The Nation Newspaper

Author: The Nation

  • UBA lays out N500b recapitalisation plan

    UBA lays out N500b recapitalisation plan

    United Bank for Africa (UBA) Plc at the weekend laid out the path to its N500 billion minimum capital requirement as shareholders unanimously endorsed the bank’s plan to raise new equity funds.

    The bank plans to undertake three-step capital raising including rights issue, public offer and private placement to raise additional equity capital ahead of the March 31, 2026 deadline for the recapitalisation of banks.

    The CBN had in its circular on review of minimum capital requirement for commercial, merchant and non-interest banks, increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

    Others included merchant banks, N50 billion; non-interest banks with national licence, N20 billion and non-interest banks with regional licence will now have N10 billion minimum capital.

    While UBA Group’s shareholders’ funds had risen by 120 per cent from N922 billion in 2022 to N2.0 trillion 2023, the bank, like other banks, will need to raise additional equity capital, because of the CBN’s definition of the new minimum capital base as addition of share capital and share premium. UBA’s share capital and share premium stands at N115.815 billion.

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    Shareholders at the annual general meeting of the bank in Abuja approved a multi-tranche, multi-instrument capital raising programme that allows UBA to substantially raise more than necessary to surpass the new minimum capital base.

    Shareholders approved increase in the bank’s share capital from N17.1 billion of 34.2 billion ordinary shares of 50 kobo each to N22.5 billion of 45 billion shares through the creation of 10.8 billion new ordinary shares of 50 kobo each.

    The broad mandate by the shareholders empowered the board to create additional shares, determine appropriate combination of instruments and markets, underwrite the offers and waive the rights of shareholders in offering unallotted shares to new investors.  

    Chairman, United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, said the bank was confident of meeting the required minimum capital for its international license.

    He outlined three options UBA is considering to shareholders including rights issue which gives existing shareholders the first chance to buy new shares at a discounted price, private placement directly to a small group of investors and public offer to the general investing public.

    He urged shareholders to participate in the rights issue, highlighting the benefits of maintaining their ownership stake in the bank. He also plans to reinvest all his own dividends back into UBA.

    “We democratise prosperity. We like everyone to share it. So I’m requesting, advising shareholders, as you get your dividend, if you can, reinvest significant part of it. My group and I, we will reinvest 100 per cent in the dividend we get. Because if we do not do so, we are leaving food on the table for others who did not labour for it.

    “You know, we could have been sharing dividends over the years, that by today, our shareholders would have made N1 trillion. We would have shared N1 trillion to all of you. That additional money we have to bring to the table would have been brought from your earnings, from your dividends. But because we have been prudent and conservative, we felt no need to do so. Let’s keep banking. We need all the capital we can get. Let’s keep investing. And so we conserve.

    “We want to raise the rights in series. Next year, we’re going to finish all that. So we’re doing this to give shareholders the opportunity to raise money from at least your own investments to be able to reinvest. You know, three stages-rights, private placement, and public offer. I doubt that you get the public offer. I doubt it. Because we’ll be selling the shares at giveaways.

    “The reason we have it in one of the resolutions is that today, UBA is no longer a Nigerian bank, We’re a pan-African bank, we operate in different jurisdictions. So, we want to use this opportunity to create access for people from across Africa in particular. Especially in the present context we are operating to invest in UBA.

    “So, every country will have the opportunity. We allocate like $10 million to $20 million. Ghana, raise people who want to invest up to that, Tanzania, Kenya, etc. So, if what we don’t take by rights is, well will almost be taken out by our customers and friends. UBA remains a conservative bank,” Elumelu said.

    Group Managing Director, United Bank for Africa (UBA), Oliver Alawuba expressed confidence in continued growth, emphasizing the bank’s strong financial foundation and commitment to expanding its market share across Africa.

    Executive Director, Finance and Risk, United Bank for Africa (UBA), Ugo Nwaghodoh, acknowledged the challenging economic conditions but highlighted UBA’s prudent risk management and conservative approach to safeguarding its assets.

    He said UBA aims to maintain sustainable growth and adhere to robust compliance and risk management practices as it navigates through the next phase of its expansion.

    Key extracts of the audited report and accounts of UBA for the year ended December 31, 2023 showed significant growths across all key performance indicators. The results showed an increasingly profitable and stronger bank, with both actual figures and underlying ratios recording strong growths.

    Gross earnings rose by 143 per cent from N853.2 billion in 2022 to N2.08 trillion in 2023. Profit before tax jumped by 277 per cent to N758 billion in 2023 as against N201 billion in 2022. Profit after tax grew by 257 per cent from N170 billion in 2022 to N608 billion in 2023. Earnings per share thus rose by 262 per cent from N4.84 in 2022 to N17.49 in 2023. The top-line performance was driven by three-digit growths across the interest and non-interest incomes as well as growths in the Nigerian and other markets where the bank operates. Interest income rose by 93 per cent while non-interest income grew by 314 per cent. The results showed a banking group with diverse and supportive market growths, thus its resilience to specific market shocks. While the Nigerian business grew by 149 per cent, the “rest of Africa” rose by 135 per cent and contributions from the “rest of the world” jumped by 234 per cent. All the business segments also reported significant improvements in profitability.

    The bank’s balance sheet also emerged stronger. Total assets rose remarkably by 90.22 per cent, doubling the N10 trillion mark, to close 2023 at N20.65 trillion, up from N10.86 trillion in 2022. This is a milestone in the history of the group. Consequently, UBA Group’s shareholders’ funds rose from N922 billion to N2.0 trillion, an impressive growth of 120.2 per cent. Notably, UBA recorded a 61.3 per cent growth in loans to customers, moving up to N5.5 trillion in 2023, whilst customer deposits improved by 90.31 per cent to N14.9 trillion, compared to N7.8 trillion recorded in the corresponding period of 2022. The bank attributed this to increased customer confidence, enhanced customer experience, successes from the ongoing business transformation programme and the deepening of its retail banking franchise.

    Beyond the surface, the bank’s ratio were stronger. Group cost-to-income ratio dropped from 59.2 per cent in 2022 to 37.2 per cent in 2023, underlining improvement in overall corporate efficiency. Capital adequacy ratio (CAR) improved from 29.6 per cent to 32.6 per cent, more than a double of the regulatory limit of 15 per cent. Investors’ returns were also remarkable. Return on assets doubled from 1.8 per cent to 3.9 per cent. Return on equity also doubled from 19.7 per cent to 41.2 per cent. The dividend yield is above 10 per cent, within the top bracket for high-yielding stocks.

    Also, the first quarter results showed that the bank started off the new business year on a strong footing with three-digit growths across all major performance indicators.

    The results for the three-month period March 31, 2024 showed that gross earnings rose by 110 per cent while pre and post profits grew by 155 per cent and 165 per cent respectively.

    Gross earnings doubled from N271.1 billion in first quarter 2023 to N570.2 billion in first quarter 2024. The top-line performance was driven by strong growth in the core banking operations with interest income rising by 130 per cent to N440.7 billion.  Operating income doubled by 115 per cent from N175.7 billion to N378.59 billion. Profit before tax jumped by 155 per cent from N61.7 billion in first quarter 2023 to N156.34 billion in first quarter 2024. Profit after tax leapt by 165 per cent from N53.5 billion to N142.5 billion.

    The balance sheet of the bank further expanded within the three months. Total assets grew by 23 per cent to N25.4 trillion in March 2024. Customer deposits also rose by 23 per cent to close the period at N18.4 trillion, largely attributed to growth in current accounts and savings accounts.”

  • Shareholders excited with NAHCO’s 112% dividend increase

    Shareholders excited with NAHCO’s 112% dividend increase

    •Board targets N100b, diversification

    Shareholders of Nigerian Aviation Handling Company (NAHCO) Plc have said the increase in dividend payouts by the leading ground handling company was a proof of strong fundamentals and consideration for shareholders’ interest.

    With 107 per cent growth in net profit in 2023, the board of NAHCO had recommended increase in dividend payout accordingly, from N1.20 per share paid for the 2022 business year to N2.54 for the 2023 business year.

    Shareholders unanimously approved the 111.7 per cent increase in dividend payouts amid commendations for the board and management of the company. Shareholders would receive N4.95 billion in 2023 as against N2.34 billion paid for the 2022 business year.

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    NAHCO’s audited report for the year ended December 31, 2023 showed that turnover rose by 70 per cent from N16.71 billion in 2022 to N28.4 billion in 2023. Profit before tax jumped by 126 per cent from N3.84 billion to N8.68 billion. Profit after tax increased to N5.54 billion in 2023 as against N2.67 billion in 2022. Earnings per share thus increased from N1.36 in 2022 to N2.84 in 2023. Shareholders’ funds grew by 34 per cent from N9.03 billion to N12.13 billion.   

    Shareholders, who spoke at NAHCO’s annual general meeting, said the company has demonstrated resilience with its sustained growths, urging the board and management to continue the growth trajectory. 

    Chairman, Ibadan Zone Shareholders Association (IBZA), Mr Eric Akinduro, said the board and management of NAHCO have proved that despite economic challenges, the company has been positioned to sustain growth.

    “They have taken decisive steps to challenge the situation and come up with a wonderful results that gave us improved return on our investments. The dividend of N2.54 from N1.20 last year is a very rewarding one. Looking at the pedigree and the sustainability steps, there is no doubt that higher dividend payment should be expected in the years to come,” Akinduro said.

    He urged the directors of the company to continue to be responsive to the environment while leveraging innovations and automation of services to manage operational expenses.

    National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, said the company’s financial results were delightful to shareholders.

    According to him, against the background of the macroeconomic headwinds, the company has continued to post impressive growths.

    He said the dividend increase was a thoughtful one by the directors given the prevailing economic situation.

    Another shareholder, Mrs Juliet Uzuakpundu, commended the company for its many innovations and customer-friendly initiatives.

    She noted that recent investments in facilities upgrades have endeared NAHCO to clients, urging the company to continue to improve on its facilities in line with global standards.   

    Addressing the shareholders, Chairman, Nigerian Aviation Handling Company (NAHCO) Plc, Dr Seinde Fadeni said the company has concluded plans to diversify its investment portfolio in order to create new jobs and contribute significantly to resolving the country’s foreign exchange crisis.

    He said the company was exploring new areas of investment in order to trigger positive economic impact and build its portfolio size to some N100 billion over the next five years.

    According to him, the company is convinced that the food export holds significant potential for foreign exchange earnings because of its impact on the livelihoods and prosperity of many Nigerians.

    He said though the company is navigating safely around the myriads of challenges confronting the air transport space , but urged the government to look at ways to improve airport infrastructure to keep pace with the future growth plan.

    He said industry stakeholders have an obligation to look at implementing policies that support sustainable aviation fuel .

    Fadeni said concrete targets should be set and steps taken to execute innovations that support the industry and the world’s net zero CO2 emission goals.

     “NAHCO believes that the government at the centre should work towards reducing the financial burden for airlines and passengers by reviewing applicable taxes . This way, more payees would be brought into the tax net. Not too long, the international Air Transport Association declared that Nigerian airports charge foreign airlines about 27 levies.

    “This makes Nigerian airports the most expensive in the world discouraging airlines from flying into the country. This is not the kind of laurel Nigeria should be proud of. It is a disincentive to investment to both active and prospective investors. Government should address this situation. Government should also heed the industry’s calls for the harmonisation of the regulatory environment, particularly at the ports in a way that aligns with global best practices. The nation’s Ease of Doing Business mantra should be in practice and not in theory only,” Fadeni said.

    Fadeni said as much as the company supports the Federal Government’s Renewed Hope Infrastructure Development Fund especially as it relates to the aviation industry and its plan to upgrade infrastructure at the airports, such declaration should have overall industry impact.”

    He said though the year 2023 was characterised with multiple cost related challenges, the increased cost of handling an aircraft cannot be easily passed on the airline by ground handling companies because any proposed hike in rates would require the approval of the industry regulator – Nigerian Civil Aviation Authority (NCAA).

    He said :” The very act of getting new rates approved has its challenges as well. It is therefore not uncommon to see ticket prices rising geometrically while ground handling rates charged by service providers to airlines remain solidly stagnant.”

    He spoke of plans by NAHCO to re – invest in it’s facilities to enable it retain its position in the  ground handling and warehousing business.

    “Our push towards birthing a global integrated logistic giant is taking good shape with the coming into operations of new subsidiaries,” Fadeni said.

    Group Managing Director, Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Indranil Gupta said the company intends to diversify investment into other sectors of the economy to grow.

    He said NAHCO will continue to bless invest in operational equipment to drive sustainable growth .

     “We will continue to leverage our strength and market insights to pursue organic and strategic growth initiatives to expand our market presence and revenue streams

    “We plan to comprehensively refresh our fleet of ground support equipment to replace aging equipment and increase the numbers in our fleet to meet the ever increasing customer needs and expectations.

    “We are already embracing digitalization and innovation, investing in cutting edge technologies and solutions to enhance our service offerings, operational efficiency and competitiveness. By harnessing the power of data analytics, automation and predictive maintenance, we aim to stay ahead of the industry trends and deliver superior value to our clients,” Gupta said.

  • ‘Access Bank is Nigeria’s most valuable brand’

    ‘Access Bank is Nigeria’s most valuable brand’

    Access Bank has been adjudged as Nigeria’s most valuable brand.

    According to the latest data from Brand Finance, there has been a remarkable 73 per cent increase in Access Bank’s brand value, solidifying its position as the most valuable banking brand in Nigeria.

    This marks the third consecutive year that Access Bank has held the top spot in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands.

    Brand Finance, the world’s leading brand valuation consultancy, reported that banking brands contributed a substantial 50 per cent of the overall brand value among Nigeria’s top 25 brands.

    Access Bank’s brand value soared to N355.3 billion, making it the 31st most valuable brand in Africa according to the Brand Finance Africa 200 2024.

    The report noted that the impressive growth was primarily driven by significant increases in interest-based income, reflecting improved revenues and robust financial performance.

    Managing Director, Access Bank, Roosevelt Ogbonna said the bank was proud to once again be recognised as Nigeria’s most valuable brand.

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    “This accolade is a testament to our commitment to excellence, innovation, and sustainable growth. We will continue to focus on delivering exceptional value to our customers and stakeholders, driving positive impact across the communities we serve,” Ogbonna said.

    Group Head, Group Marketing & Retail Analytics, Access Bank, Toyin Henry-Ajayi,

    who spoke on the brand’s journey at the announcement event, said Access Bank’s consistent performance and brand value growth reflects its ability to stay true to its excellence through every strategic five-year cycle.

    “Our journey has been one of continuous improvement and adaptation, and we remain dedicated to setting new standards in the banking industry and contributing to the economic development of Africa,” Henry-Ajayi said.

    Access Bank also distinguished itself as the top brand in terms of Sustainability perceptions value, surpassing Flour Mills of Nigeria which ranked second. This underscores the Bank’s dedication to sustainable practices and its leadership in corporate responsibility.

    Managing Director, Brand Finance Nigeria, Babatunde Odumeru,  commented on the resilience of Nigeria’s leading brands: “Despite a tumultuous financial year marked by the Naira plummeting over 30 per cent against the US dollar and soaring inflation, Nigeria’s leading brands have displayed remarkable resilience. These top-tier brands have not only withstood economic pressures, but many have continued to flourish, with 23 of Nigeria’s top 25 most valuable brands achieving brand value growth. We are also increasingly seeing top brands continuing to expand beyond their domestic borders and grow their influence across the continent.”

    The values of brands in the rankings are calculated using the Royalty Relief approach, a method compliant with ISO 10668 standards. This approach estimates future revenues attributable to a brand by calculating a royalty rate that would be charged for its use, arriving at a ‘brand value’ that reflects the net economic benefit achievable by licensing the brand in the open market.

  • VFD Group posts N2.62b profit in Q1

    VFD Group posts N2.62b profit in Q1

    VFD Group Plc recorded a net profit of  N2.62 billion in the first quarter.

    According to the result published by Nigerian Exchange (NGX)l, the company’s balance sheet improved in the period under review as total assets hits N 261.91 billion, a growth of nine per cent from N240 billion reported as of December 2023.

    The company’s gross earnings also grew by 13.2 per cent closing the year at N45.1 billion, a significant increase from

    N34.025 billion in 2022, which indicated a robust top-line growth.

    Group Managing Director, VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings was due largely to dividend income and treasury-related income in his statement on the company’s financial performance.

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    He attributed the company’s loss after tax to tough and challenging business environment in 2023. He added that “Naira devaluation, unprecedented inflation, and the rising cost of doing business in Nigeria drove up our operating costs. We also made new investments, the bulk of which would take time to yield investment income whilst the interest expense on the cost of investment had to be recorded immediately.”

    “Despite the highlighted economic environment marked by high interest rates, rising inflation, and Naira depreciation, the Q1 performance has shown that VFD Group is dedicated to adapting and excelling.

    Okpala reiterated that the company is focused on strengthening its core operations and continue to explore new growth opportunities. According to him, we are actively working on cost optimization measures and enhancing our investment strategies to improve financial performance in the coming years. Already, we are seeing the results of our refined strategy, he concluded.

  • Fed Govt calls for strategies to deepen youth participation in capital market

    Fed Govt calls for strategies to deepen youth participation in capital market

    The Federal Government has called on stakeholders in the Nigerian capital market to collectively work out strategies to attract youths into the market.

    Vice President Alhaji Kashim Shettima said the capital market needs to restrategise with a view to attracting more youths to invest in the market.

    Shettima spoke when the leadership of Chartered Institute of Stockbrokers (CIS) paid him a courtesy at the Presidential Villa, Abuja. 

    According to him, leaders in the Nigerian capital market should restructure the system with a view to deploying strategies that would attract more youths to leverage opportunities in the sector.

    “There is a need to think outside the box to get more people to participate in the stock market.  You need to develop and put in place strategies to engage more youths to take advantage of the opportunities in the capital market. A vibrant stock market can lead to positive growth in the economy, hence the need for all stakeholders to develop a keen interest in happenings in the market,” Shettima said.

    He praised CIS on its efforts aimed at attracting investors into the capital market through its advocacy.

    He said the CIS plays critical role in the development of the economy and the government would support its activities.

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    President, Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada, reiterated that the institute was committed to the growth and development of the market as its members continue to adhere to highest standard of professionalism.

    Dada, 13th president of CIS, explained that despite the challenges in the operating environment, the capital market had contributed immensely to the growth and development of the economy.

    He pointed out the need for the government to privatise the moribund public enterprises and secure them for listing on the securities exchanges.

    “Despite its relatively low patronage, the Nigerian capital market has shown several glimpses of what it can do, in terms of contribution to economic growth and development in the country. A few significant examples are: serving as a tool for the success of the Indigenisation Policy of 1972 -77; enabling the massive success of the Central Bank of Nigeria’s banking recapitalisation exercise of 2004; Sukuk financing of various infrastructural projects in the country, and several others.

    “We wish to reiterate the position held worldwide, that privatising public enterprises through the capital market is the most effective way to democratise the exercise and make the process transparent. A well-developed capital market serves as the major tool for infrastructure financing and a successful Public-Private Partnership regime in the country. We call for frontal action to develop the Nigerian capital market, which in turn will accelerate GDP growth to meet the Federal Government’s target of $1trillion in GDP,” Dada said .

    Other members of the CIS delegation included the first Vice President, Mrs Fiona Ahimie; Registrar and Chief Executive, Mr. Josiah Akerewusi; past presidents of the council, Mr Oluwole Adeosun, Mr Olatunde Amolegbe and Mr Dapo Adejoke, and Council members, Mr Garba Kurfi and Mrs Nkoli Edoka.

  • CSCS pays N7.5b dividends

    CSCS pays N7.5b dividends

    Shareholders of Central Securities Clearing System (CSCS) Plc have approved payment of N7.5 billion as cash dividends for the 2023 business year.

    Shareholders will receive a dividend per share of N1.50 for the 2023 business year, totaling N7.5 billion, as against N6.85 billion paid for the 2022 business year.

    CSCS had reported impressive revenue growth in 2023, reflecting its strong performance and strategic initiatives throughout the year. The company achieved gross earnings of N19 billion, representing a remarkable 65.2 per cent increase compared to N11.5 billion recorded in 2022. Additionally, the company realised a profit before tax of N11.2 billion in 2023, marking an impressive 84.2 per cent increase from N6.1 billion in the previous year.

    Chairman, Central Securities Clearing System (CSCS) Plc, Mr Temi Popoola, who spoke at the annual general meeting in Lagos, said the board’s unwavering commitment to steering the strategic direction of the company and providing diligent oversight to management has been pivotal in achieving organisational goals.

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    “I am particularly proud to note the board’s role in challenging the management team, which has undoubtedly contributed to our company’s stellar performance in 2023. Despite navigating a challenging business environment and socio-economic challenges in Nigeria, the board and management’s collective efforts have yielded commendable results,” Popoola said.

    While expressing gratitude for his appointment as chairman, Popoola acknowledged the dedication of other board members and exceptional management team.

    He also extended appreciation to his predecessor, Mr. Oscar Onyema, for his distinguished leadership, which significantly contributed to CSCS’s growth and solidified its position as a reputable market infrastructure in Nigeria and West Africa.

    Managing Director, Central Securities Clearing System (CSCS) Plc, Mr. Haruna Jalo-Waziri said the strong growth in earnings reflected efficiency gains from both asset utilisation and service enhancement.

    He said the company has continue to grow both top and bottom lines, despite dividend payments.

    “We are laser-focused on supporting investors’ capability to extract value from ensuing market volatility, which presents opportunities and risks. We would work with market intermediaries to cut through the chase of market complexities, lower costs, and mitigate risks for investors,” Jalo-Waziri said.

  • ‘We will deal decisively with unclaimed dividend monster’

    ‘We will deal decisively with unclaimed dividend monster’

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has pledged to deal decisively with the recurring issue of unclaimed dividends in the Nigerian capital market.

    Acting Director-General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, who spoke during a meeting with the executives of Institute of Capital Market Registrars (ICMR) in Abuja at the weekend, described unclaimed dividend as a monster in the capital market.

    The Securities and exchange Commission has said that it will soon issue a framework that will guide the capital market in the proposed recapitalisation exercise by banks.

    He said registrars must embrace technology as one of the ways of ensuring that the issue of unclaimed dividends in the capital market becomes a thing of the past.

    “Unclaimed dividends is a monster that we must deal with now. Whatever it will take to deal with it, we must do it. We must embrace technology as one of the ways to deal with it.

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    “Let us put our thoughts together and provide a workable solution, let us ensure that this becomes a thing of the past. We need to provide solution and the time is now. As custodians, we implore you to provide practicable steps to address this issue,” Agama said.

    He said the commission was on top of the issues around the banking recapitalisation exercise and would soon come up with a framework to guide the market.

    He said the commission was willing to interact with various segments of the capital market to ensure that all pending issues are resolved in the interest of the market.

    “We will hold stakeholder’s meetings where we will speak to everyone and stakeholders will also have the opportunity of interfacing with us. The idea is to interact with you all. There may be things hanging and due to the transition, we do not want to miss anything. It will still be attended to in the interest of the market,” Agama said.

    He praised the government for the opportunity to serve before formally being cleared by the Senate in order for continued activities in the capital market.

    “We see it as an opportunity to be asked to act before our confirmation, it is not normal. In this case, we needed to deal with challenges and that’s why the government thought it wise for us to come in and work in acting capacity. It shows how important the capital market is to the administration of President Bola Tinubu, and we do not take this opportunity for granted. “

    “We will come up with a framework to move the market. We are in this together and we will continue to work and do our best. This is our constituency and we will do our best. We crave your co-operation to assist us deal with major challenges,” Agama said.

    Acting Executive Commissioner, Operations, SEC, Mr. Bola Ajomale urged the registrars to embrace technology which he said is the best way to ensure timeliness and also sanitise the system.

     “You are a major central point that we have worked with over time. There is risk because technology is competing with you. It will be useful to talk to your members to embrace technology as that is the best way to make life easy for everyone is to sanitise the system,” Ajomale said.

    President, Institute of Capital Market Registrars (ICMR), Mr. Seyi Owoturo congratulated the new SEC management on their appointment and pledged that the registrars would continue to work in the interest of the capital market.

    Owoturo said registrars have a duty to ask questions when transactions happen so as to make the market safe for everyone adding that with the banking recapitalisation coming, registrars need to embrace technology as there is going to be serious demands on their capacity.

  • Lamorde’s death shocking, says IGP

    Lamorde’s death shocking, says IGP

    The Inspector-General of Police (IGP), Kayode Egbetokun, has described the death of former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Lamorde as shocking.

    A statement issued on Sunday, May 26, by the Force Public Relations Officer, ACP Olumuyiwa Adejobi said: “The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, on behalf of the Officers and Men of the Nigeria Police Force deeply regrets to announce the passing of DIG Ibrahim Lamorde (retired), a distinguished officer and an exemplary leader. Born on December 20, 1962, in Mubi, Adamawa State, DIG Lamorde dedicated his life to public service and police, joining the Nigeria Police Force in 1986.

    “Throughout his illustrious career, DIG Lamorde rose through the ranks, serving with staunch professionalism. His integrity and dedication were evident in every role he undertook, culminating in his appointment as Chairman of the Economic and Financial Crimes Commission (EFCC) in 2011. 

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    “During his tenure at the EFCC, DIG Lamorde was renowned for his steadfast stance against corruption. His leadership led to the successful prosecution of numerous high-profile cases and the recovery of substantial sums of looted funds.

    “Upon concluding his service at the EFCC in 2015, DIG Lamorde continued his distinguished career in the Nigeria Police Force, eventually retiring as a Deputy Inspector General of Police in 2021 as the pioneer DIG for the Force Intelligence Department (FID). His career was characterized by an unyielding commitment to justice and the principles of professional policing.

    “The entire Nigeria Police Force mourns the loss of DIG Ibrahim Lamorde. His legacy as a dedicated officer and an anti-corruption crusader will continue to inspire future generations of police officers. Our thoughts and prayers are with his family, friends, and colleagues during this challenging time. May his soul rest in peace”.

  • Lagos-Calabar coastal highway will give 30m Nigerians improved access to production, marketing centre – Tinubu

    Lagos-Calabar coastal highway will give 30m Nigerians improved access to production, marketing centre – Tinubu

    President Bola Tinubu has officially flagged-off the construction of the 700 kilometre Lagos-Calabar Coastal Highway, disclosing that among other benefits, it will give 30 million people improved access to production and marketing centers.

    Performing the flag-off ceremony at the Ahmadu Bello end of the road in Victoria Island, Lagos, President Tinubu said the project is more than just a road, describing it as a symbol of hope, unity and prosperity for the people of the country.

    The president, who had directed that the phases two and three of the project commence from Akwa Ibom and Cross River states along with the ongoing work at the Lagos end, also assured Nigerians that he was determined to complete the project.  

    The 700 kilometer highway project, which will traverse communities in coastal states of Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River states, nine of them, will include a spur to the north-central part of the country.

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    From Victoria-Island, the Nigerian leader also performed the virtual flag-off of the design and procurement for the 1000km Sokoto-Badagry Highway, which is expected to connect Sokoto to Badagry in Lagos State, passing through Kebbi, Niger, Kwara, and Oyo states.

    Additionally, he virtually flagged off the design and procurement of the 461-Kilometre Africa Trans-Sahara Route, starting from a point on the Enugu-Abakaliki-Ogoja Road and traversing Benue, Kogi, and Nasarawa States, terminating at Apo, FCT-Abuja.

    The president, who is in Lagos as part of activities marking the administration’s one-year in office, also performed the virtual flag-off of the nationwide reconstruction and rehabilitation of emergency interventions on 330 roads and bridges across the six geo-political zones of the nation.

    Speaking about the benefits of the project, which he said is more than just a mere road, President Tinubu said it would take thousands of direct and indirect job opportunities to Nigerians, just as it will foster community development.

    “I said earlier that it’s my bragging day, we said we will do this road, we’re determined to do it. The way we’re going, we’ll have a road that will outlive all of us here present. That is how to build the future. The project is more than just a mere road, it is a symbol of hope, unity and prosperity. 

    “It will connect communities and bring prosperity to people, create opportunities to millions. We’re at it..hold on to the right side, you’ll have opportunities, hold on to the left side of it, you’ll have prosperity. For our nation to excel, we just have to be bold and courageous in our endeavors. 

    “Thanks to Hiteck for believing in us and for believing in the country, Nigeria. Not just talking about Lekki Deep Seaport and all the economic opportunities along that coast, what is 700km concrete paved road? What it will bring is just more that imaginable.

    “I’ll go on the next ten benefits of the Lagos-Calabar Coastal Highway. During the period of construction, the road will provide direct employment to thousands of people and indirect employment to ten of thousands of artisans and more.

    “Economic opportunities for millions are being opened, it will fast-track community development, it will bring development closer to the people and give 30 million people improved access to production and marketing centres.

    “You can easily predict a journey vertically and go along the horizontal line and do the definition of your geometry. For free movement of people, geometry teaches us that the straight line is the shortest distance between two points. Go for it.

    “The potential of the road is enormous. The spur to Sokoto is undergoing procurement, let us sped up the financial details being worked out. Don’t be afraid, we will do this road, it will be a success for Nigeria and we will do more. I am a very happy man today. Share with me in the joy today”, the President said.

    He said the project will also complement the expansion of the country’s maritime industry in the wake of the recent decision by the UN to grant Nigeria an extension of its continental shelf by an additional 16,300 square kilometers. 

    “We must take advantage of it,” he said, adding that the establishment of more export processing zones along the coastal states must be a priority for the country.

    He also applauded the chairman of Hi-Tech Construction Company, Amb. Gilbert Chagoury, and Engr. Ronald Chagoury, whose company is handling the project, for being worthy stakeholders and believing in the Nigeria project. 

    “We worked to tame the Atlantic and turned a disaster into a great asset and value. We lost weight, took abuses, but we tamed the Atlantic. We achieved our goals,” the President said, recounting how the indigenous company successfully executed a project to prevent the Atlantic Ocean from encroaching on endangered sections of the Lagos shoreline.

    He also applauded Aliko Dangote, who was present at the flag-off, for his enduring capacity in business and commitment to continue investing in Nigeria, urging other industrialists to emulate Dangote’s commitment to investing in Nigeria.

    Speaking at the event, President of the Senate, Godswill Akpabio, on behalf of the 10th National Assembly, declared his strong support for the coastal highway project.

    He appealed for an executive bill to amend the procurement act to ensure speedy completion of projects. 

    “Nigerians are behind you, Mr. President. Do not be afraid…a few days ago we were debating at the Senate and we came to the conclusion that we must amend the Procurement Act. A situation where you want to construct a road of N100m and you start by putting N2m this year, means you will finish the job in 50 years. 

    “We must be in a position to budget in a way that we also look at the tenure of the presidency and the government”, he said, describing this as a flawed budgeting process, partly responsible for the abandonment of over 14,000 projects across the country.

    Minister of Works, Engr. Dave Umahi, announced that the President has directed that sections 3 and 4 of the Lagos-Calabar Coastal Highway project should commence from Akwa Ibom and Cross River states, respectively. 

    Emphasizing that due process was followed in awarding the contract for this transformative project, the Minister described President Tinubu as an uncommon thinker and courageous leader.

    Umahi disclosed that over 40 new projects are ongoing across the country, and all compensations up to kilometer 6 of the Lagos-Calabar project have been paid. 

    He assured that the routes of the project have been re-aligned based on the President’s instructions and environmental assessment reports, while the first section of the project will be commissioned before the end of President Tinubu’s second year, and will be tolled.

    The Oniru of Iruland in Lagos state, Oba Abdulwasiu Lawal, in whose domain the project is situated, assured the President that the community will ensure the removal of all bottlenecks. 

    He stated that his people have made painful sacrifices for the project to materialize and called for adequate compensation for his people.

    In separate remarks, the governors of Lagos, Babajide Sanwo-Olu, Abdulrahman Abdulrazak of Kwara, and Hope Uzodinma of Imo states described the wide-ranging support from sub-nationals as a vote of confidence on the national acceptance of the project.

    The President had earlier commissioned the reconstructed Apapa-Oworonshoki-Ojota expressway, a 36.02km all important road connecting Nigeria’s premier ports – Apapa and Tin Can Island – to larger parts of Lagos State.

    President Tinubu, who was represented at the earlier event by the President of the Senate, Senator Godswill Akpabio, also performed a virtual inauguration of  the Rehabilitated Third Mainland.  

    According to a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President said the Apapa-Oworonshoki-Ojota Expressway would enhance access to the ports, boost commercial activities, and spur economic development.

    Originally constructed between 1975 and 1978, the road had deteriorated significantly over the years, causing severe delays in the evacuation of goods from Apapa Wharf. 

    The reconstruction of the road was executed in four sections, using Continuously Reinforced Concrete Pavement (CRCP), by Dangote Industries Limited under the tax credit method of infrastructure funding, with Hitech Construction Nigeria Limited as the subcontractor.

    The rehabilitated Third Mainland Bridge, the longest of three bridges connecting Lagos Island to the mainland, spans about 11.8km.

    It was commissioned by President Shehu Shagari in 1980 and completed by General Ibrahim Babangida in 1990.

    The bridge recently underwent significant rehabilitation to improve its structural integrity and extend its lifespan.

    “This is a great feat by any standards, and it is all for Nigeria. I congratulate the Ministry of Works and the contractors for the great work. 

    “It is not only in Lagos that these good things are happening. From the Presidential Villa in Asokoro to the AYA Roundabout in the capital city (Abuja), you will notice a great deal of work and some of these projects will be commissioned this week”, the Senate President said.

    The Minister of Works, Engr. David Umahi explained the reason for the use of concrete technology in constructing the road, noting its durability, as well as the rising cost of bitumen used in making asphalt. 

    “We want our contractors to migrate to the use of concrete technology for road construction”, the Minister said, while describing the inauguration of the road as another plus on the utility of tax credits in the country. 

    On the Third Mainland Bridge, the Minister explained that the project went beyond mere rehabilitation. 

    “We had to replace all the expansion joints, and we also noticed that over the years all the maintenance on the bridge was only for the surface and that created a lot of super elevation, pot holes, and increased the dead load on the bridge resulting in increased deflection”, he said. 

    In his remarks, the Permanent Secretary, Federal Ministry of Works, Dr. Yakubu Kofarmata announced that President Tinubu had directed the ministry to complete Abuja-Kano Road within one year. 

    He assured Nigerians that Makurdi-Enugu Expressway was on the verge of completion and that other federal road projects across the country are receiving attention. 

    According to the Permanent Secretary, the Minister of Works, Engr. Umahi has saved Nigeria a total of N1.19 trillion through renegotiations of some ongoing road project costs across the country.

    “What we are witnessing today is Nigeria working under the Renewed Hope Agenda of this administration, and the determination to have a better Nigeria where infrastructural facilities are functioning”,  the Permanent Secretary said.

    The Deputy Governor of Lagos State, Dr. Femi Hamzat expressed gratitude to the President and the Federal Ministry of Works for fixing the roads, thereby reducing travel time from 7 hours to 1 hour and 15 minutes.

    “About two years ago, a lot of companies on the Apapa-Oworonshoki-Ojota Road moved from this axis because of the deplorable state of the road. 

    “We are grateful to Mr. President, the Ministry of Works, Dangote Group and Hitech Construction Limited for the current state of the road and also for the Third Mainland Bridge”, the Deputy Governor said. 

    At the Coastal Road flag-off, the President has governors, deputy governors, his Chief of Staff, Femi Gbajabiamila; Chairman of the ruling All Progressives Congress, Dr Umar Ganduje; ministers, members of the National Assembly, traditional rulers and all sorts of dignitaries, most of whom had attended the commissioning of the reconstructed Apapa-Oworonshoki-Ojota Expressway and the Rehabilitated Third Mainland earlier. 

    Among those present were the Deputy Speaker, Ben Kalu; Governor of Lagos, Jide Sanwo-Olu, represented by the Deputy Governor, Femi Amzat; Chairman of the Nigerian Governors’ Forum and Governor of Kwara State, AbdulRahman AbdulRazaq; Hope Uzodinman of Imo; Mai Mala Buni; Dikko Rada of Katsina State; Ahmed Aliyu Sokoto of Sokoto. 

    Others are governors Dapo Abiodun of Ogun State; Lucky Aiyedatiwa of Ondo; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; Minister for Special Duties,Zephaniah Jisalo; Chairman of Dangote Group, Aliko Dangote; members of the National Assembly; members of the Lagos State House of Assembly; members of the Lagos State Executive Council, traditional rulers and other dignitaries. 

  • Congress: Fresh crisis hits Ekiti PDP as SWC members tackle chairman

    Congress: Fresh crisis hits Ekiti PDP as SWC members tackle chairman

    A fresh crisis is currently brewing in the Ekiti state chapter of the Peoples Democratic Party (PDP) ahead of the forthcoming congresses in the state. 

    Some members of the State Working Committee (SWC) accused the party’s state chairman, Chief Agboola Alaba of failing to carrying the executives along in decision making. 

    The party executives claimed that the party chairman was running opposition PDP like his personal fiefdom without recourse to other executive members constitutionally recognised organs in the party. 

    In a joint statement signed by members of the SWC after an emergency meeting, they expressed worry over the activities of the chairman on issues relating with the party forthcoming congress, adding that decisions not discussed nor agreed upon by the SWC members were being championed. 

    The statement was signed by Lanre Omolase (deputy chairman), Mrs Funmilayo Ogun (state secretary), Aare Amerijoye (state youth leader) , Abeni Olayinka ( state organizing secretary) , Sunday Olowolafe (Legal Adviser) , Funsho Afolayan(Northern senatorial chairman) , Chief Folashade Akintade (state auditor) , Chief Paul Oluwole (state treasurer) , Gani Bakare ( Fin. Secretary) and Ojo Gold (Central senatorial chairman). 

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    They argued that Agboola has failed to unite the party for success saying, his leadership has not effectively advanced the party’s aims and objective but rather caused disarray within the party ranks. 

    The statement reads: “It is clear that the state chairman has continuously violated the ethical standards expected of SWC members and has flagrantly flouted Party rules. The incorrect notion that he is the sole administrator of the Party, without consulting the SWC must be corrected without further delay.

    “The state chairman may need to engage in extensive consultation, particularly by tapping into the knowledge and experience of the Party Working Committees at the national and zonal levels, in order to know how to make informed decisions in collaboration with the members of the State Working Committee.

    “As members dedicated to the progress and success of the PDP in Ekiti State, we urge him to adjust his leadership style to meet the trust and expectations of our members.

    “Therefore, we have collectively agreed to issue this stern warning to the State Chairman Engr. Alaba Agboola and for him to be mindful of the consequences of his actions.

    “Unity and solidarity within our party are crucial at this time and adherence to established rules is essential for the collective welfare and future of the party.

    The State Working Committee is the only constitutionally empowered organ responsible for the day-to-day administration and decision-making processes of the party in the state, and it is accountable to the State Executive committee. 

    “This decision was reached during the last SWC meeting chaired by the State Chairman, that the State Executive Committee meeting be slated and it was afterwards slated for May 28th 2024. The Chairman should not mistakenly believe he has the autonomy to disregard SWC decisions by following directives from a specific faction.

    “We, the majority members of the SWC, stand united in this declaration for the State Executive Committee meeting scheduled for May 28th 2024. We advise the Chairman to desist from assuming unilateral authority to call any party meeting without SWC discussion and validation. We insist that no agreement was made for a State Caucus meeting; only the State Executive Committee meeting will proceed as scheduled.” 

    But, in his reaction, the state chairman, Alaba Agboola denied the allegations from the ten-man SWC members about him taking unilateral decisions on behalf of the party and promoting factions.

    He explained that the constitutions and guidelines in the PDP did not provide for one man to run the affairs of the part, saying that the contestations and agitations were expected in a political party especially ahead of the scheduled congresses.

    On whether the state caucus meeting will go ahead as scheduled, the state chairman revealed that the leaders and stakeholders of the party would decide the way forward during the Monday’s meeting.