The Nation Newspaper

Author: The Nation

ICAN, NGX honour Dangote Cement for excellence in corporate reporting

Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.

The leading cement manufacturer received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting. According to the organisers, the scoring criteria involved a combination of average scoring and assessments from individual judges.

In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.

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Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.

“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.

Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.

ICAN’s 59th President, Innocent Okwuosa, underscored the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.

“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.

The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.

May 20, 2024
WAAS 2024: Exhibitors eye Nigeria’s $10billion automotive industry

Exhibitors at the West Africa Automotive Show (WAAS) 2024 have set their sights on Nigeria’s burgeoning automotive industry, estimated to be worth over $10 billion.

With Nigeria’s vast population with the highest numbers of vehicles and automobiles in the West African region the industry could generate millions of jobs and contribute significantly to the gross domestic product.

The value chain consist of manufacturing of automotive spares for cars, plugs , brakes and its parts, tyres and other items for fittings for vehicles

The event, which was held at the Landmark Event Centre, Lagos between May 14 and 16, showcased the latest innovations and technologies in the automotive sector and attracted a diverse array of exhibitors keen to tap into Nigeria’s vast market potential.

Some exhibitors speaking with journalists described the Nigerian market as very large. They stated that the country’s business environment favours the automotive industry due to its large population and the strong demand for quality spare parts from vehicle owners. Some are now looking to invest in plants in the country.

Maksim Dallinhuk, representing Kabat Tyre, Poland said the plan of the company includes establishing plants in the country given the huge market Nigeria presents.

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“The West Africa Automotive Show provides a unique opportunity for us to connect with potential distributors and customers in Nigeria particularly and the West African region in general. We are distributors of various kinds of tyres and look at the potential opportunity in West Africa especially Nigeria and we have continued to tap into the market and grow it. We have been able to support the subsector in places like Ethiopia and Kenya and are doing the same in Nigeria” stated Dallinhuk.

Exhibition Manager, Georgina Lloyd, said WAAS was designed to boost the growth of Nigeria’s automotive industry and foreign investors are keen on establishing their presence in the country to sustain the trajectory.

She said, “With Nigeria spending an estimated N14 trillion ($10billion) yearly on vehicle parts importation, part of the remit for WAAS is to help build the domestic industry. The event is an opportunity to shine the spotlight on local success stories, boost workforce knowledge and skill sets, while also helping shape national policy.

“In addition to exploring opportunities to build Nigeria’s automotive parts industry being discussed in the conference programme, WAAS will spotlight Nigeria’s automotive industry with 24 local businesses in the exhibition. WAAS also bring in international expertise via global companies and we know our overseas exhibitors are keen to work and find business partners in Nigerian entrepreneurs.

“WAAS connects suppliers, dealers, and manufacturers, creating an unparalleled networking environment exclusively tailored for the West Africa automotive industry, including auto parts and solutions.

President of the Auto Spare Parts and Machinery Dealers Association (ASPMDA), Lagos, Hon. Ngozi Emechebe, expressed her excitement about the sustainability of the exhibition which has continued to deepen the growth of the industry and helped the businesses of her members.

“Our members have always been the biggest beneficiaries since the B2B started hosting the exhibition in the country because we don’t need to spend substantial resources travelling abroad to engage with manufacturers and import products, the manufacturers are present here and our members can directly interact with them and negotiate deals,” she said.

May 20, 2024
Dissecting NDIC’s maximum deposit insurance coverage

By Shalom Nathaniel

In the wake of the 2008 global financial crisis, the importance of deposit insurance has become more apparent than ever. Deposit insurance is a crucial safety net that protects depositors in the event of a bank failure, ensuring that their funds are secure and accessible.

Deposit insurance is a government-backed programme designed to protect depositors in the event of a bank failure. The primary function of these programmes is to ensure that depositors have access to their funds, even if a bank becomes insolvent. This not only prevents financial losses for individuals and businesses but also helps to maintain trust in the banking system, which is essential for economic growth and stability.

Following the Silicon Valley Bank (SVB) failures, considered the biggest bank run in history due to the speed and scale, several countries have taken steps to increase the coverage limits of their deposit insurance schemes, recognising the significant role these programmes play in maintaining financial stability, boosting customers’ confidence and preventing bank runs.

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In March 2023, three small-to-mid size U.S. banks failed in the span of five days – Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, driven by a combination of technological, social, and industry-specific factors that enabled rapid and coordinated deposit withdrawals.

The SVB failure was triggered by a bank run, where clients withdrew $42 billion in a single day after the bank announced it had sold its Treasury bond portfolio at a loss.

Economic and financial experts have asserted that increasing deposit insurance coverage can have several benefits for both depositors and the banking system as a whole. One of the most significant advantages is that it can help to boost customer confidence in the banking system. When depositors know that their funds are fully insured, they are more likely to trust the banking system and maintain their deposits, which can help to prevent bank runs and maintain financial stability.

In view of this development, the International Association of Deposit Insurers (IADI), in its Policy Brief 9 gave renewed attention to the level of deposit insurance coverage and the risks associated with high shares of uninsured deposits.

IADI also noted that very high per depositor/account coverage rates are in place across most jurisdictions. It was found that globally, deposit insurers fully cover deposits of a very high share of depositors and that both in G7 and G20 jurisdictions, median coverage ratios were above 98 per cent.

In Nigeria, Maximum Deposit Insurance Cover (MDIC) for depositors of deposit money banks (DMBs) was set at N50,000 at the inception of the Nigeria Deposit Insurance Corporation (NDIC) in 1989. The amount was set to allow 85 per cent of the total depositors in the nation’s insured banks to be 100 per cent covered.

Subsequently, 96 per cent of all depositors were protected when the coverage ceiling was raised from N50,000 to N200,000 in 2006. The coverage limit of N100,000 was also set, for the first time, for microfinance banks (MFBs) and primary mortgage banks (PMBs) depositors in the same year.

In the year 2011, the coverage limits for DMBs increased from N200,000 to N500,000 and from N100,000 to N200,000 for depositors of MFBs and PMBs. The coverage level was further adjusted to N500,000 in 2016 for PMB depositors as well as subscribers of licensed Mobile Money Operators (MMOs). Coverage of N500,000 was equally extended to depositors of Payment Service Banks (PSBs) in 2020. Meanwhile the coverage for DMBs remained at N500,000.

Stakeholders have over the years stressed that these maximum deposit insurance coverage limits were inadequate to protect customers in Nigeria because it failed to provide full coverage to significant portions of bank customers’ deposits. This left a substantial portion of deposits exposed to market discipline.

In view of these, the recent move by the NDIC to raise the maximum deposit insurance coverage for all licensed deposit taking financial institutions was viewed as a welcomed development.

The corporation, on Thursday, May 2, 2024, announced an increase in the MDIC of DMBs from N500,000 to N5,000,000. This change will now fully cover 98.98 per cent of depositors, up from the previous 89.20 per cent.

For Microfinance Banks (MFBs), the coverage was increased from N200,000 to N2,000,000, protecting 99.27 per cent of depositors compared to 98.76 per cent previously. The maximum coverage for Primary Mortgage Banks (PMBs) was also raised from N500,000 to N2,000,000, ensuring 99.34 per cent of depositors are fully covered, up from 97.98 per cent.

Additionally, the coverage for Payment Service Banks (PSBs) has been adjusted from N500,000 to N2,000,000, now covering nearly all depositors at 99.99 per cent. For Mobile Money Operators (MMOs), the pass-through deposit insurance for subscribers has been increased to N5,000,000 per subscriber.

The revised coverage will significantly increase the total value of deposits covered by deposit insurance, from around 6-14 per cent previously to 21-43 per cent across the different banking sectors.

While announcing the increases, the NDIC Managing Director, Bello Hassan, emphasised that the revised coverage is a strategic balance between protecting depositors and ensuring the stability of the financial system. The changes aim to extend protection to a larger percentage of the population, enhance financial inclusion, and mitigate the potential destabilising effects of bank runs.

He said the adoption of the revised maximum deposit insurance coverage is supported by the NDIC’s current funding, expected annual premium collection, enhanced supervision that would reduce the likelihood of bank failures, effective bank resolution frameworks, and other funding arrangements provided by the NDIC Act No. 33 of 2023.

Besides, he said the total amount in the NDIC’s Deposit Insurance Funds is now in excess of N2 trillion and gives the NDIC the ‘firepower’ to take on the new maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions. This ensures the increased protection can be sustained without placing undue burden on financial institutions.

The money is made up of current balances in all the four deposit insurance funds managed by the NDIC including, the Deposit Money Banks (DMBs); Primary Mortgage Banks and microfinance banks; non interest banks; and the payment service banks.

Hassan also assured that the increase in maximum deposit insurance coverage will not affect the premium payments from financial institutions since the NDIC now operates with a risk-based premium framework which assesses each bank’s premium based on the risk perception on the defined parameters already known by the banks.

“If a bank is able to manage its risk properly, it may end up paying the base rate which is 35 basis points, but if it does not, it will end up paying a higher premium which could range up to 65 basis points. So the ball is in their court,” the MD had said.

May 20, 2024
Governments account for about 50% of fibre cuts

Governments’ projects by way of roads construction and other infrastructure accounts for 47.59 per cent while building projects by private developers and farming activities account for 46.64 per cent, it was gathered at the weekend.

Natural problems such as erosion, flooding leading to the declaration of force majeure by service providers also account for a negligible 0.35 per cent, according to findings by NetAccess Systems Limited, a technology company.

Recall that Nigeria has at various times suffered fibre optic cable cuts which have resulted in near total shut down of internet services, including internet banking. About two months ago, the country, alongside other 11 on the continent suffered internet blackout due to the cut in four submarine cables that supply bandwidth to the affected countries. It was only last week that MainOne, one of the four affected cables, announced the restoration of the cables.

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Managing Director, NetAccess Systems Limited, Lekan Balogun, identified cable disruptions to fire incidents occasioned by bush burning and refuse as accounting for 0.71 per cent while direct attacks by way of wilful vandalism and sabotage accounts for 0.35 per cent. Other rare factors such as broken cores, rodent and pest activities and falling of head poles estimated to account for 4.36 per cent.

The two-year research showed that 56.3 per cent of all the incidences affected the backbone network while 43 per cent affected metro and fibre to home (FTH) optic fiber link, adding that 87.87.12.13 per cent were non-traffic affecting fiber cut incidences.

He proposed short term measure to include education/campaign for all stakeholders including government ministries, departments and agencies (MDAs) in charge of utility corridors, building and road contractors, maritime association, excavators; formal or informal training of labour workers that work along the utility corridors; rapid repair and splicing; establishment of temporary fiber connections to maintain services until permanent repairs are made.

In the medium term, he said there is need for enhanced maintenance culture of reserved roads for telecom infrastructure. “Maintenance should be mandated such that boundaries and marker are properly checked and labelled and the utility corridors are well maintained for all to see to prevent encroachment and fibre incidence,” he said at a breakfast meeting organised by the Association of Telecom Companies of Nigeria (ATCON) in Lagos with focus on: “The Direct and Indirect Cause and impact of Metro, Terrestrial and Submarine Fibre Disruptions, Short, Medium and Long Term Sustainable Solutions”.

May 20, 2024
Panteka market: Governor Sani sets the pace again

By Tanko Ahmed

Kaduna State Governor, Senator Uba Sani, has never left anyone in doubt that he has come to make an unprecedented difference in the governance of the state. A tested and impeccable leader, Governor Sani is a politician that has always meant well for his people. This he has brought to bear in his leadership style ever since he assumed office a year ago. At all times and in all situations he leads by example.

Many people may wonder what is at stake in Kaduna at the moment. On 13th May, just a few days ago, Governor Sani surprised everyone including his closest critics when he performed the groundbreaking official foundation laying ceremony for the famous Old Panteka Market Development Association in the state. The OPMDA project is indeed the joint initiative of the state government with the traders and business men and women who constitute the OPMDA.

At the official ceremony which the Governor considered the major breakthrough by his government to curtail poverty in the state, and create more avenues for financial growth for artisans, the governor said, “Today, before this enthusiastic and cheering mammoth crowd of key stakeholders, members of the Old Panteka Market Development Association (OPMDA), government officials and Kaduna citizens, I performed the groundbreaking ceremony for the construction of remodeled Panteka Market which is a joint initiative of Kaduna State government and OPMDA”. As it was expected the crowd could not help but to applaud him.

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It is interesting that with this take-off ceremony, the government has pledged to make the new market place like a communal settlement where all modern amenities and facilities will be provided. The governor, in his usual affable, humanistic gesture and tenacity of purpose has included in the master plan of this place, modern clinics and hospitals, fire stations, outdoor public toilets, all infused with modern facilities. He also plans to provide incinerators, two transformers meant to make electricity handy. In addition, the new market will boast of well-equipped security post and personnel, including places of worship and ICT centres

All these are signs of a man who has vowed to ensure that peace and progress reign supreme in his domain. Kaduna State is noted to be the centre of commerce and civilization in the north and it will now begin to attract attention to itself once more. This is so because having been in public glare for so long and having been a populist leader, Senator Uba Sani has eyes for the best for his people. Already tagged the working and performing governor, people have begun to sense the magnitude of his expansive and progressive programmes intended to touch lives and make the desired change and impact in the state.

Located within the precincts of Tudun Wada area of Kaduna metropolis, when completed the market will serve as a major beacon for skills acquisition. It will not only create thousands of new jobs, the citizens will equally key into it to learn new areas of job creation and generation. Since skills acquisition predominates the employment market especially in developed worlds today, what the governor has done will be a huge and futuristic investment for all and sundry. The concept does not only benefit Kaduna people. It goes far afield to the surrounding states. For instance, Adamu Sunday, from Nasarawa State applauds this innovative project. According to him, “Let Governor Sani take the bull by the horns. We need purposeful and pragmatic leaders in the north. And this is one of those people-oriented programmes that we have always yearned for”.

When the market becomes the largest technology hub in the north, obviously lots of jobless youths will immediately key in to be useful in many ways. Hawkers will be employed. Artisans will find something to do. Carpenters and vulcanizers and mechanics will find workshops to ply their trades. So also doctors and nurses will be engaged. At the same time, Kaduna State government will employ teachers and more fire fighters and local vigilante to keep the place and ensure no lives will be lost.

It is an intriguing and fascinating arrangement because Kaduna people will once more gather their esteem and momentum as the leading state in the north. All along, Kaduna has been a pacesetter in all areas of political and economic and social lives of the people. By ensuring the completion of this project, more traders and even idle youths will have every reason to abandon idleness and be fully enterprising. A man, who is engaged with something lucrative, has no time for crime or mischief. Thus, the economic revival and the renewal of the state will be better assured, appraised and appreciated.

Now, by acknowledging the roles played by some prominent people like Professor Idris Bugajie of the National Board of Technical Education and others, the governor shows that this project has the overall consent and imprint of the people both in high and low cadres of the society. This goes with one proverb that says ‘if you know that good thing is not good, then let your wife bear a toad for you as a child’. See, now this can be a contrast with the good meant to smoothen the psyche of the people. Kaduna State is on the move again. That is why it is said that good soup is made possible with money. When a governor knows that the resources available to him are for the good of all, this is the sort of giant project that he executes.

Also with the training of artisans by the centre which will issue them certificates on graduation, it will be easier to move on ahead into the wider world. This is one reason kudos should go to the Nigerian Skills Qualification Framework (NSQF) for consenting to be a part of this noble and innovative idea to modernize Kaduna State.

•Ahmed sent in the peace from Zaria

May 20, 2024
86 under bridge apartments and heroic drive of Sanwo-Olu to sanitise Lagos

By Deji Adegoke

Lagos has always been the dream city of many Nigerians from all parts of the country.

The former capital of Nigeria, which is the economic powerhouse of the country is seen as the most prosperous state where dreams and aspirations for economic and social wellbeing can be attained within a short period of time. This explains the daily influx of people from all parts of Nigeria into Lagos on a daily basis. In the days of yore, many left their homesteads and villages to seek proverbial green pastures.

Success stories abound on how many came with few clothes in polythene bags stripped on the shoulders later became business tycoons and owners of mega businesses that have scaled globally. The undeniable fortunes of Lagos became the lot of many who applied themselves diligently to their trades, calling and occupations, thereby entrenching the belief that the only place to make big financial wealth is Lagos.

This further heightened mass exodus from other states to Lagos as news filtered back home on how many who were hitherto without prospects, hit the gold in Lagos.

This trajectory that dated back pre-colonial Nigeria, still persists today with its attended socio-economic, security and infrastructure challenges.

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Lagos is the state with the smallest land mass, yet has the highest verifiable population.

This puts strains on the infrastructure of the state, as the government strives to provide services to cater for many who have chosen the state as their destination of abode.

Public utilities and amenities are constantly under pressure from the high usage, even as the government intensified provision of mass housing, schools, hospitals, intermodal public transportation systems, markets, and also deepened rural development by opening up new towns in hinterlands and suburbs to accommodate more people.

Despite all these developmental efforts of the Lagos State government, some migrated to Lagos to constitute social nuisance, putting up shanties and erecting makeshift shelters in prohibited public spaces, thereby contravening extant environmental and physical planning laws of Lagos State. Some of the categories of these people were those bursted by the State Government under the Dolphin Estate Bridge, Ikoyi. Strangely, 86 rooms were erected under the bridge where tenants reportedly paid N250,000 annual rent.

The brazen impunity of some unscrupulous elements who turned a critical public infrastructure into commercial apartments shocked many Lagosians, and Nigerians at large.

The Lagos State Commissioner of Environment and Water Resources, Hon. Tokunbo Wahab, who led the raid to dislodge the illegal under bridge occupants disclosed to the media that, “18 individuals squatting illegally under the bridge leading from Dolphin Estate were arrested yesterday 30th of April, 2024 by the officials from the Lagos State Environmental Sanitation Corps” “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.

“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources.” Governor Babajide Sanwo-Olu’s administration deserves commendations for ensuring environmental sanity across Lagos.

This also includes the removal of illegal structures on darinages right of way. The highbrow Lekki corridor came under spotlight recently when Lagos State government moved in to enforce compliance with extant laws. Many buildings without approval impeding the flow of drainage water were removed. In fact, many reportedly blocked water channels completely, thereby putting the entire residents of the area, and adjourning communities under increased risk of flooding.

What any responsible government would have done is what Governor Sanwo-Olu administration had done by protecting the collective rights of citizens to life against protecting a few members of the society who have chosen not to abide by the laws. Expectedly, like those affected at the Lekki area, emotions ran high recently when the long arm of the law caught up with owners of structures built on the set-back of system one drainage at the Mende Community in Kosofe Local Government area.

The skewed narrative painting the government as being insensitive and banal allegations of ethnic targeting fell flat when facts emerged that some of the landlords of that area didn’t have the government approval to build.

The system one water channel is crucial for many communities in Ikeja and Kosofe local government areas. To mitigate potential risks of devastating flooding, the Lagos Ministry of Environment and Water Resources took the decisive action to prevent loss of life and property during intense rainfall, especially in vulnerable areas. On the allegation that they were not duly served, the Commissioner said, “ They claimed they were not served notices. They were served.

They had come for meetings on several occasions,” “The residents’ association had met with the permanent secretary, Engineer Mahmood Adekunle Adegbite on several occasions in my office. “So, on what basis were they having meetings if they were not served?

“The first notices were served on them in 2021. Each of the property owners on system 1 was duly written that they should remove their encumbrances because they were sitting on system 1. “If we are removing these properties for personal gains it becomes a different narrative entirely. This is for overriding public interest to avoid the flooding of the whole of mainland. He added that , “ We also visited Mende Villa, Maryland, where the developer initially claimed there was a drainage approval on the property.

The directors who were in the know of what transpired at the time were invited to speak on the issue but confirmed that the developer was given temporary and conditional approval to leave a 20m setback from the edge of System 1 but he encroached on the setback thereby obstructing the flow of rainwater. “However, by the magnanimity of Governor Babajide Olusola Sanwo-Olu, the Right of Way was approved to be reduced to 100m from 140m and spread on a 60/40 basis (60 Mende/40 Ogudu) instead of the initial 140m sitting on the Mende side.

“The instruction to immediately continue the removal of all structures on the alignment has been given to the enforcement team after the 1st notice to remove was served on them in 2021 and the last notice was served in November 2023 after the meeting with the stakeholders”.

These facts speak for themselves. In the face of global warming and climate change, the government needs to be decisive in ensuring that we are all safe. All the actions are geared towards ensuring protection of lives and properties.

As a compassionate government, announcements had been made about possible compensations to some categories of people that were affected during the removal of illegal structures and eviction of squatters from public spaces across Lagos.

•Adegoke writes from Lagos

May 20, 2024
Detained accountant urges court to lift freezing order

A chartered accountant, Ms. Omafume Augustina Ayinuola, has asked the Federal High Court in Lagos to lift the freezing order placed by the police on her bank account over alleged fraud.

Omafume and her mother Lydia Abosede Erhievuyere are facing trial over the alleged stealing of N1.5 billion belonging to the company of Mr Peter Ololo.

When the case came up for hearing on Thursday, counsel to the defendants Olubusola Ashiru told the court that the business of the day was for the hearing of the defendants’ motion seeking to lift the lien placed on the defendants’ accounts and for the release of the properties illegally taken away from them by the police and the nominal complainant, Peter Ololo, the alter ego of the Group of Companies.

After some arguments between the prosecutor, Mr. Morufu Animasaun and the defence counsel Olubusola Ashiru on the propriety or otherwise of the application, Justice Ogundare ordered Ashiru to move the application.

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Ashiru urged the court to grant an order lifting the lien placed on the defendants’ accounts or unfreeze the various bank accounts that the police have frozen or placed ‘Post No Debit’.

Ashiru also sought an order directing the prosecutor to release all the properties of the defendants taken away by the nominal complainant, Peter Ololo “the estranged lover” from the defendants.

Ashiru said that while the matter was pending before Justice Ogundare, the prosecutor ran to another court to obtain an order to freeze the accounts and placed liens on the defendants’ properties.

However, the prosecutor in his 19 paragraphs counter affidavit filed in opposition to the defendants’ motion, urged the court to dismiss the motion.

Morufu Animasahun, moving the counter affidavit, urged the court to dismiss the application and order an accelerated hearing of the matter.

He said the essence of the freezing order obtained by the prosecution from Justice Ibrahim Ahmad Kala’s court is to preserve the Res.

According to him, there are persistent intelligence reports that the defendants through third parties are making efforts to dissipate the assets bought with the alleged proceeds of crime.

Animasaun said the prosecution has placed sufficient facts and evidence to prove its case against the defendants.

He, therefore, urged the court to dismiss the defendants’ motion and order an accelerated hearing of the matter.

Justice Kehinde Ogundare adjourned the case till July 11 to rule on the defendants’ motion and for definite trial.

May 20, 2024
Ex-minister to appeal ruling in $6b Mambilla case

Former Minister of Power and Steel, Dr. Olu Agunloye, is set to appeal the ruling of a Federal Capital Territory (FCT) High Court in Apo, which dismissed his preliminary objection challenging the powers of the Economic and Financial Crimes Commission (EFCC) to prosecute him.

The court ruled that the commission has the power to investigate and prosecute the alleged offences.

Agunloye’s lawyers argued that the ruling departs from the decision of the Supreme Court in FRN v. Nwobike, where similar issues have been decided.

EFCC is prosecuting Agunloye over a $6 billion Mambilla hydropower contract.

The anti-graft agency alleged that it traced some suspicious payments made by Sunrise Power and Transmission Ltd to Agunloye’s accounts.

Agunloye was arraigned on a seven-count charge bordering on fraudulent award of a contract and official corruption.

In a preliminary objection dated February 6, Agunloye argued the EFCC lackd the powers to prosecute him because the offences do not border on financial crime.

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He noted that the alleged offences bother on the alleged award of contract without budgetary provision, approval and cash backing; and alleged disobedience of presidential directives.

“These allegations do not constitute financial crimes, which can be lawfully investigated and prosecuted by the EFCC, pursuant to its powers under Sections 6, 7 and 46 of the EFCC (Establishment) Act and in consonance with the Supreme Court’s decision in Nwobike v. Federal Republic of Nigeria (2022) 6 NWLR (Pt. 1826) 293,” he argued.

He added: “It will be most unjust and unfair to subject me to criminal trial or prosecution, before determining whether the investigating and prosecuting body has the requisite statutory powers to so do.”

The former minister sought an order “prohibiting the EFCC, whether by itself or any officer within its employ, from prosecuting or further prosecuting the instant charge [Charge No. FCT/ABJ/CR/617/2023] against the defendant, for lack of both investigative and prosecutorial powers…”

May 20, 2024
Court clears oil marketer of $100,000 fraud charge

The Federal High Court in Lagos has acquitted and discharged an oil marketer, Aleem Suleiman Olaitan, of a $100,00.00 fraud charge filed against him by the police.

Justice Abdulaziz Anka acquitted him of the four counts amended charge filed by the Police Special Fraud Unit (PSFU).

The judge held that the prosecution failed woefully to prove every ingredient of allegations beyond every reasonable doubt.

Justice Anka also ordered the PSFU, Ikoyi, Lagos, to release to Olaitan all his properties seized by the police.

The oil marketer was first arraigned on March 8, 2016, on two counts charge of alleged false pretence and fraudulently obtaining $100, 000 from a foreign company, Topkings Partner (HK) Limited, under the pretence of supplying petroleum product.

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He pleaded not guilty to the allegations.

The prosecution opened its case and called seven witnesses.

The judge later accepted an amended charge, holding that the prosecution did not need the leave of the court to amend charges.

The oil marketer, who operates under the name and style of Alimity Obanisare Oil And Gas Nigeria Limited, was accused of inducing a foreign company, Topkings Partner (HK) Limited, to enter into a contract with him.

He allegedly falsely claimed to be a reliable businessman who could supply it crude oil in China, and that he was in a joint venture with Nigerian National Petroleum Company Limited (NNPC).

He was also alleged to have fraudulently obtained the sum of $100,000, through his FCMB account, to be used to lift and ship the crude oil to the company in China.

He was also alleged to have forged several documents, including a letter of authorisation, a certificate of quality, a letter of acceptance, a certificate of compliance and a letter of introduction, purporting them to have emanated from NNPC and NNPC Joint Venture Operators in Bonny Island, Rivers State.

The prosecution said the offences contravened sections 1 (1) (b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and are punishable under Section 1(3) of the same Act.

He was also accused of violating Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as amended in 2012 but punishable under Section 15 (3) of the same Act, among others.

In defending the allegations, the oil marketer consistently said that he was never an agent of NNPCL.

He also told the court that his inability to fulfil his part of the contract with the foreign company was largely caused by Topkings Partner (HK) Limited.

Olaitan, through his lawyer, urged the court to dismiss all the charges against him.

Justice Anka held that the prosecution failed to establish all the ingredients of the charges against the oil marketer.

The judge held that most of the witnesses called by the prosecution were not necessary to the matter.

Justice Anka also held that the prosecution failed to investigate the claim of the oil marketer regarding the agency he works for.

The judge held that the prosecution failed to establish the offences of obtaining by false pretence, fraud and forgery against Olaitan.

After acquitting and discharging the oil marketer, Justice Anka ordered the PSFU to release to him all his seized properties.

May 20, 2024
Unlawful dismissal: ‘Reinstate sacked lecturers’

Residents of Ikoga-Zebbe in Badagry Local Government Area of Lagos have urged Governor Babajide Sanwo-Olu to reinstate Anthony Dansu and four other officers of the Lagos State University (LASU) chapter of the Academic Staff Union of Universities who were wrongly dismissed in 2019.

They were accused of unauthorised removal, retention and dissemination or publication of official confidential documents and subsequently sacked.

The lecturers – Isaac Oyewumi, the Chairman of the union; Adebowale Adeyemi-Suenu, Vice Chairman; Mr Dansu, Secretary; Adeolu Oluwaseyi Oyekan, Assistant Secretary; and Oluwakemi Aboderin-Shonibare, Treasurer, were dismissed during the university’s governing council’s 122nd meeting held on September 12, 2019.

Before they were dismissed, Dansu, Oyekan, and Aboderin-Shonibare approached the court to challenge the university’s action against them.

Justice Osatohanmwen Obaseki-Osaghae of the National Industrial Court, Lagos in suit NICN/LA/493/2018, ruled on July 11, 2019: “Under the Freedom of Information Act and other relevant laws cited, the university authorities have no such powers to proceed against officers of the union in these cases; that both parties are creations of law, and must therefore respect the law.

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“Given that the issue was not due for judicial review since no damage had been done yet; even as the court was mindful of the breach of constitutional rights of the officers by the university authority, the two parties should go and follow the path of the law for the sake of peace, order and good administration in the university and its community,” it added.

The LASU’s management, however, proceeded with the trials and saw them conclusively to their dismissals.

The residents carried placards with inscriptions such as “Dear Governor Sanwo-Olu, please correct this injustice. #RestoreDrDansu”, “Reinstate Dr Tony Dansu and others”, among others.

In February 2022, the David Sunmoni-led governing council of the university reinstated the lecturers after an Appeal Committee headed by the Deputy Vice-Chancellor, Adenike Boyo, cleared the lecturers of all offences and recommended their reinstatement.

But, 48 hours after the governing council approved its appeal committee’s recommendation, the same governing council ruled to put the recall of the lecturers on hold.

The state government has yet to approve the reinstatement of the lecturers more than two years later.

In a release signed by Mayowa Adejobi, James Avoseh, Ademola Bokoh, Tinka Gabrie, Francis Avoseh, and Medemaku Noah, the protesting indigenous people of the town stated that the school’s management fired him and others for exposing some illegal acts.

The residents called on Sanwo-Olu, the visitor to LASU, to reinstate the affected officers of ASUU-LASU by lifting the embargo he placed on implementing the decision of the LASU governing council on the five union officers.

They further requested that all accrued financial entitlements and benefits be paid to the affected lecturers, and promotions merited should be given without loss of seniority and entitlements.

Mide Abayomi, an indigene of the community and alumnus of LASU, implored Sanwo-Olu to recall the lecturers back to work so that the varsity community can grow.

“We want Governor Sanwo-Olu to reinstate the five lecturers to the varsity so that the current students of the institution could benefit from their expertise, which I and some others had benefited from in the past. LASU community misses them (the five affected lecturers),” he said.

Solomon Peter, another alumnus of LASU, urged Mr Sanwo-Olu not to delay justice in the cause and act swiftly by considering the affected varsity tutors.

Peter said, “We are pleading that Sanwo-Olu reinstates Dr Dansu and four others. Let justice prevail. All the community leaders in the kingdom should please do what is needed for the benefit of Lagosians and the institutional community at large.”

May 20, 2024