Governor Godwin Emefiele of the Central bank of Nigeria, CBN has disclosed that the N150 billion Targeted Credit Facility, TCF, a credit arrangement meant to support households and businesses, hit by the corona virus pandemic has been drawn down by beneficiaries
The development has now made the apex bank to increase the facility to N300 billion to give opportunities to more households and businesses.
The CBN stated this in a report titled ‘Response by the Monetary and Fiscal Authorities to COVID-19’.
Emefiele said“The increase is to accommodate many more beneficiaries and boost consumer expenditure which should positively impact output growth.
“Given the impact on COVID-19 on key economic variables earlier mentioned, the fiscal and monetary authorities took unprecedented measures to prevent any long-term damage to the growth prospects of our economy.”
The apex bank governor said the fund is already being disbursed to qualified households and small businesses through the NIRSAL Micro Finance bank, adding that at least N149 billion has been disbursed to over beneficiaries..
The TCF guidelines provide that eligible small business can get as much as N25 million while qualified households can receive a maximum of N3 million each.
The CBN governor also stated that, the decision to strengthen the Loan to Deposit ratio, LDR has paid off, as it has resulted in significant rise in loans provided by financial institutions to their customers.
He said “Total gross credit rose by over 21 percent over the past year, from N15.5 trillion to N19.54 trillion. The apex bank, he added has also disbursed Agri- Business/Small and Medium Enterprise Investment Scheme, AGSMEIS (N92.90 billion to 24,702 beneficiaries), Anchor Borrowers Program, ABP by the sum of N164.91 billion to 954,279 beneficiaries.”
Recall also that the apex bank, at the break of COVID 19, created credit facilities for many sectors in the economy to help them recover from the shock created by the pandemic. For instance, over N700 billion was set aside for the manufacturing sector to boost production.
The managing director/ chief executive officer of Guarantee Trust Bank, GT Bank Plc Segun Agbaje has disclosed that investors stand to gain more in the Holding company, assuring shareholders of the bank that their shares will be maintained in the new structure, because the management has no plans to embark on any share restructuring.
Agbaje said “I am delighted over the approval by shareholders for the holding company and I assure the investors of a more rewarding future. The bank will not embark on any share reconstruction as the same number of shares they have with the bank will be maintained.
“Under the new structure, existing shareholders of GTBank would be migrated to Guaranty Trust Holdings via a share-for-share exchange between the shareholders of GT Bank and GT Holdings.”
He explained that the GT Bank holding company will create an operating model that would profitably grow the bank’s presence in the market for commercial banking and non-banking financial services in order to achieve the aspiration to be the dominant financial services group.
The shareholders of the bank, on Friday, gave approval to the company for the transfer of the 29,431,179,224 ordinary shares of 50 kobo each in the issued and paid-up share capital to Guaranty Trust Holding Company Plc.
This was done in exchange for the allotment of 29,431,179,224 ordinary shares of 50 kobo each to the shareholders in the same proportion to their shareholding in the bank credited as fully paid without any further act or deed.
The shareholders are now happy that going into the future, their interests have been well taken care of, so they have nothing to fear.
Expressing members’ excitement over the planned restructuring, the founder, Independent Shareholders Association of Nigeria, ISAN, Sir Sunny Nwosu, said the shareholders are excited because the arrangement the bank has put in place is devoid of complexities.
Nwosu said the Agbaje –led management can be trusted to steer the holdco successfully as it has done with the Bank.
“We are excited about the development because we are going to get value as everything we have would be transferred to the holding company. There will be no manipulation as a result of reconstruction that usually leads to fractional shares,” he said.
The President, Progressive Shareholders Association of Nigeria, Boniface Okezie, also commended the management because “GTBank has over the years proven to be a force and leading initiator of revolutionary advancement and technology based development in the nation’s banking industry and we look forward to the growth and advancement it is sure to bring into the new business areas it will be taking on with the Holdco structure.
“The arrangement where all existing shares of the bank would be transferred entirely to the Holdco in the name of the beneficial owners is good, while the same number of units and percentage would be held in the new entity, is commendable”, he stated.
If anybody was looking for how the Igbo destroy some of their best, the shame going on in Ebonyi State is a good example.
The shame and bad blood were fully displayed on page 43 of ThisDay, 4th December, 2020. They came in the form of a full page letter, addressed to the Chairman of the Economic and Financial Crimes Commission, EFCC, signed by Mr Joseph Ekumankama.
The advert was mean. Its contents condescending. Former President of the Senate/ Former Secretary to the Federation, SGF, Anyim Pius Anyim was the target.
By way of introduction, Ekumankama is the Ebonyi State Commissioner for Investment and Abuja Liaison. Double- barrelled office! Big deal!!
So you ask:
Why would a serving State Commissioner spend about N800,000 (Eight Hundred Thousand Naira or more, from his personal (?) pocket on such a demeaning advertisement?
Joseph Ekumankama
Here is the story.
As were many other prominent Nigerians, especially, politically exposed Nigerians, Anyim, was invited by the EFCC to clear some grey areas during an investigation into a couple of things that took place under his watch as the SGF. Anyim was in that office during the administration of President Goodluck Jonathan.
As is usual with the EFCC, depending on the case before it, he was detained, and needed to be released on bail. Not surprising, Anyim turned to his State Government/Governor for that. He was right.
Here is why.
Aside from the fact that it was what many others did, he had a more compelling reason to turn to his State. For a number of years, Anyim, from same Ebonyi State as Commissioner Ekumankama, was the highest political office holder in the South-east.
During the President Olusegun Obasanjo Government, he was the President of the Senate. And was Secretary to the FG during the Jonathan Government.
But here is the clincher.
Anyim was, to a large extent, instrumental to the emergence, as Governor, of Ekumankama’s boss, Dave Umahi.
Nobody gave Umahi a chance. Former Governor of Ebonyi State, Martin Elechi, whose Deputy Umahi was, did not want him as his successor. In Nigeria, it is rare for a Deputy Governor to succeed his boss. So,
Dave Umahi
Elechi’s preference was former Minister for Health, Professor Onyebuchi Chukwu. And even though Chukwu was good to go, Anyim, former Senator Sam Egwu, and a couple of others saw to it that Chukwu was dumped for Umahi. It was politics at its most high-wired.
So, Ekumankama stood bail for Anyim by proxy. Take it that it was the Ebonyi State Government that took Anyim on bail, using the Commissioner as a front.
But things have since gone awry.
Umahi and a number of those who supported him, including Anyim and Egwu, have fallen out. And Umahi has since decamped to the APC, a party where his heart has been for, at least, five years. So, the ante has gone up.
The Governor has been threatening fire and brimstone, especially, against Anyim. He has sacked everybody “sackable” in his Government, associated with Anyim -from Local Government, to Boards, to just everywhere.
And he has threatened some more.
He would deal with Anyim, decisively, and would fight to a finish. It would be the last fight Anyim and co. will fight, he once threatened. He said they were angry with him because even though all of them, including Anyim, had planned to decamp to the APC together, he outsmarted them, and went to see Presiden Buhari alone. He is like air, he boasted.
Anyim had his own say too.
According to him, in an open letter, in response to Umahi, which he copied Mr President, the IGP, and the DG, DSS, the Governor threatened to kill him. Anyim, also alleged the Governor boasted that the EFCC would deal with him, all because he did not defect to the APC with Mr. Governor.
But even then, Anyim did not quite, forcefully, deny he had planned to defect to the APC with Umahi. What he said was that when the Governor visited him a day after his (the Governor’s) defection to the APC, and pleaded with him (Anyim) to, also, defect so that others would join him, he told the Governor that the manner of the Governor’s defection, has made it difficult for others to follow. Get the point? But that is a story for another day.
However, if Umahi threatened Anyim with the EFCC, he has set it in motion now.
In the said advertisement in ThisDay, Umahi’s Commissioner published a letter he wrote to the EFCC, withdrawing the bail he signed for Anyim. The letter dripped of insults directed at Anyim. It dripped of meanness.
He based his withdrawal on two things – first the political rumblings in his state which has pitched his Principal, Umahi, against Anyim, and second, flowing from that, the Senator-Ali Ndume and Abdulrashid Maina bail tango.
He told Nigerians, in case they had forgotten, that Anyim was once arrested and detained by the EFCC. He told Nigerians that it took his benevolence to get Anyim released, on bail, from EFCC detention. Big deal.
But, that was not all.
He remembered the sad incident between Senator Ali Ndume and Abdulrashid Maina who jumped bail and put Ndume in trouble. So? Ekumankama didn’t want to be an Ndume, in case Anyim jumped bail, and becomes a fugitive.
Here are the implications of what Commissioner Ekumankama did.
Anyim Pius Anyim
By going ahead to advertise his letter to EFCC, he wanted a public disgrace of Anyim.
By withdrawing from the surety he stood for Anyim, he wants the EFCC to go after Anyim. He wants the EFCC to pull Anyim in, detain him, until he arranges for a new Surety. When the EFCC does that, his boss, Umahi, would have scored a point against Anyim.
And here is what Commissioner Ekumankama would gain: a permanent appointment in Umahi’s government. The good boy. He wants to be a Commissioner forever. For that, he had to embark on a public disgrace of Anyim without a blink of the eye.
But Commissioner Ekumankama forgot something. He forgot tomorrow. He has behaved as if there is no tomorrow. He behaved as if there will be no tomorrow.
But there is always a tomorrow. When that tomorrow comes, what will Ekumankama do? Where will he be?
Let me make a guess.
He will become a pawn in a political chess board – Anyim and Umahi’s political chess board. What if Anyim and Umahi, as often happens, ends up again in one bed. What will be Ekumankama’s fate?
But there is something to say about the unfortunate incident between Anyim and Umahi. It confirms what other people think of the Igbo. They say the Igbo, are capable, always, of selling their brothers for ten a kobo.
Example: It was Umahi who hit the roof when Peter Obi was picked as Atiku Abubakar’s running mate during the 2015 Presidential elections. He attacked that choice for not being consulted. And there is now this:
Since Umahi defected to the APC from the PDP, he has done nothing else but embark on a gradual diminishing of Anyim. It is as if that is Umahi’s ticket to the Presidency. Sad, very sad.
It has been finally been confirmed that flambouyant International Business man/ Politician, Chief Harry Akande, died of a heart attack, occasioned by COVID-19. He died in the early hours of Saturday, December 5 , 2020.
Announcing his death, his son, Olumide, said they were still struggling to make sense out of it.
He is correct. For, Akande contracted COVID-19 in a an ironic manner just last week. The disease was passed-on to him by one of his domestic staff members, who tasted positive to it.
In an emotional tribute, his long-time friend and lawyer, A.J Owonikoko, SAN, said Chief Akande was taken to hospital on November 30, on showing signs of COVID-19.
He wrote: “One of his domestic staff brought in covid last week and got almost everybody in the household infected when routine weekly tests were conducted last Saturday.”
He said the Chief began to show signs of sickness on November 30, and was taken to the hospital. But by Wednesday, Akande, who he described as a dogged fighter, showed signs of recovery, and everybody around him was happy. Unfortunately, there was a sudden turn-around.
Early Saturday morning, the Chief suffered a heart attack, and quickly passed on.
It is not known if there are other members of the family who are in the hospital suffering from COVID-19. But based on what Owonikoko said, many other members of the family contracted the disease.
Oyo State Governor, Seyi Makinde, described Akande’s death as a tragedy.
Born on March 3, 1943, Akande was 77 years old when he died.
Married to the lovely Tolulope for over 36 years, the marriage produced four children – Olumide, Foluke, Atinuke, and Olawunmi.
Olumide, the only son of Billionaire Harry Akande, says there is no sense in the death of his father, lamenting that he was struggling to make sense of the sad situation.
Chief Harry Akande, an international businessman and a two-time Presidential aspirant, died Saturday morning, 5th December, 2020.
Unconfirmed reports say Chief Akande, the Agba Oye of Ibadanland, died of complications related to COVID-19.
However, Olumide, who is married to Nollywood Star actress, Dakore Egbuson, in a release announcing his father’s passing, said the family’s matriarch died after a brief illness.
In a statement titled: Chief Harry Ayaode Akande, Agba Oye of Ibadanland, March 3, 1943 December 5, 2020 Olumide wrote: “In the early hours of December 5, 2020, our patriarch, Chief Harry Ayaole Akande, passed away following a brief illness.
“Chief Akande was a businessman of international repute whose legacy and influence cut across continents.
“But by far, his greatest passion was for a better Nigeria that guarantee equity and justice for all. It is our fervent prayer that this will be a reality in the not too distant future.
“‘His passing is a huge shock to his immediate & extended family, friends and associates. We are all grappling to make some sense of it.”
If Chief Akande, indeed, died of COVID-19, he joined other high profile Nigerians who died of the pandemic.
They include, but not limited to former Governor of Oyo State, Senators Abiola Ajimobi, and Senator Buruji Kasamu.
Oodua Peoples Congress, (OPC) has observed that the South West Security Network, code-named Amotekun, falls below the expectations of people in the geopolitical zone.
Ondo state Coordinator of OPC, Mr Pius Ogunsanya, observed that all Governors in the zone failed to keep to the guidelines on the formation of the regional security network, especially in the area of recruitment.
In a statement at the weekend in Akure, he advised the Governors to return to the resolutions adopted at Lagos and Ibadan summits on the establishment of the security network.
According to him, recent killings and kidnappings in the region, especially, Akure were avoidable if necessary steps were taken.
He condemned the recent killing of a first class traditional ruler and the Olufon of Ifon, Ondo state, late Oba Israel Adeusi by yet to be known herdsmen at Elegbeka, along Owo-Benin highway.
Ogunsanya, stressed that the Ipele/Ifon/Imoru axis of the expressway has come under heavy attacks of the deadly herdsmen and bandits in recent time.
“As a way to put final stop to such deadly attacks, kidnapping and killings along the highways across the region, South West Governors should go back to the resolutions reached at both the Ibadan and Lagos security summits and implement the recommendations as originally approved by all the stakeholders, including the Aare onakankafo of Yoruba, Gani Adams who headed the local militia groups such as Hunters’ Associations, Agbekoya and Vigilante Group of Nigeria (VGN) to the summits.
Ogunsanya noted that the current formation of Amotekun, as launched by some state Governors , could not effectively tackle the menace of herdsmen attacks, kidnapping, killings and other criminal activities inside the forests and hinterlands across the region.
“The Amotekun you see parading the streets in their branded vehicles are not fashioned along the original recommendations of the stakeholders at the security summits that brought to life the security outfit, I can authoritatively say it.
“Take the case of Ondo state as an example: just a few number of OPC, VGN and hunters’ members made the list at the formal recruitment and launch of the outfit few months ago. We didn’t know how they shared the slots among the politicians to make up the corps. This has really caused big lapses and deficiencies in the operations of the Amotekun corps as we can now see.”
He however, applauded the role of Gani Adams for not dragging the issue of Amotekun with the Governors, as he gave them free hands to operate the corps.
It is going to be a mixture of sadness and joy following the soon to be started construction of the Fourth Mainland Bridge.
The Construction of the 37 Kilometer bridge could see to the demolition of about 795 residential houses.
Revealing this sadness and joyful news, the Federal Government in partnership with the Lagos State Government said a lot of efforts have been made to reduce the number of affected structures from about 9,000 to less than 800.
This was even as the state government assured that owners of the affected properties would be adequately compensated, despite the prevailing economy circumstances.
It said all stakeholders would be satisfactorily considered in the execution of the project.
Speaking at the Environmental and Social Impact Assessment Stakeholders’ Scoping Workshop with the Federal Ministry of Environment in Lagos, Environment Minister Mamoud Abubakar, said there should be sincere commitment on the part of Lagos State government on the compensation for owners of affected properties.
The Minister, who was represented by a director in the Ministry , James Kolawole, explained that though the project would have about 16 alignments, the best had been selected.
“There was an alignment that will affect about 9,000 structures along the corridor, but we have reviewed it and gone for the alignment that will affect about 795 houses, instead of the one that will take more houses. It is an ongoing thing on how best to minimise the negative impact,” he said.
The State Ministry of Physical Planning and Urban Development said the bridge, which will connect Lagos and Ogun states, will pass through Abraham Adesanya in Lagos and Sparklight Estate near the Lagos-Ibadan Expressway in Ogun State.
A town planner in the Ministry, Mr. Abayomi Omolola Amos said the alignment of the project had been carefully designed to reduce the number of houses that should be demolished.
The Federal Government said the proposed bridge will boost economic growth and enhance international trade.
Abubakar said the Lagos State government has been working on the project for about four years and has made several representations to the Federal Government.
The Minister said the project will enhance commerce and international trade to improve the people’s livelihoods.
He congratulated the state government on the laudable project, while stressing the need to take cognisance of both positive and negative impacts of the project on stakeholders.
According to him, doing this will ensure all issues are addressed to avoid compromising the comfort of future generations.
“For us as a ministry, we are happy with the positive impact, but is need to resolve the negative aspects: what we need is sustainable development,” he said.
The house of representative has directed the Minister of Finance, Zainab Ahmed and Governor of the Central Bank of Nigeria, CBN Godwin Emefiele, to appear before it to justify $21 billion withdrawal from the Nigeria Liquified Natural Gas, NLNG account.
NNPC Group Managing Director, Mele Kyari, on Thursday, told the House committee on Public Accounts that it did not act illegally by withdrawing the humongous amount from NLNG, insisting that the CBN and the ministry were aware of it.
The lawmakers had, last month, said the funds should have been paid into the Federation Account, to be shared by the federal and state governments in the country, adding that the withdrawal was illegal and therefore, directed the NNPC boss to appear before the committee to give explanations.
But during his appearance on Thursday, Kyari, who was represented by Umar Ajiya, the chief financial officer of NNPC, said the withdrawal from the NLNG dividends account from was legal. The period of withdrawal was between 1999- 2020.
He said the proceeds from NLNG was withdrawn by NNPC based on approval of the federal government, noting that the national oil company represents the government on the NLNG board and manages its funds.
He explained that the proceeds could not have been paid into the federation account, as being claimed by the committee because “When I say the federal government, I do not mean NNPC. Ordinarily, it’s the federal ministry of finance that directs the utilisation. We (NNPC) are merely the agents of the federal government.
“All withdrawals (from NLNG dividends fund) were based on approved mandates of the relevant authorities. As far as NNPC is concerned, investments in NLNG were done on behalf of the federal government. I was the treasurer of NLNG, so I was aware of the federal government’s investment in the project.”
For his bad behaviour, the former Chairman of the defunct Presidential Task Force On Pension Reforms, Abdulrashid Maina, will remain in Prison custody until the length of time his trial would last. He is no longer entitled to bail.
Maina is facing prosecution by the Economic and Financial Crimes Commission, EFCC, for an alleged fraud to the tune of Two Billion Naira he committed while in office.
But the former pension boss has been a bad defendant. First he escaped from Nigeria to Dubai to avoid arrest. Then he returned on the assumption of office by President Muhammadu Buhari and was, inexplicably, not only restored to office, arreas of paid him, but was promoted. When the unusual situation was revealed, and the Media screamed blue murder, he disappeared again to, allegedly, Dubai.
After many months, Maina was arrested with his son Faisal, by Operatives of the DSS in an Abuja hotel and handed over to the EFCC.
Hauled before a Federal High Court, which Judge is Justice Okon Abang, he was given bail after a number of appearances in court. But for months, he could not meet with the conditions of his bail.
After a review of the conditionalities, based on much pleading, Senator Ali Ndume agreed to stand surety for him, signing a bond to the tune of N500m, and pledging his Asokoro residential house.
But it turned out a big mistake on the part of the kind Ndume.Maina jumped bail, prompting Justice Abang to issue a Bench Warrant on him, and remanding Ndume in prison custody until he either pays the sum of N500m to the FG, or forfeits his Abuja residence. Ndume spent five days in prison custody, and was granted bail by Okon for good behaviour.
Days later, the FG did what it should have done a long time. It enlisted the help of the Niger Republic and the United States to locate Maina. It worked.
On Tuesday, the INTERPOL located him in the Niger Republic, and promptly took him into custody. On Thursday, the Nigeria Police hauled him back to Nigeria.
Appearing before Justice Abang Friday morning, the fugitive from the law was ordered to be slammed into Prison custody until his case is disposed of, justifiably, by Abang.
For Maina, it is pay back time. While Ndume would no longer be involved in his case, his long- suffering lawyer, Adeola Adedipe, has also dumped him.
Maina will be in Court again on the 8th of December with a new Lawyer.
After leading Fidelity Bank Plc as the managing director/ chief executive officer, for six years Nnamdi Okonkwo, the ebullient and consummate banker is retiring from the retail lender in style following his recognition as the Banker of the Decade at the recent Business Day Banks and Other Financial Institutions, BAFI Awards in Lagos.
Okonkwo, will depart the bank by the end of the year, and encomium has started pouring in for the Anambra state born banking czar for changing the fortunes of the tier two bank, once regarded as ‘Igbo’ bank, to a truly national bank that’s now the envy of competitors.
The outgoing CEO had announced, in July, that Nneka Onyeali-Ikpe, Executive Director, Commercial, SME, Consumer and Public Sector Business, South west and Lagos, will take over from him effective January 1, 2021.
The last six years, at the helms of one of the top 10 deposit money banks, DMBs in the country, has indeed, been rewarding and herculean for Okonkwo, who has dedicated his success at the bank to God, supportive, trusted staff.
He speaks of staff diversity and professionalism as the hallmark of his success “We brought on board some seasoned professionals. For instance, the Chairman of the Board is a former Chief Executive of a bank and a former Deputy Governor of the CBN for 10 years.
“We also have with us the former Managing Director of Guinness Nigeria and another former MD of a bank. As a deliberate strategy, each time a Director retires, we replace with yet another very experienced one. We also ensure diversity.”
Therefore, analysts in the sector say, the Banker of the Decade award is truly deserving of the man who put the bank on the map of prestigious global lending institutions, within a very short period of time that he ran the affairs as managing director.
Who, then, is better to testify to Okonkwo’s success than those he venerably calls his ‘colleagues’, trusted men and women who have worked with him in those trying years when the graph of Fidelity Bank’s rise to the top, was being plotted in the hot and, sometimes electrifying board room, where ideas were shared among ‘players’ without the bossy attitude, known with some bank’s CEOs, being a constraint?
The same employees, who also ensured that the bank emerged the Commercial Bank of the Year, after beating other banks in the country to the prestigious prize.
While receiving the Banker of the Year award on behalf of Okonkwo, Gbolahan Joshua, the bank’s Executive Director, Operations and technology, said his boss has ended his career in the bank in a blaze of glory.
This award, Gbolahan said “comes as a crowning glory to the contributions of Mr Nnamdi Okonkwo to Fidelity Bank, the banking industry and the entire Nigerian economy. As you may be aware, he is retiring as our CEO, after the completion of contract tenure, by December 31, 2020,” Joshua said.
“He has asked me to dedicate this to all the stakeholders of the bank, including his family and mentors. According to him his modest achievements and contributions would not have been possible without their unalloyed support and help.”
The award is definitely, not a ‘jankara’ one the organizers said. It was awarded to Okonkwo for changing the total outlook of the bank, through deliberate rebranding project which caused an increased in youth appeal; revamping of the bank’s performance management culture to instill a culture of performance; technology refresh and digital transformation in furtherance of the digital retail strategy he implemented.
A gold fish cannot be hidden. Okonkwo’s has indeed, left imprints in Fidelity Bank, a la the financial service sector that will be hard to erase for many years to come.
From a scarcely known bank few year ago when he took over, Okonkwo has transformed the foundametals of the bank in figures, brick and mortar.
Instructively, the bank under Okonkwo’s leadership, has imposed itself as one of the most visible commercial banks in the country, in terms of branch networks spanning 240 business offices and 774 ATMs, as part of effort to deepen financial inclusion in the country, and bring banking to the door steps of many Nigerians.
Under Okonkwo’s watch, the bank has witnessed a growth rate of over 230 percent in profit before tax from N9 billion when he came in to over N30 billion within six years.
Customer deposit has grown from N806.3 billion to N1.35 trillion while savings deposit grew from N83.3 billion to N312.1 billion.
Okonkwo also ensured that net loans and advances rose by over 170 percent from N426.1 billion to N1.16 trillion; customer base increase by 121 percent from 2.4 million to 5.3 million and digital banking penetration improvement from 1.0 percent to 50.1 percent by the end of 2019.
Indeed, the outgoing CEO has traversed Fidelity bank as a colossus. “You have to go the extra mile to accomplish and be distinguished when you set a goal because that will go a long way to determine your success or failure,” Okonkwo said some years ago.
He set the goal for himself at the beginning, to make Fidelity Bank one of the top commercial banks in the country. He has achieved it, leaving the DMB in style, better than he met it.
