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Access Bank: Leveraging Retail banking, African Expansion for Growth

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“Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent.”

By Babajide Komolafe

The resilience of the Nigerian banking industry in the face of economic recession triggered by the COVID-19 pandemic is reflected in the financial performance of Access Bank Plc for the year ended December 2020. In a pandemic ravaged year that saw the global economy contracting by about 4.3 per cent and the Nigerian economy suffering 1.92 contraction, Access Bank was able to record significant increase in revenue and profitability. According to the audited financial statements of the bank, gross earnings increased by 15 per cent, to ₦764.7 billion in 2020 from N666.75 billion in 2019.

The bank recorded 13 per cent growth in Profit Before Tax (PBT) to ₦125.9 billion in 2020 from ₦111.9 billion in 2019. The above led to 22 per cent growth in the bank’s total assets which grew to ₦8.68 trillion in December 2020, from ₦7.14 trillion in December 2019. The above performance, according to Herbert Wigwe, Managing Director, Access Bank Plc, especially at a time of general decline in economic activities, upsurge in job losses and business failures, was made possible by the strong focus of the bank on retail banking, financial inclusion and an African expansion strategy.

Retail & E-Payment

Growth Reflecting the effectiveness of the bank’s focus on retail banking on its financial performance in 2020, the bank attracted 5.8 million new customers while Customer deposits grew by 31 per cent to ₦5.59 trillion in 2020 from ₦4.26 trillion in 2019, with Savings Deposits rising 66 per cent to N1.3 trillion in 2020 from N789 billion in the previous year. The growth in the bank’s retail banking in 2020 was enhanced by the expansion of its electronic banking offerings leading to significant increase in transaction value across its various e-payment channels.

These include: 116 per cent growth in USSD transactions to N1.9 trillion in 2020 from N891 billion in 2019; 55 per cent growth in POS transaction to N798 billion from N515 billion; 24 per cent growth in ATM transactions value to N3.09 trillion from N2.49 trillion; and 40 per cent growth in Mobile & Internet transaction value to N24.03 trillion i 2020 from N17.2 trillion in 2019. Consequently, income from e-payment channels and e-business rose by 56 per cent to N56.1 billion in 2020 from N36 billion in 2019. Following the growth in customer deposits and e-payment channels, Access Bank was able to grow its non-interest income by 112 per cent to N275.5 billion in 2020 from N129.91 billion.

The triple digit growth in non-interest income helped the bank to overcome 5.0 per cent decline in interest income, which fell to N262.95 billion in 2020 from N277.2 billion in 2019, a by-product of the crash in interest rates in 2020. In addition to the above, Access Bank recorded significant improvement in assets quality as reflected in its Non Performing Loan (NPL) ratio.

Speaking in this regard, Wigwe said: “Our asset quality also continued to improve as guided to 4.3 per cent from 5.8 per cent in 2019 as we intensified recovery efforts, undertook significant write off and leveraged our robust risk management practices This is expected to continue to trend downwards as we strive to surpass the standard we had built in the industry prior to the merger with Diamond Bank.”

Herbert Wigwe - Access Bank MD arrested by EFCC
Wigwe: Access Bank Chief Executive

Elaborating on the factors behind the growth recorded by the bank in 2020, Wigwe said: “The strategic actions that the bank has taken over the past 12 months evidence a strong focus on retail banking and financial inclusion, an African expansion strategy and a drive for scale for sustainable value creation. “In 2020, Access Bank proudly opened its doors for business in Kenya and Mozambique, further increasing our footprints across the African Continent. Access Bank Zambia also concluded the acquisition of Cavmont Bank Limited in January 2021 and the Group recently announced the approval by relevant regulatory authorities for the acquisition of Grobank Limited, creating an inroad into the South African market in realization of the Group’s strategic ambitions.”

Transition to HoldCo

To further sustain the growth achieved in 2020 and give momentum to its African expansion strategy, Access Bank recently announced its intention to transit to a Holding Company (Holdco) structure. According to Wigwe, this move is motivated by the opportunities that further exist in the market. He said: “The bank has received the Approval-In-Principle from the Central Bank of Nigeria for the restructuring and the HoldCo will consist of 4 subsidiaries in order to tap into the market opportunities that are available in the consumer lending market, electronic payments industry and retail insurance market.

“The proposed HoldCo structure would enable the Bank to further accelerate its objectives around business diversification, improved operational efficiencies, talent retention as well as robust governance. The new Access Bank Group will consist of Nigeria, Africa and international subsidiaries, while the payments subsidiary will leverage the strong suite of the bank’s assets.

“Going into the fourth year of our 5-year cyclical strategy, our focus remains on consolidating our retail momentum and expanding our African footprint in a sustainable manner.”

AfCFA Opportunities

Among the market opportunities encouraging the Pan African expansion strategy of Access Bank is the African Continental Free Trade Area (AfCFTA) which commenced this year. Releasing the need to support the regional initiative and also take advantage of the opportunities it offers, Access Bank recently unfolded plans to expand to eight more African countries. The countries are Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia. Presently, the tier-one bank operates in 12 countries. According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the benefits of AfCFTA.

He further noted that, AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa. Wigwe said the bank would use its office in London to expand representative offices in India, Lebanon and China. He stated that the plan is for the bank to establish its presence in 22 African countries so as to diversify its earnings and take advantage of growth opportunities in Africa.

According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks. “We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets.

“The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present.

“In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners. “We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he explained.

Commenting further, on AfCFTA, he said the bank would use its digital framework to benefit from the deal. “Coming to Nigeria, we think we need to continue to entrench ourselves in the local market because there is still so much work to be done. “So, we are doing everything possible to satisfy our customers and also to ensure that our channels are adequately secured.

We are also ensuring that our staff are very efficient,” the CEO said. In 2018, the bank launched its ‘Africa’s Gateway to the World’ campaign – a strategic initiative which aims to promote ‘access to finance’ in Africa and beyond. It started this campaign by leveraging technology to offer its consumers new products. An example was its partnership with Remita, which has offered PayDay loans to over five million external customers.

The product was available on the web, through the bank’s USSD code, via ATMs, Access Mobile, WhatsApp Banking, and QuickBucks – its instant loan disbursal application. Access Bank has also embraced digital technology to propel both its sustainability targets and its African gateway strategic drive.

Insecurity: Secondus Asks Buhari To Swallow Ego And Ask Opposition For Help |The Source

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Uche Secondus

…Says “PDP Ready To Assist In Tackling Insurgency”

By Akinwale Kasali

The Peoples Democratic Party, PDP, National Chairman, Uche Secondus has says the Boko Haram insurgents now reign supreme. He submitted that they have  gained confidence in the perpetuation of their heinous activities since the President Muhammadu Buhari’s Government.

Addressing a press conference in Abuja,  Secondus said President Buhari has failed to tackle the rising insecurity across the country, pointing out that he has failed to live up to his responsibilities. He is “simply wishing that the problems will go away.”

He said that the Boko Haram insurgents who were pushed out to the fringes by the President Goodluck Jonathan administration, leading to the successful elections of 2015, have since boldly reasserted themselves.

He, however, noted that the PDP is willing to help address the security challenges, provided the Buhari administration is ready to approach the opposition for help.

He said: “It is unimaginable that terrorists, who had been pushed out to the fringes by the President Goodluck Jonathan administration, leading to the successful elections of 2015, have since boldly reasserted themselves and are now taking territories in five local governments of Niger state, which is only two hours from Abuja.”

Secondus added that  Nigeria has become an expansive field of mass kidnapping and murder under the watch of the APC-led Federal Government.

“The administration of President Buhari should completely shed weight on arrogance, lack of respect for Nigerians, and its pretences of being an island of integrity,” he said.

“He should begin to engage the citizens directly. He should address the nation on the various issues escalating tension in the land and pushing the nation farther to the tips of the precipice.

“It is serious political malpractice, for Mr President to stand aloof, say nothing, do nothing and simply wish that the problems will somehow go away. It is a great disservice to the Nigerian people for Mr President to abandon his presidential duties to two media handlers who resort to issuing meaningless and annoying press statements in the name of an amorphous and questionable organisation called ‘the presidency’.”

Secondus further urged the current administration to, among other things, employ more security personnel and enforce state policing.

He said: “In addition, efforts should be made towards partnership with foreign governments and miscellaneous entities for the war efforts. The situation in our country is not normal and exceptional steps should be taken to restore it to normalcy.

“We also call for the deployment of technology in the fight against terror, banditry, and other crimes. The PDP demands that all culprits should be brought to book. The apparent failure of intelligence to track attacks by bandits and follow up on them is a clear failure of the intelligence community.

“We call for the creation of National Borders Protection Force to secure our borders. This will include an integrated border protection system that will draw personnel and equipment from existing armed service and Immigration.”

Lucky Guy: Mourinho Lands On New Plum Job |The Source

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By Akinwale Kasali

Less than two weeks after he was sacked by North London English Premier League Club Side, Tottenham Hotspurs, Portuguese coach, Jose Mourinho, PhD, will return to the dugout. He has just been offered a mouth-watering appointment as the new coach of Rome based Italian Club side, AS Roma. For him, there is neither an idle, nor a dull moment.

The 58-Year old’s return to management with Roma was rapid.

He announced he will take over for the 2021-22 season, having signed a three-year deal that will run through to 2024. It also ushers in a return to Serie A for Mourinho, who won a treble with Inter Milan, which won the Italian Serie A title last weekend in a two-year spell at the San Siro from 2008 until 2010.

It was confirmed that the appointment of Mourinho came on the heel of the disastrous 6-2 loss to Manchester United Football Club in last week’s UEFA Europa League Semi Final. The weekend’s 2-0 loss to Sampdoria, nailed the coffin for the exit of Paulo Fonseca.

Mourinho, being available and ready to start was also appealing to Roma, with the Friedkin family who own the club looking to appoint the best free coach to replace Paolo Fonseca and avoid paying out millions in compensation.

Roma announced earlier on Tuesday that Fonseca will be leaving at the end of the season.

They had initially made a move for Maurizio Sarri, the former Chelsea, Juventus and Napoli boss, but ditched him in favour of Mourinho.

The Portuguese boss wasted no time in sorting out an appropriate phone case for his next step in management.

Mourinho posted a picture of a case in Roma’s colours with the initials ‘JM’ on his Instagram page on Tuesday afternoon, alongside the caption: ‘My new phone cover.’

Mourinho’s Roma appointment will benefit Tottenham’s books, as well. If Mourinho had remained unemployed, he would have been due £16m with the remaining 18 months of his Spurs contract to be paid out.

Now, he will get around eight weeks’ worth as it intertwines with him heading to Roma  Spurs in the region of £1.5m instead.

Mourinho said: “Thank you to the Friedkin family (Roma’s owners) for choosing me to lead this great club and to be part of their vision.

”After meetings with the ownership and Tiago Pinto (Roma’s general manager), I immediately understood the full extent of their ambitions for AS Roma. It is the same ambition and drive that has always motivated me and together we want to build a winning project over the upcoming years.

”The incredible passion of the Roma fans convinced me to accept the job and I cannot wait to start next season.

”In the meantime, I wish Paulo Fonseca all the best and I hope the media appreciate that I will only speak further in due course. Daje Roma!

In the meantime, Mourinho will be working for radio station talkSPORT across the summer with their coverage of Euro 2020.

Roma sits seventh in the Serie A standings and were thrashed 6-2 by United in the first leg of their Europa League semi-final at Old Trafford last week. The return leg in Italy is on Thursday.

Club President Dan Friedkin and Vice President, Ryan Friedkin, said: ‘We are thrilled and delighted to welcome Jose Mourinho into the AS Roma family.

”A great champion who has won trophies at every level, Jose will provide tremendous leadership and experience to our ambitious project.

”The appointment of Jose is a huge step in building a long-term and consistent winning culture throughout the club.’

General manager Pinto revealed that Roma weighed up a move for Mourinho as soon as news emerged that Tottenham had sacked him.

”When Jose became available, we immediately jumped at the chance to speak with one of the greatest managers of all time,’ Pinto said.

”We were blown away by Jose’s desire to win and his passion for the game: no matter how many trophies he has won, his primary focus is always on the next one. He possesses the knowledge, experience and leadership to compete at all levels.”

Buhari Warns Coup Plotters

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President Muhammadu Buhari
By Felix Adetoye
President Muhammadu Buhari has warned some elements in the country nursing the intention of forcefully overthrowing his government, that they will be dealt with decisively.
The warning came amidst another one from the military to officers allegedly planning to take over government. Defence Headquarters, DHQ said on Monday that the armed forces remained subordinate to the Constitution and the Commander in chief of the Armed Forces, President Muhamamdu Buhari, and that soldiers should beware of anything that is capable of undermining the current democracy.
The Presidency in a statement issued by the Special Adviser to the President on Media and Publicity,  Femi Adesina, in Abuja, alleged that some persons have planned to hold an illegal conference where a vote of no confidence will be passed on President Muhammadu Buhari.
It further said that some highly placed individuals in collaboration with some religious leaders and their foreign elements were working hard to undermine the sovereignty and corporate existence of the country.
Reacting to the alert earlier raised by the Department of State Services, DSS, the Presidency said that Nigerians opted for democratic rule, adding that the only acceptable way to change a democratically elected government should be through elections.
The statement read, “The Department of State Services (DSS), on Sunday alerted on sinister moves by misguided elements to wreak havoc on the government, sovereignty and corporate existence of the country.
“Championed by some disgruntled religious and past political leaders, the intention is to eventually throw the country into a tailspin, which would compel a forceful and undemocratic change of leadership.
“Further unimpeachable evidence shows that these disruptive elements are now recruiting the leadership of some ethnic groups and politicians around the country, with the intention of convening some sort of conference, where a vote of no confidence would be passed on the President, thus throwing the land into further turmoil.
“The caterwauling, in recent times, by these elements, is to prepare the grounds adequately for their ignoble intentions, which are designed to cause further grief for the country.
“The agent provocateurs hope to achieve through artifice and sleight of hands, what they failed to do through the ballot box in the 2019 elections. “Nigerians have opted for democratic rule, and the only acceptable way to change a democratically elected government is through elections, which hold at prescribed times in the country. Any other way is patently illegal and even treasonable. Of course, such would attract the necessary consequences.

“These discredited individuals and groups are also in cahoots with external forces to cause maximum damage in their own country. But the Presidency, already vested with mandate and authority by Nigerians till 2023, pledges to keep the country together, even if some unruly feathers would be ruffled in the process, ” Adesina said in the statement.

OPINION: Why The World Left Nigeria |The Source

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By Bode George

…The Embarrassing Lagos Situation

Alan Paton in his book, CRY THE BELOVED COUNTRY, says: “Christ suffered not just to save us from suffering but to teach us how to use that experience to survive and overcome”.

The Nigerian polity is now straying towards its elastic limit. It is now over -stressed and over-stretched beyond the bounds of acceptability. Our survival as a nation is genuinely being questioned from the desert to the sea.

Violence sprouts everywhere from the distant outpost of Ajangbadi in Lagos to the farthest reaches of Malum-Fatori in Borno, from Kiṣi in Oke-Ogun to Odiani in the swamps of Delta- our nation gradually descends into a dangerous gangland where the rule of the bayonet and clubs seems to be the norm.

Surely, we can’t continue like this. Our survival as a people is to reverse the ruinous course and retrieve ourselves from the gaping chasm that confronts us all.

This is the time to change the path of old, to look beyond what hobbles our progress, to redefine our value system, to rejig and restructure the various anomalies that presently hinder the greater possibilities of the Nigerian Union.

The challenges before us are far beyond the confines of partisan politics. The turmoil within the Nigerian entity is about the twisted present situation. It is about who we are. It is about what we ought to be. It is about the greater tomorrow.

Unfortunately, the sway and the swing of the present political culture do not favor the triumph of merit. It does not favor the promotion of excellence. It does not encourage the accommodation of hardwork. And it discourages the blind indifference to ethnic or sectarian provenance.

Alas, our political culture is still much engrossed in the glorification of cronyism over intellect, the celebration of charlatans over patriotic commitment, the narrow worship of the gains of the moment over the truth and the base withdrawal into nepotistic laager over the greater good.

Surely, no nation can long endure on this limiting vision. We live in a very competitive global village where the entrepreneurial drive are often predicated on the ethical draw and the business friendly nature of the enviroment.

Global conglomerates like Twitter, Kia, Hyundai, Facebook and so many others are trooping to Ghana, Rwanda and South Africa. And our nation is losing an estimated 29 billion dollars every year due to epileptic power supply.

This is not sustainable. Electrical Power is the very life-blood of all industrial revolution. It is the fuel of all economic development.

A nation without efficient power supply cannot rise into the bright dawn of the digital civilization. It is stuck forever in the bleak dark side of economic underdevelopment and teeters inevitably on economic ruination.

Indeed, something must give way to spur a Nigerian rebirth and renewal lest we become the permanent invalid giant of Africa.

To change cause, to redefine our path, we must cultivate the essential ingredients of meritocracy as the critical building blocks of modern nations. Wherever young, vibrant, intelligent minds are given a pride of place to steer the destinies of their nations, such societies invariably are widening the opportunities for competitive growth, encouraging a healthy contest of ideas, strengthening their developmental advantages.

Our young men and women excelling from the tundra of Russia to Saint Albert in Canada are symbols of our great possibilities if only we do the right things; If only we encourage knowledge and be kind to talent; If only we disregard the narrow province of nepotism and embrace merit regardless of its origin.

The skewed structures of political power are equally an inherent hindrance to national development. Every stakeholder from Kaura-Namoda in  Zamfara state to the farthest reaches of Isaleko on the edge of the Lagos lagoon now agrees that the excessive centrality of political power in our nation is destroying competition, holding everyone down to an unhealthy indolence, strips the states of individual growth and development, disallows free-willing local initiatives, strangles fairness and equity in the larger Nigerian union, inflames tension and fissiparous tendencies.

We can do better than this. We must listen to the voice of reason. We must induce debates and let a thousand flowers bloom. We cannot stifle peaceful dissent through the gulag and the stakes. The iron steel does not breed genuine patriotism. It merely drives dissent underground. This is more dangerous. This is not the road to be taken.

The scourge of brazen corruption is another hindrance to our collective union. Politics which ought to be a noble service is now perceived as a blatant, certified avenue to make money.

Ours is now a bullion van democracy where characters of blemished, dubious identities have virtually seized our collective coffers, turning a people’s treasury into a private family vault.

Lagos state, my much trampled state which a writer recently referred to as a zombie state is perhaps the best example of a seized and conquered territory where an Iragbiji native dwells like an obscene Persian monarch determining who becomes a Councillor, who becomes a Local Government Chairman, who becomes a House of Assembly member, who becomes a Representative, a Senator and a Governor.

All these he does by compromising all the agencies and organs of the state, including the warped Electoral Commission itself.

If our Electoral Commission is more pro-active in adopting the well proven and trusted electronic voting system which is the preferred platform in all enlightened democracies, there will be more fairness and balance in our wobbly democracy.

That is not the case now where result sheets are moved manually from one stage to the other, allowing swift manipulation of figures by agents of retrogression.

It is true that evil persists when good men choose to keep their peace.

I will not be part of that peace of the graveyard. We must speak out against all abuses of power and against all injustices. We must rail against all agents of destabilization and discord. We must speak the truth to the transient wielders of political power. There is no other way.

Here in our own corner of the world, we must resolve to draft and recruit brilliant young minds into leadership positions. The old destructive ways must change.

Our vision is now about rebirth through a new leadership of cultivated young men and women whose orientation is at variance with the ills of yesterday.

The democratic triumph in Oshogbo, the fairness of the process, the beauty of the procedure, the purity of leadership have succeeded in demonstrating our capabilities to redefine ourselves, to cultivate new spirit of revival, of renewal and rebirth.

A new beginning is dawning here upon our shores in the Southwest. Let us seize the moment, let us strengthen this new course; the rejuvenation of truth over falsehood, the accommodation and the embrace of righteous idealism over greed and narrow partisanship, the celebration of brotherhood over the decadence of enmity and the politics of bitterness.

Truth, sincerity, faithfulness, loyalty to the good cause, the abiding resolve to pursue what is righteous and proper; Discipline, adherence to the rules of engagement, respect for leadership and established norms should be our watchwords.

The mercenary politicians who play all fronts, who double – deal beneath the veil of the night, foolishly believing that politics is just another money raking venture will be winnowed out, unmasked, publicly disgraced and promptly flushed out from our midst no matter who they are or how high they think they might have reached in our party hierarchy.

That very change begins with us here and now. We will no longer tolerate or approve deliberate mud -slinging or character assassination by the devious and dubious elements who jump from one camp to the other in a desperate power grabbing fixity.

Leadership is a product of training, experience and learning. It is a process not an instant, immediate arrival. Leadership requires a lot of patience, cultivated wisdom and demonstrated intelligence. You do not aspire to position of leadership by mere whim and fancy. Like the Boy Scout motto says: You must be prepared. You must be honorable. You must look beyond personal advantages and be willing to make sacrifices on behalf of others. This is what the current political practice lacks.

At this juncture, I must return to my state again in view of the self-serving, dubious, incongruous legislation that seeks to shield the looters of our state treasury from the prosecutorial mandate of the EFCC.

According to records, in the year 2020, the Alphabeta company which is owned by Bola Tinubu raked in about 37 billion naira from our treasury without lifting a finger. If this is not sheer day light robbery, I wonder what is?

Sanwoolu’s legislation that seeks to shield criminals from Federal prosecution is dead on arrival. It is elementary assertion that once a state law conflicts with a Federal legislation, the state law is voided. This is what the constitution says.

Section 4(5) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) amplifies:

“If any Law enacted by the House of Assembly of a State is inconsistent with any Law validly made by the National Assembly, the Law made by the National Assembly shall prevail, and that other Law shall to the extent of the inconsistency be void’

And yet Sanwoolu rushes out with this bogus, invalid legislation, seeking to shield Tinubu from the day of reckoning. It will not work.

This is politics of deceit and self-serving glorification.

They cherry pick what suits them, railroading their enemies into jail and protecting their own.

I was a victim of this dirty politics in the hands of Lagos state and Farida Waziri for committing no offense at all until I was discharged and acquitted by the highest court in our land. Now cruelty has circled. It is their turn to sweat. They are now haunted by their own seeds of discord.

Let it be known here and now that Politics is not a private business. It is public service. Politics is not about the pursuit of personal gains but about the redeeming of collective opportunities. Politics should always be seen in the larger picture of making the lives of the governed more comfortable, creating better opportunities in all spheres of human endeavors.

This much is our ringing leit motif, our guiding principle. On this, we will not yield nor surrender to cheap, indecorous blackmail. Our mission is noble. Our pursuit is selfless, firm and sure. The truth has only one face, one color, one reality. It is on this we stand as we embark on the rescue of our state from the greedy clutches of the Iragbiji usurper and ultimately push forward in the crucial journey towards our collective national salvation.

It is rather amusing when I see some mercenary pretenders prancing about the Nigerian space, hallucinating about an elusive presidential ambition. Yes, hallucinating because they do not have their priorities right.

Even as every corner of the country is challenged by variegated insecurities ranging from banditry, urban outlaws, rogue herdsmen, destructive fissiparous forces, the murderous Boko Haram terrorists and sundry insidious elements – the basic priority of all right thinking patriots should be about restoring peace and harmony among our people rather than the mercantile pursuit of a chimerical presidential bid. This is what is called true statesmanship. This is what is called discerning, progressive leadership.

On this very larger Nigerian platform we are resolute and unchanging. Here, we dare not falter nor fail. Here, we must not waver nor seek refuge in uncertainty. Here, we remain determined and affirmed; assured in the justification of a good cause, strengthened by the recourse to be steadfast and sure, to be strong in will, to be hardened in battle, to wade through the barricades and the present challenges with tough and formidable mien.

Before I conclude, let me reiterate my basic positions as follows:

*That the Nigerian Federation is skewed, distorted and should be restructured for equity and fairness to prevail.

*That Politics should be seen as a public service and not as an avenue to amass wealth.

*That the Lagos state government legislation that seeks to shield criminals from being prosecuted by the EFCC is unconstitutional and retrogressive.

*That the EFCC is advised to look into the books of Alphabeta company with the view of ascertaining criminal complicity in the looting of Lagos treasury.

*That the two Toll gates at Lekki should be pulled down permanently and a monument should be erected in honor of those young men and women who were martyred in pursuit of a better Nigeria.

*That the Lagos State House of Assembly has failed in her constitutional duties of protecting the welfare and the interests of Lagosians.

*That the NURTW which is a militia wing of the APC government in Lagos state continues to be the core of destabilization and violence and should therefore be abolished.

*That the activities of Bola Tinubu and his cronies in the appropriation of the resources of Lagos state since 1999 till today should be thoroughly investigated by the EFCC.

*That the Independent National Electoral Commission should jettison its manual procedure and embrace Electronic Voting System.

*Lastly, that Nigeria can be a better place when we all eschew ethnic jingoism, sectarian bias and crass nepotistic agenda.

We cannot continue like this. Something must give. There is no other way. There is no other path. Those who have stripped our collective coffers must face the full wrath of the law as a deterrence to others.


Chief George, Rtd Navy Commodore, a PDP Chieftain, is the Atona Oodua of Yorubaland

Unity Bank Sustains Profit Momentum By 43 Per cent

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By Tosin Olatokunbo4

The managing director of Unity Bank Plc, Tomi Somefun has disclosed that the Tier 2 lender has started the year on a strong footing, after the bank showed strong performance in key areas in the quarter 1 2021 result it presented to the Nigerian Exchange Limited, NGX.

Speaking on the result, Somefun said the first quarter result was an indication of better outcome for the year. The top-line performance was driven by improvement in net interest income margins which reported 16 per cent growth. To this, Somefun stated that the bank was replicating same momentum in the area of liability generation and to gain traction.

The bank’s CEO said “We are targeting opportunities across regions and identified segments in retail and SMEs whilst optimising our technology and digital platforms such as Omni-channel UniFi, USSD *7799# to deliver bundled product bouquet, operational efficiency and improved unparalleled customer service delivery. Like the multi-language service channels, customers are to expect more innovations as the year unfolds.”

Tomi Somefun
Somefun: Predicts Better Year for Lender

Looking ahead, the Unity Bank’s Chief further stated “The bank will consolidate on the gains it has made on its assets growth and further build the franchise of the brand in many areas of the business to shake off any lethargy to galvanize efficiency across its earning assets, thereby diversifying its earnings base to further grow the bottom-line”.

According to the results, 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.

In the bank’s unaudited Q1 2021 results submitted to the NGX), the retail lender’s profit before tax grew by 43 per cent to N784.3 million, from N550.1 million recorded in the corresponding period of 2020.

Profit after tax for the period which also grew by 43 per cent stood at N721.5 million 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 a significant growth in loan book of 76 per cent as net loans and advances to customers increased to N223.2 billion, up 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 an NPL ratio of near zero per cent which it had consistently maintained over time, thus making it to rank as one of the best in risk management and credit creation culture.

Also, the bank recorded gross earnings of N11.5 billion, representing marginal decline of three per cent, when compared to N11.9 billion posted in the corresponding period of 2020.

Other key highlights of the Q1-2021 results included the cash and balances with the Central Bank which recorded a whopping 326 per cent leap to close at N111.2 billion from N26.1 billion in the corresponding period of 2020.

The lender also grew its customer deposits by 13 per cent to N348.3billion up from N308.8billion recorded in the period under review, a strong indication of the growing popularity and acceptance of the Bank’s array of innovative products and services and the arrays of new technologies deployed in its operations to enhance high level of customers’ experience and service delivery.

OPINION: The Diabolical Silence Of The Igbo Elite |The Source

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Ugo Egbujo

By Ugo Egbujo, PhD

“When gangs rule, people pay for protection. When a vocal politician keeps mute in the face of egregious evil, he could curry the favour of the mob. Where are the Igbo Elite   –   Elders, Traditional Rulers, Bishops and Professionals?” They are at home and watch while our goat is in labour tethered. Have we gone mad?”

A child who leaves skelewu to dance surugede must be reminded; surugede is a dance of the spirits. Those whom the gods want to kill they first make mad.

Osinbajo fears civil war. War is hell, but we could be in for worse. The rampant slaughter of police and military personnel on the streets is the devil at full throttle. Our governments have only a little time to spare us a slow descent into Armageddon. No one will enjoy a Sergeant before the cascade into a Liberia.

Igbo elders and elites are silent. They lost their voice against evil when it was in its infancy. That’s what political opportunism does. Everything is seen through the prism of petty smash and grab politics. Now the monster is prancing around with fangs and claws; it could be prudence to remain mute. After all, if armed robbers, you can call them whatever you wish, can visit a governor at his country home at 9 am on a Saturday morning day, then what can a timid self-centred politician do?

Professor Osinbajo told a poignant story a few days ago. His friend was a Supreme Court Judge in Somalia. Then the trouble started. The elite kept quiet. The trouble festered into a war. The country fell apart. The Courts closed, and Judges fled to become commoners. Later, on a UN Mission, Professor Osinbajo met his friend, bowl in hand, waiting for a food ration on a long queue.

Someone called it a nice piece of fear-mongering. That bold fellow lives in London.

I have checked the Twitter handles of many vocal Igbo politicians. In the last month, they never mentioned “unknown gunmen.” They have largely avoided the monster.

Soludo was attacked; they said nothing. The Owerri prison was broken, and murderers freed; they looked away. Then a Governor ’s house was attacked, his guards killed, his house set ablaze; yet no word from the champions of Igbo politics and none from the Bishops. Igbos used to be bold.

A village Priest in a Church in Imo raised the issue of the unknown gunmen in his sermon recently. Murmurs of approval from a section of the congregation greeted the brutal actions of the gangsters. Then the Priest explained to his excited congregation that those who can burn a Governor ’s house could set ablaze all the Cathedrals in the state.

The congregation quietened. All it would take might be a devilish epiphany. The leader of the gang could say that in the Republic that is to come, the ways of white colonialism must be forsaken and African spirituality reinstated. That would be all. He might even put the seal of God beside the pronouncement.

When commercial kidnapping started in Nigeria, it started with the abductions of foreigners in the Niger Delta. The locals looked away. It wasn’t their problem. Many foreigners flew away; the others learnt to fly without perching. A few years later, the criminals’ appetite became omnivorous, and the shadow of death loomed over the entirety of Port Harcourt. Soon everybody in Port Harcourt knew somebody who had been kidnapped and ransomed or killed.

Aba would later convulse, fold and flee. The entire town.

Arson has started in Igbo land with police stations. Commissioned arson is antithetical to the capitalist nature of the Igbo nation. If it becomes rife, markets, warehouses, and homes would all be in peril.

The Anambra Governorship elections are months away. A group has sworn to maim and kill those who would take part in campaigns and the election. The government has said nothing. The Traditional Institutions have said nothing. Igbo Professional groups have said nothing. They might need to borrow balls.

In the last four weeks, many security agents have been murdered on the streets in Anambra. Anambra 2021 is in jeopardy and the state that produced Azikiwe and Ojukwu has been intimidated into silence.

I used to wonder how North Korea came into the worship of one man. But after reading about how Kim Jung Un, and his father before him, distributed death whimsically to persons and families, it became apparent. The elites in North Korea now laugh aggressively and uniformly at every joke cracked by their president.

A careful campaign to obliterate dissent has begun in Igboland. Soon silence could be a mortal sin, and we could be tumbling over ourselves to sing eulogies to a supreme leader.

By the time the cheerleaders of violence realized they had castrated themselves in Somalia, it was too late. Their country had become a gangland. The rule is simple. When chaos sets in, the man with the gun and capacity to do evil becomes king.

Somalia has been partitioned by violence. The falcons you see today may not hear the falconers tomorrow. We are all in it, the initiators inclusive. Once the goons learn that the native oaths they took were mere rituals, they would resign their membership of the monkey company working for a gluttonous baboon in London or Ethiopia.

Before silence becomes dissent, a capital sin, let’s look at its current shades. Today’s silence in Igbo land is of many types. There is cowardly silence.

The Bishops and Traditional Rulers could be in this group. They are not that naive. They can foretell the consequences of the drama unfolding. These elders would have spoken out now, but they have seen the Police fall, and they do not want to die yet. They have squirrelled into holes and occasionally appear to attend Ebubeagu meetings behind closed doors.

There is silence as payment for protection— silence in lieu of protection money.

When gangs rule, people pay for protection. When a vocal politician keeps mute in the face of egregious evil, he could curry the favour of the mob.

Many great social crusaders, who have lost their voices and can’t discuss the barbarism of the ‘Unknown Gunmen’ boldly and truthfully, fall into this otherwise noble group. You might call them chameleons. But some of them are actually mice.

They used to brag about their ability to speak truth to power. They have now seen not a pet cat that laps milk but a feral cat. And they have tucked in their tails. Then there are those who have chosen silence to egg the monster on, to instigate an apocalypse from which they might gain a political advantage. They are the hyenas. They desperately want a change in the existing power equation and wouldn’t mind getting into the mix through the backdoor or rat hole.

Some see the birth pangs of a new Republic. For others, it’s spice, entertainment. Some say that going for broke is the best way to strike the best bargains when dealing with the hard-hearted. Something is certain; vultures are circling.

Adults are home, and our goat is going into labour tethered. Have the gods made us mad, madly silent?


Dr. Ugo Egbujo is, among other things, a Columnist, and a regular commentator on National issues.

NIN: Pantami shifts deadline to June 30 |The Source

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NIMC

By Uche Mbah

The Minister of Communications and Digital Economy, the embattled  Isa Pantami, has shifted the deadline for the linking of the National Identification number, NIN, to June 30, 2021, to give leeway for those who have not linked their NIN to their SIMs to conclude the process.

According to Agency reports, The Nigerian Communications Commission and National Identity Management Commission announced the deadline extension of the National Identification Number (NIN) and Subscriber Identity Module (SIM) integration exercise in a jointly signed statement.

Two months ago, there was a court order that required the Commission to extend the time lapse to the end of May, but the commission was only able to extend it by one month. This current extension exceeded the time frame stipulated by the Court order.

Agency reports indicate that the extension was due to the virtual meeting chaired by Mr Pantami and attended by the Chairman of NCC, Adeolu Akande, Executive Vice Chairman of NCC, Umar Garba Dambatta, and NIMC’s Director-General, Aliyu Azeez.

According to the minister the postponement of the deadline was also based on stakeholders’ request for an extension until June 30 to make it easier for Nigerians and legal residents to register.

“Significant progress has been made in the NIN-SIM verification process. For example, almost 54 million people have obtained their NIN, and this can translate to up to 190 million mobile numbers since empirical evidence suggests that each unique NIN maps to three to four phone lines,” Mr Pantami said.

The Communications minister has been under fire because of alleged terrorist affiliation, with the Presidency standing solidly in defence, refusing to heed the clamor for the sack of the embattled Minister. The Minister himself has refused to resign.According to the Presidency, disgruntled Nigerians are after the Minister because of the NIN policy. It was, however, alleged by critics that he is using the NIN project to register Non Nigerian Fulani as Nigerians, which explained why he refused to use the Bank verification Number, BVN, for the NIN registration.

Based on various videos and documents circulating online, Mr. Pantami is said to be an avowed supporter of terrorism on a global scale. Many believe this has disqualified him from holding public office.

“Furthermore, the telecom providers and other enrollment agents have also opened several centres across the country to make it easier for eligible citizens and residents to obtain and link their NINs.

“This is similar to the use of Social Security Number and National Insurance Number for accessing services in the United States of America and the United Kingdom, respectively,” the Federal Government said.

Presidential Aide, Ojudu, Fingers Gov Fayemi In APC Chieftain’s Ordeal In Ekiti |The Source

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By Ayodele Oni

“Clement was suspended under Governor Fayemi’s watch for identifying with the Presidential ambition of Bola Tinubu”

A chieftain of the All Progressives Congress, (APC), in Ekiti sttate Special Adviser to the President on Political Matters, Senator Babafemi Ojudu, has slammed Governor Kayode Fayemi and some leaders of the party, for high handedness and politics of hatred.

Ojudu, in his reaction to the suspension of the APC Caretaker Chairman of Ado Ekiti Ward 8, Afolabi Clement, described it as an assault on freedom of association as stipulated in the country’s Constitution.

Clement is believed to have been in the black book of the leadership of the party since 2020 for rejecting being used to suspend Ojudu.

He was, finally, edged out at the weekend over an allegation of identifying with the South West Agenda for 2023, (SWAGA), a political pressure group supporting the emergence of APC Leader, Asiwaju Bola Tinubu as a Presidential choice for the zone in the 2023 elections.

In a statement, the Presidential aide maintained that the treatment meted out to Clement was unjust and unacceptable.

“How could you sanction a party man for identifying with the ambition of a member of his party? This fellow is a member of our party and he chose to go with Tinubu.

“What is wrong with that? What intolerance? This is a dictatorship and not a democracy. We shall assist this individual to fight this assault on his right to the highest court in the land.

“I am shocked that this is happening under the watch of Dr Kayode Fayemi. He should realize that though he is in power today he will not be there tomorrow.

“I am really peeved. You are sacking a guy for identifying with Tinubu? It is a shock and I just couldn’t understand while you and our party in the state should go this low.”

Insecurity : 2023 General Elections Is Cloudy – Fayemi; Denies Presidential Ambition |The Source

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By Ayodele Oni

Ekiti State Governor, Dr Kayode Fayemi, has said that the 2023 General Elections are being threatened by the current insecurity in the country.

The Governor spoke on a radio/television programme in Ado Ekiti on Monday evening during which he denied nursing presidential ambition.

According to him, if the current security challenges facing the nation continue unabated, the 2023 Presidential election may not hold .

“Presidential Ambition? Even, we need to be mindful, we may not have the 2023 Presidential election if we continue this way. So, how can you have an ambition on the evidence before us.

“So, who have I ever gone to tell, that I’m running for any position in 2023? You called it perceived ambition and you’re asking me of it on public television and radio, you’re not being fair to me.

“Reflecting on whose thought, the thought of which people? Which survey have you conducted in Ekiti state that you know the thought of the people, that they think it’s because I’m running for an office, what am I supposed to do that I’m not doing? What do you mean by sitting on the fence?”

Governor Fayemi, however, expressed the hope that the security challenges facing the nation would soon be a thing of the past.

On the finances of the state, the Governor disclosed that revenue accruing to the state from the Federation account has nosedived considerably, with the state now rely6 on internal sources to meet some of its obligations.

He assured that despite the trend, his administration would not sack any worker but that Government would continue to involve stakeholders on the way forward.

Inspite of his denial of a Presidential ambition, however, there are strong speculations that a group of young, well-honed and well- heeled politicians, within the APC, is working on a Fayemi/El-Rufai Presidential ticket against 2023.