half, the Super Eagles managed to create some chances after the introduction of Victor Boniface and Paul Onuachu, but this did not metamorphose into anything meaningful as the Beninoise team defended well and curtailed the excesses of the Super Eagles.

The match ended 2-1 as former Super Eagles Coach, Gernot Rohr, who is the coach of the Squirrels of Benin Republic was lifted shoulder high for recording a famous victory.

With the victory, Benin Republic has gone top of the Log with Seven Points, awaiting the outcome of the other two matches between Zimbabwe and South Africa; Lesotho and Rwanda.

Nigeria still remains on Fifth position but could go bottom of the table depending on the outcome of the other matches to be played Tuesday.

The qualification of the Super Eagles now hangs in the balance.

CBN: No Plan To Take Over More Banks

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Ayodele Oni

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June 10, 2024

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By Ayodele Oni

The Central Bank of Nigeria, CBN, says it has no plan to take over more Commercial Banks in the country.

The clarification comes on the heels of suggestions that the Yemi Cardoso-led government bank has axed the Boards of some money banks.

Similarly, Union Bank has assured its numerous customers on the financial position of the bank.

The clarification follows rumours of possible take over of the bank as it happened to Heritage Bank.

A statement signed by Union Bank Chief Executive officer, Yetunde Oni, stated that Union Bank is presently “robust and fully operational.”

This is just as the Central Bank of Nigeria, (CBN) dismissed the fears over possible liquidation of more banks in the country.

The CEO explained that CBN intervention early this year was to enhance “governance and operational efficiency.”

On its part, the CBN stated that it was not contemplating any action against any Bank in the face of the stability of the banking system.

This cleared the air over the fate of some banks following the revocation of of Heritage Bank Plc’s license.

The apex bank has therefore faulted reports of impending action against Unity, Fidelity, Wema and Polaris Banks.

The Bank’s Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, faulted the reports that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.

She also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, is currently being circulated as though it was issued on June 10, 2024

In a chat with newsmen, Mrs. Sidi Ali emphasized that Heritage’s case was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications aimed at creating panic within the system.

She said customers, particularly those of Heritage Bank, needed not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.

Mrs. Sidi Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the Governor, Olayemi Cardoso that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

Katsina To Construct 102 Health Centres In 34 Local Councils, Gov Radda Releases Over N10bn Naira

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Suleiman Anyalewechi

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June 10, 2024

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Umar Dikko Radda - Governor of Katstina State

By Suleiman Anyalewechi

To bring health care delivery system closer to the people, the Katrina State Governor Dikko Umar Radda, on Monday June 10, 2024, announced that his administration has released funds in excess of N10bn to the 34 Local Councils of the State for the purpose of building health centres.

Three Health Centres are to be constructed in each Local Council,Governor Radda stated.

The Governor who spoke at an interactive session with the press ,noted that the primary objective is to ameliorate the difficulties usually encountered by rural dwellers in accessing health care facilities.

“The aim is to reduce child and maternal mortality rate and other difficulties being faced by rural people whenever they are sick .

Besides,the health centres, he insisted, will go a long way in reducing pressure on hospitals in the urban areas of the state .

“When I came on board, I talked about the World Health Organization’s WHO resolution on the need to have functional primary health care centres in rural areas that can work 24 hours” Governor Radda stated .

According to him the health centres will be adequately equipped with sufficient drugs, medical personnel, regular power and water supply among other necessary facilities.

The Governor assured that there will also be adequate accommodation for all categories of health care workers,as well as other incentives.

When operational the health care centres through the National Primary Health Care Development Agency NPHCDA will be provided with running costs ranging from N250,000 to N400,000 .

Governor Radda however said at present ,there are not enough medical personnel to run all the health centres .

“We have over 5,000 casual staff. And if we are to confirm them, their salaries would double those of the 7000 teachers we recently recruited.

This is because the salary of some health workers is almost triple that of teachers . That is the challenge we are having now,and I hope we will recruit health workers in due course.” he stated

NUJ To Boycott All Kano State Govt Activities Alleges Intimidation Harassment Of Journalists

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Suleiman Anyalewechi

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June 10, 2024

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By Suleiman Anyalewechi

Rising from an Emergency Congress Meeting on Monday, June 10, 2024, the Nigeria Union of Journalists, NUJ, Kano State Correspondents Chapel, moved to boycott the coverage of all activities related to the Kano State Government citing ill- treatment, harassment, intimidation and physical assaults of members as reasons.

A statement issued by the Chairman, Alhaji Aminu Ahmed Garko, said the decision to shun all Kano State Government activities was a last resort ,after several futile efforts to resolve the issues.

” The decision was taken in response to the persistent and unacceptable maltreatment of members of the Correspondents Chapel of the NUJ in the State by the Kano State Government its officials, and agents in the course of discharging their duties .

“Despite our efforts to engage the Government and its agents, we have seen no improvement in the situation.

“Our members have continued to face harassment, intimidation, and even physical assaults while performing their duties .

“It Is particularly worrisome that the Government has prioritized non-professionals over trained journalists, making it a state policy to sideline those who are best equipped to handle the job.

“As a result ,we regret to announce that we will no longer participate in press conferences, coverages of Government activities, and/ or conduct interviews with State Government officials until there is a tangible commitment to press freedom and safety of journalists operating in Kano state .

“All members, by this development, are directed to comply fully with this resolution, and join us in this protest against the ill treatment of NUJ Correspondents Chapel members in Kano state .

“We believe that a free and Independent press is essential to the survival and sustenance of democracy and we will not stand idly by,while working journalists are maltreated” part of the statement reads.”