Author: The Nation

  • Wema Bank grows balance sheet size to N1tr

    Wema Bank grows balance sheet size to N1tr

    By Collins Nweze

    Wema Bank Plc has  announced its audited results for year ended December 31, 2020 which showed over N1trillion balance sheet size.

    The Chief Finance Officer of the bank, Tunde Mabawonku who gave gave updates on the results, said the bank weathered the disruptions of the 2020 financial year through a sharp focus on safe lending, keeping non performing loans low and driving transaction income.

    He explained further that the bank remains resilient and has continued to grow its business in an efficient manner as we persist in adapting our strategy to yield strong financial results despite the adverse economic situation.

    The bank recorded a year on year double-digit growth of 39.42 per cent in customer deposit to N804.87 billion, compared with N577.28 billion the previous year.

    The results show that net loans closed at N360.08 billion, a growth of 24.49 per cent, as the bank continues to support its customers across multiple sectors of the economy. The bank’s total assets and contingents stood at  over N1 trillion.

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    Non-Performing Loans (NPL) was pushed down to 4.70 per cent year-on-year from 7.38 per cent in 2019.

    The bank closed with total assets and contingents of over N1 trillion, with a dividend of four kobo per share, the third straight year that the bank has paid dividends.

    According to Mabawonku, “We have a clear strategy of becoming the “Most Dominant Digital Bank in Nigeria” by 2023.

    We have positioned ALAT as the go-to platform by both increasing customer acquisition and working with eco-system partners on payments and settlements.

    During the year, Wema Bank was ranked 2nd in the Retail Category and Sixth in the SME category in the 2020 KPMG Customer Satisfaction Survey.

    The bank also received an award for the Best SME Bank of the Year for 2020 from BusinessDay, thus recognizing Wema Bank’s continuous support for small and medium scale businesses through loans, business advisory and innovative payments & collections support.

  • NGE, SERAP, PDP fault NBC’s sanction on Channels Tv

    NGE, SERAP, PDP fault NBC’s sanction on Channels Tv

    The Nigerian Guild of Editors (NGE), Socio-Economic Rights and Accountability Project (SERAP) and the opposition political party, the Peoples Democratic Party (PDP)  yesterday condemned the sanctions imposed on Channels Tv by the National Broadcasting Commission (NBC).

    NGE said it condemned in strong terms the threat issued to the television station by the NBC over an interview with the spokesperson of the proscribed Indigenous People of Biafra (IPOB) Mr. Emmanuel Powerful.

    Powerful had featured on Channels programme “Politics Today” on Sunday April 25, 2021 , where he allegedly made inciting statements.

    The NBC in the letter ordered the immediate suspension of the programme.

    SERAP has urged the Federal Government and NBC to immediately reverse the suspension of Channels Television and imposition of N5 million fine on the station for breaching the broadcast code.

    SERAP in a statement yesterday by its deputy Director Kolawole Oluwadare said: “The suspension of Channels Television is unconstitutional, illegal, arbitrary, and without any legal basis whatsoever. The government and NBC should immediately lift the suspension and reverse the fine. We will pursue appropriate legal action if the arbitrary, unconstitutional and illegal suspension and fine are not reversed within 48 hours.”

    SERAP said: “This action by the government and NBC is yet another example of Nigerian authorities’ push to silence independent media and voices.

    The government and NBC lift the suspension and uphold the Nigerian Constitution 1999 (as amended) and international obligations to respect and protect freedom of expression and media freedom.

    PDP also described as draconian, the reported suspension and fine of N5 million slammed by NBC on Channels Television over alleged violation of broadcasting code.

    NGE, in a statement said: “Press freedom is threatened when media houses are made to operate in an atmosphere of fear.

    “The Guild stands with Channels and will go to any length to defend press freedom in the country.

    “The body of editors believes that the  NBC is guilty of  double standards because stations that carried Sheikh Gumi’s parley with terrorists in their camps, were not sanctioned  by the commission.

    “The NBC should jettison the practice of issuing threats to broadcast stations  over matters that could easily be  dealt with through dialogue.

    “Democracy will be meaningless in Nigeria if press freedom is eroded.”

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    The PDP said without prejudice to the issues raised against Channels Television, the reported hasty clamp down, without the benefit of caution, was suggestive of intolerance and high-handedness by the regulatory body.

    “Our party is worried that such disposition could be counter-productive and heighten the already tensed situation in our nation at this critical time.

    “The PDP therefore urges the NBC to review the punitive measure on the media house as well as scale up system-friendly measure that will ensure best practices in information dissemination in our country”, the party said.

    SERAP’s statement read in part: “This is a new low in Nigeria’s protection of freedom of expression, and the ability of independent media to function in the country. The suspension of Channels Television is detrimental to media freedom, and access to information, and the Federal Government and NBC must immediately reverse the decision.”

    “Media freedom and media plurality are a central part of the effective exercise of freedom of expression and access to information. The ability to practice journalism free from undue interference, to cover diverse views are crucial to the exercise of many other rights and freedoms.”

    “The media has a vital role to play as ‘public watchdog’ in imparting information of serious public concern and should not be inhibited or intimidated from playing that role. The Federal Government and NBC should stop targeting and intimidating independent media and voices.”

    “The government of President Buhari has a responsibility to protect Nigerians’ rights to freedom of expression and access to information.”

    “This suspension amounts to an arbitrary and unjust application of regulations against the media. International standards allow only official restrictions on the content of what the media can broadcast or print in extremely narrow circumstances.”

    “Article 20 (2) of the International Covenant on Civil and Political Rights, which Nigeria has ratified requires states to prohibit only advocacy that constitutes incitement to discrimination, hostility or violence. Restrictions must be clearly defined, specific, necessary, and proportionate to the threat to interest protected.”

    “President Muhammadu Buhari should caution the NBC to stop intimidating and harassing independent media houses and to respect the Nigerian Constitution, and the country’s international human rights obligations, including under the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights.”

     

    “The Guild will not stand by and watch media houses being threatened by regulatory agencies in the country.

    “Press freedom is threatened when media houses are made to operate in an atmosphere of fear .

    “The Guild stands with Channels and will go to any length to defend press freedom in the country.

     

    The body of editors believes that the  NBC is guilty of  double standards because stations that carried Sheikh Gumi’s parley with terrorists in their camps, were not sanctioned  by the commission.

    “The NBC should jettison the practice of issuing threats to broadcast stations  over matters that could easily be  dealt with through dialogue.

    “Democracy will be meaningless in Nigeria if press freedom is eroded,” NGE said in a statement.

    SERAP urged the Federal Government and NBC to immediately reverse the suspension of Channels Tv and imposition of N5 million fine on the station for breaching the broadcast code.

    SERAP in a statement yesterday by its deputy Director Kolawole Oluwadare said: “The suspension of Channels Television is unconstitutional, illegal, arbitrary, and without any legal basis whatsoever. The government and NBC should immediately lift the suspension and reverse the fine. We will pursue appropriate legal action if the arbitrary, unconstitutional and illegal suspension and fine are not reversed within 48 hours.”

    SERAP said: “This action by the government and NBC is yet another example of Nigerian authorities’ push to silence independent media and voices. The government and NBC lift the suspension and uphold the Nigerian Constitution 1999 (as amended) and international obligations to respect and protect freedom of expression and media freedom.

    Also, the Peoples Democratic Party (PDP) also described as draconian, the reported suspension and fine of N5 million slammed by the NBC on the television station.

    It said without prejudice to the issues raised against the television station, the reported hasty clamp down, without the benefit of caution, was suggestive of intolerance and high-handedness by the regulatory body.

    “Our party is worried that such disposition could be counter-productive and heighten the already tensed situation in our nation at this critical time.

    “The PDP therefore urges the NBC to review the punitive measure on the media house as well as scale up system-friendly measure that will ensure best practices in information dissemination in our country”, the party said.

    SERAP’s statement read in part: “This is a new low in Nigeria’s protection of freedom of expression, and the ability of independent media to function in the country. The suspension of Channels Television is detrimental to media freedom, and access to information, and the Federal Government and NBC must immediately reverse the decision.”

    “Media freedom and media plurality are a central part of the effective exercise of freedom of expression and access to information. The ability to practice journalism free from undue interference, to cover diverse views are crucial to the exercise of many other rights and freedoms.”

    “The media has a vital role to play as ‘public watchdog’ in imparting information of serious public concern and should not be inhibited or intimidated from playing that role. The Federal Government and NBC should stop targeting and intimidating independent media and voices.”

    “The government of President Buhari has a responsibility to protect Nigerians’ rights to freedom of expression and access to information.”

    “This suspension amounts to an arbitrary and unjust application of regulations against the media. International standards allow only official restrictions on the content of what the media can broadcast or print in extremely narrow circumstances.”

    “Article 20 (2) of the International Covenant on Civil and Political Rights, which Nigeria has ratified requires states to prohibit only advocacy that constitutes incitement to discrimination, hostility or violence. Restrictions must be clearly defined, specific, necessary, and proportionate to the threat to interest protected.”

    “President Muhammadu Buhari should caution the NBC to stop intimidating and harassing independent media houses and to respect the Nigerian Constitution, and the country’s international human rights obligations, including under the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights.”

     

  • Banks electronic transfers hit N356.47tr

    Banks electronic transfers hit N356.47tr

    By John Ofikhenua, Abuja

    The National Bureau of Statistics (NBS) yesterday said in the Fourth Quarter (Q4) 2020, total transactions recorded through Electronic Payment Channels reached N356.47 trillion.

    According to its data titled: “Selected Banking Sector Data – Q4 2020”, the value was recorded from a total volume of 3,464,811,083 transactions in the period under review.

    The data said: “A total volume of 3,464,811,083 transactions valued at N356.47trillion was recorded in Q4 2020 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed”.

    The report said online transfers dominated the volume of transactions recorded.

    It added that 2,227,449,949 volume of online transfer transactions valued at N120.27 trillion were recorded in Q4 2020.

    The NBS said in the period under review, banks’ credit to the private sector was N20.37 trillion.

    It added that “Oil and Gas and Manufacturing sectors got credit allocation of N3.93 trillion and N3.19 trillion to record the highest credit allocation as at the period under review”.

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    It explained that as of Q4 2020, the total number of Banks’ staff decreased by -0.90.per cent QoQ from 95,888 in Q3 2020 to 95,026.

    This is an indication that 862 staff lost their jobs in the period under review.

    The report said: “In terms of credit to the private sector, the total value of credit allocated by the bank stood at N20.37trillion as of Q4 2020”.

    Meanwhile, the Central Bank of Nigeria (CBN) has published an updated list of International Money Transfer Operators (IMTOs) approved for Diaspora Remittances in the country as at April 1, totalling 57.

    The reports that the updated list was published by the apex bank via its official website yesterday.

    Among the IMTOs listed are: Aftab Currency Exchange Ltd, Nigerian Postal Service, Ria Financial, PayPal Inc,  Western Union, Swift Payment Ltd and Worldremit Ltd.

    Also on the list are Money Gram, Interswitch Ltd, Paycom Nigeria Ltd, Pagatech Ltd and Flutterwave Technology Solutions Ltd, among others.

  • NERC mulls another electricity tariffs review

    NERC mulls another electricity tariffs review

    By John Ofikhenua, Abuja

    Plans are underway for the  Nigerian Electricity Regulatory Commission (NERC) to review tariffs that customers pay to the 11 Distribution Companies (Discos) and to also approve a new capital expenditure (capex) for the energy distributors.

    The source of discord between the regulator and the DisCos has always been the capital expenditure allowance approved by NERC since the distributors insist that it is too low and has limited their capacity for network expansion.

    Going by the Multi Year Tariff Order (MYTO) 2015, the approved average capital expenditure allowance to DisCos remains $12million or roughly N5 billion per DiCco annually.

    On the other hand, MYTO, is a framework that guides the pricing of electricity in the country and by the rules is supposed to be adjusted twice a year.

    The commission expressed the readiness for the review on its website yesterday in its notice that it titled “Notice of Minor and Extraordinary Review of Tariffs for Electricity Transmission Distribution Companies”.

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    NERC stated that the latest move was pursuant to the provisions of the Electric Power Sector Reform Act (EPSRA) which sets out the methodology and procedures for reviewing electricity tariffs in Nigeria.

    The notice: “The MYTO provides for minor reviews every six months, major reviews every five years and extraordinary tariff reviews in instances where industry parameters have changed from those used in the operating tariffs to such an extent that a review is urgently required to maintain the viability of the industry”.

    Further to this, the commission noted that it held series of public hearings and stakeholder consultations in the first quarter of 2020 on the extraordinary tariff review applications of the 11 electricity Discos to consider their respective five-year Performance Improvement Plans (PIPs).

    NERC, however, said that the evaluation of the Discos’ requests for review of the capital expenditure proposed in their improvement plans could not be concluded for the consideration of the commission during the minor reviews undertaken in 2020.

    The commission specifically noted that section 21 of the MYTO, 2020 order, provides for consideration of DisCos’ capital expenditure application upon further scrutiny and evaluation of the investment proposals.

    It explained that the latest notice was issued to inform the general public and industry stakeholders of the commission’s intention to conclude the extraordinary tariff review process for the 11 Discos.

    In addition, NERC stated that it was also to commence the processes for the July 2021 minor review of MYTO – 2020 to consider changes in inflation, foreign exchange, gas prices, available generation capacity, and capital expenditure.

    It stressed that this is required to evacuate and distribute the said available generation capacity in accordance with the extant laws and other existing industry rules.

    The Commission said: “This notice is hereby issued in compliance with the provisions of EPSRA, the business rules of the commission and the regulations on procedures for electricity tariff reviews in the Nigerian Electricity Supply Industry (NESI) to solicit for comments from the general public on the proposed reviews.

    “Stakeholders and the general public are invited to send their comments to the commission within 21 days from the date of this publication.”

  • COVID-19: FG to impose travel restrictions on India, Brazil, Turkey

    COVID-19: FG to impose travel restrictions on India, Brazil, Turkey

    Bolaji Ogundele, Abuja

    The Federal Government has said it would issue travel advisory in the next two days on inbound flights from India, Brazil and Turkey following escalation of new variants of the COVID-19 virus in the countries.

    Head of Technical Secretariat of the Presidential Steering Committee (PSC) on COVID-19, Dr Mukhtar Muhammad, who disclosed this on Monday during a briefing of the Committee in Abuja, expressed concerns over the situation in India, which is a popular destination for Nigerian medical tourists.

    He charged Nigerians to keep observing all the regulations and instructions already provided to keep safe from the infection of COVID-19.

    He warned the third wave of the pandemic, going by how it has been sweeping through other parts of the world, is close to Nigeria.

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    “We sympathise with the people of these countries because it is really a very trying time particularly for India, that is recording over 300,000 cases a day and over 2000 deaths.

    “It is not easy. India is a prime destination for medical tourism for Nigeria. We know that many Nigerians like to travel to go to India, but now we see the situation that the country has found itself in.

    “While we urge Nigerians to limit all travellers to only essential travel, particularly to these affected countries.

    “We actually empathise with those countries and what is happening in those climes. However, on our part, we are looking seriously into this issue. We are looking at other considerations that we need to provide.

    “We will be providing some travel advice in the next 48, 72 hours with particular reference to both Nigerians and those coming into the country to help advise us,” he said.

  • Gunmen kill 19 in Anambra

    Gunmen kill 19 in Anambra

    Nwanosike Onu, Awka

    No fewer than 19 persons suspected to be herders were feared killed by gunmen in Anambra State on Monday morning.

    But the Police command said only nine persons were killed.

    Chairman of Miyetti Allah in the Southeast, Alhaji Gidado Sidikki, who resides in Anambra State, told The Nation 23 cows were also slaughtered

    The incident, according to him, occurred around 2am at Modiyam Umaru camp in Awkuzu, Oyi local government area.

    Sidikki said the gunmen shot repeatedly, which, according to him, scared students of Chukwuemeka odumegwu Ojukwu University, who ran for fear of being harmed.

    He said weeping:” I don’t really know what we’ve done to these people, everyday they continue killing our people and their cows.

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    “In Ebonyi State, our people have been chased out of the place by the people and the remaining ones are still hanging without hope.

    “Since we came to Southeast, we’ve been living in peace with our host communities before the monsters came. Honestly, I’m tired of the whole situation.”

    Commissioner of Police, Monday Kuryas, had deployed troops to douse tension in the area.

    In a statement by Anambra Police spokesman, Ikenga Tochukwu, the Command said investigations had commenced to unravel the circumstances surrounding the incident.

    He said the Command had successfully restored normalcy in the area.

  • Why I like empowering youths, by Waheed-Adekojo

    Why I like empowering youths, by Waheed-Adekojo

    Osagie Otabor, Akure

    Prominent Ondo philanthropist, Engr.  Funmilayo Waheed-Adekojo, has said her passion to empower youths was to help curb crimes as well as make them productive rather than being job seekers.

    Waheed-Adekojo stated that giving back to the society through youth empowerment and engaging in other philanthropic activities was part of her contribution to the development of the society.

    She spoke when she received nomination as the 2020 Ondo State Woman of the year award organised by the Hero Magazine.

    Waheed-Adekojo popularly known as ‘Engr Funmi Ayinke’  said the award would spur her further to help lift humanity for the rest of her life.

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    Coordinator of the program, Dr Sunday Akinbiola, said Engr. Waheed-Adekojo scored the highest votes among other 10 other nominees.

    Dr. Akinbiola said Engr. FunmiAyinke was chosen for the honour because of her  striking attributes of hard work; development initiative; tenacity of purpose; philosophy of giving back to the society.

    He said the award sought to celebrate  excellence, reward exceptional accomplishments, salute positive personal character and honour outstanding career achievements.

    “This award also seeks to attract annually the political and business leaders, academics and professionals from all disciplines, both famous and uncelebrated, whose daily work makes a difference and not just those who populate the headlines.”

  • BREAKING: Six policemen killed as gunmen attack Imo Command headquarters

    BREAKING: Six policemen killed as gunmen attack Imo Command headquarters

    By Damian Duruiheoma, Owerri

    Gunmen on Monday night attacked the Okigwe South Police Area Command headquarters in Orieagu, Ehime Mbano local government area of Imo State.

    It was gathered that no fewer than six policemen, who attempted to repell the assailants, were feared dead.

    The Nation learnt the incident occurred around 7.00pm just less than two days after hoodlums attacked the residence of Governor Hope Uzodimma in his Omuma Community, Oru East Local Government Area.

    Our correspondent gathered the gunmen released suspects in custody in the police facility.

    The incident, it was gathered, caused serious panic in the area with villagers running to hide inside bushes.

    They were equally said to have made away with police weapons.

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    A source said: “We started hearing gunshots around 7.00pm and the gunshots became heavier around the Orieagu Market.

    “We thought it was the First Bank there that was being robbed until after the attack that we discovered that it was the Area Command.

    “It was after about one hour later that some of us emerged from the bushes to check what happened and counted about six policemen lying in the pool of their own blood.”

    Imo police spokesperson, Orlando Ikeokwu, confirmed the attack when contacted by The Nation.

    He said: “I can confirm an attack on OKIGWE SOUTH AREA COMMAND HQRS, Ehime Mbano LGA, by yet to be identified gunmen , five officers have been killed, while one is yet to be accounted for

    “The building is not razed, please.”

  • Police launch manhunt as gunmen kidnap passenger in Osun

    Police launch manhunt as gunmen kidnap passenger in Osun

    By Toba Adedeji, Osogbo

    The Osun Police Command on Monday has launched a manhunt after some suspected gunmen kidnapped a passenger along Ife/Ilesha expressway in Osun State.

    The Nation gathered gunmen waylaid a commercial bus travelling along the expressway on Saturday April 24, 2021 around 7:40pm and abducted the passenger.

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    It was learnt local hunters and others security operatives have been drafted to the bush to rescue the victim since Saturday night.

    Spokesperson of Osun Police Command, Yemisi Opalola, confirmed that one traveller Okunade Yinka was kidnapped at Akire junction.

    She said: “An intensive manhunt is in place by operative and local vigilantes to rescue the victim.”

  • Ondo ex-Deputy Governor returns three vehicles

    Ondo ex-Deputy Governor returns three vehicles

    By Osagie Otabor, Akure

    Immediate past Ondo Deputy Governor Agboola Ajayi has returned three official vehicles in his possession.

    Ajayi had held on to the vehicles, claiming they were part of his benefits.

    He had earlier claimed he had only two official vehicles in his possession.

    But Governor Oluwarotimi Akeredolu had threatened to embarrass Ajayi if he refused to return the vehicles.

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    Commissioner for Information and Orientation, Donald Ojogo, in a statement issued on Monday night listed the vehicles returned to include a Toyota Landcruiser Jeep, V8, 2019 model and two Toyota Hilux vans also of 2019 model.

    Ojogo said efforts were on to recover any other remaining vehicle still in possession of Ajayi.

    The statement thanked the security agencies ‘for the most-needed intervention.’