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GTCO:”Tinubu’s $1trn Economy Will Remain A Mirage Without Recapitalisation” -Agbaje

July 10, 2024

The Group Managing Director of Guaranty Trust Holding Company, GTC Segun Agbaje says the company has set the ball rolling to become Nigeria’s first commercial bank to declare a $1 billion profit.

The Groups ‘s chief executive made the remark on Monday during the Fact Behind the Offer presentation, at the Nigeria Exchange, NGX, IN Lagos.
The financial behemoth recently revealed its plan to raise nine billion ordinary shares of 50 kobo at an offer price of N44.50 per ordinary shares, totaling N400 billion through public offer.

The step, described by analysts, as the right one in the right direction, is also in compliance with the Central bank of Nigeria, CBN, to commercial bank in the country to recapitalise.

The apex bank had in January directed Deposit Money Banks, DMBs, to increase their working capital from the current to at least N500 billion.

Agbaje said GTCO already planned to increase its capital before the CBN announcement, adding that it ha also set the target of being the first money bank in the country to hit $1 billion profitability.

“There is no Nigerian company that has ever made a $1 billion in profit and we are going to be the first to achieve it,” he said, noting that the plan by the Tinubu administration to move the country’s economy to the $1 trillion mark will remain a mirage if the working capital of commercial bank remains at the current level.

He said commercial banks must have the working capital that ”Nigeria will be proud of.”

According to him, “With the Federal Government also saying they wants a $1 trillion economy; you are not going to achieve a $1 trillion economy at this size of banks if you do not raise capital.

“So, we are not only raising capital because the central bank asked us to do it. You might not believe me, but we had decided before that we were going to raise capital and that we were going to pivot this organization for transformational growth.

“We’re going to grow the business in Nigeria and outside Nigeria. We’re going to grow the non-banking businesses. We’re going to improve our technology and when people ask me what my job description is today, I say I’m in the business of creating great customer experiences.

“It is impossible to do that without big technology. When we do food and drink, it is about our customer experience. When we do fashion, it is about our customer experience and when we do banking, it is about our customer experience, and you cannot do that without the right technology platform.

“So irrespective of whether the central bank asked for capital raising or not, we would have raised capital.”

“Why I Appointed Jega, EX-INEC Boss To Solve Farmers/Herders Clashes” -Tinubu

Tosin Olatokunbo

July 10, 2024

President Bola Tinubu has appointed former Chairman of the Independent National Electoral Commission, INEC, Professor Attahiru Jega, as Co-Chairman of the Presidential Committee on Implementation of Livestock Reforms.

President Tinubu announced this Tuesday in Abuja at the inauguration of the committee, which will address the obstacles to agricultural productivity and open up new opportunities which benefit farmers, herders, processors, and distributors in the livestock-farming value chain.

President Tinubu, who is the alternative chairman of the committee emphasized that the implementation of the reforms will require the collective efforts of members , drawn from the public and private sectors, state governors, and all Nigerians.

The President thanked the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje for his efforts in assembling experienced and reputable experts to ensure the activation of opportunities in the livestock sector, stating that a Ministry of Livestock Development will be created to further explore the potential in the area.

“When we have great opportunities in our states, why should Nigerians continue to experience conflicts?

“With the calibre of people that are here, this presents a unique opportunity to also delineate and establish a centric ministry called the Ministry of Livestock Development. It will give us the opportunity so that our veterinary doctors can have the necessary access to research and cross-breed. We can stop the wanton killings,’’ President Tinubu stated.

The President noted that the traditional method of livestock farming will need to be reviewed and repositioned with the support of stakeholders, which include state governments, to open up new opportunities for growth and prosperity.

President Tinubu said the Attorney-General of the Federation and Minister of Justice, Mr. Lateef Fagbemi (SAN) will ensure the removal of all legal obstacles to the implementation of the reforms, while the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani will provide support with automation.

“Modern technology is available to us. We are ready to work. I said at the beginning, with you, all of you, the solution is here, and we must run with it. Any law that might inhibit the promotion and actualization of our objectives, the Attorney-General is here, please give it a priority; and the Minister of Budget and Economic Planning is here; create a budget for it to grow, and the Minister of Finance is here as well to work out the money,’’ the President stated.

The President also said the reforms will be comprehensive and collective, urging the support of all stakeholders.

“We need to provide the incentive to enable Nigeria to finally take advantage of livestock farming; dairy products and cold-chain logistics collectively offer substantial commercial and economic advantages. We have seen solutions and opportunities. With these adversities that have plagued us over the years, I believe that prosperity is here – in your hands.

“The dairy industry contributes significantly to nutrition and food security by supplying essential proteins and vitamins, through milk and its derivatives, such as cheese, yoghurt, and butter. Efficient cold-chain logistics is crucial in maintaining the quality and safety of these perishable goods from farms to markets, thereby reducing food waste and ensuring a steady supply.

“This sector will boost agricultural productivity, enhance export opportunities, and stimulate economic growth by fostering a robust value chain that benefits farmers, processors, herders, distributors, and consumers alike,’’ the President said.

President Tinubu Throws Weight Behind Pinnick’s FIFA Council’s Re-election Bid

Akinwale Kasali

July 10, 2024

By Akinwale Kasali

Amaju Melvin Pinnick’s chances of being reelected into the Council of Federation International Football Association, FIFA, has received a huge boost as President Bola Ahmed Tinubu has thrown his weight behind the Delta State born administrator.

Pinnick was a former President of the Nigeria Football Federation, NFF.

FIFA, the main decision-making body of the organization had Pinnick, who is Nigeria’s current representative on the Council was first elected to the FIFA Council in March 2021.

The Two term President of the NFF is seeking re-election into the FIFA Council.

The FIFA Council which comprises of 37 members who serve four-year terms, plays a crucial role in the decision-making process of FIFA.

President Tinubu’s support for Nigeria’s bid was made public in a statement on Tuesday evening by his Special Adviser on Media and Publicity, Ajuri Ngelale.

“President Bola Tinubu expresses strong support for Nigeria’s bid for re-election into the FIFA Council.

The FIFA Council is the principal decision-making organ of the organization in the intervals of the FIFA Congress.

“The Council comprises 37 members elected by the FIFA Congress for a renewable term of four years.

“Mr. Amaju Pinnick, two-term President of the Nigerian Football Federation (NFF), was elected into the Council in March 2021 – the third Nigerian after the late Oyo Orok Oyo and Dr. Amos Adamu.

“Mr. Pinnick is seeking re-election into the Council, and President Tinubu supports the bid for Nigeria to retain its seat in the Council,” the statement reads.

Tragedy: BUA Cement Truck Crushes Five At Anambra Market To Death, Leaves Six Severely Injured

Suleiman Anyalewechi

July 9, 2024

By Suleiman Anyalewechi

The Federal Road Safety Corps, FRSC, Anambra State Sector Command, has blamed a tragic road accident involving multiple vehicles at Eke Awgbu Market, in Orumba North Local Council of the State on a probable brake failure.

The Sector Spokesperson, Margaret Onabe, said a BUA long truck on Tuesday, July 9, 2024, rammed into a commercial tricycle, a motorcycle, and a private Honda vehicle.

“The probable cause of the fatal road traffic crash was excessive speed/ brake failure.

“According to an eye witness ,the truck driver was on high speed ,had a brake failure ,lost control and crashed into the other automobiles at a check point .

“Eleven persons were involved in the crash comprising nine male adults and two females. Five male adults, one female sustained varying degrees of injury, while four male adults and one female were killed'” the FRSC said .

The injured were rushed to a close medical facility- Referral Health Centre Awgbu, while the dead have been deposited at the St Joseph’s Mortuary Adazi Ani.

But some eye witness accounts insisted that the accident occurred following efforts by the BUA truck driver to evade some members of the Anambra State Taskforce on revenue drive who were stationed on the road.

According to them, some of the Taskforce Operatives were seen hot on the heels of the truck, with sticks and other light weapons.

They maintained that it was in a bid to evade the stick- wielding taskforce members that the truck driver lost control and rammed into the automobiles very close to the market .

The truck was carrying bags of cement.

The Anambra State Authorities have, however, rejected the allegation.

Abduction Of Journalists In Kaduna: Newspaper Proprietors Urge Fed Govt, Security Agencies To Ensure Safe Release Of Victims

Suleiman Anyalewechi

July 9, 2024

By Suleiman Anyalewechi

The Newspaper Proprietors of Nigeria, NPAN, has called on the Federal Government and all other relevant authorities to ensure the safe release of the two journalists abducted in Kaduna.

The Source reports that Messers Abdul’Gafar Alabelewe of the Nation Newspapers and Abdulraham Aodu of the Blue Print Newspapers were, alongside their wives and children, kidnapped on Saturday July 6, 2024.

They were abducted from their homes at the Millennium City Estate in Danhonu area of Chukun Local Council of Kaduna State.

They have since then been in the abductors den. Police said rescue efforts are ongoing.

The NPAN in a statement issued on Tuesday July 9, 2024 by its President, Kabiru Yusuf, appealed to all concerned authorities to deploy all necessary security measures available to them to ensure that the journalists, their wives and children are rescued unhurt.

The umbrella body of Newspaper Publishers expressed apprehensions over the inability of the abductors to establish contacts with the abductees’ relations.

The body also appealed to the abductors not to harm any of their victims.

“We appeal to their abductors to ensure that none of them come to harm, but are returned safely.” NPAN stated.

The body expressed its solidarity with the family members of the victims at this trying moments in their lives.

“The trauma induced on both their biological and professional families by this condemnable event is better imagined,” the statement reads

Abia Empowers 9,200 Business Operators With N1 Billion Interest Free Loans, Enforces Ban On Street Trading

Suleiman Anyalewechi

July 9, 2024

By Suleiman Anyalewechi

The Abia State Government has announced plans to disburse an interest free revolving loan facilities to about 9,200 beneficiaries to boost Small and Medium Scale enterprises.

About one billion Naira has been approved for the scheme which will be given under the State Cooperative Scheme to be officially flagged off on Thursday July 11, 2024 by Governor Alex Otti.

Rising from its executive council meeting, on Monday, July 8, the State Commissioner for Information, Prince Okey Kalu said beneficiaries for the first phase have been drawn from the 184 wards across the 17 local councils of the state.

Prince Kalu informed that the zero-interest loan facility is primarily targeted at supporting Small and Micro business concerns and operators.

The scheme, he equally noted, will assist in fast- tracking the growth and development of Abia State economy as well as add to the Gross Domestic Product GDP.

The Commissioner maintained that the scheme is an interventionist and empowerment programme designed to aid and encourage the beneficiaries to be self reliant.

He expressed the optimism that the programme would serve as palliatives to the people in this period of economic down turn in the country.

Fifty (50) beneficiaries, he stated, have been selected from each of the 184 wards of the state’s 17 local councils of the state ,with the disbursement to be made at the ward level.

“The short, medium, and long term impacts of the programme are huge .It will have a salutary effect on the Abia state economy and would help to ameliorate the difficulties people are experiencing in their businesses as a result of the economic downturn that is effecting the national economy.

In all, about 9,200 persons will benefit from the scheme in the first phase . It would come in phases” Kalu noted .

Further speaking ,the Commissioner reaffirmed the Governor Alex Otti led administration commitment to meeting its monthly obligation to the state’s workforce ,despite occasional technical hitches ..

He, however, informed that some times ,problems also arise from the sides of the workers and pensioners banks ,as well as incomplete verification exercises thereby causing delays in the payments of salaries .

He warned street traders,and illegal park operators in the state ,to desist immediately,as the state Government has commenced the enforcement of ban on their activities.

” Finally,for the umpteenth time ,the state Government is advising residents of Aba and Umuahia to refrain from street tradings and operations of illegal parks .

“We believe that the state Government in its desire to enforce state policies with human. face ,has advised residents enough about the ugly trend of street trading.

“Consequently, the enforcement of the no street trading policy has kicked off and defaulters will have themselves to blame ” Kalu warned .

Edo Govt Accuses APC Of Feeding People With Lies To Win State, Says It’s PDP Or Nothing

Ayodele Oni

July 9, 2024

By Ayodele Oni

The ruling People’s Democratic Party (PDP) in Edo State has accused the All Progressives Congress (APC) of dishing out lies and propaganda to hoodwink the people to voting for its candidate during September Governorship poll.

Accusing the APC of being responsible for the mirage of problems confronting the nation, the PDP claimed that people are struggling to break free from the stranglehold by which the APC has shackled them for the past nine years.

The State Commissioner for Communication and Orientation, Chris Osa Nehikhare, in a statement in Benin on Tuesday, stated that “It has become imperative for us as representative of our people in the State Government to draw the attention of the authorities and the members of the public to the plight of the Edo people and by extension the Nigerian people.”

He stated that the State Government has been making efforts to mitigate the suffering that Edo people and Nigerians have been plunged into by the APC Government through its various programmes.

These include increase in minimum wage, free WiFi in different parts of the State, free transport scheme that have benefitted over six million Edo residents since its launch in September 2023, food palliative to millions of Edo people, free registration for pensioners into the State’s health Insurance Scheme, among others.

“We want to restate that the people are still going through untold hardship and this is as a result of the gross mismanagement of the economy by the APC as a government at the centre in the last nine years.

“Also, it is well noted by Nigerians how the poorly thought-through policy to unify the exchange blew our currency out of the waters, making it almost worthless, negatively impacting inflation and the general economic landscape.

“As if that is not enough, they have continuously stifled business growth in the country, increasing taxes and doubling the burdens on small businesses.

“On the back of these devastation that have been caused by the APC Government, the Party in Edo State seems to be surprising oblivious of this terrible situation.

“Just like the ostrich, they have buried their heads in the sand and have continued to gush out lies and propaganda hoping to hoodwink our people and dampen their desire to break free from the stranglehold by which the APC has shackled them for the past nine years.

“It is such show of shame to see them sit before pressmen waving worthless pieces of papers as evidence for none existent fraud allegations against a State Government that has enthroned transparency and accountability in the cause of the administration of State’s resources.

“As a party whose foundation was built on a web of lies and deceit, no gainsaying, the same way they manufactured this worthless paper is the same way they manufactured the court papers which they used in misinforming and misleading the Edo people on the candidacy of the PDP candidate.

“It is the same manner in which they manufactured the crisis with the palace, all in a desperate effort to hoodwink the people and reawaken their completely comatose party in Edo State.

“The governorship election in Edo State is around the corner and just the way they fooled the entire nation into bondage, they are hoping to replicate the same in Edo State, parading a hardly literate candidate, who finds it difficult expressing himself in public fora and without the verve to share his vision for the people.

“But you, our Edo people are wiser than that. We know who our friends are and who are oppressors are and cannot submit ourselves to them again to inflict the pains and sufferings of these last few years on our people the second time.

“Our people are determined to break from this bondage come September 21, 2024 by sustaining the leadership of the PDP at the State level.

“They know that the PDP is the best choice for the continued progress and prosperity of the State and will not allow lies and propaganda by their oppressors to cloud their judgment and stop them from making informed decisions for a better future for themselves and their unborn children. Come September 21, it is PDP or nothing and there is nothing the APC can do about it.”

After Eight Years, LASG Set To Reintroduce Monthly Environmental Sanitation

Akinwale Kasali

July 9, 2024

By Akinwale Kasali

The Lagos State Government has decided to reintroduce the Monthly Environmental Sanitation which was stopped eight years ago, following a Suit filed by a Lawyer.

The Lawyer had sued the LASG for violating his Right to Movement as against Section 4 of Federal Republic of Nigeria Constitution.

A Court Ruling against the LASG stopped it from continuing with the exercise.

The Monthly Environmental Sanitation exercise was stopped in the State in 2016.

But, this has made the State dirty and rated top 10 of the dirtiest cities in the country.

Following this development, the Lagos State Governor, Babajide Sanwo-Olu, has approved the reintroduction of monthly environmental sanitation in the State.

The State Commissioner for Environment and Water Resources, Tokunbo Wahab, who disclosed this to newsmen said the State Executive Council granted the approval. He said the sanitation which would commence in July, would be officially announced by the Governor soon.

“Lagos governor, Babajide Sanwo-Olu, and the state executive council have approved the re-introduction of the monthly sanitation. The governor will announce it officially for the exercise to commence this month,” Wahab, who spoke in Yoruba language, said in a 21-second clip shared on the Lagos State Environmental Update page on X.

Zenith Bank Awarded Nigeria’s Best Bank By World Finance

Tosin Olatokunbo

July 9, 2024

Zenith Bank Plc has emerged as the Best Commercial Bank, Nigeria in the World Finance Banking Awards 2024, retaining the award for a fourth consecutive year. The bank was also named as Best Corporate Governance, Nigeria for the third year running in the World Finance Corporate Governance Awards 2024. The awards, which were published in the Summer 2024 Issue of the World Finance Magazine, are in recognition of the bank’s robust financial performance, superior customer service, sustainability initiatives and corporate governance practices.

Commenting on the dual honours, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, remarked: “These awards highlight our steadfast dedication to excellence, adherence to global best practices, and our persistent effort to deliver superior value to all stakeholders through innovative products and services. Receiving these awards consecutively for multiple years signifies the commitment of our staff, the loyalty of our customers, and the support of our shareholders. We remain devoted to setting industry benchmarks and driving excellence across all aspects of our operations.”

Dr. Umeoji expressed her delight at the recognition and dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, for his impactful leadership in establishing a robust and flourishing institution. She also expressed gratitude to the board for their vision and insight, the staff for their unwavering dedication, and the bank’s customers for choosing Zenith as their preferred bank.

World Finance is a leading international magazine providing comprehensive coverage and analysis of the financial industry, international business and the global economy. The editorial combines award-winning reportage, covering a broad range of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most well-respected economists and theorists as well as consultants in government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. We were also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021 and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions, BAFI, Awards. The bank also received the accolade of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards and Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards

Over Billing: NERC Descends On EEDC, Order DISCO To Refund Over N11 Billion To Customers

Suleiman Anyalewechi

July 9, 2024

By Suleiman Anyalewechi

The Enugu Electricity Distribution Company, EEDC, is to cough out a whopping sum of over N11 billion.

The sum is to be paid back to its 1,011,402 customers in the Southeast region of the country.

The amount represents over- billing made by the electricity distribution outfit on the accounts of the customers between January and September 2023.

The Nigerian Electricity Regulations Corporation, NERC, at its billing cycle for February 2024 directed that the amount should be credited to the accounts of all the over-billed customers.

The Electricity Regulatory Agency regretted the flouting of the extant laws governing estimated billing by the distribution companies, particularly within the period under review.

According to NERC, the over- billing of customers by Discos has resulted in the unwillingness of customers to pay their bills regularly, a development it noted has also negatively impacted on the revenue generating profile of the Government.

” A check on order no 2024/2026 by the NERC indicates that the sum of N11,866,263,4320.31 was over billed from customers between January and September 2023 .

“Upon completion of the review ,the commission issued an RD stipulating a 14 day compliance deadline which expired in August 2023.

“The RD also notified EEDC that further regulatory actions shall be taken in accordance with the KPI Order for subsequent non-compliance .

“The continuous failure of EEDC to adhere to the commission’s monthly caps for estimated billing has led to significant over billing of customers ” the agency stated

“Subsequently, NERC said: “At the billing cycle for energy consumed in February 2024, EEDC shall reconcile the accounts and issue credit adjustments for all customers that were over billed between January and September 2023 based on the commission’s assessment as contained in schedule 1.

“EEDC shall submit its billing data for the February 2024 cycle and other relevant information ,to the Commission as evidence of compliance with the provisions of section 11 (A) (6) of this Order not later than the 31st of March 2024

“EEDC shall publish in 2 ( two) National Dailies ,citing the provisions of this Order ,the list credit adjustments beneficiaries and the same concurrently posted on its website ,not later than the 31st of March 2024.

As a punishment, NERC ordered the EEDC to pay 10% of the over-billed amount as penalty.

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