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AMCON Seeks Its N784m from Ogboru, Targets His Company, Bank Accounts |The Source

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The Source
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By Charles Igbo

Businessman/Politician, Chief Great Ogboru is in trouble. He is at daggers drawn with the Assets Management Corporation of Nigeria, AMCON.

AMCON has gone to a court asking it to endorse its take-over of Ogboru’s company, Fiogret Ltd, and take over the cash in company as well as those in  Ogboru’s accounts, scattered in 22 banks.

Before the Hon. Justice Maureen Onyetenu, is an ex-parte application filed by AMCON to enforce a favourable  judgement it says it received on July 5, 2013, given by the Hon. Justice Abang.

AMCON says since the judgement, Ogboru and Fiogret have done nothing to liquidate the debt. It now wants an enforcement order by Justice Onyetenu to enable it recover the said amount from Fiogret and Ogboru.

AMCON’s Counsel, Kunle Ogunba, SAN, asked Justice Onyetenu to grant their request as that is the only way AMCON could recover its debt.

But Ogboru and his company are crying foul. They are questioning the jurisdiction of the Court over  the case. They say that they had appealed Justice Abang’s judgement at the Supreme Court. And most important, they say the Federal Government is owing them a whopping sum of N4 billion.

Justice Onyetenu will, on February 2, 2021, rule on the jurisdiction matter.

Ogboru was a former Delta Governorship candidate on the ticket of the APC.

How Killed Nasarawa APC Chair Called For Help In Vain; Killed By Shots To The Back And Ribs |The Source

By
Adesina Soyooye
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Philip Schekwo

By Adesina Soyooye

For about 49 minutes, Philip Schekwo, the murdered Nasarawa State Chairman of the All Progressives Congress, APC,  his wife and members of his household called for help in vain.

They did when gunmen invaded his home. The late Chairman was their target.

For the 49 minutes it took them to shoot at, and break the walls, the protectors, and finally, the very strong doors, they desperately called every security number available to them. But nobody answered, or came to their aid, They were unresponsive.

As the State Chairman of the APC, Mr Schekwo had the phone numbers of the leadership of all the Security  Agencies in Nasarawa State. He would have that of the Governor, the Governor’s ADC and CSO. Yet, after a 49-minute ordeal, he was picked up like a Christmas chicken by his assailants, and killed a few meters away from his residence.

And, he lived in the State capital, Lafia.

The State Commissioner of Police, Emmanuel Longe, was quick to say he strongly suspects assassination.

He is right.

When the news first filtered- in that the Chairman had been abducted from his home on Saturday, at about 11.00pm, everybody concluded it was a case of kidnapping, the most lucrative business in Nigeria.

But it turned out to be false. The circumstances point to Kidnapping. He was abducted on that Saturday, and within hours, his bullet- ridden body was found near his house. Meaning he was killed as soon as he was abducted.

CP Longe said he was shot at “the back and on the side.”

He said nothing was taken from the house. He said no money for ransom was asked for. Just nothing.

But a source, Joseph Gudu, told the sad story of how the late Schekwo, his wife and children desperately sought for help and protection to no avail. He also said the gunmen came with all kinds of weapons, including  diggers, to break a door in the house.

According to him, “His wife, children and the Chairman himself made several calls to Security Agencies in the State, but nobody responded.

“The Operation lasted about 49 minutes before the gunmen entered the bedroom of the Chairman after disarming his security guard. They took him away, and killed him just a metre away from his house. They hung his car key close to his lifeless body.”

The outrage which has accompanied Schekwo’s assassination has been like claps of thunder.

President Muhammadu Buhari while mourning him, asked Security Agencies to bring the murderers to book.

Nasarawa State Governor, Abdullahi Sule, and former Governor, Umaru Tanko Abdullahi, expressed shock. And so  have the APC and many prominent Nigerians.

The questions, however, remain: For the about 49 minutes the operation lasted, and for the number of times the assassinated Chairman, his wife, and children phoned Security agencies for help, where were they? Why were they unresponsive?

Recession Will Soon Be Over, Says Ahmed |The Source

By
Uche Mbah
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Zainab Shamsuna Ahmed,minister of finance

By Uche Mbah

Nigeria will emerge from the current recession within six months, if the Minister of Finance, Zainab Ahmed, is to be believed.

Speaking on Monday at the Nigerian Economic Summit  organized by the Economic Summit Group , holding in Abuja, Ahmed said that the recession has been induced by the Covid-19 Pandemic, and follows global trends.

She said that other countries like the United kingdom are also in recession. South Africa, for example, declined by 50 percent compared to Nigeria’s 6.1 percent in the first quarter in Nigeria.

The National Bureau of Statistics (NBS) on Saturday announced the contraction of Nigeria’s economy in the third quarter of 2020 by 3.62 percent against a 6.10 percent contraction in the previous quarter.

With this, the economy has slipped into its second recession under the Buhari administration.

The last two previous recessions were also under Muhammadu Buhari, when he was head of state.

“Let me remind us that before the impact of COVID-19, the The Nigerian economy was experiencing sustained growth, which had been improving quarter by quarter until the second quarter of 2020, when the impact of the COVID-19 was felt.”

“Nigeria is not alone in this, but I will say that Nigeria has outperformed all of these economies in terms of the record of a negative growth,” Ahmed said.

“While the economy has entered into recession in the third quarter, the trend of the growth suggests that this will be a short-lived recession, and indeed by the fourth or, at worst, the first quarter of 2021, the country will exit the recession.

“Our expectation of a quick exit, which will be historically fast, is anchored on the several complementary fiscal, real sector, and monetary interventions that have been proactively introduced by the government to forestall a far worse decline of the economy and alleviate the negative consequences of the pandemic.”

Meanwhile, the Nigerian equity market has reacted negatively to the news of the recession. The market declined in early trading Monday,  with the All-share Index weakening by 1.07 percent to 33,773.72 points, according to Refinitiv Eikon data, led by the banking sector, which fell 5.79 percent, Reuters reported.

IGP Promotes 82,779 Junior Police Officers; As 16 Killed By EndSARS Rioters Get Posthumous Promotion |The Source

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The Source
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Nigeria Police

The Inspector-General of Police, IGP M.A Adamu, NPM, mni, has today, 23rd November, 2020 approved the promotion of Eighty-Two Thousand, Seven Hundred and Seventy Nine (82,779) Junior Police Officers to their next ranks. The promotion of the officers comprising 56,779 Sergeants to Inspector, 17,569 Corporal to Sergeants and 8,431 Constables to Corporal is part of the on-going efforts at boosting the morale of personnel and repositioning the Force for greater efficiency.

This was contained in a Press Release signed by the Force Public Relations Officer, DCP Frank Mba.

Those promoted also include 86 junior officers negatively impacted by the ENDSARS riots – 16 got special posthumous promotion while 70 others injured during the violence arising from the ENDSARS protests were equally specially promoted.

The IGP, while congratulating the officers, charged them to see their promotion as a mark of additional responsibility and a call to rededicate themselves to their professional calling. He enjoined them to continue to carry out their duties diligently and in conformity with best practices and respect for the rights of the citizen. He noted that the promotion ,albeit, posthumously, of the officers who were killed by some ENDSARS protesters, is a symbolic gesture in recognition of the ultimate price they paid in the service of the nation.

The IGP promised to work with all relevant agencies, organs of Government and other stakeholders in driving a successful reform of the Police for improved welfare and conditions of service towards better service delivery to the people.

Akeredolu Sacks Kinsman, Olawoye, Appoints New Attorney General |The Source

By
Ayodele Oni
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Adekola Olawoye

By Ayodele Oni

Ondo State Governor, Rotimi Akeredolu, SAN, has sacked the State Attorney General and Commissioner for Justice, Adekola Olawoye, over irreconcilable differences. He immediately replaced him with Human Right’s Lawyer, Charles Titiloye.

This was contained in a statement signed by the Chief Press Secretary to the Governor, Segun Ajiboye, on Monday. The statement  did not give any  reasons for the removal.

Olawoye, also a Senior Advocate of Nigeria, (SAN) hails from the same town, Owo, as Governor Akeredolu,  and both were childhood friends.

Both of them were practising in Ibadan, Oyo state, where they had their chambers until Akeredolu became governor.

The former Commissioner for Justice was regarded as one of the arrow heads and a reliable confidant of the governor.

It was learnt that last week’s protest by lawyers in state government job was the last straw, that brought the disagreement between the two Owo born sons.

The Governor was reported to have been embarrassed by the action of the Lawyers, and  believes it was due to negligence by the ousted Attorney  General.

Olawoye,  too, according to sources, had his own grievances  against the Governor,  and had before now, threatened to quit his government.

He was reported to be unsatisfied with Akeredolu’s style of  governance.

Sources say he had wanted to resign before the election, but was prevailed upon not to do so that he would not be misunderstood.

Human Rights Lawyer, Charles Titiloye will be the next Attorney-General and Commissioner for Justice.

His name is expected to be forwarded to the House of Assembly for clearance tomorrow.

Sanwo-Olu To Establish Youth Affairs Units In LGs, LCDAs |The Source

By
Akinwale Kasali
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By Akinwale Kasali

Lagos State Governor,   Babajide Sanwo-Olu,  has decided to establish a Youth Affairs Department in all Local Governments and Local Council Development Areas (LCDAs) of the state.

This move was disclosed by Saheed Akanbi,  the Senior Special Assistant on Youth Matters to the State Governor, during  the Third Annual Media Retreat of ‘Conference 57’.

The ‘Conference 57’ is a forum of Chief Press Secretaries of all the 20 Local Government  Areas in the State and the 37 Local  Council Development Area.

Akanbi said that the Youth  Department at Council levels would help fast-track development across the State, and also make the Youths closer to the Government in channelling their demands and grievances.

“Effort is in progress, as there is need to establish Youth  Affairs  Department in all Local  Governments  and LCDAs to make the job more easier.

“So that if there’s anything happening in any council concerning the Youth, it will be easier to contact the supervisor on Youth  Affairs  in that Council  to fix the development collectively.

“At the same time, the Department will ensure that the plights  of the Youth  are properly taken care of at the grassroots levels,” he said.

Akanbi, also, said that there was need to review the remuneration of media aides of all Council  Chairmen in the state.

He said that reviewing their remuneration in terms of salaries and offices would assist in bridging the gaps between the residents and the councils.

Akanbi, however, advised the Spokespersons to be loyal to the Councils and ensure that its activities and programmes are properly publicised to the residents.

Emmanuel Bamgboye, Chairman, Mushin Local Government, in his remark, urged the Media aides to be proactive in disseminating information to the public.

“Your job is very valuable, this is the era of information, we need publicity in all levels of government.

“We appreciate what you are doing but continue doing more of it with loyalty, which is very important and we will continue to appreciate you,” the council boss said.

He urged the media aides to cooperate with their bosses and give adequate publicity to allow the residents know the level of development in the community.

Mr Oseni Ajimomuya, Chairman ‘Conference 57’, said measures were in place by the association to curb the menace of fake news in the society.

“Our major crusade in this regard is to enlighten the masses on the negative impact of fake news across various social media platforms.

Abuja Court Jails Senator Ndume Ali |The Source

By
Ayodele Oni
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By Ayodele Oni

For his failure to produce a suspect on bail, a Federal High Court, Abuja,  today, Monday, ordered the remand, of Chairman Senate Committee on Army,  Senator Ali Ndume (Borno South ) in Kuje Correctional Centre.

He will remain there until he produces in court, Alhaji Abdulrasheed Maina, who he stood surety for.

Justice Okon Abang, who gave the order, also, ruled that Ndume should, alternatively,  pay N500m to the treasury  of the Federal Government, or forfeit his  property located at plot 158 cadastral zone Asokoro Abuja.

According to him, until any of the conditions is fulfilled, Ndume should remain in Kuje prison.

Senator Ndume stood surety in April 2020 after the defendant had spent six months in custody, due to his inability to  produce a senator to stand for him.

Maina is facing a-12 count charge of  laundering the sum of N2bn through multiple fictitious bank account names.

He has been absent in court for four consecutive times without any tangible reason acceptable to Court.

At the last adjourned date,  November 18, the judge gave Ndume till today to show cause why he should not be sent to prison.

Maina, who is standing trial for alleged money laundering charges, absconded and left Maina in the lurch. Ndume consistently told the Court he didn’t know Maina’s whereabouts.

Last week, a Bench warrant to arrest Maina was issued by the Court. And on Monday November 23, the Ndume was ordered remanded in Prison Custody.

*With Additional Report by Akinwale Kasali

Breaking: FIFA Bans CAF President, Ahmad, For Five Years For Corrupt Practices |The Source

By
Akinwale Kasali
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By Akinwale Kasali

In one of the most shameful blows to hit African Football,  the World Football Governing Body, Federation International for Football Association, FIFA, has banned the Confederate of African Football President, CAF, Ahmad Ahmad.

Ahmad is seeking re-election for a second term as the Africa Continent President, but the ban by FIFA  has dashed his ambition.

The Madagascar born CAF President was slammed with a five-year ban by FIFA for engaging in corrupt activities.

The announcement was made by FIFA on Monday. The adjudicatory chamber of the independent Ethics Committee  banned Ahmad for breaches of duty of loyalty, offering and accepting gifts or other benefits, abuse of position, and misappropriation of funds, a FIFA statement confirmed.

CAF is yet to respond to the news. It remains to be seen what this means for the elections of the new CAF president, scheduled for 12th March 2021.

Ahmad, a former Madagascarn Minister, quit his office to vie for CAF President. He has been the President  of CAF since March 2017 and was standing for re-election.

Eedris Abdulkareem Slams Buhari’s Administration, Says It Is On Life Support |The Source

By
Akinwale Kasali
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Eedris Abdulkareem

By Akinwale Kasali

Member of the defunct Music Group, The Remedies, Eedris Abdulkareem, has described President Muhammadu Buhari’s administration as a failed one, living on life support.

The Rapper lamented the backslide in the economy of the nation, reacting to the dollar exchange rate to the Naira.

As at Monday morning, 23rd November, 2020, a Dollar to a Naira was between N475-N480.

Abdulkareem further described the Buhari Government as a ‘Mean regime surviving on life support system’

He applauded Nigerians, noting that it is a miracle to live in Nigeria at this point, where things are upside down.

Commenting on his  Instagram page, the Rapper said: “When you see a Nigerian living in Nigeria, give him/her some accolades.

“It is a miracle to live here. Shocking if you save a Naira a day you may not have up to a dollar at the end of the year.

“$1=N475, A very mean mean regime, surviving on propagandas and life support system. Transmogrifying Change to Next level”, he wrote.

Abdulkareem has over the years been a strong critic of past Nigerian Presidents, putting them on their toes to to do things aright.

He once criticised the administration of former President Olusegun Obasanjo, following the increase in Petrol.

He sang the song, “Nigeria Jagajaga”, talking about the anomalies and Corruption in the Nigeria system.

Nigeria has just entered its second depression under the Buhari Government, described as the worst in decades.

GT Bank Targets PFAs, Telcos in New Holco Plans |The Source

By
Bayo Bernard
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By Tosin Olatokunbo

The managing Director/ chief executive officer of Guarantee Trust Bank, Segun Agbaje has disclosed that the bank will leverage on its huge customers base to become Africa’s financial behemoth in few years, by diversifying into telecoms, insurance, pension franchises.

The bank’s has strategically positioned itself as the most profitable commercial banks in the country for three decades and has passed the Central Bank of Nigeria’s capitalization threshold.

“We have never had the strategic objective of being the biggest bank in the country. The strategic objective of GTB is to be number one in profitability, ROEs and ROAs. We believe it is not the size that matter to shareholders; the bank with the biggest branches does not make enough profit,” Agbaje said.

The retail lender has grown from barely 3 million customers few years ago, to over 13 million customers, and remained the most capitalized and profitable deposit money banks, DMBs in the country, according to figures from the Central Bank of Nigeria, CBN.

According to a report from the Nigerian Stock Exchange, NSE the bank has declared a third quarter 2020 pre-tax profit of over N167 billion, coming barely few days after its management hinted of plans to become a holding company.

Speaking in Lagos recently, Agbaje said GT Bank has decided to diversify income beyond banking in line with its strategic position as the leading financial service provider in the continent.

He said the bank is creating opportunities for Fintechs, Telcos, insurance under one platform which will lead to job creation and profitability for its numerous shareholders.

“The universe of banking is changing r=dramatically from what it was 10 years ago and GT Bank” cannot afford to be left behind, adding that the bank does not want to lose a large chunk of what is happening in the financial landscape because that means “you will miss what the Telcos, Fintechs and lending companies are doing.”

He said the decision not to join the bandwagon of holdco over a decade ago was purely strategy, as the bank wanted to focus on providing core banking service which helped the bank to become the most profitable bank in the country within few years.

But now “it is time to diversify earnings. And the only way to diversify your earnings in Nigeria today is to create a holding company structure. We are focused on creating our assets management system. The PFA is growing, what we want to do is to build an assets management company.

The reason why we have asset management is because it complements our business. We have grown a very big retail business today. Sometimes when some people has a high yield, we lose such opportunities” to our competitors, but creating our own assets management  company will bring all services” in the banking, PFAs, Asset management into the bank’s ‘ecosystem’  the bank’s CEO said.

He, however, hinted that “We are still going to face our core banking services; and we are not going to let that drop. GTB will continue to be the mother ship for us. We will continue to deepen our retail, SMEs business.”

 

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