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Prsident Buhari’s Goof

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By Oji Odu

Just as Nigerian youths and Nigerians are trying to swallow the alleged misinformation of President Muhammadu Buhari to the comity of nations that the Nigerian youths just sit down and expect everything to be done for them, and by inference, they are lazy, the number one citizen went ahead to tell the whole world that the killings without boarder allegedly by AK47 wielding Fulani herdsmen is false. He said that they don’t carry AK47 rifles.

Buhari had during the bilateral talks with President Donald Trump of the United States of America told his American audience that the Fulani herdsmen that he knew did not carry guns, blaming the killings on returning militia who had been trained and armed by the late Libyan leader, Mammar Gadaffi.

This claim has however not gone done well with Nigerians, especially those whose states have been the worse hit of these inhuman killings, among whom is Governor Darius Ishaku of Taraba state.

The governor who disagreed with the President observed that there must have been some contradiction, wondering, if they don’t carry arms as claimed by the president, then who are the ones brandishing AK47 rifles and killing locals. He stated that Buhari’s statement was “absolutely not correct.”

“I mean who kills who? They cannot be imaginary. People are being killed with AK 47 rifles and we have to stand up and do something to stop it.

“The insecurity has certainly put a lot of pressure on our health care facilities, much more than we anticipated, and we have almost 150,000 displaced persons.

Further disagreeing with President Buhari’s claim, Governor Ishaku expressed shock that the President said that the Fulani herdsmen move around with sticks and machetes. He stated that this is rather false and misleading.

“It’s absolutely wrong for the President to say herdsmen don’t move around with guns. I mean, who then kills who? It couldn’t have been imaginary that people have been killed with AK-47 in the farmers-herdsmen clashes. “We simply have to stand up to the truth and do something to stop the killings,” he said.

What does the President who Nigerians voted for to oust the former President Goodluck Jonathan administration and set things right stand to gain by portraying Nigeria and Nigerians in bad light?,  many ask. Are the blood of innocent Nigerians shed almost on daily basis worth nothing to him, or is his ambition to go for a second term worth more than the blood of Nigerians?

Is this not a type of hate speech which is capable of making the affected to arm themselves and challenge any AK47 wielding Fulani herdsmen seen anywhere within their vicinity, whose only aim is to destroy farmlands with the protection of these arms?

In a chat with the Magazine, Kelvin Ekwuo, a political analyst said: ‘ It is a pity that whenever Mr. President goes outside the country, I don’t know what happens to him that makes him degrade Nigerians in the presence of these foreigners who will do such about their countries no matter what they stand to gain.

‘ Just when Nigerians are calling on him to give the directive and check the killings, he is doing otherwise. His claim is capable of setting fire to this country. I believe he did not mean what he said. It might be that he did not know how to explain what he meant or may not have been well informed by the security agencies. His aides also should be held responsible.’

However lamenting, Unyio Peters, a housewife said: ‘ It’s a pity the President is sounding like this as if ghost killers are responsible for these senseless killings, and as if he is handicapped to do anything about it upon all the powers the constitution granted him. Many are now being forced to believe that there may be a hidden agenda to all these. President Buhari should know that these western countries are not fooled, unless he wants to trade Nigeria for his selfish ambition.’

Meanwhile, with these goofs, many pity Vice President, Yemi Osinbajo, who has another goof to clear as the ruling All Progressives Congress, APC, struggles to put its house in order observed in the failed primaries, to see how far it will go in the 2019 general elections.

Smugglers New Tactics

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By Stephen Ubanna

In spite of the tight security at the  nation’s border  Communities  with  Republic of Benin, smugglers appear to have devised new tactics to beat Customs personnel to it  at the checkpoint . The smugglers were  said to have resorted to the use of bunkers built into their buses or vehicles to smuggle foreign parboiled rice, vegetable oil  and textiles into the country.

The Magazine learnt that this had been the practice over the years at Seme axis  as thousands of bags of foreign  parboiled  rice, Vegetable oil and bales of textiles were smuggled into the Nigeria market  through the Lagos   – Seme  Express Way or through the waterways.

Busy Seme Border

The situation was said to be so bad at Seme until the deployment of Muhammed Aliyu and Muhammed  Uba Garba as Comptrollers of Seme Command and Federal Operations Unit, FOU, Zone A, Ikeja respectively.

Muhammed, the Comptroller of FOU, Zone A, who was said to have tightened up security along the Lagos end of the Seme land border station , may have forced his counterpart,  Aliyu, to be on the offensive against the smugglers in the area.

The Seme Comptroller  was said to have drawn close to the Youths and Community leaders in the  area  who may have furnished him with  the  tactic of smugglers which involved the use of in- built bunkers into vehicles by smugglers to carry out their nefarious activities.

The recent seizure  of the in-built bunker bus used in smuggling rice and textiles along the border route , speaks volume. This is because  at  Seme are said have been put on the alert to forestall vehicles with inbuilt bunkers from smuggling prhibited  goods  into the country.

It was learnt the smugglers  of the seized bunker bus loaded with rice and bales of textiles, but for the operational experience o could have escaped f Aliyu, the Command Comptroller who was in constant touch with the patrol team stationed along the route of the smugglers.  of bags of rice and bales of textile materials were said to have been neatly parked into the bunker which could only be deciphered by a diligent Customs officer on the road.

Given an insider information,  Taupyen Selchang, a Chief Superintendent of Customs and the Command Image maker  disclosed that within the last three months , the Command had  made numerous seizures, ranging from Poultry products, foreign parboiled rice, and textile materials valued at  about N12.30 million.

Selchang disclosed ever since it became known them that smugglers  are  reconstructing their means of  conveyance  for concealment to facilitate easy passage  at Customs checkpoints along the road, the Command had reviewed its operational network to thwart their efforts, stressing that” it is yielding results”.

An Insider told the Magazine that  the Seme land border could have been a no go area for smugglers but for the fact that the resident officers and the FOU A , Zone officers are said to be working at cross-purposes.

The source disclosed that there is a story building opposite the  Igbeleri road where  scores of smuggled rice from the Seme axis are stock piled daily. A source told the Magazine that the  area  is like a big market every evening as customers troop in and out to buy rice or vegetable oil.  He disclosed that most Customs  patrol teams are aware that  such  a place exists for stock piling smuggled foreign parboiled bags of rice but there is nothing much they could do about it.

A  senior FOU, Zone  A, officer told the  Magazine that   Seme Command officers should be blamed for the lapses  over the continuous smuggling of rice or other prohibited into the country though the land border. The officer stated that they are not privy to the examination of cargoes at the Command Examination to know the goods loaded into the truck.

He  revealed that the only contact they have with the truck drivers was the SGD form which must be dropped at the Checkpoint for record purposes. The Magazine witnessed the discharging of a truckload of Vegetable oil  between Iyana-Oba and Alaba international market Wednesday, April 2, 2018 from a truck. The Magazine attempt to take the picture with his phone was frustrated by thugs in area.

Many  believe that the high rate of smuggling rice, Vegetable along the Seme axis may not be unexpected because of the low volume of cargo imports through the land border, which was attributed to scarcity of forex.

Ekene Oyebuchi, a Lagos based business and   major transporter at Seme  land border confirmed  that cargo imports through the land border had dropped significantly as many of their trucks are virtually wasting at the border for lack of goods to carry.  Before, Onyebuchi’s trucks  were always on the road with go ods including raw materials to deliver to Customers.   One of the Companies that was said to be booking for the services of the transporter all the time was the Ibadan based Nigeria-America Tobacco Company. The demand for the transporter services by Customers may have forced him to always place orders for spare parts from the oversea suppliers to always keep the trucks in top form.

A visitor to the Transporter’s  Truck mechanical workshop would be surprised at the the level of repair work going on there but the volume of work had dropped because of the drop in volume of cargoes carried.

Perhaps, what may have caused the drop in imported goods through the land border  may not be unconnected to the fact that most of the  importers  using the Cotonou port in Republic of Benin  are not compliant to  the government fiscal policy measures.

Aliyu, the Seme Command Comptroller may have made things worse for the importers by getting classified information on goods loaded into the trucks from the trans-loading point which  forced many of them out of the importing business for fear of losing their trucks loaded goods to FOU, Zone , anti-smuggling officers on the road.

 

Widening The Gulf With Nigerians

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2019:Buhari Widening The Gulf With Nigerians

By Stephen Ubanna

President Muhammadu Buhari may have played into the hand of former President Olusegun Obasanjo and other political leaders, when he invoked a curse on Nigeria former Political leaders for mismanaging the economy of  the country. ”God will Judge Nigeria past  Political leaders who squandered the resources of the nation with nothing to show  for it: no  roads, no electricity or functional rail lines.

Buhari had alluded to the Peoples Democratic Party, PDP, 16  years of misrule  that includes the eight year  rule of  former President obasanjo when he said that between 1999  and 2014, the country produced 2.2 mbd when the price of a barrel of oil at the  international oil market  then was at least $100.

Godwin Emefiele, CBN, the governor  of Central Bank of Nigeria, CBN, may have provided the ammunition for him to say ”God will judge past political leaders for mismanaging the resources of the nation over the years.

”I went to  the governor of CBN  on assumption of office  and asked him how far and he said ” nothing was left apart from debts”. I  had reminded him of the revenue generated within the period from the sale of Crude Oil in the United States, Europe  and the Asian countries of China and India  which he confirmed but disclosed that ”all is gone”.

 

This is may have forced him to say  ” only God will judge this thing”. Many believe that his major  target of the  attack were former Presidents Obasanjo and Goodluck Jonathan of the then  ruling PDP. Many see the President’s emotional outbursts as a bottled anger against duo, particular obasanjo, over his open  letter to him last January on the state of the nation and urging him not to run for the 2019 Presidential election.

It would be recalled that  former President Obasanjo  was  among  the power brokers who endorsed Buhari of the All Progressive Congress, APC, which facilitated his victory over the then sitting President Jonathan.

Aware that he has lost the support of Obasanjo for his Presidential bid in,2019, his supporters  may have gone back to the drawing board to link  the former President with the alleged endorsement of Buhari to run for 2019.  The  former President  may not have  the claim funny as he was forced to come out harsher on him.  ”He is a failure and unworthy of a second term in 2019”, Obasanjo had said on Wednesday, April 2, 2018.

He stressed that” the mediocre  performance of Buhari in the last three years cannot be described as superlative by anybody even by morons”. The former President, who is known for speaking out on national issues when it matters assured Nigerians that he has not endorsed Buhari re-election bid , insisting that he cannot ”endorse failure.

in apparent reaction to his recent visit to the United States on the invitation of Donald Trump, Obasanjo described it as a waste as nothing was achieved  from it for the country. ” Buhari bungled another opportunity to  self-redeem”, he had said.  the visit , he said only succeeded  in making mockery of Nigeria as Trump  confirmed that the US will continue to reduce purchase of Crude Oil from Nigeria but will export Agricultural products to Nigeria , which the president nodded in approval.

He may have described as an indictment on the Buhari’s government over the directive given to him by Trump  to  ”stop all the killings  taking place in Nigeria by herdsmen”. There is no gain saying the fact that the President had attributed the killings to expatriate herdsmen trained late President Mummar Quadaffi of Libbya, noting that  ”no Nigeria is to blame and Buhari cannot do anything to stop it”.

The World Bank may have given a killer punch to Buhari re-election bid  when it said that ”unemployment and poverty had increased in the country despite  the government’s claim of exit of recession  in the economy in 2017. Kemi Adeosun and Udoma Udo Udoma, ministers of Finance and National Planning respectively as well as Emefiele, the CBN, governor could not hesitate in telling the World/IMF, officials, at their various meetings that recession is over in Nigeria, stating that the economy has picked up .

 

Dr. Olusegun Obasanjo: Former President.

The Brettoon Wood  financial institution in  its latest report on Nigeria fragile economic recovery” had said that  the ”decline in the non-oil and non-Agricultural sectors  of the economy had continued as aggregate demand  remained weak and private sector credit  low. The president  may have to convince Nigerians that he is not failure to actualize his 2019 re-election bid. The Christian Association of Nigeria , CAN, may be warming  up to participate fully in the 2019 election.

 

Already, Supo Ayokunle, President, CAN, in his efforts to ensure that the right Candidate would be elected as President of Nigeria in 2019, has urged members across the country on the need  for them to fully participate this time around by to trooping out in mass to obtain their  voters card with which  to play a role in the emergence of new set of political leaders .

 

Ayokunle may hit the nail on the head when he said that Nigerians need a leader would” guarantee their security and safety”.  This is where Buhari may have to do  more work as Nigerians may have lost interest in his capability to deal with the notorious  armed herdsmen who have been innocent citizens, particular Christians in Benue, Taraba, Adamawa, Plateau, Nasarawa and Zamfara states. the recent killing of two priests in Benue state bear eloquent testimony to nefarious activities of the herdsmen who have no respect for human life.

The killing spree of the armed herdsmen in parts of the country is not different from the killings of the Boko Haram insurgents in adamawa, Borno and Yobe states, their traditional areas of operation.  The worry of most people  was that Buhari had ridden to promise on the promise to stop the Killings in the north north east within six months in office.  He had declared severally that the Islamic Fundamentalists had been technically defeated. But that was how far he could go, as the insurgents had continued to make mockery of the government tight security network in the region to launch attacks.

Only recently, 68 people were killed in twin suicide bombing  in a Mosque in Mubi town in Adamawa state. The suicide bomber was said to have detonated explosives at the Mosque during Afternoon Prayers, forcing worshippers to scamper for safety. Indeed, the last time that so many people were killed in an attack  blamed on Boko Haram, was in Borno state  in  in 2016, when at least 90 people were killed in Dalori, at the outskirts of Maiduri, the Capital. The incessant killings in the  country  may have put the President in  a tight corner to convince  Nigerians that he can do really do the job.

Dino: The unseen Hands behind his Ordeal

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Senator Dino Melaye has in recent times been under attack from the Police high command, with the police weaving one drama or the other around him. For one, the running battle between him and the unelected governor of his home state, Kogi, governor Yahaya Bello, has been common knowledge due to the rumored gubernatorial ambition of the embattled Senator representing Kogi West Senatorial zone. And the governor relies on fawning over the presidency to return to power in 2019, while Dino, a widely acclaimed rabble-rouser, is depending on his legendary radicalism to pull him through.

Both gladiators are members of the All Progressives congress, APC.

In the Senate, the mass appeal he enjoys is because of his penchant to swing with popular mood prevalent at the time. With Senators Shehu Sanni and Ben Bruce, they form the populist triumvirate, and are therefore the arrow points when it is the issue of doing hatchet job for the Senate.

The squabble between him and Bello reached a point where Bello allegedly sponsored his recall process. But that recall died at incubation since it was not a well thought-out plan. Furthermore, it was clear that the issue of recall is a near impossibility with the present Nigerian situation-unless it be to put it on record that a legislator has been recalled. This is because, even if the Independent National Electoral Commission, INEC, succeed in the recall process, the final buck stops at the doorsteps of the Senate for the final determination.

Hence Bello, with the alleged tacit node of the presidency, failed in the first recall attempt.

Not giving up, he then accused Melaye of being a gun runner, and sponsor of terrorism.For this reason he was declared wanted by the Police, who at the same time still provided him with security details while he continues his work at the red chambers.Then the story of the appropriation of money for the purchase of Tucano jets from the US broke. President Buhari has already withdrawn the sum of $496 million from the Excess Crude Account, ECA.

In a letter to the National Assembly to inform them of the withdrawal, Buhari wrote:

“In the expectation that the National Assembly would have no objection to the purchase of this highly specialized aircraft, which is critical to national security, I granted anticipatory approval for the release of US$496,374,470.00. This was paid directly to the treasury of the United States Government. I am therefore writing, seeking approval of this House for the sum of US$496,374,470.00 (equivalent to N151,394,421,335.00) to be included in the 2018 Appropriation Bill, which the National Assembly is currently finalizing. The balance of the requirements for critical operational equipment is still being collated from the different security services and will be presented in the form of a Supplementary Appropriation Bill, in due course”
The Legislators finally saw the stick with which to beat the presidency after the disgraceful invasion of the red Chambers by Suspended Senator Omo Agege, who strolled into the red Chambers with some people and took away the mace, the symbol of authority of the Senate.They had decided to move a motion for impeachment of Buhari,and Senator Melaye was to move that impeachment. Buhari got wind of the deal and ran back from the United Kingdom where he went for the Commonwealth Heads Of Governments meeting. The instruction was allegedly to make sure that Melaye is put away for good. And the word went out:: Pursue all available cases simultaneously.
Hence INEC should open the recall case at the same time that a criminal case is brought against him. An All Points Bulletin should be sent out on him. Which was why he was prevented from flying out of the country to Morrocco for an official function.
A failed recall (for a second time) and an Alleged N1 billion down the drain by Bello, a livid Bello has sworn that heads must roll for those who could not judiciously use the alleged funds for the recall process.
With the failure of the recall, the only thing the police is holding is the gun running case. Melaye was charged to an Abuja Magistrate Court where he was denied bail and to be kept in police custody for 38 days effectively to keep him out of circulation. And the alleged theatrics on both the side of the Police and Dino gives it a garb of a Nollywood blockbuster, and at the same time, increasing the popularity of Dino due to sympathy to his perceived persecution.
The Senate, however, has gone ahead with the preliminaries of the impeachment plan besides summoning the Inspector General of Police, Ibrahim Idris. For the second time, Idris snubbed the Senate summons While the Senators are livid, Senate President Bukola Saraki suddenly began to play a stalling game.
Nigerians are waiting to see how the drama will unfold.

After 11 Years Absence, Liverpool Zooms Into UEFA Champions League Final

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By Akinwale Kasali

The fairy-tale journey started in August 2017, when the merseyside club, Liverpool was to face Hoffeheim Football Club in the playoff for a place in the group stage of the UEFA Champions League, after been absent from the competition close to a decade.

Liverpool humbled the German side to book a place in the group stage. Having been grouped alongside Spartak Moscow FC, Sevilla FC and NK Maribor FC, the Reds as Liverpool are called never looked back.

Yesterday, coach Jurgen Klopp guided the Liverpool club side to the final of the UEFA Champions League.

Liverpool booked a Champions League final meeting with Real Madrid after beating Roma 7-6 on aggregate in the semi-finals on Wednesday despite losing a breathless second leg at the Stadio Olimpico.

After a 5-2 first-leg win last week, a 4-2 defeat on the night could not prevent the five-time champions from reaching their first final since 2007.

Jurgen Klopp’s men built on their Anfield victory with first-half strikes from Sadio Mane and Georginio Wijnaldum sandwiching an unfortunate James Milner own goal.

Needing four unanswered goals to force extra time, Roma piled on the pressure in the second half, but failed to repeat their incredible quarter-final comeback against Barcelona despite Edin Dzeko finding the net and a late double from Radja Nainggolan.

Liverpool will take on holders Real in the final at Kiev’s Olympic Stadium on May 26 in a repeat of the 1981 decider which the English side won 1-0.

It would be recalled that Klopp led Borussia Dortmund to the 2013 UEFA Champions League final against rivals, Bayern Munchen, in which Klopp side lost 2-1.

This will be third time Klopp will be leadin Liverpool to the final of a major competition. First was the final of the English Carling Cup now Carabao Cup, which his team lost to Manchester City. He also led Liverpool to the final of the Europa League which his team lost 3-1 to Sevilla. Now he is facing Zinedine Zidane led Real Madrid, who are the defending champions of the competition after winning the trophy back-to-back.

No doubt, it will certainly be a top mountain to climb for the Liverpool players, but, Liverpool have been known to always spring up surprises at the big stage.

 

Workers Celebrate May Day Nationwide

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May 1st was a date set aside to celebrate workers word-wide, the celebration was not different this year 2018, as workers in Nigeria came out in their numbers to celebrate the workers day.

The President of Nigeria Labour Congress (NLC) Mr. Ayuba Wabba and the President of United Labour Congress (ULC) Mr. Joe Ajaero demanded urgent review of minimum wages, and improved worker welfare.

Uche Nwosisi from the source magazine went round to capture the event.

Mr. Joe Ajaero,comrade Igwe Achese and comrade Kadiri Kasumu
Mr. Joe Ajaero,comrade Igwe Achese and comrade Kadiri Kasumu
workers displaying placards
Workers displaying placards
Cross-section workers
Cross-section workers
Cross-section of workers marching
Cross-section of workers marching
United labour congress members cutting the annivesary cake
United Labour congress members cutting the anniversary cake

Obasanjo, Abdulsalami, Atiku, Others in Lagos To Honour Adesanya

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Former President Olusegun Obansnjo, General Abdulsalami Abubakar rtd, Atiku Abubakar and other eminent Nigerians on Wednesday, 2nd of may 2018 converged at the Muson Centre in Lagos to honour the late NADECO Chieftain, Chief Abraham Adesanya, to mark the 10th Year Anniversary with a symposium entitled ‘’LEADERSHIP AND FUTURE OF NIGERIA’’ which was chaired by former head of state General Abdulsalami Abubakar rtd. The colourful event attracted former, and present political big wings, following; some personalities present at the event by Uche Nwosisi.

Mr. Tunde Adelaja,Chief Olusegun Obasanjo and Mrs. Dupe Adelaja
Mr. Tunde Adelaja,Chief Olusegun Obasanjo and Mrs. Dupe Adelaja
Chief Olusegun Obasanjo ang General Abdulsalami Abubakar
Chief Olusegun Obasanjo ang General Abdulsalami Abubakar
Chief Olusegun Osoba and Chief Bisi Akande
Chief Olusegun Osoba and Chief Bisi Akande
Mr Emeka Ugwu -oJU and Chief John Nwodo
Mr Emeka Ugwu -oJU and Chief John Nwodo
Chief Nike Akande and Mrs Josephine Anenih
Chief Nike Akande and Mrs Josephine Anenih
Chief Bisi Akande and Mrs.Yetunde Onanuga
Chief Bisi Akande and Mrs.Yetunde Onanuga
Atiku Abubakar (middle) being cheered by party supporters
Atiku Abubakar (middle) being cheered by party supporters
Mrs jakande and Mrs. Serah Sosan
Mrs jakande and Mrs. Serah Sosan
Otunba Gbenga Daniel and Atiku Abubakar
Otunba Gbenga Daniel and Atiku Abubakar
Prncess Abiola Dosunmu and Dr.Tokunbo Dosunmu Awolowo
Prncess Abiola Dosunmu and Dr.Tokunbo Dosunmu Awolowo

Simeone Eyeing Europa League Glory

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Diego Simeone insists his Atletico Madrid team will be giving no thought to the fact that Thursday’s Europa League semi-final could be Arsene Wenger’s final European match in charge of Arsenal.

Atletico carry a 1-1 draw, and an away goal, into the second leg at the Wanda Metropolitano, with a place in this month’s final now in sight.

Defeat for Arsenal would mean them missing out on Champions League qualification for a second season in a row, just as Wenger calls time on his 22 years in charge.

Simeone, however, said there would be no room for sentiment when his players take to the field.

“We are not thinking about Wenger’s last season at Arsenal, only about what we need,” Simeone said.

“We need to see a full stadium, the excitement of our players, the energy in the team, that’s what matters to us.”

Simeone was sent to the stands in last week’s opening game in London and the feisty Argentinian will serve a touchline ban in the second leg.

“I’ll take it badly,” Simeone said. “I’m sad about this situation and I’ll have to improve. I better shut up.”

Atletico have, however, been boosted by the return of two key players as Diego Costa is available again after a hamstring injury and Filipe Luis could also feature after recovering quickly from a broken leg.

“Diego lives off his power and in every match his contribution is huge,” Simeone said. “Filipe has been out for two months, he’s not playing 90 minutes, but if I call on him, he will respond.

“Many games are played with the heart as well as the legs.”

Atletico will be favourites, having not lost at home in La Liga all season, but Arsenal dominated the first encounter and were unfortunate not to secure a more flattering result.

“They have great players and a great coach,” Simeone said. “They have great players between the lines like Ozil. They have a lot of speed in the final third.

“On their most important days they always manage to play better. To get here you have to be a good team and Arsenal are.”

Obasanjo Lambasts Buhari

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By Akinwale Kasali

Prior to the 2015 Presidential Election, former president Olusegun Aremu Obasanjo threw his weight behind the All Progressives Congress candidate, Muhammadu Buhari. He openly supported his candidature and endorsed him as the incoming president of the nation.

Three years down the line, Obasanjo has changed his rhythm, condemning the Buhari administration, describing it as a failure.

Obasanjo went further to discredit the ambition of Buhari seeking a second term in office, saying that even morons would not describe the mediocre performance of President Buhari as superlative.

In a statement made by the former president Obasanjo, he reiterated that he would not endorse failure, adding that he had not shifted ground on his open letter to Buhari, which he wrote on January 23, 2018.

In the January letter, Obasanjo had scored Buhari low on economy and security, accusing him of running a clannish administration, among others.

The statement further read, “For the record, Obasanjo has not and cannot endorse failure.

“His position remains as stated in his January 23, 2018 statement on the state of the nation. Chief Obasanjo sympathises with the plight of the campaigners and supporters of Buhari.

Fidelity Bank Grows Profit By 94 Percent

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By Bayo Bernard

The managing Director and chief executive officer, CEO of top new generation bank, Nnamdi Okonkwo has expressed satisfaction with the end of the year audited result released by the Nigerian Stock Exchange, NSE. The results indicate that the high flying bank surpassed the 2016 results in all key indices, for the year ended 2017.

As a result of the performance, the management of the bank has decided to pay 11 kobo dividend to its numerous shareholders as a way of putting smiles on the faces.

The details of the results released by NSE also showed that gross earnings grew by 18. 3 percent to N179.9 billion from N152billion in 2016.

Profit after tax soared by 93.7 percent to N18.9 billion juxtaposed with N7.9 billion in 2016.

Net interest income, NIM increased by 15.4 percent to N17.5 billion in 2017, while Net operating income rose by 9.9 percent from N86 billion to N78.3 billion, total asset grew by 6.2 percent from N1.3 trillion to N1.4 trillion in the period under review.

The management cut total expenses by 2.3 percent to N65.7 billion from N67.2 billion, while liquidity Ratio stood at 35.9 percent compared with 33.2 percent in 2016.

Okonkwo disclosed that, the Bank sustained its performance through disciplined balance sheet management, strategic cost reduction, increased focus on the corporate, commercial, SME segments and continued execution of its retail and digital banking strategy.

According to him “We are delighted at the results, which showed strong growth in key revenue lines, significant traction in our chosen business segments and a corresponding decline in our operating expenses despite the high inflationary environment”, he said.

“Total operating expenses declined by 2.3% to N65.7 billion leading to the cost-income ratio dropping to 67.5% from 77.3% in the 2016FY,” Okonkwo said, explaining that the bank has implemented its Business Process Review Project to impact positively on operational efficiency.

“The combination of the strong net revenue growth of 9.9% to N7.7 billion and the 2.3% decline in total expenses which translated to cost savings of N1.5 billion resulted in our increased profitability.

“Increased digitization has resulted to over 25% of the bank’s fee-based income as customers’ adoption of its mobile/internet platforms improved to 35% in the 2017FY and led to a 21.0% reduction in vault cash holding,” the bank’s boss stated, adding that “the bank’s retail banking strategy continued to deliver good results. Savings Deposits grew by 15.2% to N178.6bn, accounting for 23.0% of total deposits from 19.5% in the 2016FY.

This has improved the bank’s low-cost deposits ratio to 77.0% of total deposits,” he stated