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GTCO HabariPay Most Profitable Fintech- Agbaje

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By Bayo Bernard Business Editor 

When the Group Managing Direcror of Guaranty Trust Company, Segun Agbaje announced the take off of HabariPay last year, only a few gave it a chance of success in Nigeria, considering the number of Fintechs already in operations in Africa’s economic powerhouse.

Some financial experts have also mentioned  the traditional banking culture in the country as one of the reasons why Habari may perform below expectations.

But Aloy Chief, the Managing Partner and Chief Executive Officer, CEO, SAANA Capital, had at the time urged customers  to give HabariPay a chance because it offered GTCO an opportunity to get back on track to compete in the payment market.

“Nigerian banks need to be retooled and reinvented, and fast. The era of monopoly trusts mollycoddled by the regulator may be fast approaching its expiration date (Nigeria is broke and there’s only so much paper the regulator can print after all),” Chife said.

He was right.

Agbaje who spoke after GTCO received the approval of the Central Bank of Nigeria, CBN, to operate  assured the banking public that the platform will reinvent the role of banking in the country.

“By reimagining the role of banking and driving innovation in how we serve customers, we have built a platform that is less about us as a bank and more about the customers and everything they need to enable their lifestyle,” Agbaje said.

He couldn’t have been more succinct.

HabariPay a fintech firm fashioned in the manner of WorldPay, a globally renowned payment processing company has become one of the most profitable Fintech firms in the county, according to figures from the company.

Speaking on the Groups 2022 financial report on Wednesday in Lagos, the Group’s chief executive said HabariPay has become a torchlight for other Fintech companies in many ways, barely one year in business, noting that the firm now has an edge over other Fintechs in the industry.

The firm, according to Agbaje has also become the most profitable and transparently- run Fintech, by records among it peers.

Agbaje who described the figures being churned out by some fintech firms as a ruse said the Fintechs have so far refused to make their financial records public like HabariPay, for the banking public to know their true state of profitability.

He said HabariPay success has clearly shown that GTCO has an edge over other competitors, saying no bank “can beat us. We will compete with you on two fronts. We will compete with you as a bank and we will compete with you on Habari.”

Agbaje said “if you say we are slow in the bank Habari is not slow” and is the best among other Fintechs considering that “none of them publish their profits.”

The GTCO chief executive said HabariPay made over N900 million profit last year, and has recorded N400 million in the first quarter of 2023, HabariPay financial, he said, is regularly publishing its financial to the public because GTCO is interested more in transparency and making returns to shareholders rather than harping on market share and equity.

Other Fintechs should “publish their own financial” statements he said, adding that “they are all going for equity. The whole thing that you are beating the banks, we don’t even know if yiu are beating yourselves. Let’s see your PNL. May be you are even making loses.”

As one of GTCO ambitious efforsts to redefine banking services in the country, key players in the industry insist that HabariPay has now become a platform offering users direct access to the largest catalogue of on-the–pad services such as mobile banking, mobile shopping, online music, among other seamless transactions.

FCMB Founder, Subomi Balogun, is dead.

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Otunba Subomi Balogun, the founder of First City Monument Bank, FCMB, Otunba Subomi Balogun , is dead.

According reports received by The Source magazine, Subomi, an Ijebuland high chief died in a London hospital on Friday morning.

Balogun who was the chairman of First City Monument Bank (FCMB) celebrated his 89th year birthday on 9th March 2023.

His son Ladi Balogun has since taken over the bank as Chairman, Board of Direcror of the Group..
Balogun was a Nigerian Billionaire banker and philanthropist.

He died at the age of 89.

Family sources who spoke with the magazine on Friday said burial arrangements will be announced soon.

Again, BBC Puts The Lie To Nigeria’s Journalism

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By Steve Osuji

Immediately my son read the report, he called out: “Dad, have you seen the current BBC report on the presidential elections?”

Of course I had seen it. How come it’s BBC that gets reports like this in Nigeria, the lad pursued? What really do Nigerian journalists do? He deadpanned. I was in the dock for sure and I rallied to the rescue of my profession.

Nigeria happened to the profession as it happened to nigh everything else within it’s boundaries. The industry is no longer viable; people in it are barely going through the motion, I managed to explain.

I told him further that the BBC reporter is sure to have an insurance cover; he must have adequate travel expense and sundry allowances  if not a blank cheque for such assignment. He just has to retire them satisfactorily. But his Nigerian counterpart covering the presidential election in Rivers State or anywhere else at that hardly gets basic travel expense. In 90% of cases, there’s an understanding that the reporter would be catered for by the state governor,  the contestants and perhaps the INEC (Independent National Electoral Commission).

Many of these hapless journalists actually make demands on these news sources as a matter of right. In extreme cases, line editors and even editors back in the office expect returns from such assignments and would post only reporters who understand the deal.

Why then would a reporter who has been “well taken care of” by INEC for instance, worry whether the returning officer was a ghost or a fake lecturer as BBC was later to reveal? Why would a reporter who has been suborned by a governor interrogate the election figures emanating from the governor’s camp even when there are glaring anomalies? He has been paid to look the other way, he has been paid off to gleefully announce nebulous “official results.”

Most of Nigeria’s journalists today serve their masters at various levels and cadres and not the people and the society they are duty bound to serve. We all saw the largest network in Africa,  NTA (Nigerian Television Authority) crazedly broadcast the fabulous Adamawa guber result declaring the APC candidate, Sen. Aisha Binani winner. The network even affirmed the daylight roguery further by allowing Binani an interview.

But the incident turned out to be a classic case of  anticipatory self-decapitation by a news organisation. NTA was wont to support any brigandage by any ruling party and was already at work affirming and justifying APC’S Binani until it turned out that even the ruling party was not party to the Adamawa barbarity.

NTA would never have given vent to Binani if she was from an opposition party, it would have insisted on getting official/authentic results from Abuja as the rule stipulates. But with any ruling party, NTA would submit to even sodomy without prompting.

Yet it’s business as usual at the station, no remorse, no apologies, no consequences. It’s common knowledge that NTA stopped practising journalism long ago and it does not pretend to give the people any sort of value. When my children were younger, consigning them to watching NTA was an effective kind of punishment because they would rather be flogged than to watch NTA.

NTA had created a strange kind of journalism profession in its own weird image. A journalism of total surrender and indeed, collusion with the powers that be – mind, body and soul. Not that one expects it to be antagonistic to its pay masters but over the years, it has increasingly marinated itself in the savoury sauces of bureaucracy. The giant broadcast outfit which prides itself as the largest network in Africa has serially become like an accessory after the fact of the relentless misrule in Nigeria.

Even under the ambit of the establishment, media channels like television , radio and newspapers can be great tools for quality developmental news, information and entertainment. The People’s Daily of China, (probably the world’s largest circulating newspaper) and CGTN, the Tv counterpart are well run professional media outlets dishing quality content regardless that they are government controlled.

Therefore, the problem of NTA and other flailing government media outfits may be more of incompetence – shoving square pegs in round holes – more than censorship.

But even the Independent media outlets in Nigeria which used to be the pride of Africa have deteriorated in the last two decades with a large number gone extinct and the remaining few barely existing. Many can hardly keep up staff salaries within the harsh economic situation of the country made blight in the last eight years of President Muhammadu Buhari maladministration.

The media in Nigeria is currently hollowed out. It merely traipse about, waif-like, gasping for life. The Nigerian media is now like the chambermaid kept to give comfort to the dowager. The press today is a mere courtier in the courts of Nigeria’s emperors of graft and plunder. Nobody puts anyone feet in the fire anymore as we were trained to do.

On the other hand, the media scramble to anoint the brigands amidst us and rub their feet with virgin oils. The media prostitute unmerited awards to the rogues amongst us – for the chow of it.

Indeed, the media in Nigeria today cannot be classified to be alive in the true sense it. If it were, so much would be different. For instance, the #ENDSARS protests would have achieved a better closure. But it took the CNN to give some clue as to what transpired at the Lekki Tollgate on October 20, 2020. No Nigerian newspaper, radio or TV house could recount the ENDSARS story with any authority. To think that STV is a stone throw from the scene  and major radio stations are within walking distances. A book or two should have emerged from the stables of The Guardian, Punch and Thisday deconstructing the ENDSARS epoch.

If our media was awake Buhari would never have made 2nd term in 2019 after a disastrous four years. If there was a media, ministers like Hadi Sirika and Adamu Adamu would have been fired four years ago. Why is Ahmed Idris, the Accountant-General who reportedly stole N103b (EFCC confirmed recovering N30b) still a free man? Why is Diezani Alison-Madueke allowed to live large in an island nation she purchased with the proceeds of Nigeria plunder?

If there still be fire in the belly of the press, a Bola Tinubu who is evidently ailing and therefore incapable of bearing the weight of the presidency of a nation would never have stood for office in the first place.

Where in the world is the media in the face of Tinubu’s overwhelming drugaton of a caper? Why is the EFCC chairman and the Attorney-General and Minister of Justice still sitting in office in the face of the Seyi Tinubu’s $11 million (cash) UK mansion scandal? And why has the Nigerian press dove for cover instead of raising hell with a million questions? How have we interrogated the APC tragedy?

Finally, why does the press look on dumbfounded as Nigeria inaugurates an unfit and a lame-duck president who is set to be a reproach in the comity of presidents? Isn’t it the same media that has brought down presidents and revamped institutions in other climes?

With violent new technologies smacking the media on the other cheek, there doesn’t seem to be any respite in the near future for the media in Nigeria. Unless something like a deus ex mediana happens, we would have to make do with the likes of CNN and BBC helping out around here for a long while.

Osuji, an accomplished Journalist, Columnist, was an Editorial Board Member The Nation, and Special Adviser on Media to former Imo State Governor, Emeka Ihedioha

Presidential Election: Report Reinforces What We Already Know

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Nyesom Wike and Peter Obi

The NEO AFRICANA CENTRE has said that the just released report of the BBC which exposed the alterations and falsifications that characterized the February 25 Presidential Elections in Nigeria is a reconfirmation of the doubts and misgivings which Nigerians have been expressing about the conduct and outcome of the elections.

The BBC had, on May 16, released a damning report of how the Presidential Election was compromised in Rivers State to pave way for a Bola Tinubu victory at the polls. The highlight of the report was the suppression of votes earned by Peter Obi and their attribution to Bola Tinubu.

The report also lends more credence to the widely held allegation that Governor Nyesom Wike of Rivers State and the Independent National Electoral Commission (INEC) worked in concert to manipulate the elections in favour of Tinubu.

In a statement by its Director of Public Affairs, Jenkins Udu, the public policy think tank commended the BBC for the diligent report and charges other media organizations with considerable clout and exposure to borrow a leaf from the bold and courageous effort of the BBC.

However, the Centre is of the view that what happened in Rivers State is not an isolated case. It believes that Rivers is just a test case as what transpired there must also have taken place in a number of other states. The Centre holds, therefore, that the logical consequence of this state of affairs is that the figures announced by INEC in the election were merely contrived and should therefore be jettisoned.

The statement reads in part:

“We have noted with more than a passing interest the result of the investigation carried out by the BBC on the 2023 presidential election with particular reference to Rivers State. Some of the damning discoveries are already too well known to Nigerians, and indeed, concerned members of the international community.

“We commend the broadcast organization for its due diligence in the report. The investigative ingenuity that went into the exercise should be emulated by other media organizations with considerable clout and exposure within and outside our shores. The report , coming from a credible medium such as BBC, lends more credence to what is already known to many Nigerians about the elections.

“Even though the media outfit restricted its investigation to just Rivers State, we are convinced that Rivers is not alone in this malfeasance. We believe that what transpired in Rivers State must have happened in a number of other states across the country. The cumulative effect of all this is that the 2023 Presidential Election in Nigeria cannot stand logical scrutiny. We are constrained to posit that the Independent National Electoral Commission merely contrived figures and allocated them at will.

“The report is also a reaffirmation of the earlier claim made by Mr Peter Obi, the presidential candidate of the Labour Party, that Governor Nyesom Wike of Rivers State worked against him in the election. The report of suppression of Peter Obi’s votes and their false attribution to candidate Bola Tinubu is particularly disturbing. The action casts a very dangerous slur on the integrity and acceptability of the results announced by INEC in Rivers State and some other places in the country. We therefore reiterate the position we have severally held that the outcome of the presidential elections is questionable and should therefore be revisited.

“Indeed, the BBC report and many other claims and counter claims on the May 25 presidential elections are ready raw materials for the Presidential Election Petitions Tribunal. The damning evidences should be deployed in the ongoing hearings on the elections. We expect that in the end, the interest of our democracy will be better served by the welter of evidences before the Tribunal. Nigerians are not expecting anything less.”

Labour Party Loses Only State

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By Akinwale Kasali

Unless there is a counter order by a superior Court, the Labour Party, LP, has come out of the Governorship election empty handed.

At the end of the Election which held in March, 2023, the LP was declared winner in Abia State, defeating the incumbent Peoples Democratic Party, PDP.

However, the State has been taken away from the LP, no thanks to a judgement delivered by the  Federal High Court in Kano State which nullified the candidature of Alex Otti.

Sacked with Otti is all the other Labour Party Candidates in Abia and Kano States.

Justice Mohammed Sanusi in his ruling said that the emergence of the Labour Candidates was not in compliance with the provisions of the 2022 Electoral Act.

A copy of the judgement delivered by the court was revealed today Friday, May 19th, 2023.

In the Suit filed by Ibrahim Haruna Ibrahim against the Labour Party, LP and the Independent National Electoral Commission (INEC), the court ruled that the failure of the Labour Party to submit its membership register to the INEC within 30 days before their primaries renders the process invalid.

Justice Sanusi ruled that the party has not complied with the provisions of the electoral act cannot be said to have a candidate in an election and cannot be declared winner of an election.

It, therefore, stated that the votes credited to Otti was a wasted vote.

The Abia ruling is not a precedence. In 2019, the Court sacked the APC Governor-elect of Zamfara State and all the elected APC candidates and gave victory to the PDP.

Why Election Of Alex Otti As Abia Governor Can’t Stand –  Court; Sacks Him

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By Ayodele Oni

Citing non compliance with electoral act, the Federal High Court sitting in Kano, presided over by Justice M N Yunusa has nullified the candidature of the Abia State Governor-elect, Dr Alex Otti.

The Court also disqualified all the candidates of the Labour Party, (LP) in Abia and Kano States during the last general elections.

The Court ruled that their emergence was not in compliance with the provisions of the 2022 electoral act.

The Court in Suit No FHC/KN/CS/107/2023 filed by Mr Ibrahim Haruna Ibrahim against the Labour Party and the Independent National Electoral Commission, (INEC), ruled that the failure of the Labour Party to submit its membership register to the INEC within 30 days before their primaries renders the process invalid.

The Judge declared that “The party that has not complied with the provisions of the electoral act cannot be said to have candidate in an election and cannot be declared winner of an election; this being so, the votes credited to the 1st defendant is a wasted vote.”

Imo Most Friendly State In Nigeria – NYSC; Honours Governor Uzodinma

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Hope Uzodimma - Imo Civil Servant Promotion

As part of activities marking its golden jubilee anniversary, the National Youth Service Corps (NYSC), will at the weekend honour Governor Hope Uzodimma of Imo State for his invaluable contributions to the growth of the scheme.

In a letter to the Governor,  nominating him for the award, the NYSC also said Imo State under Uzodimma’s watch is the most  friendly State of the scheme in the country.

The letter dated May 10, 2023, reads in part: “Arising from the foregoing and in recognition of your invaluable contributions to the growth and sustainability of the NYSC, I am pleased to inform you of your nomination as NYSC most friendly State.”

The Imo State Commissioner for Information and Strategy, Hon Declan Emelumba, said the government and people of the State are delighted that such a salutary recognition and honour from a unifying national institution as the NYSC is being bestowed on Governor Uzodimma.

According to him, this again proves beyond all doubts, both reasonable and unreasonable, that Governor Uzodimma is an outstanding nationalist.

He noted that even before he became a public officer, Governor Uzodinma had been promoting the course of NYSC and Corps members.

He said even now as Governor, Senator Uzodimma had demonstrated unparalleled patriotism in the treatment of Corps members.

The Commissioner said that as a sign of his gratitude for the recognition, Governor Uzodimma will continue to work for the sustenance of those lofty ideals that the scheme is known for.

NYSC was established in  May 1973 by then Head of State, Gen Yakubu Gowon (rtd) to cement the unity of Nigeria.

How FG Spent N200bn On Postponed Census – NPC Chairman

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By Ayodele Oni

In a country where poverty is assuming a wider dimension, a whooping sum of N200 billion has just been flushed down the drain on the botched national head count.

The population census was billed to take place in March before it was shifted to early this month before its eventual indefinite postponement and become one of the issues to be handed over to incoming administration.

The Chairman National Population Commission (NPC) Nasir Isa-Kwarra on Thursday disclosed that N200bn has been spent so far on preparations for the postponed 2023 housing and population census.

Isa-Kwarra said this in Abuja during a breakfast meeting with media executives.

The NPC chairman pointed out that though N800bn was budgeted for the exercise, only N224bn had been released by the Federal Government.

President Muhammadu Buhari postponed the census after series of meeting with stakeholders in late April.

The government said the incoming administration of President-Elect Bola Ahmed Tinubu will decide on the date the exercise will hold.

The NPC, after the official announcement of the postponement, told reporters that the exercise was postponed to calm tension in the country.

Senator Anyim Ude Dies, Aged 81years

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Senator Anyim Ude

By Charles Igbo

Journalism in Nigeria has lost one of its Veterans.

Ebonyi State born Senator Anyim Ude is dead. He was aged 81 years.

Before Anyim joined Politics, and became a Senator, he was an accomplished Broadcast Journalist, and got to the top of the profession when he was appointed the Director General of the old Imo Broadcasting Corporation, IBC.

Thereafter, he was appointed a Commissioner in his home State, Ebonyi, and given the portfolio of the Ministry of Commerce, Industry and Tourism, a position he held between 1997 and 1999.

He later became a Senator in 2007 under the Peoples Democratic Party, PDP. He served for one term of four years and represented Ebonyi South Senatorial District.

His son, Nnanna Ude, who announced his passing on Thursday, for the family said his father died on Monday.

Part of his statement titled; Senator (Elder) Anyim Ude, MON- Call to eternal glory reads:

“It is with heavy heart but total gratitude to the Almighty God that our family announce the passing of our dearly beloved father, Senator (Elder) Anyim Chukwu Ude, MON. Born on June 1, 1941, he departed this World and joined the Saints on Monday. May 15, 2023.”

Details of the celebration of his life, Anyim Jnr. said, will be announced later.

Ondo Assembly, NIDCOM Celebrate FG’s Approval Of Licence For Deep Sea Port

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Ondo Deep Sea Port

By Ayodele Oni

Ondo State House of Assembly and Nigerians in Diaspora Commission (NIDCOM) have expressed joy over the long awaited approval of operating licence for Port Ondo by the Federal Government.

The State House of Assembly’s Spokesperson,  Olugbenga Omole, in a statement, stated that Ondo Lawmakers noted that the Seaport would not only increase the social economy status of the State, it would also generate revenue into the coffers of the Federal Government.

According to him, “the Federal Executive Council presided over by President Mohammed Buhari gave the approval for the operating licence for the port at the FEC meeting held at the State House in Abuja on Wednesday 17th May,2023.

“The development of the Ondo Multipurpose Port in Ilaje Local Government would be driven by investors through Public Private Partnership (PPP) within a 50 year concession period.”

While describing the long awaited approval as historic, the assembly appreciated the President for the good gesture, saying that the people of the State would forever be grateful to him.

According to the Lawmakers, apart from the fact that the Seaport would create job opportunities for the people of the State, it would also place Ondo State permanently on the international map.

The Lawmakers were full of appreciation to the Governor of Ondo State, Oluwarotimi Akeredolu,SAN, for his unrelenting efforts since 2017 when he took over the affairs of the State in ensuring that the approval for the operating licence is actualized.

“With this feat, Mr Governor has once again scored a fantastic and unforgettable goal in fact it’s a ’hat-trick’ .

“We also appreciated the Minister for State Transportation, Ademola Adegoroye for his collaboration with other relevant stakeholders at the Federal Level to see that the port becomes a reality.

“It will be recalled that a couple of weeks ago the Ondo State House Assembly at Plenary unanimously urged the Federal Government to do the needful by ensuring that Port Ondo comes alive and today it gladdens our hearts that it has come to pass,we are indeed grateful.”

NIDCOM, chief executive,Abike Dabiri-Erewa noted that “Investment opportunities in Ondo, with a special focus on the deep sea port in the state ,was the theme  of the 2022 National Diaspora Investment Summit (NDIS), a brainchild of NIDCOM and the NDSI, which held in November last year.”

Dabiri-Erewa , also congratulated the Ondo State Diaspora Focal Officer, Mr Boye Ologbese, for his tenacity and drive ,adding that “it gladdens the heart to know that the NDIS year-in year-out since its inception four years ago, has been achieving some of its aims and objectives of promoting investment opportunities in Nigeria.

She added that several participants at last year’s NDIS summit, which focussed on Ondo, already indicated interest to invest in  the state.

She expressed optimism that the approval of the deep sea port in the state will engender more business opportunities as well as increase the revenue profile of the country.

Following years of resolve by the Ondo state Government to establish a deep sea port, first at Olokola, which failed to materialize since 2004, the efforts were renewed by Governor Oluwarotimi Akeredolu SAN, upon his assumption of office as Governor in 2017.