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First Bank: The N75bn Otudeko Loan Crisis

By
Bayo Bernard
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0

By Tosin Olatokunbo

Facts are emerging on the board room crisis that precipitated the sack of Adesola Kazeem Adeduntan as the managing director/ chief executive officer of First Bank Nigeria Limited and his replacement with Gbenga Shobo, on Wednesday, by the board of directors of the first generation bank.

Even though the Central Bank of Nigeria, CBN has since reinstated Adeduntan, feelers are to the effect that the last may not have been heard on the matter.

The CBN, on Thursday, wielded the big stick by sacking the entire board of the deposit money bank. Those affected in the shake-up included Chairman of First Bank, Chief (Mrs) Ibukun Awosika and the Chairman of First Bank Holding, Oba Otudeko.

Godwin Emefiele, CBN Governor announced on Thursday at a news conference in Abuja, the nation’s capital, the constitution of an interim board to run the big bank and stabilize its affairs.

The apex bank governor named Remi Babalola as the interim chairman of the Holding company, other members include, Peter Aliugo, Fatade Oluwole, Kofo Dosekun, Remi Lasaki, Alimi Abdulrasaq, Ahmed Modibo, Khalifa Iman.

According to Emefiele, Tunde Hassan Odukale will now serve as the new chairman of First Bank Limited, other members are Tokunbo Martins, Uche Nwokedi, Adekunle Sonola, Isioma Ogodazi, Ebenezer Olufowose, Ishaya Dodo, Sola Adeduntan as managing director, Remi Oni, Gbenga Sobo.

Oba Otudeko
Otudeko: Removed By CBN

Trouble started after the Awosika-led board removed Adeduntan as managing director/ chief executive officer of First bank Nigeria Ltd and replaced him with Gbenga Shobo. The CBN later intervened, insisting that the removal was done without its approval as a regulator. Apart from that, the apex bank stated that it was premature to remove Adeduntan, eight months into his retirement from the bank. The chief executive was supposed to step down from the bank by December 2021, having been appointed in 2016.

CBN in a letter to Awosika on Wednesday said “The CBN was not made aware of any report from the board indicting the managing director of any wrong-doing or misconduct; there appears to be no apparent justification for the precipitate removal,” the letter signed by Haruna Mustafa, CBN’s director of banking supervision, read.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators.

“It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiry of his second tenure, which is due on December 31, 2021.”

Sources in the apex bank told the magazine that the intervention was necessary to stop the illegality of the sacked board. “As the regulator, the CBN has the power to sack the board of any bank whenever any infraction is discovered. What the Governor did was to exercise his power under the CBN Act.,’ a source said.

But the magazine was told by insiders in First Bank that the crisis that consumed the Awosika-led board has started for sometimes, and may not be unconnected with plans by some top guns in the bank to write off over N75 billion owed by Oba Otudeko.

“The issue has polarized the management of the bank to anti and pro Otudeko elements, but the latter seemed to have upper hand in the matter and they are the ones that moved for the removal of Adeduntan,” a source said.

Another source also informed the magazine that the businessman who is the Chairman of Flower Mills Nigeria Plc has also been plotting a succession plan that would ensure that one of his children emerged as the chief executive of the bank but “this has been hampered by the CBN regulation which prescribes that a successor must be the most senior executive director from the bank. In this sense Shobo who is the Deputy Managing Director, DMD was asked to step in by the board. ”

According to the source, all efforts were made by “some persons to ensure that the N75 billion were written off as non performing loans or restructured to give the debtor a breeder, even as pressure mounted from the CBN on the management to determine the position of the loan.”

In a letter dated April 26, 2021 and addressed to Awosika, in response to FBN International Financial Reporting Standards accounts for the financial year that ended 2020, apex bank raised concerns that the issue concerning the loan was yet to be resolved.

CBN said “We further noted that after 4 years the bank is yet to perfect its lien on the shares of Mr. Oba Otudeko in FBN Holdco which collateralized the restructured credit facilities for Honeywell Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.”

The apex bank, therefore, directed the management of the bank to ensure within 48 hours that the loan facility was paid immediately. The directive from the CBN expired on Wednesday, April 28, the same day the board announced replacement for Adeduntan as chief executive.

This is not the first time the CBN had sacked the management of banks in the country, the regulator had even gone as far as removing the entire boards. Recall that former CBN Governor Lamido Sanusi fired some MDs and board members of banks in 2009 while trying to clean up the corruption mess created by the management of those banks.

The banks included Afribank PLC, Finbank PLC, Intercontinental Bank Plc, Oceanic Bank Plc and Union Bank Plc. These banks were either sold to new buyers or nationalized in some instances.

PDP Calls For State Of Emergency |The Source

By
Adesina Soyooye
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PDP Meeting

By Adesina Soyooye

Not surprisingly, the main opposition Party, the People’s Democratic Party, PDP, has joined the chorus In Nigeria for  the declaration of an emergency on insecurity by President Muhammadu Buhari.

This followed the unprecedented upsurge in insecurity, across the country. No region is spared. No zone is spared. Nigerians are killed in scores everyday. No place is safe. Military barracks. Military installations.Police barracks. Police stations, Divisions, State Commands, Zones. Farms. Schools. Homes. Churches. Markets. Roads. Rivers. Prisons Even the skyline is threatened.

Everybody is worried.

Those who felt that a change of guard of the Service Heads would do the magic, has since discovered    that 12 and a dozen are the same.

A couple of days ago,Senator Smart Adeyemi, APC, Kogi, wept on the Senate floor while expressing his frustration and helplessness over the state of insecurity in Nigeria.

And this other day, the House of Representatives asked the President to declare a state of emergency on insecurity.

President Muhammadu Buhari, is perhaps, not unaware of the damage the situation has done to his Government. Speaking with the visiting United States of America’s Secretary of State,  President Buhari asked for help.

On Thursday, the PDP  followed after an emergency  meeting of its National Executive Committee.

In a Cmmunique after the meeting, signed by the Party’s National Publicity Secretary, Kola Ologbondiyan, the PDP said it was heartbroken at the state of insecurity in the country, and decried the unnecessary bloodshed and unprecedented loss of innocent lives.

Following the full text of the Communique.

Communique Issued At The End of the Emergency Meeting of The National Executive Committee (NEC) of the Peoples Democratic Party (PDP), Today, Thursday, April 29, 2021.

The National Executive Committee (NEC) after its emergency meeting today, Thursday, April 29, 2021, considered crucial issues regarding the programs of the party as well as extensively reviewed the state of the nation, especially the escalated insecurity engulfing all parts of our country and resolved as follow:

NEC lamented the heightened insecurity pervading all parts of our nation due primarily to the misrule of President Muhammed Buhari and All Progressives Congress (APC) as well as their failure to decisively tackle the menace of terrorism, banditry, kidnapping, bloodletting and acts of violence in our country.

NEC urged President Muhammadu Buhari to immediately declare a national state of emergency on security.

NEC also urged President Buhari to, without delay, convoke a national conference on Security so as to galvanize ideas and options to tackle insecurity in our country.

NEC further commended the efforts of governors, senators, House of Representatives members and other officials elected on the platform of the PDP in forcefully seeking solutions to the spate of insecurity in our country.

With regard to the programmes of our party, NEC expressed satisfaction with the efforts of the NWC in preparation for the November 6 Governorship election in Anambra state and asserted its readiness to do everything possible, within the confines of the law, to win the election.

NEC also received reports on the e-registration of members as the NWC announced the membership of the committee set up to conduct the exercise.

The Edo State Governor, Chief Godwin Obaseki has been appointed to serve as Chairman, while his Adamawa State counterpart, Governor Ahmadu Umaru Fintiri, is appointed to serve as Deputy Chairman.

The statutory members of the committee are the National Organizing Secretary, National Treasurer, National Financial Secretary, Deputy National Secretary and the National Publicity Secretary.

Further nominations will be taken from the Board of Trustees, the National Assembly, Forum of State Chairmen as well as the youth and women demography of our Party.

NEC unanimously passed a vote of confidence on the National Chairman, Prince Uche Secondus as well as the member of the National Working Committee (NWC).

NEC further cautioned party members at all levels to be wary of agents of distractions and division while praising the effort of the NWC for being focused and purpose driven in piloting the affairs of the party.

Nigerians Jeer, Mock Fr. Mbaka For Calling For Buhari’s Impeachment |The Source

By
Uche Mbah
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Rev Fr Ejike Mbaka

By Uche Mbah

The man of God has, again, gone back to his vomit, 360 degrees, as he did during the President Goodluck Jonathan’ Administration.

The Man of God in question is Reverend Father Ejike  Mbaka, the controversial Catholic Priest,  and founder of the Adoration Ministry.

Mbaka was one of the staunchest supporters of President Muhammadu Buhari. He was one of Buhari’s Seers. The man who saw tomorrow for Mr President. He was the one who dragged the Kano State Governor, Dr Abdullahi Danguje, a Muslim, into the Church, the Adoration Ministry Centre, when he went to represent President Muhammadu Buhari, who was then,  looking for an endorsement for his second term in office.

Mbaka gazed into his crystal ball and said that the Holy Ghost had since sanctified Buhari’s victory. The President went on to win, as seen by Fr. Mbaka.

What Mbaka did not see, however, is the situation Nigeria is, now, under President Buhari. He did not see the turmoil ahead. He did not see the hunger. He did not see the anger. Nor did he see that Boko Haram would be emboldened, and give birth to the twin babies named Bandits and Rogue Fulani Herdsmen. Indeed he saw nothing but the glory of God as he desperately begged the President’s representatives to tell him to come and do something for his Church. He did not see the flame both Mazi Nnamdi Kanu and Sunday Igboho would become. He did not see the destruction ahead, Or that according to Abubakar Sani Bello, Governor of Niger State, that Boko Haram would be a striking distance to the capital city, Abuja. Mbaka said  he was being persecuted because of Buhari. But he never said how.

Now, things are no longer the same. Mbaka has made a shocking u-turn. He has turned against President Buhari.

In  a surprising statement,  the controversial Mbaka  asked the President to resign from office. Otherwise, the Father says, the  National Assembly should impeach Mr President. Why?

Mbaka cited the high level of insecurity in the country as his  reason for his volte face.

Speaking at the Adoration Ministry in Emene, Enugu State  he expressed surpise that Buhari could  maintain “conspiratorial silence” despite the incessant killings in the country. For that,  he insists Buhari should resign or be impeached. He has left the country shephardless, Mbaka thundered.

President Muhammadu Buhari
President Muhammadu Buhari

“Let me tell you, if it is in a civilized country, by now, President Buhari would have resigned with what is happening”, Mbaka said.

Mbaka; “Nigerians are crying because there’s no security in the country, the House of Representatives should impeach the President if he doesn’t want to resign.” He, obviously, forgot the role of the Senate in the impeachment of a President.

He threatened the Legislators, saying they cannot imagine what will happen to them if they fail to impeach Buhari.

Saddened by the activities of the herdsmen which has gone on unchecked, Mbaka warned Church leaders and Nigerians not to come after him because he supported Buhari earlier.

”A good coach cannot watch his players to be defeated when he has players sitting down on the bench. It is either Buhari resigns by himself or he will be impeached.

”This statement is too mysterious and supernatural. I know many people will begin to fight it, saying did you not pray for Buhari? Did Samuel not anoint Saul? Am I the creator of Buhari? God created him, Nigerians supported him because he did well sometime.

“But now, how can people be dying and the Chief Security Officer of the country will be sitting down without making any comment? Gunmen attacking people everywhere.

“I pray that the Church leadership will understand me as a messenger of God and not begin to attack me because the danger is going to affect the Church.

“When gunmen begin to strike inside the Church, they will begin to kill one man of God or the other or even members of the Church. Who will go to Church again? The Priests will lose their job, the Bishops will lose their jobs. So you better keep quiet or support what I’m saying,” Mbaka added.

But Nigerians say; this is Mbaka all over again. Same character. No change. And Nigerians are laughing him to scorn, wondering why he made this u-turn. They ask if the President and his wife, and their close associates have stopped picking Mbaka’s phone calls, or taking everything he says: hook, line and sinker.

That will not be a surprise.

In the months leading to the 2015 Presidential election, Mbaka turned against Jonathan because he said then First Lady,  Mrs Patience Jonathan, was not picking his calls; that instead of giving him her direct number, Mrs Jonathan  asked her aides to give him the numbers that the aides pick. “I never got to speak to her”, Mbaka said, “her aides kept turning me round and round.” Because of that, he turned against Jonathan.

He is, also, allegedly, doing the same to Governor Hope Uzodinma of Imo State, now. When most people lost every hope in Uzodinma becoming the Imo Governor, Mbaka kept faith. He backed  him, and said he would be Governor. He prophesied it. It happened. Uzodinma became Governor. Before Uzodinma stepped into Government House, Owerri, Mbaka went ahead of him to sanctify the Governor’s office.

This other day, he,  reportedly, cried out against Governor Uzodinma, disclosing that the Governor had stopped picking his calls.

What is it about Mbaka and phones?, people are asking.

In the Buhari case, Nigerians are aghast at the Priest’s  change of tone.  And, even though he forbade them from coming after him, most commentators treated his comments with deserved disdain.

Reno Omokri, a former aide to  Jonathan, has this to say in a tweet.  “Father Mbaka is an author of confusion. Today, he is calling on General @MBuhari to ‘resign or be impeached’.

“In 2015, he told Nigerians that God told him Buhari was Nigeria’s saviour.

“If the @CatholicEW Church doesn’t defrock this man, he will rubbish their name.”

Not a few Nigerians are of the same opinion. They say the man has made nonsense of his calling, and ask: Is the Catholic Church afraid of one of its own –  Rev. Fr. Ejike Mbaka? Perhaps.

Fidelity Bank MD Hints On Good Business Model, Profit Rises To N9.6bn

By
Bayo Bernard
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0
Fidelity Ikpe MD Designate

By Fola James

The managing director/ chief executive officer, Fidelity Bank Nneka Onyeali Ikpe has disclosed that the lender will continue to rely on a business model that works. The bank’s chief executive stated this on the crest of the submission of its unaudited quarter one, 2021 results to the Nigerian Stock Exchange, NSE, which showed that the new generation bank performed in key areas.

Onyeali-Ikpe said“We commenced the year showing impressive double-digit growth in profitability and improved performance across key efficiency indices whilst ensuring our business model continued to deliver strong positive results in line with our guidance for the 2021 financial year.

“In absolute terms, the increase in nominal interest rate came from foreign exchange related income, digital banking income and account maintenance charge among others.Net interest margin remained unchanged at 6.3 per cent compared to 2020 full year as the drop in average funding cost offset the decline in average yields on earning assets.”

“This led to 26.2 per cent decline in total interest expenses, which translated to 17.1 per cent increase in net interest income to N28.8 billion despite a 4.3 per cent increase in interest bearing liabilities.

“We refinanced our seven-year N30 billion Tier-II bonds issued in 2015 at 16.48 per cent p.a. with cheaper 10-year N41.2 billion tier II bonds priced at 8.5 per cent p.a., which led to a 61bpts drop in average borrowing cost to 4.5 per cent,” she said.

The DMB submitted its financial statement to the Nigerian Exchange, NSE which indicates that profit before tax leaped by 53.9 per cent to N10.134 billion from N6.583 billion compared to the same period in 2020.

Gross earnings increased by 7.7 per cent year-on-year to N55.1 billion, from N51 billion in the comparable quarter.

The results also show that Profit before tax grew by 54 per cent to N10 billion while profit after tax grew by 64 per cent to N9.6 billion. Net Assets grew by nine per cent from N242 billion to N264 billion, according to the result submitted to the NSE. .

IPOB Moving Massive Weapons To the South East

By
Bayo Bernard
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0
DSS

By Kalu Joseph

The Indigenous People of Biafra, IPOB is moving bombs and explosives to Imo state, the Department of State Services has said. The secret police said this in a letter dated April 26, 2021 and sent to the brigade commander of 34 Artillery Brigade, Obinze, Owerri, the state’s capital.

According to the letter, the DSS said the act could further worsens the fragile peace in the state, adding that the weapons are being moved in from Lagos.

The Punch reported that the letter titled, ‘Movement of explosive devices into the state by IPOB/ESN’ was signed by one I. Abdullah on behalf of the state director of the DSS.

Residents of the state have been under fear lately, particularly following the killing of IPOB militia commander Ikonso by a combine team of soldiers and policemen, during a raid on the hideout of militias of Easter Security Network, ESN. The Nnamdi Kanu-led IPOB has promised ‘madness’ after the top commander was killed.

The situation could get even more explosive as massive weapons and ammunition are being transported by IPOB through articulated vehicles via an undisclosed location in Orlu LGA, the DSS said.

Nnamdi Kanu
Kanu: IPOB Leader

According to DSS “Intelligence revealed that the proscribed Indigenous People of Biafra/Eastern Security Network has acquired bombs and Improvised Explosive Devices with which to further their subversive activities,” the letter said.

“It was reliably gathered that the newly acquired items are currently being conveyed from Lagos to an unconfirmed location in Orlu Local Government Area.

“The items are being concealed in articulated/heavy-duty vehicles to beat security checks along the road. It was further revealed that the group intends to deploy the explosives in their planned attacks on security/government installations across the state.”

IPOB had on Wednesday said the Imo State Government House has been renamed after the slain commander Ikonso.

In the statement titled, ‘Imo Government House, Douglas Road Owerri Named After Ikonso The Brave ESN Commander Murdered By Nigeria Security Agents – IPOB,’ the group said all governmental institutions have been notified of the change.

The group said “We the global family of the Indigenous People of Biafra (IPOB) and Biafrans worldwide ably led by our great and indomitable leader Mazi Nnamdi Kanu, wish to announce to the world, our unanimous decision to rename the Imo State Government House, Douglas Road Owerri, and Awomamma Junction after the late heroic Commander of the Eastern Security Network (ESN), Ikonso, murdered in cold blood by cowardly Nigeria security operatives.

“The affected places will henceforth be called Ikonso Government House, Ikonso Way and Ikonso Junction respectively. This is with immediate effect and compliance is required of all ministries and parastatals beginning from today, the 28th day of April 2021.

“This decision is one of the ways IPOB members and Biafrans all over the world have agreed to immortalise the name of our brave Ikonso and his men killed by callous cowardly Nigeria security agents that flee from terrorists and bandits but derive pleasure in killing unarmed Biafra agitators.

“Ikonso and other fallen heroes with him did nothing to warrant their summary extrajudicial execution. They made the supreme sacrifice in defence of our ancestral land against Fulani terrorists, jihadists and killer herdsmen. Biafra shall never forget them.

“We, therefore, expect maximum cooperation from relevant government agencies, officials and the Imo State House of Assembly because we don’t know who this Douglas is (such) that a road in Owerri was named (after him) but we know who Ikonso was. He defended Imo State with his life, for without him, most Imo indigenes would be in Internally Displaced Persons’ camps by now courtesy of Fulani terrorists,” the statement said.

Insecurity: Timi Frank Blames President Buhari, Seeks Help From US, UK, UN, EU |The Source

By
Akinwale Kasali
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0

By Akinwale Kasali

Social Commentator, former Deputy National Publicity Secretary of the All Progressives Congress, APC, Comrade Timi Frank, has blamed the nation’s unabating security calamities on President Muhammadu Buhari and the ruling All Progresssives Congress, APC.

For the records, Frank was one of those who gave hell to the President Goodluck Jonathan Government, and backed with acid tongue and, atimes, not well-informed criticism of the administration, the emergence of the Buhari Government. He was a staunch member of the APC, but fell out with the party, when he was denied to step in as a substantive National Publicity Secretary of the Party, when the occupant resigned from office, and the party.

Frank, in a letter to members of the International Community, such as, United States of America (US), United Kingdom (UK), United Nations (UN) and European Union (EU), is urging them to assist Nigeria overcome its heightened security challenges.

In a statement on Thursday in Abuja, lamented that insecurity in the country has reached an alarming proportion which requires immediate assistance from friendly developed countries to restore normalcy.

He insisted  that it is now clear to Nigerians in particular, and the world in general that the raging inferno devouring the country is a function of Buhari and APC’s insensitivity, ineptness, corruption and gross inability to keep Nigeria safe.

He said the current upsurge in killings and annexation of Nigerian territories by Boko Haram insurgents have sufficiently put a lie to the Buhari administration’s propaganda claiming that the  country was winning the war on terror.

“Now, it is not opposition party raising the alarm, but APC Governors are lamenting seizure of communities by insurgents and APC Senators are crying out that the country is on fire and that Buhari has failed,” he declared.

Frank insisted that insecurity in Nigeria has reached a point that if left in the hands of Buhari and APC, the country will inexorably face a certain doom.

He said: “Today, we no longer hear of only Boko Haram terrorists’ killings in the North East of Nigeria but also everywhere in the country.

“There are incessant killings in the South and West being perpetrated by Fulani herdsmen whom the government has refused to proscribe and tag a terrorist organization.

“Rather, Buhari and his failed government has scandalously and baptismally renamed these murderous herdsmen as ‘bandits’.

“These murderous devils invade people’s homes, rape women, massacre communities, abduct students for humongous ransom and yet, none of them has ever been arrested nor prosecuted.

“Fulani herdsmen, having been emboldened by the Federal Government, have continued to spill innocent blood and traumatise Nigerians across the country.

“Look at the massacre in Benue state? What crime did the murdered IDP camp residents commit other than that they are innocent Nigerians?

“What about the abducted students of Greenfield University in Kaduna state who are being serially murdered by their abductors?

“What about the killing spree in  Mainok, Damaturu-Maiduguri highway? There are ongoing killings and kidnapping in Osun, Abia, Anambra, Imo states and every part of the country. Where is safe?

“We were recently confronted with a sad reality that Boko Haram terrorists have seized and hoisted flags in over 42 communities in Niger state, which is just a stone throw from the Federal Capital Territory (FCT), Abuja.

“This shows that the territorial integrity of this country, under Buhari, has gone to the mud. Otherwise, how can terrorists seize and hoist flags in any part of a country where there is a government?

“I dare say that the APC’s administration has not only failed to curb terrorism but has become its Enabler-In-Chief.

“Look at how the Presidency rolled out the tanks to defend the Minister of Communications and Digital Economy, Isa Pantami, who has been unveiled by US intelligence to have ties with, and sympathy for terrorist organisations like Al-Qaeda and Taliban!

“How safe are we in Nigeria if such a sensitive position is held by a known terrorist sympathiser? Yet, the Buhari government has refused to sack and prosecute Pantami who is currently superintending over the bio-metrics, phone, National Identification Number (NIN) and Bank Verification Number (BVN) of Nigerians.

“We recall that President Buhari forced former Chief Justice of Nigeria (CJN), Walter Onnoghen, out of office over alleged past misdeeds and appointed Justice Ibrahim Tanko Muhammad.

“Same ignoble treatment was meted out against Mrs Kemi Adeosun who was forced to resign as finance minister and was swiftly replaced with Hajia Zainab Ahmed by Buhari.

“However, Buhari has refused to sack Pantami who is believed to be an ardent terrorists’ sympathizer. This shows that this government is an accomplice to terrorist elements now making the country ungovernable.

“It is clear that this government lacks the capacity to secure Nigeria and Nigerians. Even the military lacks the morale and competence to fight insecurity.

“This is why the Nigerian Air Force would rather bomb and kill over 20 ground troops instead of terrorists.

“I therefore, call on the international community: UN, US, EU and the UK not to be indifferent to the situation in Nigeria but to help this country with technology, manpower and intelligence to overcome its present security challenges, just like they did in Iraq, Iran and Afghanistan.”

GtextHomes Global Brokers Set To Lift 12,000 Youths Out Of Unemployment |The Source

By
Akinwale Kasali
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0
GtextHomes

By Akinwale Kasali

The Nigeria Bureau of Statistics, NBS, recently disclosed that the percentage of unemployment in Nigeria has skyrocketed, as the economy  of the nation continues to nosedive.

This has made the future of Nigerian Youths bleak.

Following this development, and in line with its commitment to uplift and close the wide unemployment gap in Nigeria, one of Nigeria’s leading real estate firms, Gtexthomes has unveiled a multi-million Naira Global Property Brokers Conference, scheduled to change the unemployment narratives of the country.

The conference is positioned to empower thousands of youths across the country and beyond.

Speaking at the unveiling of the conference recently in Lagos, GtextHomes Boss, Dr. Stephen Akintayo, noted that the firm is bent on not only providing affordable housing units and secured landed properties, but also provide opportunities for young Nigerians within the real estate chain as a rescue strategy from unemployment.

He said: “We have already taken 100,000 and between last year and now we  already have over 5,000 people in the program. Now this conference will also empower another 12,000 people if all of them join our program, so we are looking at about another 15,000 people being empowered through what we are doing so we are getting close because our goal is 100,000 for 5years that we can say through our program are now able to become broker.

“So in terms of unemployment that is why we made the event open, so other companies can plug in the system so as to reduce unemployment, so yea it definitely will force down the unemployment rate.

“As private sector we have to find a way to create jobs. Last year,  we announced that we creating a platform to help employ 100,000 people in the real estate sector and we are committing 15 per cent of our income into that and you saw when we launch the GCP program, this is the follow up to that where we said can we bring the best in the world, Ryan Serhant is the number one property broker in the world, he is based in New York, he is done over 4billion dollars in property sales, every year he sells more than one billion dollar worth of property.

“You do not need money to become a broker all you need is your credibility, social media, your connections, your network and you don’t even need to quit your existing job to do that, and if you look at one of the best things God has endowed us with is real estate. We hope that this movement will help to reduce unemployment in this country, it will solve issues of security as more people can learn to know they can make it legitimately, we hope that at this conference, we also having Dr John Maxwell, a leadership coach all over the world, he will be able to bring that leadership perspective, because everything rise and fall on leadership issue, as we can see in Nigeria we are having a leadership crisis”.

In the same vein, the Business Development Manager, GtextHomes, Richard Osakue, said the conference will be open to both local and international participants across the world. He added that the event will be streamed live and adequate preparations for physical appearances.

“The conference will be held at Landmark event centre, and the conference is both open locally and globally.

The Organization said that the conference is to show how one can get into the real estate business and become a broker.

“Ryan Serhant is known globally, so we want to show the Nigerian audience, broker and the global brokers for those that want to go into the brokers business, how can also become an international broker meaning, what are those things you need to know, what are those things you need to learn, what are those secrets, what are those strategies, what are those process to become an international broker, so there is something they do there we are yet to do, so this is an event for those who are willing, it’s free for everyone but you need to register and follow the instructions, select if you want to come physically or join online” Osakue disclosed.

EKSU Council Lifts Proscription Order On Unions |The Source

By
Ayodele Oni
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0
Ekiti State University

By Ayodele Oni

Still in search of peace and return of normal academic activities, the Governing Council of Ekiti State University, Ado Ekiti, has unbounded the four unions it proscribed last week.

The Council, rising from its meeting of Friday, 23rd April, 2021 announced the closure of the University following the heightening of protests and tension by the four unions which threatened the peace and orderliness on campus.

The four unions affected by the order are Academic Staff Union of Universities, (ASUU), Non Academic Staff Union, (NASU), Senior Staff Association of Nigerian Universities, (SSANU) and NAAT.

A statement by the spokesman of the University, Mr Bode Olofinmuagun, said since the decision was taken, the Governing Council has received series of pleas and intervention from well meaning individuals, corporate bodies as well as the Alumni Association of the university.

“As part of efforts to create an enabling environment for further dialogue on all the issues towards the restoration of peace on campus and continuation of academic activities, Council has, therefore, directed  that the ban placed on the activities of the four (4) staff unions (ASUU, SSANU, NAAT and NASU) on campus be lifted immediately.

“Arising from the above, normal academic activities, hitherto suspended, are to also resume without further delay.

“Accordingly, students are to resume on campus to continue with their normal academic activities.”

The Joint Action Committee, (JAC) had, earlier, warned the University workers to stay off campus, saying the order for them to return to work, less than 24 hours after the council shut down the University, was a trap.

First Bank: CBN Rejects Succession’ Coup’ Against Adeduntan

By
Bayo Bernard
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0

By Fola James

The Central Bank of Nigeria, CBN has rejected the appointment of Gbenga Shobo as the Managing Director designate of First Bank when the tenure of the incumbent, Adesola Adeduntan has yet to expire. The first generation bank announced the replacement of Adeduntan on Wednesday.

The bank also appointed Abdullahi Ibrahim as the Deputy Managing  Director apart from other directors who have now been appointed to work with new management, expected to assumed office anytime from now.

But in a letter addressed to the bank’s Chairman, Mrs Ibukun Awosika, dated April 28, 2021 signed by the CBN Director, Banking Supervision, Haruna Mustafa, and obtained by the News Agency of Nigeria, NAN. The CBN said the appointment was carried out without regulatory approval.

Mustafa said that the action was taken without due consultations with the regulatory authorities, especially given the systemic importance of the commercial bank.

The apex bank said in the letter that “The CBN was not made aware of any report from the board indicting the managing director of any wrongdoing or misconduct; there appears to be no apparent justification for the precipitate removal.

“We are particularly concerned because the action is coming at a time the CBN has provided various regulatory forbearances and liquidity support to reposition the bank, which has enhanced its asset quality, capital adequacy and liquidity ratios amongst other prudential indicators. It is also curious to observe that the sudden removal of the MD/CEO was done about eight months to the expiration of his second tenure which is due on Dec.  31, 2021.

“The removal of a sitting MD/CEO of a systemically important bank that has been under regulatory forbearance for five to six years without prior consultation and justifiable basis has dire implications for the bank and also portends significant risks to the stability of the financial system.

“In light of the foregoing, you are required to explain why disciplinary action should not be taken against the board for hastily removing the MD/CEO and failing to give prior notice to the CBN before announcing the management change in the media.

First-Bank-MD-AAdesola Kazeem Adeduntan
Adeduntan Removed As MD

“In the meantime, you are directed to desist forthwith from making any further public/media comments on the matter. Your comprehensive response on the foregoing should reach the Director, Banking Supervision Department, on or before 5p.m. on April 29, 2021,” the Godwin Emefiele-led regulator said.

Awosika  had while announcing the appointment of Shobo said the action was subject to all regulatory approvals, noting that the tenure of Adeduntan has expired, having been appointed into the position in 2016.

“We are proud to announce Gbenga Shobo as our new Managing Director/Chief Executive Officer.His appointment has proven our resilience of our succession planning mechanisms and the value we place on our long-standing corporate governance practices, which underpin the institution’s enduring sustainability and 127-year legacy.

“Shobo has had a successful career in the bank and elsewhere culminating in his appointment as the deputy managing director in 2016 prior to his appointment as the managing director. The board is confident that Shobo has the experience and the understanding of the bank and the know-how to lead the bank through this next phase of growth, which is focused on positioning First Bank as the preeminent bank in our chosen market, delivering value to our stakeholders,” Awosika said.

Imo : Worried, CAN Warns Politicians To Stop Fuelling Crisis In The State |The Source

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The Source
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Eches Divine Eches - PhD - Imo CAN President

“Terror, like danger, does not spare anyone. Once it assumes a life of its own, it turns to torment the initiators, and soon, it might be the person’s turn.”

The Christian Association of Nigeria (CAN), Imo State Chapter, has called on the political class to stop fueling crisis and fanning embers of war, particularly in Imo State, while keeping their own family members outside the country.

Addressing a Press Conference at their State Headquarters in Owerri, Wednesday, the Chairman, Revd. Eches Divine Eches (Ph.D) not only condemned in strong terms the attack on Governor Hope Uzodimma’s Country home at Omuma, but the killing of innocent security personnel who are in the state to discharge their constitutional duties.

Rev. Eches also condemned the illegal breaking of the Owerri Correctional Centre to set prisoners free, the burning of vehicles at the Police Headquarters in Owerri, and the invasion of Okigwe South Area Command of the Nigerian Police Force that left five police men dead. He called for a stop to the carnage and destruction of lives and property in Imo State.

The CAN Chairman said while the Church is not taking side, the leadership will not fail to call on all the gladiators to sheathe their sword and give peace a chance.

He pleaded to all concerned to stop making Imo State unsafe and sending out panic capable of causing health hazards, especially for the aged.

The Church strongly called for ceasefire and calm at all quarters, noting that Imo people are not known for crisis and destruction, “rather Imo people are known for intellectualism, decorum, resilience and their united spirit not in any way the current banditry.”

The CAN Chairman noted with nostalgia  that a State like Imo where almost everyone is a member of one Christian Church, or the other, should not be associated with the development going on currently.

“There is need for caution because like the saying goes, the danger of creating a monster is that one day it will turn against its master”.

He emphasized: “The world should note that wherever the terror is coming from, whosoever and any group fanning these embers of war, supporting and appropriating it, because it is happening to other person(s) and also in another location, to security agencies, to Governors, CAN condemns their actions.”

He concluded: “Terror like danger does not spare anyone, once it assumes a life of its own, it turns to torment the initiators and soon it might be the person’s turn”.

The Chairman noted that as Christians we are known for patience and tolerance and for allowing the will of God to reign supreme in our lives for which Imo State and her people are known for.

Rev Eches however assured Governor Uzodimma, on behalf of CAN Imo State Chapter, of their unrelenting support through prayers and supplications at all times, noting that “soon the storm will be over and God will take the glory.”

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