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Unity Bank Moves To Double Earnings, Posts N27bn H1

By
James Orji
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The managing director of Unity Bank Plc Tomi Somefun has disclosed that the commercial bank, has gained enough market confidence to double its earnings.
The commercial bank’s chief executive spoke on the back of the half year report released by the bank where it posted N27.6 billion as gross earnings.
In the report released to the Nigerian Exchange, NGX the Somefun-led bank said the earning represents a growth of 17 per cent year-on-year, apart from significant improvements made across key performance indicators.
Somefun noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook “for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds.”
The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.
The bank grew Profit Before Tax, PBT by 23 per cent which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax, PAT for the period equally increased by 23 per cent to close at N1.6 billion from N1.382 billion in H1’21.
The key highlights of the financial statements showed growth in interest and similar income, which rose 18 per cent to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.
Similarly, the lender posted sustained asset growth as total assets moved up by seven per cent to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12 per cent growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.
Similarly, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13 per cent growth.
Meanwhile, market analysts insist that the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank

Maritime Security: NIMASA, NITT Sign MoU  

By
James Orji
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0

The Nigerian Maritime Administration and Safety Agency, NIMASA, has signed a Memorandum of Understanding, MoU, with the National Institute of Transport Technology, NITT, Zaria, on research and training towards enhancing maritime safety and security in Nigeria.

The Director General NIMASA, Dr Bashir Jamoh, and his counterpart at the NITT, Dr. Bayero Salih Farah, signed the MoU over the weekend in Zaria which is hinged on research and training, with a view to enhancing local content and boosting the quality assurance of the institute. This is a follow up on earlier agreements reached between both Agencies of government in their quest to further domesticate specialized training programmes at management cadre in the maritime sector.

Dr. Jamoh described the MoU between both parties as a mutually beneficial partnership, aimed at supporting the core mandate of the NITT, while also in line with his administration’s commitment to capacity building for NIMASA staff.

According to him, “the MoU is to formalize and strengthen the existing relationship between NIMASA and the NITT in terms of research, training and capacity development in general.  We appreciate your visit to NIMASA sometime ago and we are glad that much progress is being made in terms of our collaboration”. We hope that your institute willconduct detailed research to determine gaps in the implementation of our core mandate and develop training programs to close such identified gaps”.

On his part, the NITT Director General, Dr. Bayero Salih Farah, thanked NIMASA for its longstanding support to the institute through direct financial assistance and by utilizing the training services provided for the Agency’s staff over the years.

He added that the NITT will work closely with NIMASA to ensure that the Institute provides training and research services that are of globally acceptable standard.

NITT provides trainings to personnel employed in all modes of transport, leading to the award of various certificates; Diploma, Advanced Diploma, Postgraduate Diploma and Masters in Transport and Logistics.

NIMASA has continued to embrace capacity building as a tool to enhance maritime development in Nigeria, while also engaging in viable collaborations towards achieving its mandate, which cuts across shipping development, maritime safety and maritime security.

National Security: Northern Senator Calls On NSA To Resign

By
James Orji
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0

Senator Sani Musa has called on Babagana Monguno the National Security Adviser to resign for failing to inform President Muhammadu Buhari that terrorists were planning to kidnap him.

The terrorists who have been kidnapping people for ransom in many parts of Northern, had recently vowed to abduct President Buhari and Governors Nasir El Rufai of Kaduna state

The threat shocked not a few Nigerians who raised alarm at the audacity of the criminals to make such a security threat against the Commander -in chief.

“This is our message to the government of Nigeria and just as you have seen these people here, by God’s grace, you will see your leaders; your senators and governors will come before us.

“These ones you are seeing here, we will keep some as our slaves and sell them off just as our Imam told you in the past.

“Just like the Chibok girls that were sold off, we will equally sell these ones as slaves. If you don’t adhere to our demands, we will kill the ones we need to kill and sell the remaining.

“By God’s grace, el-Rufai, Buhari, we will bring them here,” one of the terrorists said in a viral video two weeks ago.

Obviously, the president was not aware of the threat until he was informed by Governor El Rufai, last week, a situation that has raised serious questions on whether Buhari is aware of developments in the country.

Speaking, Senator Musa who represents Niger East in the National Assembly said the NSA should be sacked for not doing his job of apprising the president of the security threat to his person.

He said it will be difficult for President Buhari to act on security issues when he’s not availed of intelligence reports by the NSA.

The senator whose state is under serious siege by bandits who have displaced many people after taking over some local governments in the state, said “that singular act is enough for the NSA to be booted out.’

“If it is true, going by the saying of Governor el-Rufai that the president was not aware, that singular act is enough for the NSA to be booted out.

“A country is bleeding and you will tell me that as the helmsman to strategise how our security should be functioning, you are not aware of this and the president cannot be informed. It is self-indicting.

“We have to call a spade a spade. If I was the national security adviser in this country I would tender my resignation because I have failed. When they are creating cells, you don’t wait until when you are attacked then you will act,” he added.

“These intelligence that are being shared are information given to you at a stage where the culprits have not concluded their motives and plans and you will neutralise them. So for me, I believe that we need to re-strategise and look at our demographic. If you go to Niger state, today, you will see a lot of IDPs, people have left their villages.”

Meanwhile, not a few Nigerians have expressed dissatisfaction with Monguno’s failure to coordinate various security apparatus for effective tacking of the nation’s myriads of security problems, particularly terrorism and banditry. He’s supposed to have brought his vast knowledge as a retired top military officer to fore, according to keen security experts.

Insecurity: NPF Decries  Illegal Possession, Sale, Use of Police Uniforms, Accoutrements

By
The Source
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Alkali Baba Usman - IGP

“IGP condemns bad portrayal of Police by Nollywood Actors and orders Immediate Prosecution of Offenders”

The Nigeria Police Force has expressed concern over the incessant and unauthorised possession and use of Police uniforms and accoutrements by some individuals, movies and skit makers, as well as the illegal sale of Police materials and accoutrements by traders in shops, open stores not approved nor recognized by Police authority.

The IGP, according to a statement signed by CSP Olumuyiwa Adejobi, Force Spokesperson, has equally frowned at the demeaning manner in which movie makers and skit makers portray the Police institution in their movies and skits, using the police uniform without recourse to the provision of Section 251 of the Criminal Code law, and Section 133 of the Penal Code Law which criminalise such unauthorised use with accompanying necessary sanctions.

The IGP,  therefore, charged all commands and formations, the IGP Monitoring Unit, Provost marshals and X-Squad, to arrest and immediately prosecute, in accordance with the law, all persons or group of persons engaging in the illegal sales of police uniforms and accoutrements within their jurisdictions, while film or skit makers who portray the Nigeria Police Force officers in bad light, without applying for, and being duly issued a permit letter for such portrayals, to desist with immediate effect or face the full wrath of the law.

The IGP further reiterates the commitment of the Force to guaranteeing compliance with law, as the Force Public Relations Officer has been charged with the task of ensuring prompt authorisation for all applications for approvals of usage of police items in movies, in tandem with the extant laws and which will portray good values, impress positively on the Nigerian public, add value to our system, provide police officers with modern innovations to actively carry out policing duties and on-screen role models who would influence their lives and career; and consequently improve security mechanisms in Nigeria. .

The Inspector-General of Police strongly believes that such sanity in movies production, regulation of sales, possession and usage of police uniforms and accoutrements will definitely impact positively on resuscitating moral values, and correcting wrong perceptions and ideologies towards commissioning of crimes in our society. It is obvious that this step will surely curb proliferation of Police kits, uniforms and accoutrements and eventually reduce police impostors-induced crimes in our society.

Afenifere Disowns Adebanjo’s Statement Backing Peter Obi

By
The Source
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0

By Ayodele Oni

Pan Yoruba socio-political organisation, Afenifere, has clarified a statement claiming that its leader, Chief Ayo Adebanjo is not backing the presidential ambition of Bola Tinubu, candidate of the All Progressive Congress, (APC).

The group urged Nigerians to disregard information from any social media account claiming to belong to its leader, Pa Ayo Adebanjo.

The National Publicity Secretary of the group, Jare Ajayi, said in a statement on Sunday that the Twitter account which some electronic and online media quoted from did not belong to Chief Adebanjo or any of the Afenifere leaders.

Social media report had quoted  Chief Adebanjo of saying that he would rather back Peter Obi, candidate of the Labour Party, (LP) than supporting Tinubu.

Afenifere’s scribe statement reads “It is hereby being clearly stated that Chief Adebanjo has no social media account of any sort, Twitter, Instagram, LinkedIn, Facebook etc.

“Whenever he has anything to say to the public, he does so directly by addressing the press, through an interview or a Press Statement.

“He also addresses the public through the Secretary General or the National Publicity Secretary of Afenifere.”

The statement added that the social media account was created by mischievous persons for nefarious objectives as could be gleaned from one of the posts purporting to explain why Adebanjo is supporting Mr. Peter Obi in the forthcoming presidential election in 2023 instead of Asiwaju Ahmed Bola Tinubu, a Yoruba man.

Ajayi quoted Adebanjo as saying that his support for Peter Obi is “more fundamental and constitutional than the reason being purported in the spurious social media account” under reference.

“In view of the fact that Adebanjo usually speaks directly with the press, both print and electronic, any information purporting to have emanated from the said ‘social media account’ should be totally disregarded because he has no such account in any form or manner.

“Since the elder statesman does not have any social media account, whatever is found in the Twitter account could not be said to have come from him.

“He has no such accounts as he speaks directly to the media or causes his views to be channeled to the public via the organisation’s Secretary General or the national publicity secretary.

“The media and members of the public are hereby enjoined to disregard any statement purported to have been sourced from Pa Adebanjo’s social media account because he has none.”

Yoruba Youth Group Faults Afenifere Leader’s Stand On Peter Obi, Says Adebanjo Is On His Own

By
Ayodele Oni
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0

By Ayodele Oni

Before a statement by Afenifere clarifying the position of its leader Pa Ayo Adebanjo on his support for Peter Obi, another Group, Yoruba Youth Congress (YYC) has slammed Adebanjo saying he is not speaking the mind of Yoruba.

YYC described the statement credited to Pa Ayo Adebanjo an Afenifere leader as his personal opinion and not the opinion of the majority of Yoruba leaders.

Pa Adebanjo, had openly endorsed the presidential candidate of the Labour party, Mr Peter Obi, but Afenifere has explained that none of its leaders operate any social media account.

In a Statement  in Akure, the Ondo State capital,  on Sunday, the President of the Yoruba Youth Congress and chairman coalition of southern youth groups, Prince Dapo Adepoju said the endorsement of the Labour Party presidential candidate is not the stands of the majority of Afenifere leaders, but a personal opinion of Mr Adebanjo.

“That endorsement is the personal opinion of Mr Adebanjo and not the stand of the majority of the Afenifere leaders.

We are not disputing the fact that Pa Adebanjo has the right to support whoever he so wish, but that shouldn’t be taken as the stand of the Afenifere.

The Yoruba Youth President stated  that consultation is ongoing and in no distant time the socio political organisation will let Nigerians know who the body will be supporting for the 2023 presidential election, saying the person definitely will not be The LP candidate.

“As yoruba youths, we want to sincerely advise Baba Adebanjo to stay off political issue or endorsement that can tarnish his image or that of our Afenifere.

“We also want to remind Adebanjo of his inglorious roles in endorsing failed project of Dr Goodluck Jonathan in 2015.

“No serious yoruba group will betray or dump any of their sons and be supporting ‘stranger’ at this critical time that we need to be fully involved in transforming the country after President Muhammadu Buhari’s regime.”

Abductors Of Nollywood Actors Demand $100,000; Cynthia Okeke’s Bank Acct Cleared

By
The Source
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0
Cynthia Okereke and Clemson Cornell

By Charles Igbo

The abductors of two Nollywood Actors, Clemson Cornell and Cynthia Okeke have made demands. And they are not demanding ransom money in Naira.

Aware that Nigeria’s currency, Naira, has lost its value and. obviously, deceived by the wealth usually displayed by Actors in most of their Nollywood videos, the abductors are asking for a whopping $100, 000 for the release of the two Actors.

Cornel and Okeke, two accomplished Actors, were kidnapped in Enugu, South-east Nigeria, a couple  of days ago where they had gone for production.

The Actors Guild of Nigeria  raised an alarm in a statement signed by Monalisa Chinda, alerting on the disappearance of the Actors.

Confirming their abduction, President of the  AGN, Emeka Rollers, said the abductors have made contacts, and demanded the sum of $100,000 for their release.

However, Rollers said such a demand remains impossible as the AGN has no such provision and no such funds.

He told Sunday Scoop: “The Actors Guild of Nigeria cannot set apart funds for rescuing Kidnapped Actors because we have not even set aside funds to help ailing Actors. The insecurity in the country is affecting everybody not just Actors.

“We are liasing with the family. It is not the Guild that is supposed to provide the money. Right now, we are still brainstorming on what to do, while the Security Operatives are also doing their jobs.”

In another development, it was gathered that the bank accounts of one of the kidnapped Actors, Cynthia Okeke, have been cleared of every Kobo therin. This goes to confirm that her abductors must have tortured her to give them her bank details.

So far, the Enugu Police Command has not issued a statement on the fate of the Actors.

It Is A Lie, I Am Not Protecting My Office – Senate President

By
The Source
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0
Senate President Ahmed-Lawan

The Senate President, Dr Ahmad Lawan, has decried what he called the fake story circulating about him.

In the past couple of days,  both the Conventional and Social Media were awash with a story that Lawan was sitting on the  letters of 12  Senators of the All Progressives Congress, APC, who had written to express their intention to defect from the Party to the Peoples Democratic Party, PDP.

If they do, said the story, Lawan would lose his very high profile office as Senate President because his Party, the APC, will lose the majority seats in the Senate.

But in a statement signed by Ola Awoniyi, Lawan’s Special  Adviser on Media, the Senate President dismissed the news as fake. He said there are no such letters he is sitting on and challenged any Senator so affected to go public.

The Statement titled

Senate President not sitting on letters of defection reads:

“We have seen a story on social media and some online newspapers purporting that the President of the Senate, Ahmad Lawan, is sitting on letters from some Senators allegedly intimating him of their defections from the All Progressives Congress (APC).

“The story insinuated that Lawan is sitting on the purported letters to protect his position as the President of the Senate.

“We hereby state categorically that the story is utter falsehood as there is no such letter before the Senate President.

The report mentioned only Senator Adamu Bulkachuwa as one of the affected Senators.

“Obviously, the purveyors of the syndicated lies had not even bothered to confirm from the Distinguished Senator if and when he submitted any such letter to the Senate President.

It is public knowledge that the Senate President has always promptly read out at plenaries letters by Senators defecting from one party to another.

“The Senate President is sufficiently knowledgeable about the rules and workings of the Senate and has been discharging his responsibilities within the ambit of those rules.

“That is why he has  continued to enjoy the confidence and full cooperation of his fellow Distinguished Senators irrespective of party affiliations.

“Apparently, some vested interests want to magnify challenges to sow seeds of discord in Parliament in promotion of their selfish agenda.

“We wish to reiterate that the Senate President is not withholding or sitting on any letter of whatever content from any of his Distinguished Senator colleagues.

“Therefore, any story purporting such exists only in the imagination of the mischief makers circulating it.”

Innoson Motors Hiding The Truth on Deal with Imo State, says Govt

By
The Source
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0
Hope Uzodimma

The Imo State Government has described as distasteful and cheap blackmail, the claim by Innoson Motors that the State is owing the company N2.5 billion being cost of the vehicles it supplied some months ago.

The Imo State Government insists that the company’s claims are half truths, intended to impugn on the integrity of the government for ulterior motives.

Reacting to a threat by the motor company threatening a lawsuit to recover “over N2.5b debt owed” it by the State Government, the  Commissioner for Information and Strategy, Hon Declan Emelumba, deplored the manner Innoson Motors is going about the recovery of the so-called debt.

The Commissioner said the truth is that the government bought vehicles worth over N5 billion from Innoson Motors and has so far paid them N3.5b.

He said contrary to the claim of Innoson Motors, the said N2.5b is actually the balance due from the original value of the purchase, regretting that Innoson Motors, for reasons best known to them,  decided to hide this fact from the public.

Emelumba insisted that the total value of the vehicles supplied was in excess of N5b and that the government has been servicing the debt since then.

He said the management of Innoson Motors was actually the one that breached the contractual agreement with the State Government regarding the sale and maintenance of the vehicles.

According to him, there is a clause in the purchase agreement stipulating the siting of a maintenance workshop in Owerri and a mobile workshop as well, by Innoson Motors, for the maintenance of  the vehicles.

He noted that in spite of the fact that the company breached this agreement, the State Government has been servicing the debt and still maintaining the vehicles, disclosing that more than 70 per cent of the vehicles have already broken down.

He said both the threat by the company and resort to media trial of the government were in bad faith.

“It appears the company is out to rubbish the integrity of the government, otherwise it would not have twisted the facts of the case and published same concerning this honest business transaction, even when it failed to show the public the terms of the contract and the clauses the government breached therein.”

“The whole thing smacks of mischief and bad faith,” Emelumba added.

He also regretted that Innoson Motors had not actually exhausted all means of negotiation before threatening the government with a law suit.

Said he: “The mischievous resort to media trial has confirmed that the company is more interested in compromising the integrity of the government rather than being paid its outstanding balance from the contract sum.”

The Commissioner disclosed that although no court process has been served it, the Imo State Government will meet the company in court as soon as a process is served.

$85 Million Trapped Fund: Emirate To Reduce Flight Frequency To Nigeria

By
Uche Mbah
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0
Emirate Airline

By Uche Mbah

Emirates Airlines, the major Airline of choice by Dubai-bound passengers, says it will no longer maintain its current frequency to Nigeria from August 15 because it is finding it difficult to repatriate its revenue from the country.

In a letter dated July 22 and addressed to Nigeria’s Minister of Aviation, Hadi Sirika, and signed by its DSVP International Affairs, Majid Al Mualla, the Airline said the reduction is from 11 flights per week to seven flights per week.

“With effect from 15 August 2022, Emirates will be forced to reduce flights from Dubai to Lagos from 11 per week to 7 per week. We have had no choice but to take this action, to mitigate the continued losses Emirates is experiencing as a result of funds being blocked in Nigeria,” the letter read in part.

Emirates had $ 85 million of funds trapped in Nigeria at the Central Bank of Nigeria awaiting repatriation. Every month an additional $10 million is added to the money.

Emirate said the continued accumulated revenue is hurting its operations.

Emirates operates 11 weekly flights to Lagos and Abuja.

Emirates said they “simply cannot continue to operate at the current level in the face of mounting losses, especially in the challenging post COVID-19 climate. ”

The Bilateral Air Service Agreements (BASAs), of which Nigeria is signatory, stipulates that airline tickets be sold in the host local currency  while the airlines would withdraw the funds in dollars.

In Nigeria, they deal directly with the Central Bank. Emirates, however, proposed a change, where they pay for Aviation fuel and other services in dollars, but were reportedly rebuffed by the CBN.

“This means that not only are Emirates’ revenues accumulating, we also have to send hard currency into Nigeria to sustain our own operation. Meanwhile our revenues are out of reach and not even earning credit interest,” the airline said.

“Your Excellency, this is not a decision we have taken lightly. Indeed, we have made every effort to work with the Central Bank of Nigeria (CBN) to find a solution to this issue.

“Our Senior Vice-President met with the Deputy Governor of the CBN in May and followed up on the meeting by letter to the Governor himself the following month, however no positive response was received.”

They cited the deadlocked meeting between the Airline and the CBN, with the International Air Transport Association (IATA)supervising, which yielded little results.

“Should there be any positive development in the coming days, we will, of course, re-evaluate this decision,” they promised.

Within the past weeks and months, both domestic and International Airlines have been groaning under the increasing cost of Jet A1, with many threatening to halt operations.

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