The Nation Newspaper

Author: The Nation

  • Diri congratulates Finidi George on Eagles job

    Diri congratulates Finidi George on Eagles job

    Bayelsa State Governor Douye Diri has congratulated Bayelsa-born newly appointed Head Coach of the Nigerian national football team, Finidi George.

    Diri also commended the Nigeria Football Federation (NFF) for appointing the new Super Eagles tactician based on merit.

    He stated this yesterday during the draws for the 2024 Bayelsa Governor’s Cup Tournament, christened ‘Prosperity Cup’, after the weekly Prosperity Walk at the Samson Siasia Sports Complex in Yenagoa.

    His Chief Press Secretary,  Daniel Alabrah, in a statement, quoted the governor as having commended the NFF for appointing an indigenous  coach for the prestigious job.

    He said: “Let me use this opportunity to appreciate the Nigeria Football Federation for appointing one of our own as coach of the Super Eagles, a son of the soil.

    Read Also: Diri congratulates new Super Eagles head coach, Finidi George

     “We all know Finidi George as a professional footballer nationally and internationally and he decided to take on a coaching career.

     “Yesterday, the NFF President was with me here in Yenagoa and he told me that, Your Excellency, you did not even lobby for your son while other governors were lobbying for their own to be the coach. I said, you know my disposition. I always allow merit to come to play.

    “In our discussion, I also made it clear that Finidi never called me to say, Your Excellency, I am going for this, please lobby for me. So I believe he got it on his own merit and he is going to serve Nigeria. But he has to know that he is also from Bayelsa.”

    Diri wished Finidi well and assured him that he and the state will support him and the NFF to succeed.

    Finidi George is the fourth Super Eagles Head Coach who hails from Bayelsa State. Others before him were the late Paul Hamilton, Monday Sinclair and Samson Siasia. Interestingly, they are all from Sagbama Local Government Area of the state.

    Earlier, Director-General of the Bayelsa Governor’s Football Tournament, Mr. Ono Akpe, said the annual competition had received the endorsement of the Federal Ministry of Sports, in recognition of the governor’s outstanding contribution in promoting sports.

  • 16-year-old Badoo claims GOtv Boxing’s  N1m 

    16-year-old Badoo claims GOtv Boxing’s  N1m 

    Raheem  ‘Badoo’ Animashaun, a 16-year-old boxing sensation, produced a thrilling performance to emerge as the best boxer at GOtv Boxing Night 31, held on Wednesday, at the Indoor Sports Hall of the Teslim Balogun Stadium, Lagos.

    ‘Badoo’  recorded a fourth-round technical knockout win over the more experienced Samuel “Apata Roro” Moses in their national light welterweight challenge bout to win the Mojisola Ogunsanya Memorial Trophy and the cash prize of N1 million attached to it.

    The teenager was all feints, weaves, fast and furious punching, as he dominated his more fancied opponent from the first round of the encounter as he knocked down his opponent twice before ending the fight in the fourth round.

    Read Also: Organisers guarantee maximum security for GOtv Boxing Night

    The announcement of his name as the winner of the best boxer award was met with rapturous applause.

    Badoo is the son of Jamiu  ‘Rotor’ Animashaun, a former professional boxer who fought in the first two editions of GOtv Boxing Night. Also, on the night, Segun ‘War’ Adeyemi, defeated Adeyemi  ‘Spirit’ Adekanla, via a majority decision, to win the West African Boxing Union (WABU) light welterweight title. Adewale ‘Playboy’ Oladeji sealed a unanimous decision win over Afikun ‘Ijebu’ Gbenga in their super welterweight encounter.

    The national flyweight challenge bout between Sikiru  ‘Isho’ Ogunyaju and the current national flyweight champion, Sifon Ogunbumi ‘Best’ Iwatt, ended in a draw.

    The national light welterweight challenge fight between Hammed ‘Eshe’ Ganiyu and Yusuf ‘Hungry Lion’ was declared a no contest, after  ‘Eshe’ sustained an injury in the second round from a head-butt by his opponent.

    Emmanuel  ‘Ability’ Abimbola earned a split decision win over Azeez  ‘Latest’ Ayobami in a national lightweight challenge fight, while national super featherweight challenge duel between Sikiru  ‘Omo Iya Eleja’  Shogbesan, and Bartholomew ‘Aboy’ Abuchi, ended in favour of  ‘Omo Iya Eleja’ , who won via a technical knockout.

  • Rivers United threaten  to pull out from Nigerian football

    Rivers United threaten  to pull out from Nigerian football

    Rivers United have notified the Nigeria Football Federation (NFF) that they are reviewing their further involvement in all football related activities in the country.

    The club in a press statement signed by the secretary, Ahmed Abdulrahman and addressed to the NFF’s General Secretary, Mohammed Sanusi the club revealed that the action became necessary because of their perceived unfair treatment always against them.

    “I have been directed by the management of Rivers United to notify you that the sponsors of the team, Rivers State Government is currently reviewing the club’s participation in all football related activities due to unfair actions always taken against the team despite its huge investment and contribution to the development of the game in Nigeria,” the press statement said.

    Read Also: NPFL suspends league action for Rivers United

    “Rivers United is by this letter withdrawing the earlier sent letter dated 1st  May 2024 on the match timing for the 2024 Federation Cup with the subject “Re Rescheduled Federation Cup Round 64 “, without prejudice.”

    Rivers United are scheduled to face Ikukuoma FC today in the Round of 64 of the President’s Federation Cup in Aba but it is yet to be confirmed if they will be around to honour it in the light of the recent developments.

  • Access Bank seeks innovative financing models for SDGs

    Access Bank seeks innovative financing models for SDGs

    At the 2024 Medic West Africa Event, organised by ABC Health in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

    The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

    The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

    Read Also: Winners emerge at Access Bank new Diamond Xtra season launch

    Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

    Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

    Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

  • Shareholders advocate investment in NBL’s N600b rights issue

    Shareholders advocate investment in NBL’s N600b rights issue

    Shareholders associations in Nigeria have given their nod to plans by Nigerian Breweries (NBL) Plc to raise N600 billion through Rights Issues on the back of foreign exchange exposures that precipitated a loss of N106 billion for the 2023 financial year.

    The company had announced at its pre-AGM briefing held on April 10, 2024, that the funds, when raised, would be used for payments of all overdue foreign exchange debts, eliminate forex exposure, and strengthen the company’s balance sheet and liquidity position.

    In separate statements, Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Bisi Bakare, National Coordinator, Pragmatic Shareholders Association (PSAN), and Moses Igbrude, National Coordinator, Independent Shareholders Association Of Nigeria (ISAN), both gave their backing to the Rights Issue, saying it will help steer the company back to profitability.

    Read Also: Shareholders okay Zenith Bank HoldCo structure transition

    In his own statement, Okezie regretted the headwinds that triggered the erosion of shareholders’ funds but expressed satisfaction with plans by the nation’s biggest brewer to return to profitability.

    “The Rights Issue is the way to go. Nigerian breweries need to rebuild their shareholders’ funds that were eroded by FX losses. The N600 billion proposed for Right Issues is going to fly as long as the foreign partner commits to take up their right when open,” Okezie said.

    He called on Nigerian shareholders to embrace the offer because, according to him, the strategic plans being put in place by the company will lead to a quick return to profitability.

  • DLM Trust unveils DLM Single Asset Trust

    DLM Trust unveils DLM Single Asset Trust

    DLM Trust, a subsidiary of DLM Capital Group is thrilled to announce the launch of DLM Single Asset Trust. The model is a variant of the Living Trust construct that allows for a groundbreaking solution for individuals or Corporations seeking to settle assets into a trust, for the benefit of themselves and their chosen beneficiaries.

    The DLM Single Asset Trust guarantees that peoples’ assets are protected and managed in accordance with their intentions by operating under the tenets of trust, security, and careful management. The DLM SAT offers a novel approach to trust services by fusing state-of-the-art technology with knowledgeable advice to enable people and families effortlessly manage their assets.

    Read Also: Ford Foundation Partners Foster Collaborative Solutions for Host Community Development Trusts (HCDTs) Implementation in Nigeria

    DLM SAT enables individuals, often referred to as Settlors, to create a single asset trust that will serve both their own and their designated beneficiaries’ purposes. The Trust Fund may be started using the Settlor’s assets/funds and then expanded with future contributions in accordance with the Settlor’s goals. Only authorised individuals, including the settlor, can access the trust because of its strong independent and confidentiality level. DLM Trust Company holds the Fund in trust and manages it for the benefit of the Settlor and designated Beneficiaries.

    In a statement, MD of DLM Trust, Lola Razaaq commented on the introduction of the DLM Single Asset Trust, stating that it is a means of establishing a timeline for legacy preservation. “The DLM SAT is our newest offering, and we are thrilled to announce this important milestone for DLM Trust.” The aim of our organisation is to equip people and families with the necessary resources and assistance to safeguard and maintain their heritage for future generations. “Furthermore, we are transforming the concept of future planning with DLM Single Asset Trust.” she said.

    DLM Trust Company Limited is registered with Securities and Exchange Commission (SEC) and incorporated under the Companies and Allied Matters Act to provide trust services to individuals, corporations, sub-sovereign entities.

  • PMI: New orders rise as inflationary pressures ease

    PMI: New orders rise as inflationary pressures ease

    The Purchasing Managers’ Index (PMI) report has shown that inflationary pressures softened in the Nigerian private sector during April, following record increases in purchase costs and selling prices in March.

    Accoridng to the report, rates of inflation remained elevated, however, and limited growth of output and new orders as well as leading some firms to reduce employment.

    It said the headline figure derived from the survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

    “The headline PMI ticked up to 51.1 in April from 51.0 in March, pointing to a fifth consecutive monthly improvement in business conditions in the Nigerian private sector, but one that was only slight overall,” it said.

    Read Also: Ford Foundation Partners Foster Collaborative Solutions for Host Community Development Trusts (HCDTs) Implementation in Nigeria

    Accoridng to the report, conditions for firms continued to be heavily influenced by movements in the naira and the subsequent impact on prices.

    “An improvement in the strength of the currency over the past month led to sharp slowdowns in rates of increase in purchase prices and output charges, although inflationary pressures remained substantial nonetheless. The latest rise in selling prices was the softest in just under a year. Slower price increases were seen across all four broad sectors covered by the survey,” it said.

    The report explained that although price increases were less pronounced than in March, the extent of inflationary pressures continued to limit rates of growth in output and new orders in April, both of which were unchanged from the previous month.

    “Agriculture and manufacturing both saw output increase sharply, while wholesale & retail activity also rose. On the other hand, services activity decreased. As well as seeing purchase cost inflation soften in April, firms also saw a slower rise in employee expenses. Staff costs increased modestly, and at the weakest pace in 13 months. Nevertheless, cost pressures led some companies,” it said.

    It added that the sustained absence of job creation at a time of rising new orders meant that backlogs of work accumulated for the second month running.

  • NGX Group grows net profit by 332% in Q1

    NGX Group grows net profit by 332% in Q1

    The Nigerian Exchange Group (NGX Group) Plc  recorded significant improvements in its operations in the first quarter with net profit rising by 332 per cent within the first three months of the year.

    Interim report and accounts of NGX Group for the first quarter ended March 31, 2024 showed that  turnover rose from N1.57 billion in first quarter 2023 to N3.94 billion in first quarter 2024. Operating profit jumped from N456.13 million to N1.69 billion.

     Pre-tax profit rose to N2 billion in first quarter 2024 as against N412.16 million recorded in corresponding period of 2023. After taxes, net profit jumped from N310 million to N1.3 billion. Earnings per share thus improved from 56 kobo in first quarter 2023 to N2.43 in first quarter 2024.

    The management of the group said the exceptional performance underscored the group’s unwavering commitment to excellence and strategic growth initiatives.

    Read Also: Ford Foundation Partners Foster Collaborative Solutions for Host Community Development Trusts (HCDTs) Implementation in Nigeria

    At its annual  general meeting recently, NGX Group had announced its plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central Bank of Nigeria.

    Additionally, the group disclosed a strategic acquisition of a stake in the Ethiopian Stock Exchange, securing a seat on the bourse’s board.

    Management stated that these decisive moves aligned with the group’s overarching strategy to expand its business operations and solidify its position in the regional market.

    NGX Group noted that in a bid to secure long-term sustainability and drive growth, it implemented a strategic optimization initiative. The comprehensive plan encompassef a strategic reduction in workforce size, accompanied by significant salary increases for retained staff.

  • Stockbrokers elect president as Adeosun bows out

    Stockbrokers elect president as Adeosun bows out

    The Chartered Institute of Stockbrokers (CIS) has elected Mr. Oluropo Dada as its 13th President and Chairman of the Governing Council in line with the institute’s seamless succession policy.

    Dada’s election was announced in a statement, signed by the institute’s Registrar and Chief Executive, Mr Josiah Akerewusi, after the  annual general meeting held in Lagos. Dada, the institute’s former 1st Vice President, succeeded the erstwhile President, Mr. Oluwole Adeosun.

    Under the leadership change, the institute’s 2nd Vice President, Mrs Fiona Ahimie, also emerged the 1st Vice President.

    By the institute’s tradition, Dada shall be formally decorated with the paraphernalia of office in a high profile event called investiture at a later date.

    Read Also: Shareholders okay Zenith Bank HoldCo structure transition

    Adeosun, in his message to stockbrokers, thanked all members of the institute’s working committees and staff of the secretariat for their commitment and excellent job during the review period.

    “I re-affirm that the Governing Council and Office Holders shall continue to work hard towards getting the securities and investment profession registered family in the hearts of young Nigerian scholars as their career of choice, and CIS as the model for other professional bodies to follow,” Adeosun said.

    Stockbrokers showered encomiums on the outgoing president and his team for many laudable achievements that have raised the bar, including advocacy.

    A past president of the institute, Mr Oladipo Aina said a lot had been achieved by the outgoing president.

    “I wish the outgoing president well. The new team must deliver more. Every new president and his team must move the scale up, ” Aina said.

    Dada, is an accomplished stockbroker, consummate banker, and a dealing clerk of the Nigerian Exchange (NGX).  He is a Fellow of the Chartered Institute of Stockbrokers (FCS) where he served as Second and First Vice President respectively. He is also a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB).

  • Recapitalisation: FCMB Group plans N150b capital raising

    Recapitalisation: FCMB Group plans N150b capital raising

    Shareholders of FCMB Group Plc are scheduled to meet later this month to consider a N150 billion capital raising programme aimed at fostering the recapitalisation of the group’s commercial banking subsidiary, FCMB Limited.

    At the annual general meeting, the board of directors of FCMB Group is seeking shareholders’ approval to create additional shares and also raise up to N150 billion in new capital.

    FCMB Limited has share capital and share premium of N125.293 billion, about N375 billion below the N500 billion new minimum capital base for its international commercial banking licence category.

    In a regulatory filing, Company Secretary, FCMB Group Plc, Mrs Olufunmilayo Adedibu, stated that the board will be requesting shareholders’ approval to increase the company’s issued share capital from N9.90 billion of 19.80 billion ordinary shares of 50 kobo each to N19.80 billion of 39.61 billion ordinary shares of 50 kobo each by the creation and addition of 19.80 billion ordinary shares of 50 kobo each.

    Shareholders are also expected to mandate the company “to raise additional capital of up to N150 billion or its equivalent in such other currency as the directors may decide, through the issuance of securities comprising ordinary shares, preference shares, convertible or non-convertible notes, bonds or any other instruments”.

    The broad mandate will allow the company to raise funds in the Nigerian or international capital markets, either as a standalone issue or by the establishment of capital raising programme, whether by way of public offerings, private placements, rights issues and such other transaction modes and methods.

    In an open-ended mandate that allows the board to increase offer size, shareholders are expected to authorize the board “to take the necessary steps to cancel any unallotted shares of the company and to further increase the share capital of the cmpany to an amount sufficient to enable it meet the statutory minimum capital requirement as may be necessary”.

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    The meeting will also authorize the board to seek the listing and admission to trading of securities issued under the N150 billion capital raising programme on the Nigerian Exchange (NGX) or on such other stock exchanges and securities markets as the need may arise.

    The Nation had reported exclusively that the board of FCMB Group had approved a roadmap for the recapitalisation of the group’s commercial banking subsidiary-FCMB Limited.

    Under the new recapitalisation framework, banks have three broad options of injection of new equity capital, mergers and acquisitions and upgrade or downgrade of licence authorisation.