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PDP Asks China To Help Nigerian Youths; Says APC Not Giving Directions To Them

By
The Source
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Uche Secondus

The National Chairman of the Peoples Democratic Party, PDP, Prince Uche Secondus has appealed to the Chinese Government to help in the development of Nigeria youths.

Prince Secondus who made the appeal while welcoming the new Chinese Ambassador to Nigeria Mr. CUI Jianchun to the party’s Wadata Plaza headquarters on Friday said that China has done well in the engagement of their youths and Nigeria has a lot to learn from them.

He said that PDP places much premium  on the Nigeria youths because the future of the country rests squarely in their hands and expressed regret that the ruling All Progressives Congress, APC, government through their policies and actions has continued to undermine this very critical sector of our society.

Prince Secondus also told his guest that although China operates different model of democracy, Nigeria particularly party administration has a lot to learn in the management of political parties.

The PDP boss said that China’s breakthrough in virtually all areas of human development especially in modern technology should be a huge lesson like Nigeria that has the population potential but has not been able to harness them.

Prince Secondus noted that in the 16 years of PDP in Federal power it did much with the Chinese Government, especially, in rail transportation, Aviation and other infrastructural developments.

He said that PDP is returning to power at the center in 2023 and hopes to collaborate with China to tap the huge potentials in our country that APC mis rule is inhibiting.

“We are returning to power in 2023 and hope to do business with you as we did when we were there. Nigeria wants to be where China is in area of technology because we have vibrant and intelligent youths  who can take this country even to moon.

Earlier, the Chinese Ambassador Jianchun had traced the good relationship between his country and Nigeria and how it’s their desire to deepen it.

The envoy said that the ruling Communist party in China desires to have a good working relationship with political parties in Nigeria.

He invited PDP to participate in the largest virtual political gathering of political parties and groups in China scheduled July 6, 2021.

Igbo Leaders Demand Release Of Bodies Of Killed ‘IPOB’ Members For Burial

By
Bayo Bernard
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Chukwuemeka Ezeife

By James Orji

Prominent South east leaders under the aegis of Igbo Elders Council, IEC have demanded the release of the bodies of those killed by police and soldiers in the ongoing Security clean up in the south east, to their families for burial.

They alleged that security agencies, indiscriminately, invade private homes at odd hours in the guise of fishing out presumed IPOB and ESN members, arrest, maim, and, sometimes shoot innocent and hapless youths, and cart away their corpses to unknown destinations, thus denying them the opportunity of burial.

“The Igbo tradition values burial rites for the repose of the soul of the dead, yet our young victims of the military onslaught are denied that opportunity,” the Elders said in a communique released in Abuja on Thursday.

They alleged that 5000 youths have been killed, and close to 10, 000 others arrested in the on going security exercise to deal with IPOB elements.

Those arrested, the IEC which includes former Governor of Anambra State, Chukwuemeka Ezeife said, have been locked up in unknown detention centres by soldiers and police.

According to the elders, some external forces are the ones fueling problem in the region with a view of blaming it on IPOB. They noted that there is a diabolical plan to distabilise the zone, in order to frustrate agitation by an Igbo man to become president in 2023.

The elders said: “The current military onslaught against the Igbos will not bring the much needed peace and stability in the South East in particular and Nigeria in general. Rather, dialogue, consultations, conferences , respect for one another, rule of law and fundamental human rights, democracy, accountability, transparency and good governance, as well as immediate restructuring of the country, resource control, equity, justice and fairness in all government policies, programmes, projects and appointments in the public service are the most feasible path to sanity, peace, unity and progress of Nigeria.

“We, therefore, call on the President, Muhammadu Buhari, the United Nations, the European Union, African Union, ECOWAS, United States of America, United Kingdom, Russia, China and the entire international community to take urgent and necessary actions to stop the current genocide against the Igbos in the South East and other parts of the South South in the interest of peace, stability and unity of Nigeria.

“The use of military force has never restored peace anywhere, hence the need to explore dialogue and other effective strategies that have worked elsewhere. The Igbo Elders Council are available and ready to be part of this process if given the opportunity to participate. ‘A stitch in time saves nine’ is a utilitarian adage in this context and at this time.”

The Elders, however, insisted that current militarization and wide spread carnage in the South East have precipitated unprecedented fear, tension and untold hardships on the people in the zone, thereby aggravating the security challenges in the land.

“We condemn without any reservation the destruction of public property in the South East because it’s not in our character to indulge in arson and brigandage. We believe, however, that it’s unfair and unjust to use a sledge hammer to kill harmless flies as many victims of this joint security agencies onslaught are innocent Igbo youths and other citizens, who have become victims of circumstances.”

The Elders said available information to them had indicated that despite the recent directive of the National Security Adviser, NSA Gen Baba Gana Mungono (Rtd) to dismantle all check points throughout the federation, the security agencies in the South East still stop motorists at illegal checkpoints, search them in most dehumanizing manner in the guise of fishing out presumed members of IPOB and ESN, arrest youths, especially boys and march them to unknown destinations, most of whom never return alive.

NCC Set to Regulate Cost Of International Calls

By
Uche Mbah
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By Uche Mbah

The Nigerian Communications Commission (NCC), the body saddled with regulation of telephony, has concluded the process for determining the cost of mobile international termination rate (ITR) based on costs.

Ikechukwu Adinde, NCC Director of public affairs, stated this at a forum in Abuja Thursday.

According to him, NCC engaged the service of Messrs Payday Advance and Support Services Limited to understudy the cost-based pricing of mobile ITR.

ITR is the rate paid to local operators by international operators to terminate calls in Nigeria, as opposed to Mobile Termination Rates (MTR), which is the rate local operators pay to another local operator to terminate local calls.

Speaking at the forum, Umar Danbatta, the Executive Vice Chairman of NCC, said the Commission took the decision  to engender healthy competition on traffic management for international calls.

According to him, “overriding need for regulatory options and intervention in relation to the international termination rate in the voice market segment is predicated on some intractable challenges, most common with economies with severe macroeconomic volatility such as ours.”

In 2013, NCC issued a determination stating that MTR are the same irrespective of where the call originated.

Danbatta said the determination was misinterpreted by operators who based their activities on the 2013 template, when NCC decreed that MTR be treated equally, regardless of country of origine.

“Arising from these is the persistent fact that Nigeria’s ITR is below that of most countries with which it makes and receives the most calls, making Nigerian operators perpetual net payers,” he said.

“The obvious implication of this is seen in the attendant undue pressure on the nation’s foreign reserves, which continue to get depleted by associated net transfers to foreign operators on account of this lopsidedness.”

Danbatta said balance of payment informed the regulation of the ITR, as Nigerian currencies are volatile.

“Where ITR is not regulated, it tends to converge to the MTR and for a market like Nigeria with major supply side challenges, the socio-economic implications and attendant backlash can only be imagined”, he said.

Democracy Day: Shun Any Agitation Threatening Nigeria’s Unity- Aregbesola; FG Declares June 14 Public Holiday

By
Ayodele Oni
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By Ayodele Oni

The Minister for Interior, Rauf Aregbesola, has advised Nigerians to shun any form of Agitation which  threatens Nigeria’s unity.

The Minister said this in a statement which announced that the Federal Government has declared Monday, 14th June, 2021 as public holiday to mark this year’s Democracy Day celebration.

June 12 fell on a Saturday, but because Saturday is not a work day, it shifted the holiday to June 14, a Monday.

The statement was signed by the Permanent Secretary of the Ministry, Dr Shuaib.

He congratulated Nigerians on this occasion and urged all citizens to support the present administration in its efforts at ensuring a United and prosperous Nation.

Aregbesola said any form of agitation that threatens the unity of the country should be shunned for the good of all, saying the space known as Nigeria would be a haven of peace, unity and progress if all citizens love his or her neighbour and  embrace the spirit of brotherliness.

“As we mark another Democracy Day in the history of our dear country, let us reflect on the efforts of our founding fathers and ensure that Nigeria remains one United and Indivisible Entity.

“No development can take place in an acrimonious environment.

“With the challenges we face in Nigeria today, I see an opportunity for us not to break up or break down but to break open; open up to ourselves in truth so that we may appreciate each other, understand each other, honour each other and live together in peace and prosperity.”

He assured that with the concerted efforts being put in place by the President Muhammadu Buhari-led Administration to secure the lives and property of Nigerians and stabilise the economy, the nation will continue to get better.

“There will surely be light at the end of the tunnel.”

State Governors Wives Flay Insecurity, Call For Urgent Solution

By
Ayodele Oni
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Olabisi Fayemi - Wife of Governor Fayemi

By Ayodele Oni

Nigeria Governors wives have pledged renewed efforts at ensuring adequate facilities and resources exit for survivors of Gender-Based Violence (GBV) in the country.

The First Ladies of the 36 States made the pledge in a communique issued Thursday to mark the first anniversary of the declaration of State of Emergency against GBV in Nigeria.

The Communique was signed by the Chairperson of the Nigeria Governors Wives Forum, Mrs. Olabisi Fayemi, the First Lady of Ekiti.

The first ladies expressed satisfaction that the expedited action promised by the Governors and the advocacy efforts of Governors’ Wives, yielded significant results.

“In June 2020, only fourteen States had domesticated the VAPP Act. As of June 2021, 27 States (including the FCT) have passed the law. There are several other States where their legislation is at advanced stages and we are assured that more States will join before the end of 2021.

Other areas of achievements, according to the communique are

“As governors’ Wives, we have also been able to achieve the following over the past one year:

“The number of Sexual Assault Referral Centers (SARCs) as well as shelters for women and their children have increased across the country, mostly due to the efforts of Governors’ Wives.

“Provision of economic empowerment opportunities for women in grassroots communities to reduce their vulnerability, and advocacy for Girl-Child education.

“Collaboration and partnerships with women’s rights and civil society organisations. Production and dissemination of advocacy videos and radio programs in various languages.

“Capacity building and learning Webinars for Governors’ Wives and their Staff teams, and the production of a GBV Resource Manual.

“While we are thankful that we have been able to work successfully to bring about the above results, we are mindful that the crisis of Sexual and Gender-Based Violence continues to ravage our communities and country as a whole. We all need to do more.

“As mothers, we are also deeply concerned about rising tensions and insecurity in the country. We therefore commit to the following:

“Ceaseless prayers for our husbands, political leaders and security chiefs, as we urge them to find a lasting solution to the current security challenges in the country.

“We thank HE Dr Aisha Buhari, First Lady of Nigeria for her encouragement and support at all times.

“During a recent visit to her, she charged us to stay focused and determined in our efforts to mitigate GBV and provide succour to women and children. We accept this charge and we will not relent in our endeavours.”

June 12 Protest: NANS Backs Out Of Nationwide Protest

By
Akinwale Kasali
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Sunday Asefon - NANS President

By Akinwale Kasali

The wind seem to have been taken out of the proposed  nationwide protest on Saturday, June 12, 2021.

Less than 24-hours to the protest by the National Association of Nigerian Students, NANS, the association has backed out, and suspended it.

NANS President, Sunday Asefon, in Statement today, Friday June 11, 2021, said the Association decided to suspend the protest because of the fear of a possible hijacking of the protest by Politicians.

In a statement titled, ‘NANS Suspends June 12 Protest Over Concerns About Safety Of Protesters And Fear Of Possible Hijack By Politicians, Asefon said the planned protest was aimed at decrying the insecurity in the country, especially the serial abductions of students.

However, Asefon said some politicians with “different agenda” have perfected plans to hijack the protest to “ventilate their political opinions and sentiments”.

He also added that the Students’ body was not associated with the secessionist campaign or the ‘Buhari-must-go’ slated to hold on Saturday by some politicians and activists.

“Having considered the current security realities and the danger to the lives of our members in case of possible hijack of the planned protest, I, in consultation with all the structures of NANS, therefore, announce the suspension of our proposed protest for June 12.

“The suspension of the protest is necessary to avoid a clash of interest and clash with security agencies that are on red alert to protect the nation’s infrastructure from security breaches on the proposed date as a result of many other protests slated for the date.

“We intend to protest for better security and improved welfare for our students. We must, therefore, not put the life of any of our students at risk to ventilate our grievances.”

Asefon further noted that the protest was not cancelled but postponed, adding that a new date would be announced for the demonstration.

The cancellation must come as a relief to parents and guardians who had feared for the lives of their children and wards, given that a hijack of the protest by politicians, civil rights activists and hoodlums could lead to a breakdown of the law and a clash with Security Agents.

The #EndSARS protest, meant to protest Police brutalities, which was hijacked led to the loss of many lives and the destruction of properties and businesses worth trillions of Naira.

In President Muhammadu Buhari’s interview with Arise Tv, on Thursday, he said the #EndSARS protest was aimed at overthrowing him from office.

Presidency Clarifies Buhari’s Mention Of Lagos In TV Interview, Says No Love Lost With Tinubu

By
Ayodele Oni
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0

By Ayodele Oni

President Muhammadu Buhari’s reference to Lagos while speaking on the future of the All Progressives Congress (APC) has nothing to do with party stalwart, Asiwaju Bola Tinubu, the Presidency said last night.

During his interview with Arise TV, when the President was asked on his desire for the APC after his tenure, he said:

“The hope of this administration is to see APC last beyond it. Therefore, we should allow the party to decide.

“You cannot sit there in Lagos, for instance, and decide on the fate of APC on zoning. The restructuring of the party has begun from the bottom to the top with the membership card registration. Every member of the party must be involved.

“We will soon conduct our convention. No single member of the party will be allowed to go against the wish of the party. We should allow the party to decide.”

Clarifying the comment last night in a statement, Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said:

“The Presidency wishes to distance President Buhari from a malicious campaign aiming to drive a wedge between him and a staunch ally, Asiwaju Bola Ahmed Tinubu.

“This is nothing short of a mischievous attempt to drag the President into controversies. Our citizens and especially the members of the APC should not fall for this.

“The ruling party, the APC, unlike others before it is a popular political party owned by its entire membership, hence Mr. President was making the point during the 45-minutes interview that neither he nor anyone in the leadership could impose their wishes on the party.

“This is a basic consensus that binds the entire party leadership. The party leaders remain firmly committed to the principles that succession must be through the democratic norms and processes.

“The mention he made of Lagos was not a reference to the respected party leader, Senator Bola Tinubu, as the opposition party’s predatory designs would put it in order to damage the excellent relationship between the two of them.

“The President, the Asiwaju and the rapidly growing members of the party, want a dynastic succession of elected leaders.

“The APC should not be distracted from its progress as a democratic party.”

2023: Tinubu Insists On Presidency Despite Buhari’s Comment

By
Bayo Bernard
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Bola Tinubu
Asiwaju Bola Ahmed Tinubu

By James Orji

The falcon no longer listens to the falconer. The message has been sent clearly to Asiwaju Bola Tinubu that his ambition, to become president does not enjoy the support of the man he helped to attain power, President Muhammadu Buhari, according to the critics of the former Lagos state governor and chieftain of the ruling All Progressives Congress, APC.

This, however, has not dampened the spirit of the APC strongman, as those close to him told the magazine that their leader believes in the power of the people to achieve his ambition of leading the country at the highest level. He’s working tirelessly for this purpose, sources close to him said as high wire politics, over who succeeds Buhari unsettles the party.

President Buhari had in an interview with Arise Television said the choice of the APC presidential candidate will be determined by the party and not a single individual, the comment believe by many to be referencing Bola Tinubu, a former Lagos state governor and chieftain of the party.

Buhari said “The hope of this administration is to see APC last beyond it. Therefore, we should allow the party to decide. You cannot sit there in Lagos, for instance, and decide on the fate of APC on zoning.”

Though the presidency has denied that the comment was referring to the former governor, but keen watchers of the party said the president may have made the comment based on the feelings among top echelon of APC against Tinubu succeeding him.

“The Presidency wishes to distance President Buhari from a malicious campaign aiming to drive a wedge between him and a staunch ally, Asiwaju Bola Ahmed Tinubu.

A statement by Garba Shehu, Senior Special Assistant of the President on Media and Publicity said on Thursday that “This is nothing short of a mischievous attempt to drag the President into controversies. Our citizens and especially the members of the APC should not fall for this.

“The ruling party, the APC, unlike others before it is a popular political party owned by its entire membership, hence Mr. President was making the point during the 45-minutes interview that neither he nor anyone in the leadership could impose their wishes on the party.

“This is a basic consensus that binds the entire party leadership. The party leaders remain firmly committed to the principles that succession must be through the democratic norms and processes.

“The mention he made of Lagos was not a reference to the respected party leader, Senator Bola Tinubu, as the opposition party’s predatory designs would put it in order to damage the excellent relationship between the two of them.

“The President, the Asiwaju and the rapidly growing members of the party, want a dynastic succession of elected leaders. The APC should not be distracted from its progress as a democratic party,” Shehu said.

In spite of this, many allude to plans to stop Tinubu from achieving his lifelong ambition of becoming president. This schoolof thought cited the removal of his supporters from sensitive positions in the ruling party and government.

For instance, Adams Oshiomhole, the immediate National Chairman of the party and close ally of Tinubu was removed in controversial circumstances. The ruling party is now led by Mai Mala Buni, the Governor of Yobe state, as the Caretaker Chairman.

Also, Dr Babatunde Fowler, a former Chairman of the FIRS was removed from office and is currently under probe by Economic and Financial Crimes Commission, EFCC. The former revenue boss served under Tinubu as governor and both are very close allies.

Tinubu who holds the unceremonious title of APC National Leader is speculated to be nursing the ambition to succeed Buhari when his tenure expired in 2023, though he has yet to declare his interest in the nation’s top job.

But the supporters of the former Lagos helmsman have been campaigning for him to be the next occupier of Aso Rock, the nation’s seat of power, based on what they described as a gentleman agreement in APC that power should shift to the south after Buhari’s maximum eight years as president.

Former Governor of Ogun state, Olusegun Osoba recently disclosed that the agreement was reached during the merger talks that brought the legacy political parties together in 2014. The parties are the ACN, ANPP, CPC and a faction of APGA led by Rochas Okorocha, a former governor of Imo state and now Senator.

Osoba said: “My honest opinion is this: I was the chairman of the constitutional drafting committee of the APC merger. We of ACN, we were the dominant group from the South, and the South-west is the home and the root of progressive politicking.

“Part of the understanding in the case of rotation is a conventional understanding that the presidency will move between the North and the South. That was the reason why we now allowed the chairman (of the party to come from the South). I don’t want to use the word zoning because we definitely did not put zoning. We know it may go in conflict with the Nigerian constitution, which says anyone who is a Nigerian, who has read up to school certificate, can contest and at the age of 35, I think can contest for the presidency of the country.

“But there was a clear gentlemanly understanding that the northern part of the country will produce the president when we did the merger in 2013 and the chairman of the party will then come from the South.”

Osoba stated that the understanding informed why the chairmanship of APC has remained in the South; moving from Chief Bisi Akande in the South-west to John Oyegun from South-south and also Adams Oshiomhole from South-south.

“Of course, at the end of the tenure of President Muhammadu Buhari, the gentlemanly agreement is that the presidency will come to the South,” he added.

According to him, going by the agreement, presidential candidate of the party in 2023 should come from any of the three zones in the South: the South-east, South-south and the South-west, adding that “that is the gentlemanly agreement that we reached when we are doing the merger.”

Meanwhile, sources in Tinubu’s Bourdillon, Lagos home told the magazine on Friday that the APC strongman did not take the president comment with a pinch of salt. “Asiwaju Tinubu has never believed that wining any election in Nigeria is a tea party. Like any other serious politician, he knows what role that people play in democracy. And that is his staying power, said one of his close aides, who does not want his name to be mentioned because of the sensitive nature of the issue.

Invitational Tourney: Super Falcons Loses To Jamaica, Promises Victory Against Portugal

By
Akinwale Kasali
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0
Super Falcons arrive USA

By Akinwale Kasali

The Reggae Girls of Jamaica surprisingly defeated the reigning African Women’s Champions, Super Falcons of Nigeria, 1-0.

Against all odds, and proving bookmakers wrong, the Jamaican Female Football team were coordinated, resilient and absorbed the pressure coming from their African opponent.

The Coach Randy Waldrum Super Falcons team came flying in the first half of the encounter, missing series of chances, before the Reggae Girls came out of their shell to score the lone goal Victory against their African opponents.

Deneisha Blackwood scored the only goal as Jamaica defeated Nigeria 1-0 in the opening match of the Summer Series that kicked off in Texas in the early hours of , Friday June 11, 2021.

The Super Falcons started the encounter on a promising note but they failed to convert their chances in the opening 45 minutes as both teams went into the break levelled.

Just before the half-hour mark, Jamaica had an opportunity to go ahead through a penalty, but goalkeeper Tochukwu Oluehi was composed in between the sticks to parry Blackwood’s strike.

The Super Falcons eventually paid for their lacklustre attacking play after Blackwood made up for her missed penalty and broke the deadlock at the BBVA Stadium in the 51st minute, courtesy of an assist from Jody Brown.

After finding themselves behind, Waldrum instantly made some changes with Ifeoma Onumonu, Nicole Payne and Amarachi Okoronkwo thrown into the fray but they failed to beat the Reggae Girlz’ defence.

The Jamaicans were solid in defence with crucial blocks to stop the Super Falcons from grabbing an equaliser.

Nigeria’s brightest chance in the second-half came when Vivian Ikechukwu powered in a left-footed shot from outside the penalty area but she was denied by the bar.

Barcelona’s Asisat Oshoala, centre-back Onome Ebi goalkeeper Chiamaka Nnadozie while five players including Halimatu Ayinde, Ngozi Okobi, Osinachi Ohale and Uchenna Kanu withdrew earlier this week all missed the encounter.

In the absence of Oshoala, Levante forward Francisca Ordega wore the captain’s armband while Switzerland-based defender Onyinyechi Zogg, Rivers Angels winger Vivian Ikechukwu, Finland-born striker Roosa Ariyo and Sunshine FC defender Oluwatosin Dimehin made their starting debuts for the Super Falcons.

The Super Falcons next opponent is Portugal in three days time, with present team Captain, Ordega, promising Victory.

She said the team will redeem its image against the European team by getting the deserved victory.

Corroborating Ordega, Waldrum said the team would pull up the pieces and get the deserved result in their next match.

CBN Debunks Plan To Nationalise Unity Bank

By
Bayo Bernard
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0

By Fola James

The Central Bank of Nigeria (CBN) has denied planning to nationalise Unity Bank Plc as alleged by an online news medium.

The report claimed that the apex bank was at the verge of nationalizing the commercial bank, citing some teething problems facing the Tomi Somefun-led bank.

Reacting to the report, the Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, described it as, “fake news” and should be discarded in its entirety

He said: “The report is fake news. There is no iota of truth in it.” He added that the public should disregard such news.

The report had claimed that the apex bank’s target examination of Unity Bank showed that the Tier 2 lender is in ”grave financial condition”, with Capital Adequacy Ratio, CAR and Non- Performing Loans (NPL) ratio that breached prudential standards.

However, analysts note that just last month, the CBN’s Monetary Policy Committee, MPC noted  in the communiqué it issued at the end  of its meeting that the banking industry is in good health.

According to the communique: “the Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR) both remained above their prudential limits at 15.8 and 38.9 per cent, respectively. The Non-Performing Loans (NPLs) at 5.89 per cent in April 2021, showed progressive improvement compared with 6.6 per cent in April 2020.”

Unity Bank’s audited FY’ 2020 results showed improved performance in key parameters. For instance, the Bank’s gross loans portfolio increased by 92.9 per cent to N206.2 billion in 2020 from N106.9 billion in 2019. The bank’s total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019. Also, the lender posted gross earnings of N42.71 billion compared with N44.59 billion recorded in the comparative period of 2019, reflective of its business and economic realities of the time.

Its customer deposit portfolio grew by 34.4 per cent to N356.62 billion in 2020, up from N257.69 billion posted in the corresponding period of 2019. Profit after tax stood at N2.09 billion, while profit before tax was N2.22 billion during the year under review amidst the tough macroeconomic environment where it operated. Its net operating income rose to N25.46 billion from N23.21 billion in the corresponding period of 2019, representing a 9.71 per cent increase.

This is even as the net interest income recorded a significant jump, as it rose by 7.60 per cent to N17.75 billion from N16.49 billion in the corresponding period of 2019.

Furthermore, the bank sustained the growth momentum demonstrated in its 2020 full year earnings as it recorded an impressive performance of 43 per cent in both profit before and after tax in Q1 2021.

The Bank’s unaudited Q1 results show that m the retail lender profit before tax (PBT) grew by 43 per cent to N784.3million from N550.1 million recorded in the corresponding period of 2020.

The profit after tax ,PAT for the period, which also grew by 43 per cent stood at N721.5million compared to the N506.1million recorded in Q1 2020.

As an outcome of increased focus on supporting local enterprises and industry, the asset portfolio also showed significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion, from N126.6 billion recorded in the corresponding period.

The total assets of the bank for the period showed an appreciable growth of 42 per cent to close at N521.5 billion, from N366.8 billion in the corresponding period of 2020.

The balance sheet of the bank had been considerably de-risked with the non-performing loan (NPL) ratio of near-zero per cent, which it has consistently maintained over time. With this, the bank ranks topmost in risk management assessment.

The bank recorded gross earnings of N11.5 billion, representing a marginal decline of three per cent when compared to N11.9billion posted in the corresponding period of 2020. The bank has assuredly intensified its recapitalization efforts by the recent updates the lender provided to the supervisory authority and significant mileage is currently being recorded as part of its corporate transformation and renewal programmes

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