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Imo: Scare of Intruders, Poisoning, Grip Federal Polytechnic, Nekede

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Federal Polytechnic Nekede

By Chidi Onyewuchi

The Community of the Federal Polytechnic, Nekede, Owerri West Local Government Area, Imo State,   is gripped in palpable fear.

This was made public in an internal memo to the Polytechnic Community signed by the Public Relations Officer, Nwosu E.B., and copied to all stakeholders.

In the Memo dated, 23rd, June, 2021, Nwosu says there are intruders within the Polytechnic community, who say they came to sell dry meat.

He did not quite say how the Polytechnic’s Internal Security Personnel allowed them  access to the Campus, but he said the attention of the Polytechnic Management was drawn to their presence by the Polytechnic’s Internal Security Personnel.

He said the strangers who claim they come from Aba, Abia State, to sell meat, refused to eat the meat when asked to do so.

The three- paragraph memo, titled Security Alert, therefore, advised the Community to be careful of what they eat in the Campus.

It reads: “Information reaching the Management of the Polytechnic from our Internal Security Network confirms that there are suspected intruders  parading themselves as dry meat sellers. on the campus. The Security personnel interrogated the so-called meat-sellers who claim to come from Aba, and thereafter, compelled them to eat the meat, and they all vehemently refused.

“The Polytechnic Community is, hereby, advised to be careful of what they eat, especially, in the campus. The safety of staff and students of this great institution remains the priority of the Management.

Please, be guided.

The Federal Polytechnic Nekede is one of the most respected Polytechnics, academically, in the country but it has recently been enmeshed in cult activities by students which has made the Institution vulnerable to violence.

Ondo Gov Akeredolu Calls For More Investment In Real Estate

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Rotimi Akeredolu - Ondo Communal Clash

By Ayodele Oni

Ondo State Governor, Mr Oluwarotimi Akeredolu, SAN, has called on Estate Surveyors and Valuers in the country to explore modern technology in their practice.

A statement by the Chief Press Secretary to the Governor, Mr Richard Olabode stated that Akeredolu made the call while delivering his goodwill message at the 51st Annual Conference of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) held at the International Conference Center, Abuja.

Speaking on the theme of the conference: “Unlocking Real Estate Potentials For Economic Development”, Mr Akeredolu pointed out that there was no better time to unlock the real estate potentialities than now.

The Governor lauded the massive housing scheme of the President Muhammadu Buhari administration, noting that it has created jobs for the people and bridge infrastructural deficits.

He urged investors and well-meaning individuals to invest massively in real estate instead of tying their resources in the banks with meager interest.

While identifying real estate as major driver of economic development, Governor Akeredolu said conscious efforts must be deployed to unlock the vast potentials in real estate to develop the country’s economy.

“The potentials are there. You can’t have a better time to unlock it than now. People are interested in keeping their funds in bank. Who wants the meager percentage in bank? The time is now to invest in real estate.

“People must be encouraged to invest massively in real estate. We must also commend President Muhammadu Buhari. He is committed to massive housing scheme. It is in my state,” Governor Akeredolu said.

The Governor also called for understanding between lawyers and estate surveyors and valuers in the course of performing their jobs, stating that both of them have strong affinity.

According to him, the large turnout of members of the institution at the conference was a great credit to their commitment and dedication to their institution.

Governor Akeredolu assured members of the institution of his continued support.

The Vice President, Yemi Osinbajo, was represented at the event by the Minister of State for Works and Housing, Abubakar Aliyu.

Also at the occasion were Former President Goodluck Ebele Jonathan; Paramount Ruler of Yewaland and the Olu of Ilaro, HRM, Oba Kehinde Olugbenle, and other dignitaries.

Heritage Bank: Angry Andy Uba Threatens N5bn Suit

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Andy Uba
By Fola James
Senator Andy Uba, a former governor of Anambra state has spoken out after what seemed like a long silence, on his part after allegation that he took a huge loan from Heritage Bank and refused to pay back.
Fours days after he was publicly embarrassed by the staff of the bank, UBA, a former aide to ex-President Olusegun Obasanjo on Domestic Affairs, has threatened to sue the deposit money bank for a whopping N5 billion.
 On Monday, no fewer than 20 young  workers from the new generation bank, in branded T-shirts and jean trousers,. brandishing placards, stormed Uba’s house in protest, demanding that he paid back the undisclosed sum he took from the bank.
The angry workers said they will lose their jobs because of the refusal of the senator to settle his debt, has affected the operations of the bank.
The senator must redeem his debt, the workers said to avoid further embarrassment.
The magazine learnt from insiders in the bank, that the protest was considered as a last resort to get the pay his debt after several attempts by the management to make him to so.
Speaking on the issue, Uba, who spoke in a statement, signed by his lawyer, Ahmed Raji, said the action of the bank workers has exposed him public opprobrium, shame and embarrassment.
Uba said as a politician contesting the governorship election in Anambra state, the protest has caused him serious lmage damage.
He’s one of the All Progressives Congress, APC  governorship aspirants in the state, he believed the protesters were sponsored by his opponents to destroy his chances in the election comming up later this year.
For the reputational damage he has suffered, the senator has demanded an apology from the bank, aside N5 billion in damages if the commercial bank failed to do his bidding.
According to the statement, “Our client’s attention has been drawn to a video currently being shared on WhatsApp, showing not less than 25 [twenty-five] staff of the Abuja branch of Heritage Bank Plc., wearing customised Heritage Bank Plc., T-shirts; carrying placards and signages with defamatory inscriptions written on them, at the front gate of the residential premises of our client, in Asokoro Abuja.
“Despite your veiled denial, the deliberateness of your staffs’ action is founded and the intent, to wit: – bring our client to public opprobrium, shame, ridicule, scorn etc. is glaring for all to see.
“This is more so, as you deliberately picked the rather inauspicious period immediately preceding the forthcoming gubernatorial primary election of the All Progressives Congress [APC] for Anambra State slated for the 26th of June 2021, wherein our client is the leading candidate to clinch his Party’s ticket, to stage this smear campaign against him.
“Surely, the damage occasioned to our client by your calculated but ill-advised action is unquantifiable. However, our client will be assuaged if a public apology, unreserved, is tendered by you and published in at least 5 [five] national daily newspapers within a day of receipt of this letter and payment [Five Billion Naira] in damages.
“If not, we have our client’s further instructions to seek redress against you in a court of law for the same. Kindly be advised.
“We do hope that you will take benefit of the olive branch offered in this letter; the gamble, otherwise, is yours to suffer.”
Meanwhile, the magazine learnt from sources that the bank is planning to publish how much the politician borrowed from the bank, to further embarrass him.

Nigerian Army Says Sheik Gumi Says A Lot Of Nonsense

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By Ayodele Oni

The Nigerian Army has described as unfortunate, a  statement credited to an Islamic Cleric, Sheik Ahmad Gumi, urging opinion leaders to demonstrate patriotism in building peace, rather than being agents of destabilisation, thereby aggravating the current security challenges facing the nation.

Sheik Gumi had, during a television interview on Wednesday, alleged that the Nigerian military was colluding with marauding bandits who have been responsible for various crimes and atrocities against Nigerians and the Nigerian state.

In a statement, signed by the Director, Army Public Relations,  Brig-Gen. Onyema Nwachukwu, the Army maintained that it has been neutral and remained committed to the unity of the country.

“The Nigerian Army remains a bona fide symbol of national unity that has conducted its constitutional responsibilities in the most professional manner in line with global best practices of adherence to the rules of engagement and protection of the fundamental human rights of the citizenry.

“The sweeping allegation peddled by the scholar is not only sad and unfortunate, but a calculated attempt to denigrate the Nigerian military and undermine the sacrifices of our patriotic troops, who are working tirelessly to restore peace and stability across the country.”

“While the NA will not attempt to excuse the possibility of black sheep amongst its fold, it must be stated unambiguously that it will not condone any form of sabotage or aiding and assisting the enemy by any personnel, as provisions for dealing decisively with such acts are crystallised in Section 45 (1) of the Armed Forces Act CAP A 20 Laws of the Federation of Nigeria 2004.

 

“It must also be pointed out that while the military is very much receptive to constructive criticism, it should not be perceived as a gateway for derogatory comments that have the potential to embolden criminals.

“It is also necessary to reiterate that patriotism must be taken to a trajectory where subversive conversations on the state are brought to the barest minimum.

“Opinion leaders are enjoined to demonstrate patriotism in building the peace, rather than being agents of destabilisation, thereby aggravating the current security challenges facing the nation.

“The Nigerian Army wishes to reassure law abiding citizens, that troops will continue to conduct themselves professionally in consonance with the code of conduct guiding our operations in all combat engagements, in line with the provisions of the Nigerian Constitution and global best practice.”

Gumi, a self-appointed mediator and negotiator between bandits, parents and Governments, have been making, especially, recently, very many controversial statements on the state of the Nation’s security problems.

Nobody has, surprisingly, called him to order.

OPINION: A President’s ‘Missing’ iPad And Other Perils

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Azu Ishiekwene

By Azu Ishiekwene

Awkward moments are human, and hardly call attention when mere mortals are involved. But when the high and might trip, they make the headlines.

Both experts and lay people sometimes feel obliged to ask if such awkward moments may not indeed, like Freudian slip, mean more than meets the eye. And quite often their suspicions are right.

Take former US President, Donald Trump, for example. In his four-year Presidency, awkwardness was not occasional accident, it was the defining thing, the essential Trump.

From telling the wife of French President Brigitte Macron that she was “in good shape”, to tossing paper towels into a crowd of hurricane survivors in Puerto Rico and shoving the Prime Minister of Montenegro, Dusko Markovic, aside in Brussels for a group photo, Trump was king of awkwardness.

He did not care and could not be bothered: It was, by a number of documented accounts, a character flaw. Unfortunately, not just Trump, but the US and the world, were the worst for his congenital, often malicious, awkwardness.

Some awkwardness is uninvited, unintended. Like the recent case of French President, Emmanuel Macron. The had president bounded over to have a handshake with onlookers duringa pulse-taking tour of the country, only for an attacker to take the President’s hand gingerly and give him a slap in the face in return.

Within days of the incident, the attacker, Damien Tarel, was jailed four months.Even in court, he was unremorseful, boasting that Macron knew he was performing so badly, if he challenged him to a duel at sunrise, he would not show up.

The assailant’s effrontery is hard for me, an African, to imagine. I’m still wondering what would happen if an unarmed protester disguised as a fan of President Muhammadu Buhari’s, for example, suddenly did what that fellow did to Macron.

I can’t imagine, much less write what fate would befall him, and possibly, all those who know him, dead or alive. Whether he was on cheap drugs or possessed by holy anger or the demons from his village, that is the day his madness would have been cured – and that would be long before he would ever dream of having his day in court!

But Macron, though initially shaken, took the slap in his stride, while security hustled away the assailant, just the way you might have tackled a wayward fellow at a playground. I’m not so sure how that awkward moment would, in future, affect Macron’s warmth toward even the most well-intended exuberant supporter. Would he now engage with a 10-foot pole?

President Joe Biden, gifted for gaffes, has had a couple of awkward moments in his six-month presidency. Trump always taunted him as “Sleepy Joe”, insinuating, in fact, that his presidency would be ruined by poor health and possibly, dementia.

An awkward moment that got even the staunchest Biden supporters worried was when he tripped up twice on the stairwell of Air Force One. The President picked and dusted himself up gingerly but doubts about his fitness and presence of mind linger on, highlighted by his double Syria-Libya mix-up during the recent NATO Summit in Brussels.

But you would be mistaken to assume that presidential awkwardness is purely gerontocratic. It is not. President Justin Trudeau of Canada is only 49, but he topped the global Awkward Moment League a few years ago when it came to light that this same man who loves to pose as sympathiser-in-chief of blacks and racial minorities had mocked them serially by dressing up in “blackface” a number of times in the past.

In another incident infamously known as the “Kokanee Grope”, Trudeau handled one female reporter inappropriately and a few days later reportedly told the reporter, “I’m sorry, if I had known you were reporting for a national paper, I would never have been so forward.”

I must say quickly, however, that presidents in the so-called advanced countries don’t have a monopoly of awkwardness. Two of Africa’s regional superpowers – Nigeria and South Africa – have produced their own extraordinary moments of presidential faux pax that could win global prizes, too.

Five years ago, during a visit to Germany, Nigeria’s President Buhari, while responding to comments about his wife’s criticisms of his government, said First Lady, Aisha’s comments should be ignored, because, “I don’t know which party my wife belongs to. But she belongs to my kitchen, and my living room and the other room.”

He said this with a straight face, setting the Twittersphere on fire with #TheOtherRoom, and leaving German Chancellor, Angela Merkel, who was standing beside him to carry the weight of the shame.

Fear of what Buhari might say in public – or how he would say it – has shackled his media team for years, leaving them to either second-guess him or manage access to him as tightly as possible.

On Tuesday, South Africa’s President, Cyril Ramaphosa, gifted the world with a most awkwardly hilarious moment when he declared, just as he was about to give a speech on improvements in that country’s ports, that his iPad had been stolen!

As he came up to the podium, the president declared in a confused, stricken voice, “I am looking for my iPad. Somebody stole my iPad. Somebody decided they want to dispossess me of my iPad, so I want that. Can I have my iPad, please? They stole it!”

He didn’t stop there. Forlorn and stranded, he lamented that his predicament was the sort of thing that happens when you give your gadgets to others to keep for you, instead of carrying your own stuff!

From the video, as an embarrassed, awkward murmur swept the room, I waited in frozen anticipation to see how it would all end. Was this a joke or what? Was the president’s iPad really stolen and what might the ‘thief’ be looking for?

Would there be mails in there about the controversial donation to the president’s campaign, an incident that caught him in embarrassing flip-flops before his election? Or files about the fractious and tumultuous rise to the presidency of the former tycoon, worth about $675m and ranked eight years ago by Forbes as one of Africa’s richest men?

Or perhaps some salacious state secret destined to rock the country? Or as one tweet said, “What if Cyril Ramaphosa’s stolen iPad has the pin to the country’s bank account?”

What, exactly, was this ‘thief’ looking for?And how did he even get close to the First iPad, in the first place?

According to The South African, in a July 2018 report, Ramaphosa has 81 bodyguards, drawn from an elite force of 1,382 protection officers, which according to the police annual report of 2017, cost taxpayers R693m (about$49million).

So, how could a petty ‘thief’ get past such formidable security and whisk off a presidential iPad, from a president who “had his iPad in his hand”, without notice? If an iPad now, what next?

I was contemplating all sorts when after what seemed like eternity his spokesperson Tyrone Seale appeared in the video and whispered something to the President, after which he relented and resumed his seat.

How did it end? An iPad appeared from somewhere, bringing the dramatic delay to a fuzzy ending. Seale said, “There was no question of the iPad being missing or stolen in the first place. The president was making a light-hearted joke while waiting for his iPad to be brought to him.”

Well, I watched the light-hearted joke with a bit of a heavy heart. What does the drama say of Ramaphosa? He is just human. The risk, however, is that the next time he cries wolf, he’s unlikely to be taken seriously.


Ishiekwene is the Editor-In-Chief of LEADERSHIP

Olatunji: One Death Too Many In APC

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Olufunmi Rafiu Olatunji

“The demise of Olufunmi Rafiu Olatunji, Council Chairman of Eti Osa LCDA brings the total number of deaths of Council bosses In Lagos APC to four within one year”

By Akinwale Kasali

He was preparing to be re-elected as the Council Chairman of Eti Osa Local Council Development Area of Lagos State, having won the All Progresssives Congress, APC, primary of May 29th, 2021.

Sadly, less than 18 days to the State Chairmanship Election in the 20 Local Government and 37 Local Council Development Areas in the State, he died.

He was said to have passed on after a brief illness.

With a teary look and his mood enveloped in sadness, Lagos State Governor, Babajide Sanwo-Olu, expressed how devastated he was over the sudden death of Hon. Olatunji, describing him as an extremely loyal politician and an invaluable asset to the All Progressives Council (APC).

He said the deceased lived a fulfilled life and impacted on lives through selfless service to his family, people of Eti-Osa East LCDA, Lagos State and humanity at large.

In a condolence message issued on Tuesday by his Chief Press Secretary, Gboyega Akosile, the Governor said Olatunji’s demise was a big loss to the Council and the State.

“The death of Hon. Olufunmi Olatunji is a painful and great loss to Lagos State. I am saddened by the death of this fine gentleman; a loyal party man and committed democrat.

“There is no doubting the fact that he would be missed by the entire political class, particularly Eti-Osa East LCDA, Lagos APC family and the state as a whole,” he said.

Sanwo-Olu also condoled with the immediate family of the departed, the National Leader of APC, Asiwaju Bola Tinubu, Lagos APC, Conference 57 and the entire people of Eti-Osa East LCDA over the death of the late council boss.

He also prayed that God would grant ”the soul of our beloved Hon. Olufunmi Olatunji eternal rest and comfort the immediate and political family of the deceased as well as friends and people of Eti-Osa East LCDA.

In less than 10 months, the APC have seen four sitting  Chairmen die in the saddle as Council bosses.

First was Kenny Ogunmuyide, the former Chairman of Oke Odo Local Council Development Area carved out of Alimosho Local Government, who lost the battle to death after a brief illness.

He was replaced by his Vice, Augustine Adeoye Arogundade, who took over the affairs of the LCDA, and was also re-elected after finishing the term of his late boss.

Sadly, as fate played its role, Arogundade also died in the saddle as his boss.

The late Arogundade was said to be sick for some few weeks, leading to his demise.

The Secretary of the Local Council Development Area, Tawakalitu Abiodun Ayilara took over, but died few days in office.

Their death sent fears into the spines of others who were aspiring for the Council top seat, forcing the Council Executives to go spiritual to forestall any sad occurrence.

In Onigbongbo LCDA, the Council Boss, Babatunde Oke, also died in office.

He was said to have died of Covid-19, which has been debunked by family members, who said he died after a brief illness.

The Lagos State APC Chapter are still mourning the demise of Oke, when the death of Olatunji struck, putting the Party in confusion and dilemma.

It would be recalled that last year the APC lost other Party Stalwart which includes; Senator Gbenga Osinowo, representing Lagos East Senatorial District, Senator Munir Muse, Hon. Tunde Buraimoh of the Lagos State House of Assembly and Rev. Timothy Oyasodun.

Fidelity Bank: Onyeali-Ikpe, Okonkwo’s Best Legacy

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By Bayo Bernard, Business Editor

The history of banking in Nigeria a la the world is replete with commercial banks which went under because of succession problems. Some outgoing managing directors/ chief executive officers have killed their banks by appointing a wrong successor.

Therefore, the jury was  out when it was time for former managing director/ chief executive officer of Fidelity Bank Plc, a forward moving and one of the reliable tier two commercial banks in the country, Nnandi Okonkwo,  to bow out of office and who was likely to take over from him as chief executive.

And because of his track records in the six years he ran the affairs of the bank, the magazine learnt that Okonkwo was allowed to have a say in the management’s decision, to appoint who will take over from him and continue with his towering legacies, which saw the bank transformed from a mere Igbo bank to a national bank preferred by many Nigerians, from all walks of life; religion, ethnic and vocation.

Today many would attest to the fact that the biggest legacy bequeathed by the immediate past managing director, is the choice of Nneka Onyeali Ikpe, as the one to steer the ship of the bank for the next five years, after Okonkwo retired successfully in December 2020.

From the beginning, the former Fidelity Bank boss did not leave anyone in doubt of his choice of a successor.  And from all intent and purposes,  he never for once, changed his mind at any point or doubt the capability of the lady who will step into the big shoes, he was to leave behind when it was time for him to depart from the bank he loved and  gave so much, in terms of dedication and service; by meeting who-is-who in the country, risking all and making the necessary connections and network to improve the fortunes of the bank.

Nneka Onyeali Ikpe
Onyeali-Ikpe: Okonkwo’s Able Successor

Not a few have pointed at the successful, long career of the new CEO as reason why she was picked among the packs that were equally qualified to clinch the exalted job at the time. But the same school of thought said the magic for her was that Onyeali-Ikpe has been mentored by Okonkwo from the very first day she started working in the bank, to take-over from him.

For instance, they compared what happened in Fidelity Bank in July 2020, when the board of the bank appointed Onyeali-Ikpe, to the thespian story of Joshua and Caleb in the Bible. Both were qualified to lead the Israelites into the Promise land after the demise of Moses. Even though Caleb, based on his ‘good report’ was qualified as much as Joshua to perform the task of leading the people of God to the land that flowed with milk and honey, it was Moses that performed the Godfactor that worked in Joshua’s favour as he portrayed him before God as a reliable and visionary leader who will do the job better than his able contemporary. There was no decision made by Moses without Joshua who was always with him whenever Israel had gone bank to their tents.

Therefore, when it was time for God to chose Moses’ successor between Caleb and Joshua, He knew who to chose; Joshua, because it was obvious that Moses preferred him, as the one who will both lead the people to cross the Jordan and bring down the walls of Jericho.

Same can be said of Okonkwo who saw from the beginning that Onyeali-Ikpe fitted into the future of Fidelity Bank as the chief executive officer. He knew that the new CEO is capable of breaking new grounds after his departure, and most importantly taking up the task of leading the Deposit Money Bank, DMB from its current status of Tier 2 Bank to the elite status of Tier 1, in line with the vision of its owners, particularly her predecessor who has prepared the grounds for that purpose.

“We want to break into the league of Tier 1 banks and grow organically, keeping in mind that the other banks are also growing,” Okonkwo said in 2019 with Onyeali-Ikpe in mind.

And who could have noticed the beautiful legacy left by Okonkwo, than the ebullient Governor of Lagos state, Babajide Olusola Sanwo-Olu, who while speaking at the launching of UBA Insurance, few weeks ago, singled out Onyeali-Ikpe for recognition among the crème de la crème of the banking and business chief executives that graced the event in Lagos?

“I would like to recognize the presence of the MD of Fidelity Bank,” the Lagos Governor said, to the amusement of all dignitaries, including the Chairman of UBA and Heirs Holdings, Tony Elemelu while observing protocols.

Okonkow saw it all from the beginning, and many like Governor Sanwo-Olu and others are now seeing what the visionary former chief executive saw when he pressed for Onyeali-Ikpe’s appointment.

Senate Indicts FG, Says ₦9 Billion Meant For NASS Renovation Wasn’t Released

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Senate Chamber Roof leaking

By Akinwale Kasali

The President Muhammadu Buhari-led Federal Government is being accused by the Senate of being responsible for the deplorable State of the National Assembly Chambers. This follows the embarrassment of Tuesday when the Chambers were flooded due to leakages, following a heavy rainfall.

The Senate on Wednesday said that the National Assembly is yet to receive the ₦37 billion approved for the renovation of the National Assembly Complex.

In a statement by the Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, the Senate noted that contrary to the widespread falsehood being peddled both in the mainstream and online media, the legislature was not responsible for the maintenance and renovation of the complex.

The heavy downpour on Tuesday, left several parts of the National Assembly Complex flooded.

Senator Basiru said: “Contrary to the widespread falsehood being peddled both in the mainstream and online media as a fall out of the reported incident of the leaking roof of the National Assembly Complex after a heavy downpour on Tuesday, 21 June 2021, it is pertinent to inform the General Public that the National Assembly and its leadership is not responsible for the maintenance and renovation of the National Assembly Complex and they have not received a sum of ₦37 billion or any amount for the renovation of the Complex.

“While it is true that an initial appropriation of the above-stated sum was made due to the decaying nature of the National Assembly Complex which has not witnessed any major maintenance or overhauling since construction, the said amount was reduced to N9 billion after the outbreak of COVID-19 pandemic.

“Even with this reduction, the sum of ₦9 billion or any amount is yet to be cash-backed or released to the National Assembly. None of this amount is even appropriated for the National Assembly bureaucracy or its leadership.

“It must be reiterated that the National Assembly Complex is a National Monument which falls under the purview of control of the Federal Capital Development Agency. In essence, the FCDA is responsible for its maintenance as well as renovation and not the Leadership of the National Assembly as being falsely bandied about.

“The leakage witnessed at the foyer of the National Assembly yesterday (Tuesday) justifies the apprehension of the leadership of the National Assembly and the FCDA and further underscores the need for an urgent intervention in revamping the dilapidated structures within the complex before it falls into further dilapidation with the attendant huge cost of a possible replacement”.

Lagos Assembly Approves Sanwo-Olu’s Request For ₦85 Billion Bond

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By Akinwale Kasali

The Rt. Hon. Mudashiru Obasa led Lagos State House of Assembly has approved Governor Babajide Olushola Sanwo-Olu’s request of ₦85 billion Special dispensation for Bond redemption as well as ₦85 billion for bridge loan for a quarter.

This is in pursuant to the approval of Bonds, Loans and other Security Law of Lagos State 2015 and comes at 9.25% per annum to bond financing programme.

During plenary at the House, Chairman, Committee on Finance, Hon. Rotimi Olowo, stated that the terms of reference of the request received from the executive arm appraise the request for a special dispensation; enquire into the debt profile of the State and ascertain the source of the fund for repayment and refinancing.

Olowo stressed further that based on briefing and documents received, the redemption of bonds will allow for extension of maturity of the same with a two years moratorium in 2031 and the special dispensation approval will enable the State earmarks for capital projects.

In a chat with the Media after the Bond approval, Hon. Olowo explained that the request from the governor had two aspects.

The first was for an approval for Bond Bridge Loan which would allow the state to access bond market as soon as possible while the second aspect is a loan from a commercial bank at the interest rate of 9.25.

Olowo explained that as at February this year, the Federal Government went to bond market at coupon rate of 12% , saying that in june it had increased to 13.5%.

He also said comparing the rate with the bond secured by the State Government in 2016 and 2017, the least of all was 16.6%, adding that the highest was around 17.25%.

Olowo explained that the opportunity the market provided was enough for the state to access it now, adding that the state would be able to get the rate cheaper and that the current bond of the state would mature in 2024.

“When you look at our Consolidation Debt Service Account (CDSA) we have about ₦22billion and we are talking N101.2billion in the next 2 or 3years. It will amount to a lot of pressure on our debt obligation, so what we thought that is necessary is that we should quickly access the bond market with the approval of the House so that we can get it at cheaper rate and it will be for 10years with 2years moratorium.

“What it means is that, in the next two years after securing the bond we will not pay any money. We will not pay the interest and the capital, it will be like tax holiday. It will relieve the state the burden of sourcing for money to pay the creditors.

“On the second aspect, if today we don’t access the commercial loan from one of the banks at a single digit of 9.25%, we will still be losing because what we will still access, we will pay the holders of the bond between now and the next one months. That means we have been able to save money worth an average of ₦1.5billion in form of seeking fund to be able to make up to 2023.

“So, if we don’t pay that in the next three years, what it means is that we have gotten a saving of about ₦75billion. It is obvious that there cannot be a better time for the state to go for the bond market which we called ‘ Special Dispensation Bond’ and the second is a loan from a commercial bank at the interest rate of 9.25 which is very cheap. That is the reason why the Assembly speedily supports the executive. We always want to support the executive when it comes to infrastructure,” Olowo said.

Royal Reception For Baby Delivered In Correctional Centre As Ooni’s Wife Doles Out Gifts, Scholarship

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Naming of Baby Delivered in Prison with Oni waife

By Ayodele Oni

The name christening ceremony of the baby delivered in prison, by female detainee,  Kemisola Ogunniyi, took place on Wednesday.

Kemisola was on Tuesday granted bail of N10 million with a surety by a High Court in Ondo state.

She was among the EndSARS protesters, rounded up last year by police in the state.

The ceremony was graced by Olori Naomi Ogunwusi, wife of the Ooni of Ife, Oba Ogunwusi among others.

The baby is named Okikiola, Samuel, Oluwapamilerin.

Olori Ogunwusi announced scholarship award and presented gifts worth millions of Naira to the baby and her mother.

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