Author: The Nation

  • Ex-Eaglets Iheanacho joins Midtjylland

    Ex-Eaglets Iheanacho joins Midtjylland

    FC Midtjylland have announced the signing of Nigerian forward Stanley Iheanacho.

    The former Nigeria under-17 international has joined the Danish Superlig side on a five-year contract.

    Iheanacho, who will start with Midtjylland’s under-19 side, is looking forward to playing for his new club.

    “I’m really happy, and it’s something I’ve been waiting for a long time,” Iheanacho said on the club’s official website. “It has been a hard fight to get here, so to be standing here now means a lot to me.”

    Read Also: Nottingham set to sign Iheanacho

    The teenager featured for the Golden Eaglets at the WAFU B U-17 Championship in Togo in 2021.

    Nigerian players such as Paul Onuachu, Frank Onyeka, and Bright Onyedika have turned out for Midtjylland.

  • CBN searches for Payments System Vision 2025 drivers 

    CBN searches for Payments System Vision 2025 drivers 

    The world is changing, embracing technology and redefining the payment system. 

    The need to get Nigeria onto the same wavelength as the rest of the world prompted the Central Bank of Nigeria’s (CBN’s) inauguration of the Payments System Vision 2025 (PSV 2025), which is also targeting more people to financial system through the use of technology.

    With the need to get the best out of the financial system becoming more pronounced, the CBN is searching for experts to drive the the PSV 2025 project. 

    The effort of the apex bank to respond to recent innovations in the financial landscape, coupled with the growing market for payments solutions necessitated the new agenda for the payments system. 

    Consequently, the apex bank invites sealed bids from bidders for a consultant to drive the implementation of PSV 2025 recommendations for the bank. 

    The apex bank expended the Request for Proposal (RFP) to eligible and competent consultants who will facilitate PSV 2025 Implementation, prepare and drive implementation roadmap for PSV 2025; benchmark the payment system with international standards.

    The driver of the scheme is also expected to identify key areas of improvement and address those areas based on prioritised roadmap,  identify key trends and innovation opportunities in readiness for future products/innovations and work with the CBN team in support of implementation effort while providing expert advice. 

    The vision was also meant to enhance Nigeria’s chances of playing big in the global financial space and sustaining its leadership position in Africa.

    The CBN listed some of the key activities  to include the ongoing drive to expand access to finance, the drive to integrate the informal sector, the transformation of the payments system, the expansion and growth of the Bond Market, the improving credibility and size of the capital market, ongoing stability of the banking sector, and ongoing focus on governance and risk management, among others.

  • Banks cautioned over North Korea, Iran, Myanmar transactions

    Banks cautioned over North Korea, Iran, Myanmar transactions

    The Central Bank of Nigeria (CBN) has asked banks to be careful in handling transactions from Democratic People’s Republic of Korea (North Korea), Iran and Myanmar because of the high risks associated with them.

    In a circular yesterday, entitled: Administrative Letter to Banks and Other Financial Institutions, CBN Director, Financial Policy and Regulation  Department, Chibuzo Efobi, drew the  attention of banks and other financial institutions  to the outcomes of the Financial Action Task Force (FATF) Plenary conducted from June 21-23, this year.

    The circular also discussed the subsequent addition of Cameroon, Croatia and Vietnam to the list of jurisdictions under “Increased Monitoring.”

    “Furthermore, Democratic People’s Republic of Korea, Iran and Myanmar remain on the list of high-risk jurisdictions subject to “Call for Action”.

    “Consequently, enhanced due diligence should be applied, and in severe cases, counter-measures may need to be implemented to safeguard the international financial system,” it said.

    “Additionally, we would like to emphasise that the suspension of the Russian Federation’s membership in the FATF remains in effect. Fls are to remain vigilant and be alert to possible emerging risks resulting from the circumvention of measures taken to protect the international financial system.

    “In light of these developments, Fls are directed to note all addition to jurisdictions under “Increased Monitoring” as well as high-risk jurisdictions subject to a “Call for Action” and take necessary measures to mitigate these risks effectively.”

  • Stanbic IBTC  appoints HoldCo, subsidiary boards

    Stanbic IBTC appoints HoldCo, subsidiary boards

    Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has  announced various Board appointments across the Group to strengthen its leadership teams and drive continued growth and innovation in the financial services sector.

     An accomplished businesswoman and social entrepreneur, Mrs. Ndidi Nwuneli, was appointed Independent Non-Executive Director of Stanbic IBTC Holdings PLC.

    She has extensive experience of business development and sustainability.

    Mr. Yinka Sanni also joined the Board as a Non-Executive Director. He has experience in the financial services industry. He will also serve as a Non-Executive Director of Stanbic IBTC Bank.

    Mrs. Funeka Montjane was appointed Non-Executive Director of Stanbic IBTC Bank PLC. Her rich expertise in banking and financial services across Africa and beyond will be instrumental in achieving the Bank’s strategic objectives and ensuring its continued success.

    Mr. Efe Omoduemuke joined the Board of Stanbic IBTC Asset Management as an Executive Director (ED). His an expert in investment management and risk management.

    Mrs. Joyce Dimpka was appointed Non-Executive Director of Stanbic IBTC Insurance Brokers. She has a background across the financial services industry at Senior Management and Board levels.

    Similarly, Mrs. Temitope Popoola was appointed an ED, Stanbic IBTC Insurance Brokers Limited. Popoola has traversed Finance, Operations, Customer Service, Internal Audit, and Human Capital.

    Mr. Oladele Sotubo was appointed  ED for Stanbic IBTC Capital Limited. He is an expert in the capital markets.

    Lastly, Mrs. Titi Ogungbesan was appointed as the Chief Executive of Stanbic IBTC Ventures. Mrs. Ogungbesan will lead the company in identifying and maximising investment opportunities, driving its growth, and expanding the company’s portfolio.

    The Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle, said: “These appointments represent a significant milestone in the flight plan of Stanbic IBTC as we continue to position ourselves as a leader in the Nigerian financial services industry.

    The newly appointed directors bring a wealth of multi-dimensional experience, diverse perspectives, and a deep commitment to driving excellence and innovation.”

    “We are delighted to welcome these esteemed professionals to our Board of Directors. As we navigate the evolving financial landscape and continue to deliver exceptional value to our shareholders, clients, and communities, we recognise that people are the driving force behind any company’s growth. Hence, we prioritise people over profits at Stanbic IBTC,” Demola said.

  • Zulum bans metal scavenging in Borno

    Zulum bans metal scavenging in Borno

    BORNO State Governor Babagana Zulum has banned metal scavenging in the state.

    The governor said yesterday that an Executive Order would be issued to that effect.

    The News Agency of Nigeria (NAN) reports that Zulum announced the ban when he sighted metals vandalised by scavengers from government structures, during a visit to Bulumkutu area of Maiduguri.

    Read Also: Subsidy: Zulum releases 80 vehicles to ease transportation cost

    “All those things are government properties, you can see street lights and communication towers. Such acts can sabotage the activities of state and Federal Governments. We can’t allow that to continue. I want to condemn and to announce the ban on metal scavenging in Borno till further notice. I will sign an Executive Order banning all forms of metal scavenging in Borno,” Zulum said.

    He observed that many scavengers have lost their lives to insurgents in the bid to vandalise items from deserted communities. It would be recalled that on July 7, the Nigeria Security and Civil Defence Corps arrested six suspects for vandalising NITEL communication mast in Chiki village, Chibok Local Government Area.

  • Kebbi gov sacks SA

    Kebbi gov sacks SA

    KEBBI State Governor, Dr Nasiru Idris has sacked the recently appointed Special Adviser on Youths, and Sport Babangida Sarki.

    The  S.A. was sacked sequel to an indecent posting he made on his WhatsApp status promoting  homosexuality .

    This is contained in a statement in Birnin Kebbi yesterday.

    Read Also: BREAKING: Tinubu sacks Service Chiefs, appoints new ones

    According to the statement, Nasiru, who was enraged by the obnoxious development, said the aide trampled on the moral and social ethos of the Kebbi society, which is largely Islamic.

    The governor vowed that his administration would not condone any act that would denigrate the morality and integrity of the people of the state.

    Nasiru, therefore,  warned other public officers  against making such heinous postings in their social media handles and public fora.

  • EY  gets new partners

    EY  gets new partners

    EY Nigeria admitted four Partners, four Associate Partners and one Director into the firm.  

     The Partners are Williams Erimona, Kanayo Echena, Olumide Oshikoya – all of the Audit Practice (Assurance Service Line), and Zion Athora of People Advisory Services (Tax Service Line).

      The Associate Partners are Kadulechi Ezeogu of Financial Audit Information Technology, and Abiodun Ogunoiki of Financial Services Risk Management (both within the Consulting Service Line), Julius Dada and Omolara Balogun both of Audit Practice. 

      Jane Onobhayedo, the Talent Leader of the Core Business Services, was elevated to Director. Their admissions takes effect from July 1.

    Congratulating the new partners, the Regional Managing Partner for EY West Africa, Anthony Oputa, said: “The partnership admissions reflect our confidence in the future, and our  determination to keep meeting the needs of our clients and further deliver on our purpose of building a better working world for all stakeholders. I wish them the  best as they transition into their new roles, so that together, we will actualise the objectives of our business in this part of West Africa.” 

    Kanayo joined the firm in 2003 as a trainee auditor in the Assurance and Advisory Business Service line. He represents EY on the forum of Central Bank of Nigeria (CBN) and External Auditors of Banks, the ICAN Presidential Ad hoc Committee on the workability of audits.

    Olumide, a banking and capital market assurance professional, joined EY as an experienced associate in February 2011.

    Williams holds a degree in Banking and Finance from the Lagos State University. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and he holds an Advanced Diploma in Management Accounting from the Chartered Institute of Management Accountant (CIMA). He has also attended Senior Management Programmes in the Lagos Business School. 

    Zion has over 19 years in-depth experience in tax advisory and tax consulting services, having worked in the public-sector tax authority and in professional practice. His current focus area is People Advisory Services. He holds a Bachelor’s degree in Accounting, Master’s degree in Banking and Finance, a Fellow of the Chartered Institute of Taxation of Nigeria (CITN) and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) amongst others.

    Abiodun is an Associate Partner with 15 years’ experience as a Risk Consultant and as a one-time Deputy Chief Risk Officer of a leading Nigerian Bank. He is the Leader of the Financial Services Risk Management, EY West Africa. Abiodun’s experience cuts across the provision of Financial Risk Management, Enterprise Risk Management, Governance, Compliance, Forensic and Internal Audit services. He has led the provision of Risk Management Services to 25 Banks in Nigeria.

    Jane joined EY 10 years ago as West Africa Talent Leader. She has a wealth of experience spanning over 20 years both as a management consultant and generalist, playing in strategic capacity and driving initiatives that enable business performance. Jane is a certified Coach and Tracom Social Style facilitator; a mentor to upcoming leaders and young Talent seeking to make career choices and get guidance as they craft their personal purpose.  

     Julius joined EY Assurance Service Line in March 2004 as a Staff. He was promoted to Associate Director in October 2015. He has built relevant professional experience over the years in the oil and gas, power and utilities, consumer, and construction sectors. Julius holds a B.Sc. (Hons.) in Applied Accounting and a Higher National Diploma in Accounting, with Distinction. He is a Master of Business Administration holder from Obafemi Awolowo University. 

    Kadulechi is a technology risk enthusiast. She joined EY in October 2014 and left in January 2018 to join one of the FUGAZ Banks in Nigeria. She rejoined EY in February 2022, as an Associate Director, to help stabilise the Technology Risk team. She is a trained Electrical and Electronics Engineer with certifications in Information Systems Audit (CISA), Risk and Information Systems Control (CRISC), Cobit and TOGAF 9. Her work experience spans across various sectors – Financial Services, Telecommunications, FMCG, Health Care and the Public sector.   

    Omolara started her professional career when she joined EY in March 2006. She acquired international experience while on mobility to the EY office in London where she worked on client engagements across diverse industries. She specializes in providing assurance services to large and complex entities within the Energy and Natural Resources space. Omolara is a graduate of Accounting and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

  • Man to hang for armed robbery in Ebonyi

    Man to hang for armed robbery in Ebonyi

    An Ebonyi State High Court in Abakaliki yesterday sentenced a 26-year-old man, Offor Okike to death by hanging for armed robbery.

    Justice Chinyere Ken-Eze convicted Okike of robbing a resident of the state, Lydia Nwuba of her Toyota Corolla on April 2, 2019 at Elias Odili Street, off Adazienu junction, Abakaliki.

    Apart from the car, valued at N1.8million, Okike was also said to have robbed the woman of her Nokia handset valued at N18,000 and N2,000 cash at gunpoint.

    Read Also: Suspended Ebonyi PDP chair joins APC

    The offence contravened Section 1(2)(a) and (b) of the Robbery and Firearms (Special provisions) Act, 2004.

    Justice Ken-Eze held that the prosecution proved the case beyond reasonable doubt.

    “The sentence of death upon you, Offor Okike, is that you be hanged by the neck until you are dead. May the Lord have mercy on your soul,” the judge said.

  • Bureau scores NDE high in performance

    Bureau scores NDE high in performance

    DIRECTOR–General of Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi, has  said National Directorate of Employment (NDE) has performed in its mandate.

       In a BPSR report in Abuja, Arabi said NDE, a Level 3 Slver Grade organisation, has been presented with Level 3 Silver Award of Excellence.

    “It means NDE meets expectations in all areas of responsibilities, qualities of work and services are above standard”.

    BPSR, he said, has the Federal Government mandate to assess operations, success of Federal Government agencies, make recommendations and revert to the government for better performances.  Arabi said NDE is the 106th agency to be assessed. 

    According to Arabi, BPSR visited some of NDE offices nationwide and put to test activities of the directorate. 

    He said the challenge facing the directorate is inadequate funding to prosecute unemployment to the satisfaction of Nigerians.

    To this end, he said BPSR is willing to partner the directorate to source development partners through which the directorate can leverage on its mandate of job creation nationwide.

    “We are willing to collaborate with NDE to sustain its achievements and support the directorate to overcome challenges”.

    Read Also: Court jails fake Bureau De Change operator for $169,350 scam

    NDE, it was reported, has created over four million jobs in the last three years. Arabi said discussions are ongoing to link beneficiaries of student loans to NDE in ensuring graduates have some skills through NDE to generate personal funds to repay their loans.

    He said when President Bola Tinubu was unveiling his agenda, he had expressed determination to tackle the level of unemployment.

    Arabi said it is imperative for NDE to step up its designed programmes, identify priority areas and combat mass unemployment.

    Areas of strength of NDE, according to the assessment, include standardised delivery of blue collar jobs through skill acquisition and entrepreneurship development, periodic review of programmes, schemes and strategies to meet operating realities of job creation and the need to justify its existence, collaborations with private and government agencies to widen job opportunities, compliance with financial guidelines to meet national and international standards.

    Other areas of excellence, according to the report, include provision of array of skills and trades which are marketable and can be learnt by the unemployed at short durations, presence of the NDE and its skill acquisition centres in all states and virtually all 774 local government areas in the country and the use of standardised artisans to augment its established skills acquisition centres to impact skills across the nation.

    The Director General of NDE, Malam Abubakar Nuhu Fikpo expressed his delight over the report and appreciated the BPSR for keying into the priority areas of Mr President and assessing the directorate based on the expectations of the new government.

    He said NDE would leverage the platform presented by the bpsr, key into the policies of the present administration and do what the federal government desires in providing employment to the unemployed and alleviate poverty among Nigerians. He advised the jobless people especially the youths in the country to avail themselves of job opportunities already presented by the federal government through the NDE.

  • Scramble for FBN Holdings as investors fight for control

    Scramble for FBN Holdings as investors fight for control

    •Equities open with N851b gains

    The struggle for the ownership control of Nigeria’s oldest surviving banking group, FBN Holdings Plc, intensified yesterday at the Nigerian Exchange (NGX) as investors upped demand for the shares of the holding company.

     FBN Holdings  was the most active stock at the stock  market yesterday with a turnover of 198.222 million shares worth N4.418 billion,

    Total turnover at the NGX  1.839 billion shares valued at N22.033 billion in 14,584 deals.

    Market analysts said the  upsurge in demand for FBN Holdings (FBNH) might not be unconnected with the evolving struggle for boardroom control of the group.

    Barbican Capital,  a company affiliated with Honeywell Group, an investment group owned by FBH Holdings’ erstwhile director and chairman, Dr Oba Otudeko, had last week acquired 13.3 per cent equity stake in FBNH to become the single largest individual shareholder.

    While still subject to the approval of Central Bank of Nigeria (CBN) and other regulators, the acquisition displaced the existing major ownership structure in FBNH.

    Meanwhile, Nigerian equities reopened yesterday with net capital gain of N851 billion.

    The benchmark index, All Share Index (ASI) gained 1,563.28 points, representing a gain of 2.48 per cent, the highest point since March 17, 2008, to close at 64,603.69 points. Aggregate market capitalisation of quoted equities rose by N851 billion to close at N35.177 trillion.

    With 71 gainers to 19 losers, the overall market position was driven by widespread positive sentiments across the sectors.

     DAAR Communications, Dangote Cement, MRS Oil Nigeria, Neimeth International Pharmaceuticals and Jaiz Bank emerged the highest price gainer of 10 per cent each to close at 22 kobo, N330.10, N109.45, N2.20 and N1.98 respectively. Transcorp Hotels followed with a gain of 9.98 per cent to close at N35.91, while Conoil advanced by 9.97 per cent to close at N112.50.

    On the other side, Pharma Deko led others on the losers’ chart with 9.85 per cent to close at N1.83, per share. Union Dicon Salt followed with a decline of 9.50 per cent to close at N8.10, while Berger Paints Nigeria shed 9.09 per cent to close at N10.00, per share.

    Guinea Insurance lost 7.69 per cent to close at 24 kobo, while Champion Breweries depreciated by 5.43 per cent to close at N4.35, per share.

    Other companies on the top activity chart included Universal Insurance with 184.656 million shares valued at N53.465 million, Sterling Financial Holdings Company with 161.679 million shares valued at N724.332 million, Transnational Corporation (Transcorp) with 156.417 million shares worth N706.916 million and AIICO Insurance, which traded 98.322 million shares worth N73.579 million.

    Analysts at United Capital Plc said “we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.

    “Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming Q2, 2023 earnings season”.