The Nation Newspaper

Author: The Nation

  • Pope Francis address visitors at St. Peter’s Square after surgery

    Pope Francis address visitors at St. Peter’s Square after surgery

    Two days after being discharged from the hospital, Pope Francis resumed his cherished Sunday custom of greeting the public in St. Peter’s Square.

    He expressed thanks for the comfort he received after surgery and thanking the crowd shouting “Long live the pope!”

    Before launching into prepared remarks, Francis expressed gratitude for “affection, attention and friendship” and the assurance of “the support of prayer” during his hospitalisation for June 7 abdominal surgery at a Rome hospital to repair a hernia and remove increasingly painful scarring around his intestines.

    “This human and spiritual closeness for me was a great help and comfort,” Francis told some 15,000 people in the square. ”Thanks to all, thanks to you, thanks from the heart.”

    The 86-year-old pontiff sounded a bit breathless and hoarse at times, but he gestured frequently with his hands for emphasis, adlibbed at times from the prepared speech, and clearly looked delighted to be back to his routine.

    While the thousands of Romans, tourists and pilgrims who regularly turn out for the weekly noon appearance of the pope at a window of the Apostolic Palace usually applaud when they catch sight of the pope at the window, this time the public’s applause seemed louder than usual. The three-hour surgery under general anesthesia had forced Francis to skip the Sunday appearance on June 11.

    While his mood seemed uplifted to see the crowd below, including flag-waving nuns and tourists in sun hats on the hot, humid day, Francis turned somber as he noted that Tuesday marks World Refugee Day, an occasion promoted by the United Nations.

    “With great sadness and so much sorrow, I think of the victims of the very grave shipwreck that happened in recent days off the coast of Greece,” Francis said.

    He was referring to the smugglers’ overcrowded fishing boat, filled with hundreds of migrants, that sank in the Mediterranean Sea last week.

    Read Also: Pope Francis recovering in hospital after three-hour intestinal operation

    “It seems that the sea was calm,” Francis said, seemingly expressing perplexity that such a grave tragedy could happen in those conditions.

    “I renew my prayer for all those who lost their life, and I implore that, always, everything possible is done to prevent similar tragedies,” the pontiff said.

    Some of the 104 survivors said as many as 750 were aboard, leaving the possibilities that hundreds perished. Greek rescuers recovered 78 bodies. Questions persist whether the Greek coast guard could have intervened in time to prevent the capsizing.

    He also prayed for the young students “victims of the brutal attack” on a school in western Uganda. The attack by suspected rebels on a school in Uganda killed 42 people, including 38 students in their dormitories. Several were abducted near the border with Congo.

    Francis lamented “this struggle, this war all over the place. Let us pray for peace.”

    He also urged people to remember the “martyred people in Ukraine,” following Russia’s invasion last year.

    As he wrapped up his remarks and was about to leave the window, cries of “Long live the pope” in Italian rose from the crowd, and the pope quickly responded, “Thanks.”

    The pope’s doctors have urged him to take it easy as much as possible even as he resumes his Vatican workload. Francis will receive Brazil’s president on Wednesday afternoon, the Vatican has announced. But to ensure his convalescence can proceed well, Francis won’t conduct the Wednesday general audience in St. Peter’s Square.

    In early August, Francis will make a pilgrimage to Portugal for a youth jamboree. At the end of that month, he flies to Mongolia for a visit that will see him be the first pontiff to go to that Asian country.

  • Truce brings lull to Sudan’s capital

    Truce brings lull to Sudan’s capital

    The start of a 72-hour ceasefire aimed at calming more than two months of conflict between rival Sudanese military factions brought a lull in clashes in Khartoum early yesterday following battles and air strikes overnight, residents said.

    Sudan’s army and the rival Rapid Support Forces (RSF) have agreed to refrain from attacks and from seeking military advantage during the ceasefire period, which started at 6 a.m. (0400 GMT), as well as allowing for delivery of aid, Saudi and U.S. mediators said.

    Several previous truces have failed to stop the fighting.

    The power struggle between the two sides has turned the capital into a war zone plagued by looting, led to outbursts of fighting in other regions, and triggered a sharp escalation of violence in Darfur in western Sudan.

    In the hours before the truce period began witnesses reported clashes and air strikes in several areas of Khartoum and Omdurman, one of two adjoining cities that make up the wider capital at the confluence of the River Nile.

    “The situation in Khartoum is calm, especially because last night there were air strikes and it was terrifying,” 49-year-old resident Salaheldin Ahmed told Reuters by phone yesterday morning, expressing hope that the truce could be the “beginning of the end” of the war.

    Read Also: Wagner in Sudan, Europe turns blind eye

    “We are tired,” he said. “Enough of war, death and looting.”

    Previous ceasefires brokered by Saudi Arabia and the United States at talks in Jeddah have allowed for the delivery of some humanitarian aid as fighting has subsided, but both sides have repeatedly violated the agreements.

    The conflict, which erupted over disputes about a plan for a transition to elections under a civilian government four years after long-ruling autocrat Omar al-Bashir was overthrown during a popular uprising, has intensified since early June.

    On Monday, Germany, Qatar, Saudi Arabia, Egypt and the United Nations are hosting a donors conference in Geneva that aims to attract pledges of funding for humanitarian relief in Sudan.

    The UN says more than half the population of 49 million now needs humanitarian assistance within Sudan, requiring some $3 billion in funding until the end of the year.

    It has also appealed for nearly $500 million for the refugee crisis caused by the conflict.

    More than 500,000 people have fled into countries neighbouring Sudan, in addition to nearly 1.7 million who have been internally displaced.  

  • Modi seeks AU’s full membership in G20

    Modi seeks AU’s full membership in G20

    Indian Prime Minister Narendra Modi has written to the leaders of the G20 nations proposing the African Union (AU) be given full, permanent membership of the diplomatic group at its upcoming summit in India, an official source said.

    Modi’s proposal to grant the AU full membership in the G20 demonstrates India’s commitment to strengthening Africa’s representation and partnership in shaping global affairs, the source said.

    The G20 or Group of 20 is an intergovernmental forum of the world’s major developed and developing economies.

    The members represent around 85 per cent of global GDP, over 75 per cent of global trade, and about two-thirds of the world population.

    Read Also: Is India doomed to chair the most impotent G20 in modern times?

    The grouping comprises 19 countries and the European Union.

    The G20 also invited nine non-member “guest” countries, including Bangladesh, Singapore, Spain, and Nigeria, besides international organisations such as the United Nations, World Health Organisation, the World Bank and the IMF.

    “This will be a right step towards a just, fair, more inclusive and representative global architecture and governance,” the source said of the African Union proposal.

    “(The) prime minister is a strong believer in having a greater Voice of the Global South countries on international platforms, particularly of African countries.

    “This will be a right step towards a just, fair, more inclusive and representative global architecture and governance,” the source said of the African Union proposal.’’

    “(The) prime minister is a strong believer in having a greater Voice of the Global South countries on international platforms, particularly of African Union,” the PM said.

  • Putin opposes African peace plan

    Putin opposes African peace plan

    Russian President Vladimir Putin has given African leaders seeking to mediate in the war in Ukraine reasons their proposals were misguided.

    The African leaders were seeking agreement on a series of “confidence-building measures”, even as Kyiv had begun a counteroffensive to push back Russian forces from the swathes of southern and eastern Ukraine that they occupy.

    Ukrainian President Volodymyr Zelenskiy said after meeting them in Kyiv on Friday that peace talks would require Moscow to withdraw its forces from occupied Ukrainian territory, which Russia has said is not negotiable.

    Putin opened Saturday’s talks with representatives of Senegal, Egypt, Zambia, Uganda, Congo Republic, Comoros, and South Africa in a palace near St. Petersburg by stressing Russia’s commitment to the continent.

    But after presentations from the Comoran, Senegalese and South African presidents, he stepped in to challenge the assumptions of the plan – predicated on acceptance of internationally recognised borders – before the round of statements could go any further.

    Putin reiterated his position that Ukraine and its Western allies had started the conflict long before Russia sent its armed forces over the border in February, last year, which they denied.

    Read Also: Soyinka unveils The Putin Files tomorrow

    He claimed the West, not Russia, was responsible for a rise in global food prices early last year that has hit Africa, especially hard.

    He told the delegation that Ukrainian grain exports from Black Sea ports that Russia has permitted for the past year were doing nothing to alleviate Africa’s difficulties with high food prices because they had gone to wealthy countries.

    He also said Russia had never refused talks with the Ukrainian side, which had been blocked by Kyiv. Moscow has, however, repeatedly said any peace must allow for “new realities”, meaning its declared annexation of five Ukrainian provinces, four of which it only partially controls – a red line for Kyiv.

    Russian Foreign Minister Sergei Lavrov said in televised remarks that Moscow shared the “main approaches” of the African plan, but Kremlin spokesman Dmitry Peskov was quoted by Russian news agencies as saying it was “difficult to realise”.

    Peskov said Putin had shown interest in the plan, whose 10 points South African President Cyril Ramaphosa laid out in his presentation, and Russia would continue dialogue with the African countries.

    Lavrov said they had not brought the Russian leader any message from Zelenskiy.

    Putin said Moscow was “open to constructive dialogue with anyone who wants to establish peace on the principles of fairness and acknowledgement of the legitimate interests of the parties”.

    There was no immediate word on the bilateral talks that Ramaphosa, host of a summit in August featuring Brazil, Russia, India, China and South Africa, had said he would have with Putin.

    Since the International Criminal Court indicted Putin in March on war crimes charges – which he rejects – South Africa, as a member of the court, finds itself in the awkward position of being obliged to arrest him if he sets foot there.

  • Nigerian equities net N1.67tr gains amid scramble for Tier 1 banks’ shares

    Nigerian equities net N1.67tr gains amid scramble for Tier 1 banks’ shares

    • UBA, GTCO, Access Holdings lead

    Nigerian equities continued on their bullish run as more investors staked on optimism that the new government’s pro-market policies would lead to significant improvements in the economic outlook.

    Benchmark indices for the Nigerian equities at the weekend indicated average gain of 5.49 per cent during the week, equivalent to net capital gain of N1.67 trillion.

    With more than three advancers for every decliner, the performance at the stock market continued on the same strong momentum and widespread positive sentiments, triggered by the May 29 inaugural address of President Bola Tinubu.

    The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), closed weekend at 59,000.96 points as against the week’s opening index of 55,930.97 points. Aggregate market value of all quoted equities at the NGX also rose correspondingly from the week’s opening value of N30.455 trillion to close weekend at N32.126 trillion, representing an increase of N1.67 trillion.

    Read Also: Banks, others pay N200m penalties for data breaches

    The momentum also increased considerably with a total turnover of 4.276 billion shares worth N62.176 billion in 44,344 deals as against a total of 2.196 billion shares valued at N45.971 billion traded in 31,655 deals two weeks ago.

    Investors showed strong appetite for banking stocks. Trading in the trio of United Bank for Africa Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc accounted for 1.475 billion shares worth N27.648 billion in 8,875 deals, contributing 34.50 per cent and 44.47 per cent of the total equity turnover volume and value respectively.

    The financial services industry led the activity chart with 3.303 billion shares valued at N45.244 billion traded in 23,490 deals; thus contributing 77.26 per cent and 72.77 per cent to the total equity turnover volume and value respectively. The oil and gas industry followed with 247.383 million shares worth N2.368 billion in 3,561 deals. The third place was occupied by the consumer goods industry, with a turnover of 223.315 million shares worth N4.640 billion in 5,982 deals.

    There were 77 gainers to 24 losers last week as against 52 gainers and 27 losers recorded in the previous week. FTN Cocoa Processors led the gainers with a gain of 45.16 per cent to close at N1.35. Unity Bank followed with a gain of 41.67 per cent to close at N1.02 while Coronation Insurance rose by 40.43 per cent to close at 66 kobo.

    Most analysts have expressed optimism on the outlook for Nigerian stock market, citing the macroeconomic reforms by the new administration.

    Afrinvest Securities at the weekend stated that it expected the bullish run to continue.

    Managing Director, Arthur Stevens Asset Management, Mr. Olatunde Amolegbe said the pronouncements by the president were “extremely important” to the capital market, noting that “they will impact the economy and the investment market in the short to medium term if implemented as mentioned”.

    “The President has hit the ground running. If you are holding fixed income securities at present rates, you better consider holding on to them. We expect influx of foreign portfolio investors into the stock market now that the coast seems clear. So, a bull run might not be far behind. This will be interesting times,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said.

    Cordros Capital, in its review, stated that it believed that the exchange rate unification was a very good initiative to pursue, which should essentially see the official and unofficial exchange rates eventually trade within a close margin which is considered to be optimal, holding forex liquidity constant.

    Analysts noted that there might be some panic selling in the near term at the unofficial market, leading to some appreciation of the local currency at the parallel market, but if the official exchange rate is eventually realigned, the exchange rate would depreciate again at the unofficial market, if there are no immediate plans to drive forex inflows.

    In essence, what then happens afterwards in terms of forex supply will determine how the exchange rate dynamics in the unofficial forex markets play out. Overall, analysts expected volatility in the forex market until the coast is clear on forex supply after the official exchange rate is realigned.

    “We also like the PMS subsidy removal given that subsidy removal frees up government resources for other productive uses. Indeed, the President stated that his administration shall re-channel the funds into better investments in public infrastructure, education, healthcare and jobs that will materially improve the lives of the average citizen. Also, given the potential positive impact of PMS subsidy removal on government revenue, we expect to see an improvement in the debt-service-to-revenue ratio, which was 89.5 per cent as at November 2022. Fiscal deficits are also likely to reduce over time if aggregate expenditure does not grow more than the increase in revenue,” Cordros Capital stated.

    Analysts at Cordros Capital were however cautious about the possibility of low interest rates regime now.

    “While some individuals can find logic in reducing interest rates, for now, we think it will be disastrous when activities eventually normalise. Thus, we think the statement suggests a preference for low interest rates even when low rates are not warranted, likely leading to capital outflows, exchange rate pressures, and worsening inflationary pressures. Perhaps, the country might end up with interest rate bifurcation such that interest rates for government securities are low but private sector lending rates are high,” Cordros Capital stated.

  • Jaiz Bank targets N12b earnings in third quarter

    Jaiz Bank targets N12b earnings in third quarter

    Nigeria’s premier and largest non-interest bank, Jaiz Bank Plc has projected gross earnings of N12 billion for the third quarter.

    In its latest forecast, the management of the bank indicated that the bank record considerably higher performance in the next three months, with higher incomes and profitability.

    According to the forecasts, the top-line for the three-month period ending September 30, 2023, pre-tax profit margin is expected to increase by more than three per centage points to 20 per cent in the third quarter, as against 16.86 per cent actual reported for the last interim report of first quarter 2023. The three-month forecast for third quarter 2023 released at the Nigerian Exchange (NGX) estimated that pre and post tax profits would be N2.40 billion and N2.16 billion. This implies a pre-tax profit margin of 20 per cent and net profit margin of 18 per cent respectively, within the top-bracket of the industry margins.

    Gross earnings is expected to increase to N12 billion, with financing income of N11.59 billion. Other incomes were projected at N414.69 million. Net operating income is estimated at N8.68 billion, implying net operating margin of 72.33 per cent.

    Read Also: Jaiz Bank grows profit by 44.6% in first quarter

    Jaiz Bank’s latest interim report had shown double-digit growths across performance indices, setting the alternative banker on a strong wind for the 2023 business year.

    Key extracts of the three-month report for the quarter ended March 31, 2023 released at the NGX had shown that gross income rose by 38.3 per cent while pre and post tax profit grew by 44.55 per cent. The bank’s balance sheet also expanded by 19.2 per cent within the period.

    Gross income rose to N9.43 billion in first quarter 2023 as against N6.82 billion in first quarter 2022. Profit before and after tax increased to N1.59 billion in first quarter 2023 compared with N1.10 billion in comparable period of 2022. Earnings per share rose by 53.16 per cent from 4.61 kobo to 3.01 kobo. Total balance sheet rose from N379.82 billion by December 2022 to N452.82 billion by March 2023.

    The board of Jaiz Bank had recently increased dividend payable to shareholders by 25 per cent after the alternative bank grew net profit by 68.5 per cent in 2022. The bank paid a dividend per share of 5.0 kobo for the 2022 business year, totaling N1.727 billion as against a dividend per share of 4 kobo for the 2021 business year.

    The full-year audited report and accounts for the period ended December 31, 2022 showed that gross earnings rose by 29.4 per cent from N25.84 billion in 2021 to N33.43 billion in 2022. Profit before tax grew by 59.5 per cent from N4.16 billion in 2021 to N6.63 billion in 2022. With tax writeback of N248.54 million in 2022, net profit, grew by 68.5 per cent from N4.08 billion in 2021 to N6.88 billion in 2022.

    Earnings per share increased by 39.13 per cent to 19.2 kobo in 2022 as against 13.8 kobo in 2021. The issued share capital of the bank had increased from 29.46 billion shares in 2021 to 34.54 billion shares.

    The balance sheet of the bank also expanded by more than one-third with total assets rising by 35.6 per cent to N378.82 billion in 2022 as against N279.27 billion in 2021. Total equity funds also increased from N24.31 billion to N29.80 billion.

    Underlying ratios showed a generally positive outlook with the bank’s net income margin (NIM) improving from 7.86 per cent in 2021 to 8.29 per cent in 2022. Cost-to-income ratio improved from 75.49 per cent in 2022 to 70.51 per cent.

    Return on total assets increased from 1.49 per cent to 1.75 per cent. Return on equity also grew from 17.11 per cent in 2021 to 22.25 per cent in 2022. While capital adequacy dropped from 23.66 per cent to 19.50 per cent, liquidity improved from 29.78 per cent to 38.50 per cent.

    Managing Director, Jaiz Bank Plc, Dr Sirajo Salisu said the bank has continued to make outstanding progress despite the headwinds, including the fluctuating currency rate and the effects of the Russia-Ukraine war on the world.

    According to him, the bank has consistently delivered remarkable results in the last four years, which clearly is a reaffirmation of its continuous growth trajectory, being the leader in Nigeria’s non-interest banking space.

    Jaiz Bank has already secured shareholders’ approvals to raise not less than N150 billion in new capital through Sukuk issuance and to implement a holding company structure that will see the bank engaging in other ancillary financial services.

    Jaiz Bank’s planned N150 billion Sukuk will be the largest non-interest bond issuance in the Nigerian capital market.

    Shareholders have also mandated the board of directors to take all necessary steps and transactions that would enable the bank to achieve its short to long-term growth objectives as well as greater competitiveness. These steps and transactions may include acquisitions, new investments, restructuring; expansion, capital raising and other business arrangements that enhance the bank’s growth trajectory.

  • Development Bank begins N100b capital raising

    Development Bank begins N100b capital raising

    Development Bank of Nigeria (DBN) Plc at the weekend opened application for the first tranche under its N100 billion capital raising programme.

    DBN is seeking to raise up to N20 billion bond as the debut issuance under the N100 billion medium term note programme aimed at expanding the capital base of the development finance institution promoted by the Federal Government.

    The bank is offering Series 1 Fixed Rate Senior Unsecured Bond with a five-year tenor and pricing range of 14.00 per cent and 14.20 per cent. Application list for the offer will close on Friday, June 23, 2023. Minimum subscription is N10 million and thereafter in multiples of N1 million.

    The N20 billion bond is being offered through a book building method, a process that allows the issuer to accumulate initial demand and price preferences from investors, especially high networth institutional and individual investors, which form the basis for the final terms and allotments.

    Offer documents obtained at the weekend indicated that the net proceeds of the N20 billion issue would be used to expand DBN’s capacity to provide funding to micro, small & medium enterprises (MSMEs), in furtherance of its core corporate objective.

    According to the documents, the interest rate or coupons on the bond will be paid twice a year while the redemption will be by way of bullet payment at the end of the five-year tenor. The bond will be repaid from the cashflow of the bank.

    Read Also: Banks, others pay N200m penalties for data breaches

    The documents showed that DBN and the N20 billion bond have been rated Aaa by Agusto and AAA by Global Credit Rating (GCR).

    DBN was set up to bridge the gap created by the inability of other development banks, microfinance banks, and commercial banks to satisfy the funding needs of the MSMEs in Nigeria.

    The principal objective of the bank is to improve the access of micro, small, and medium enterprises to longer-tenured finance.

    The bank plays a focal and catalytic role in providing funding and risk-sharing facilities to MSMEs and small corporates through financial intermediaries.

    The operations of the bank also play an important role in developing the Nigerian financial sector by incentivising financial institutions, predominantly deposit-money and microfinance banks, to lend to the productive sector, using technical assistance to augment their capacity and by providing them with funding facilities designed to meet the needs of these smaller customers.

    DBN was granted a licence by the Central Bank of Nigeria CBN) to operate as a wholesale development finance institution on March 29, 2017. The bank’s shareholders are the Ministry of Finance Incorporated, Nigerian Sovereign Investment Authority (NSIA), African Development Bank (AfDB) and European Investment Bank (EIB).

    The bank has one subsidiary, Impact Credit Guarantee Limited, which was incorporated in March 2019 to issue credit guarantees to participating financial institutions (PFI) for  loans granted to eligible MSMEs.

  • FirstBank grants N455b loans to SMEs

    FirstBank grants N455b loans to SMEs

    First Bank of Nigeria Limited loaned N455 billion to Small and Medium Enterprises (SMEs) in the 2022 financial year.

    Its Chief Risk Officer Olusegun Alebiosu, made this known during the signing of a Memorandum of Understanding (MoU) in Lagos between the bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on SMEs’ growth and development.

    He noted that the partnership between both parties would enable them promote businesss for the MSMEs and enhance digitisation and development of the sub-sector.

    Alebiosu said the bank has continued to deploy various innovative e-payment products and services to aid SMEs’ trade and collections and create seamless  business experience. 

    “At First Bank, we understand the critical roles that SMEs (small and medium-scale enterprises) play in the growth of a nation’s GDP (Gross Domestic Product) through diversification of the economy, job creation, wealth distribution, and social stability,” he said. 

    Read Also: First Bank committed to supporting trade businesses

    Continuing, he said: “This is one of the driving forces behind our SME Connect initiative through which we offer bespoke financing and non-financing solutions to meet the needs of our growing SME community.

    “For instance, in 2022, FirstBank disbursed about N455billion in value, via tailor-made loan products to support SMEs in various industry segments and we have also continued to deploy various innovative e-payment products and services to aid SMEs’ trade and collections and in the process, create a seamless experience of doing business.

    “I commend the amazing work that SMEDAN is doing with the Micro, Small & Medium Enterprises (MSMEs) sub sector in Nigeria. Your mandate of linking MSMEs to internal and external sources of finance, appropriate technology, and technical skills is one of the biggest motivations that inspired us to embark on this partnership engagement,” he said.

    He explained that leveraging our SME Connect initiative, the large community of SMEs managed by SMEDAN, will be exposed to our nimble product and service offerings aimed at growing their businesses and expanding its scope and scalability.

    “The partnership will also enable our Bank and SMEDAN to accelerate the digitization and ultimately, development of the SME sub-sector towards increasing its contribution and impact to the national economy. The teeming community of SMEs will be exposed to trainings, workshops, mentorship programmes, financial and non-financial interventions needed for upscaling their businesses through the entire value chain. Indeed, the opportunities are endless.’’

    Alebiosu added that for almost a century and three decades of its existence, FirstBank has built a reputation for dynamism, resilience and innovation and these values have been instrumental to its constant evolution as a technology-driven bank through the many twists and turns that marked the history of banking in Nigeria.

    “We are therefore poised to delivering on our commitment to provide the gold standards of services whilst living out the promise of putting our customers first. With the Bank’s presence across three continents – Africa, Europe and Asia, our international subsidiaries have continued to foster international trade relationships and partnerships which have won us many global acclaims. These and many more are the endless opportunities open to all participating SMEs through this partnership,” he said.

    “I congratulate us all for being witnesses of this budding life-changing opportunity. And as we deliberate on the value propositions of this partnership, I encourage everyone to see the big picture of FirstBank being the credible partner for SMEDAN”. 

    On his part,  Director-General of SMEDAN,  Olawale Fasanya,  lauded the efforts and commitment of First Bank to the growth and development of SMEs Nigeria.

    He said the group will continue to take strategic steps that ensure that more SMEs repay loans from banks, including getting the members to borrow in groups to ensure ease of repayment.

  • Marketers to NNPCL: release petrol we paid for

    Marketers to NNPCL: release petrol we paid for

    The Independent  Petroleum Marketers Association of Nigeria (IPMAN)  has accused the Nigerian National Petroleum Company Limited (NNPCL) of withholding   petrol its members  paid for  more than six months ago.

    IPMAN, therefore, wants President Bola Tinubu to intervene in the matter to avert another petrol scarcity in the country.

    The association alleged that some of its members have  has many has 4,000  outstanding tickets worth N7,740,000  each with the NNPCL. 

    In a statement read to  journalists in Abuja yesterday  by its Suleja/Abuja branch Chairman Yahaya  Alhassan, IPMAN  claimed that the NNPCL  used its members’  money to import fuel but  had yet  to deliver to  them after entreaties

    The statement, according to Alhassan, was issued after a caucus meeting of chairmen of depots in  Suleja/Abuja, Gusau, Minna and Kaduna. 

    Read Also: NMDPRA, NNPCL silent on daily supply, consumption of petrol volume

    He told The Nation that the NNPCL supplied some major marketers   the product with some concession for their old tickets.

    “NNPCL has since given PMS to major marketers with some concessions for old tickets,” he said,

    Insisting  that IPMAN members  should  ”enjoy the same concession instead of incurring losses.”

    IPMAN which welcomed the removal of fuel subsidy, warned that service delivery would never stabilise if the outstanding product tickets were not settled by the NNPCL.

    The NNPCL had last month handed off the monopoly of petrol import and immediately unveiled a new template that raised pump price from N184  to between  N448 and 577 per litre in its outlets.

    The statement by the association partly reads: “There are more than 4,000 outstanding tickets with the NNPCL and each ticket is worth N7,740,000. “Our fear is that most of our members borrowed from banks to buy the products and the loans are accumulating huge interest.  Some of our members are already being harassed by bank officials.

    “We, therefore, call on President Bola Ahmed Tinubu to quickly intervene as any scarcity of the product in the market will push the country into a serious fuel crisis that will never be contained within a short period.”

    IPMAN which controls over 70 percent per cent of the retail outlet of the markets in the country, advised     that the bridging scheme be retained  since it   ”is self-funded by marketers.” 

    It argued that since the Nigerian economy is road-driven,   tampering with the bridging scheme would further polarise the country and cause more hardship for the citizens.

    The association solicited government’s intervention to ensure the payment of all outstanding bridging claims with the Nigerian Midstream and Downstream Petroleum Regulatory Authority without delay.

    Efforts by The Nation to speak with the NNPCL Chief Communications Officer, Malam Garba Muhammad on the allegation by IPMAN  failed as he  neither picked up his calls nor replied to text messages sent to his telephone line. 

  • I was poisoned in 2018, says Wike

    I was poisoned in 2018, says Wike

    Immediate-past Rivers State Governor Nyesom Wike yesterday said he nearly died after being poisoned in 2018.

    He said the poison ravaged his organs, affecting his liver and kidneys, but he made a miraculous recovery.

    Wike said he was poisoned at the Peoples Democratic Party (PDP) state secretariat in December 2018 while campaigning for a second term.

    He spoke for the first time publicaly on the life-threatening experience during a special Thanksgiving service organised by his family at the St. Peters Deanery, Rumuepirikom, Obio-Akpor.

    Tens of dignitaries, who attended the service, listened in shock as the former governor disclosed his kept secrets.

    President Bola Ahmed Tinubu was represented by the Lagos State Governor, Babajide Sanwo-Olu.

    Also present were Senate President Godswill Akpabio; many senators, over 35 members of the House of Representatives, many former governors, former ministers, royal fathers, captains of industries, the PDP National Working Committee (NWC) members, among others.

    Narrating his ordeal, Wike said: “God was in charge. Everybody who knew how we came to power in 2015 knew it was turbulent. But God saw us through. When you are in office, many people think things are going well with you. Nobody wants to find out the problems you are facing as a human. 

    “In December 2018, it was a day my former Chief of Staff was going to have Thanksgiving. I was to attend it. From that Sunday, I never came down from my room. It was bad. 

    “But those who attended the January 1 state banquet of 2019 will know that I never spoke that day. I just sat down there and told the deputy governor to speak on my behalf. I thought it was over.”

    Wike said he was flown to a hospital in Beirut at midnight where doctors after running a series of tests told him that his liver and kidney were all gone.

    “I didn’t know I had been poisoned at our party’s secretariat,” he said, adding that the doctors after some treatments returned and told him his organs had started working again.

    He said the doctors discharged him after about a week and asked him to return home, noting that he altered his itinerary during the campaigns for his second term.

    The former governor said everybody became a suspect as he decided that he would not enter any party leader’s home during the campaign.

    He recalled that the second incident of God’s intervention in his life was when his wife called him during his presidential primary campaign and told him that she had been diagnosed with cancer.

    Wike said he called the leaders in his campaign team, including the G-5 governors, that there was a problem and he was planning to quit the race.

    But he said his wife encouraged him to continue with his campaigns and that all would be well.

    The governor also recalled that after the primary when he was on a trip to Abuja in the company of his wife, he got information that a mysterious fire gutted his wife’s room and destroyed everything she had.

    Despite all the challenges, he said: “Being a strong woman, my wife never showed it. But today my wife is hale and hearty. The cancer incident was the one I knew that God had done all for me.”

    Wike further recalled that on another occasion, God saved him and three other leaders from a plane crash.

    He said while they were travelling to Abuja after the presidential primary, one of the engines of the aircraft exploded 15 minutes after take-off.

    “Fifteen minutes of take off at the airforce base, we heard an explosion. They locked the cockpit. One engine is gone and the pilot said it was safer to turn back to Port Harcourt. 

    “Before we landed, there were many ambulances and fire service trucks lined up. We landed safely by the Grace of God. I didn’t tell anybody.”

    The former governor said he kept most of the incidents secret to avoid frightening his supporters. 

    Wike said he decided to thank God for allowing a peaceful transition in Rivers and granting him victories in all the elections held in the state.

    “Ask my colleague how they felt that their candidates didn’t make it as their successors. Even those not sworn in yet started tormenting their predecessors. But nobody is tormenting me,” he said.

    The former governor said there was a gang-up in his party at the national level to arrest him, adding that at some points, his loyalists were scared that they would all be in trouble.

    According to him, all the forms for all elections in the party were acquired by him. He said no candidate of the party paid a dime to buy forms.

    “I paid for every form. Nobody would say he paid any money to buy forms from the governorship to the House of Assembly. We agreed to work as a team. In the House of Assembly, only one form, Senate the same. We didn’t want to have anything called post-election crisis,” he said.

    He said all the governorship aspirants signed an agreement drafted by the party elders that they would support the choice of the party for the governorship poll.

    But Wike said: “When somebody was chosen, there was a gang-up. They moved to Abuja and started plotting how they would arrest me after winning at the centre. All evil plots against me failed. 

    “Those close to me were worried. But I told them to have faith they would not be finished. God never abandoned us. Today we have a governor, who is our successor. I don’t look back because I know I am protected everywhere.”

    Wike said he supported Akpabio for Senate Presidency because the former Akwa Ibom governor defied criticisms to back his governorship ambition in 2015.

    He said Akpabio donated N200 million to his campaign, adding that one good turn deserved another. 

    He said: “When I was running in 2014 and 2015, he came out and supported me. He gave me N200 million for that election. That is why I said one good turn deserves another. I supported him this time and I thank God he won.”

    Wike thanked all members of the G-5 and Integrity Group for the roles they played during the presidential election.

    Sanwo-Olu, who represented Tinubu, said the decision by governors and former governors to climb the podium with him was in solidarity with the President.

    He stressed people could relate to how best the President had worked since being sworn in, saying Tinubu would have loved to attend the event in person.

    He said the President viewed Wike not just as a brother but also as a worthy patriot, adding that Tinubu had tremendous respect for Wike.

    “Wike has served the state and the country very well. He has continuously stood for what is right. This is a reflection of what our country stands for,” he said.

    Rivers State Governor, Siminalayi Fubara, at the reception, urged Wike not to abandon him in the hands of sharks, saying the former governor had shown him love like a son.

    Addressing Wike, he said: “I do not see my boss as a retired person. For the fact that you have led this state very well and you went to church to thank God, God will open another haven for you. Don’t be too far from me because I know the sharks are around looking for who to devour.

    “Wike has shown me love like a son. I know where we are coming from. 

    “We give God all the glory that today we are gathered here to celebrate. 

    “Today, those who didn’t believe in us, have started identifying with us. He is a leader. 

    “He slaps you with his right and draws you back with his left. I am happy that in my life I am the one standing here to host dignitaries in his honour.”

    Speaking at the church, the governor described the occasion as special and thanked all the VIPs that attended the event saying the Wike family had done the right thing for thanking God.

    Fubara said: “It is very special. We give God all the glory in a day like this. One of the secrets of David was continuous thanksgiving. 

    “We have done what is right. Because they have thanked God, the family will continue to grow from strength to strength.”