Category: Uncategorized

NPF Microfinance Bank Plc, a micro-lending financial institution promoted by the Nigeria Police Force (NPF), has successfully raised more than N4.5 billion in new equity capital, strengthening its position within the micro-banking subsector.

NPF MFB raised new equity capital from existing shareholders and new investors through a hybrid rights issue and public offer for subscription.

NPF MFB had simultaneously launched a rights issue to raise about N3.4 billion from existing shareholders and a public offer to raise N1.07 billion from the general investing public.

Application lists for the hybrid offer, which opened on June 24, 2021, was initially scheduled to close on June 30, 2021 but was extended to Friday, July 30, 2021.

The board of NPF MFB in a regulatory filing at the Nigerian Exchange (NGX) Limited confirmed that the hybrid rights and public offer was fully subscribed.

The microfinance bank had offered 2.29 billion ordinary shares of 50 kobo each to shareholders on the register of the bank as at the close of business on May 17, 2021 at a price of N1.50 per share. The shares were pre-allotted on the basis of one new ordinary share of 50 kobo each for every one ordinary share of 50 kobo each held.

Read Also: CBN goes after illegal users of its logo

It also offered, by way of public offer for subscription, 713.34 million ordinary shares of 50 kobo each at N1.50 per share to the general investing public.

The hybrid issue will automatically increase the paid up share capital of the bank by 131 per cent. The authorised capital of the bank at inception was N500, 000 made up of 500,000 ordinary shares of N1 each. This increased to the current level of N2 billion made up of 4.0 billion ordinary shares of 50 kobo each of which 2.29 billion ordinary shares of 50 kobo each are issued and fully paid up. NPF Microfinance was listed on the NSE on December 1, 2010.

Formerly NPF Community Bank, the bank was incorporated on May 19, 1993 as a limited liability company under the provision of the Companies and Allied Matter Act cap c20LFN 2004. It provides banking services to both serving and retired officers and men of Nigeria Police Force, its ancillary institution and general banking public. The bank commenced business on August 20, 1993.

 

By Taofik Salako, Deputy Group Business Editor

Lagos State is considering issuance of Sukuk to raise amenable finance to fund infrastructural projects as the state seeks to diversify its funding base to achieve dual objectives of financial inclusion and harnessing opportunities in the alternative ethical financing market.

Officials at the Lagos State Debt Management Office, which oversees debt issuance and management for Nigeria’s most economically viable state, indicated that the state is considering launching a Sukuk, which may set a record as Sub-Saharan Africa (SSA)’s largest sub-national Sukuk issuance.

Lagos State is already the most active sub-national issuer at the Nigerian capital market, but the planned Sukuk will be its first in the alternative ethical finance segment, trailing Osun State, which had issued Nigeria’s first sub-national Sukuk.

Global Islamic finance assets are expected to rise to $3.69 trillion by 2024 as data showed a major surge in Islamic finance.

The 2020 Islamic Finance Development Report projected that global Islamic finance assets might rise to $3.69 trillion by 2024 after posting its recent highest growth of 14 per cent to close 2019 $2.88 trillion.

Lagos State late August indicated it was concluding arrangements to source about N185 billion from the Nigerian capital market through new debt issuance.

Commissioner for Finance, Lagos State, Dr Rabiu Olowo, at a retreat for officials of Lagos State Debt Management Office, said the net proceeds of the new bond issue would be used judiciously to ensure that Lagosians enjoy more benefits of democracy and to further implement government’s development agenda.

According to him, Lagos has shown exemplary use of proceeds from its previous bonds and carved a good profile for itself as shown in its ratings, and the new bond will foster further development in line with Governor Babajide Sanwo-Olu’s T.H.E.M.E.S. Agenda.

He reiterated that the Babajide Sanwo-Olu’s administration is fully committed to a greater Lagos by ensuring that funds from bonds and loans are fully utilised for the benefit of Lagosians.

Most analysts expected increasing shift to ethical issuance, driven by global quest for inclusive and amenable capital and increasing emphasis on principles of environment, safety and governance (ESG).

Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr Temi Popoola said the potential for Sukuk and green bonds remains immense and is likely to expand over the years underpinned by new markets, products and issuers and healthy investor investors’ appetite.

Read Also: Nigeria to raise $3b Eurobond in October, says Ahmed

According to him, NGX will continue to provide an efficient and liquid market for investors and businesses in Africa, to save and access ethical and sustainable development goal (SDG )-complaint capital and investments.

“We promise to continue our collaboration with all market stakeholders, to collectively contribute towards the enhancement of this exciting asset class, and ultimately towards the growth of green and Sukuk bonds in Nigeria and Africa at large,” Popoola said.

Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda said the alternative ethical finance segment is quite unique and boasts of full potential that can facilitate the deepening of financial systems while spurring the growth of the economy.

Assistant Director, Securities Issuance Unit, Debt Management Office, Mr Adamu Mohammed pointed out that investors were increasingly demanding socially responsible investment and have expressed a strong appetite for green bonds evidenced by subscription rates in Nigeria’s sovereign green bonds increasing to 220 per cent in 2019 over the 110 per cent at the debut issuance.

Last year’s Islamic Finance Development Report was a collaboration of the Islamic Corporation for the Development of the Private Sector (ICD) and Refinitiv, one of the world’s largest providers of financial markets data and infrastructure. ICD is the private sector development arm of the Islamic Development Bank (IsDB).

The report noted that Islamic finance assets increased 14 per cent to $2.88 trillion in 2019, the highest recorded growth for the industry since the global financial crisis.

According to the report, global Islamic finance assets increased by 14 per cent year-on-year totaling $2.88 trillion in 2019. Islamic Finance assets of Gulf Cooperation Council (GCC) reached $1.2 trillion in 2019, followed by Middle East and North Africa (MENA) at $755 billion, excluding the GCC, and Southeast Asia at $685 billion.

The Islamic banking sector contributes the bulk of the global Islamic finance assets. The sector grew 14 per cent in 2019, equating to $1.99 trillion in global assets. This compares with just one per cent growth in 2018 and an average annual growth of five per cent over the period from 2015 to 2018.

The report indicated that the top five developed countries in Islamic finance were Malaysia, Indonesia, Bahrain, United Arab Emirates (UAE) and Saudi Arabia. Indonesia recorded one of the most notable improvements in the Islamic Finance Development Indicator (IFDI), moving into second place for the first time due to its high knowledge and awareness ranking.

The report covered 135 countries and was based on five key metrics comprising of quantitative development, knowledge, governance, awareness, and corporate and social responsibility (CSR).

According to the report, green and socially responsible investments (SRI) increased in the UAE and Southeast Asia in 2020. The pandemic was a game changer as several Islamic banks reported losses and reduced profits throughout the year. The pandemic has also led to growth in some areas of the industry as some regulators turned to Islamic finance to mitigate the economic impact.

Corporate Sukuk issuance has also picked up after a cautious halt in the first quarter of last year. The report indicates that companies are taking advantage of low borrowing costs to shore up their finances, while the pandemic continues to batter trade and economies.

By Tofunmi Sanusi

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said the nation plans to raise about $3b in the Eurobond market in the second week of October.

In an interview with Bloomberg TV, Ahmed that the country was working on increasing revenue, restructuring the dead portfolio and also borrowing less.

“We should be going to the market on the second week of October. Approval for the budget is $6 billion and we are looking at doing half of that in the Eurobond market and the other half in multilateral and bilateral resources,” Ahmed said.

Read Also: Drop non-performing ministers, former presidential aspirant tells Buhari

According to her, Nigeria’s GDP is at 23 per cent which is healthy, adding that being able to triple the revenue and pushing the GDP growth up to seven per cent is the target for improvement.

Speaking on inflation, she said that the country has passed the worst of inflation and that it would continue to go downwards throughout 2021 and the course of 2022.

“Our target is that in 2023 we will be moving to single digit inflation,” Ahmed added.

 

 

Nigeria has been elected to represent the broad market region of Europe-Middle East-Africa (EMEA) on the board of the World Federation of Exchanges (WFE), the global group for exchanges and clearing houses (CCPs).

Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Mr. Oscar Onyema was elected to the board of WFE.

With the election, Onyema will serve on the WFE board for a three-year term, representing EMEA region. The decision was reached at the 60th General Assembly and Annual Meeting of WFE last week.

Onyema said it was an honour to be elected to the board of the WFE which is the global group for exchanges and clearing houses (CCPs) around the world.

“This is an important achievement for Nigerian Exchange Group and the Nigerian financial market. It is an indication of our prominent regional and global position and a testament to our contributions to the WFE in respect of our input on issues confronting the African and global capital markets.

“We are committed to fostering greater synergies between the WFE members and industry partners, and supporting the Federation to consolidate its position as the leading voice for exchanges and clearing houses, amongst global stakeholders,” Onyema said.

Read Also: Belouizdad  hit Uyo aboard Ibom Air

Nigerian Exchange Group has been a member of the WFE since 2014, when it made history as the first West African exchange to be granted full federation membership status.

Chief Executive Officer, World Federation of Exchanges (WFE), Ms. Nandini Sukumar said the industry would benefit from the perspectives and insights of Onyema on the board.

“We look forward to working even more closely with African markets in future and bringing more of them into WFE membership, and the standard that represents,” Sukumar said.

WFE is the global industry group for exchanges and clearing houses (CCPs) around the world, representing over 250 market-infrastructures ranging from those that operate the largest financial centres to those that run frontier markets.

With extensive experience of developing and enforcing high standards of conduct, WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. WFE seeks outcomes that maximise the common good, consumer confidence and economic growth.

 

The Association of Nigerian Authors recently emerged from the 2021 ANA/AE-FUNAI International Conference and Creativity workshop on the theme “Re-imagining Belongingness in 21st Century Africa.”

The conference which took place recently within the idyllic surroundings of the Alex Ekwueme Federal University Ndufu-Alike Ikwo (AEFUNAI ), Ebonyi State began with a courtesy call by members of the Association of Nigerian Authors (ANA) on the Vice-Chancellor of the University, Prof. Sunday Elom who thanked members of the National Executive Council for sustaining the conference and creativity workshop.

He promised to continue to support the conference as far as energy and resources would permit him and, above all, to abide by the tenets of the partnership with ANA which was started by the former Vice-chancellor, Prof. Chinedum Nwajiuba and which birthed the annual international Conference and creativity workshop that has now run for three consecutive years to a national acclaim.  On his part, the President of the Association of Nigerian Authors, Mr Camillus Ukah thanked the Vice-Chancellor for sustaining the noble idea that was started with his predecessor.

Read Also: ‘How I worked with great artists for 38 years’

At the conference hall, the Keynote was presented by Dr. Chika Unigwe, a Nigerian novelist and scholar based in Belgium whose citation was read by Maik Ortserga, the General Secretary of the Association of Nigerian Authors (ANA). What followed was a session of absorbing paper presentations from various scholars and researchers, offering a positive challenge to everyone with creative urges and sharpening the sensibilities of contemporary writers on belongingness, coordinated by Prof Akachi Adimora Ezeigbo and Prof. A. Amanze Akpuda.

The creativity workshop was the next on the line with Obinna Udenwe anchoring the fiction class while ANA former President Mallam Denja Abdullahi took charge of the play writing class after which on- the-spot writing competitions were held with the best entries receiving prizes at the end of the event.

The closing remark was given by Prof. G.M.T Emezue who stated that with the annual international Conference and creativity workshop holding for the third time, its sustenance is no longer a thing of debate. She promised a better outing next year.

The programme which lasted for a whole day ended with an evening of Poetry and palm wine at South Lake Hotel, Abakaliki, Ebonyi State.

Title: Mails She Sent to Her

Author: Ikechukwu Orakwe

Year of Publication:  2021

Review: Edozie Udeze

MAILS She Sent to Her, a prose fiction written by Ikechwukwu Orakwe, sounds like a purifier.  It addresses some certain obnoxious habits of the adolescent years in the life of a girl child who wishes to grow into a meaningful woman.  The book searches out Chidiebere as she grows up in a family where both parents love books.  As the father, a professor of medicine keeps busy working to save lives, and teaching young medical students, he never shrieks his responsibility to cater for his family, more so, the young inquisitive Chidiebere.

The book opens at her home, where strict observance of family norms and codes help Chidiebere to grow up well.  An ardent lover of books, mainly novels, she takes after her parents.  But her father cautions her to read at weekends.  This is to avoid her being too much of a bookworm.  But like most adolescence, Chidiebere devises other clever means to beat this simple instruction.  She discovers she could get hold of books at extra moments in school where she finds exclusive solace and privacy in the school library.

At the age of 16, Chidiebere begins to manifest all signs of a young lady rearing to go.  It is not surprising therefore that her folks prepare an impromptu birthday bash for her.  Moreover, a sudden and somewhat lugubrious situation develops in her life, hence the title of the book: Mails She Sent to Her.  A sage by name Alice De Sage begins to write to her.

The author makes it look like a secret letter, a communion of deep solace and soul-searching between the two to prepare Chidiebere on how to face the rigours of life.  However, it is clear the letters, basically on the different and diverse postulations of philosophers and theologians about life and their various interpretations predominate here-to.

The Sage writes on page 9 – Dear Smart friend, The age of 16 is really quite different from other ages.  It is time of transition.  If you observe yourself, you will notice some significant physical and psychological changes in your growth.  You can notice that your chest has sprouted two full ripe tits.  On your back is a neatly curved shape that is capable of magnetizing the eyes of men.  Your legs have straightened up even longer than that of your mates”

The author does not relent yet: “your intellectual power has even sharpened unimaginably.  Remember that some part of your innocence is still intact, even as you continue your quest for knowledge about the world.  Kindly accept this birthday wish from me…  At 16, you have reached the junction of childhood and maturity…”

Read Also: ‘How I worked with great artists for 38 years’

Alice’s letters keep coming to her at school intermittently, instructing her on issues of life.  Mostly philosophical, Chidiebere often finds it a bit uncomfortable assimilating their contents and meanings.  Yet she sees in them, plenty of ideas to further intensify her love for knowledge.  The book is deep on moral issues, helpful indeed in these moments of social quagmire in the world.

It is clear that Orakwe, a priest of the Catholic church has brought in his profound exposure to theology and philosophy and poetry to write, to indoctrinate and instruct Chidiebere.  Most of the arguments and postulations about life, about the existence of God, the meaning of good and bad and so on by different philosophers seem to appear too heavy for a girl of 16.    Yet, the book is meant to espouse, expand and celebrate knowledge, drawing attention to issues of life generally.

It shows how philosophy of the old has come to dominate arguments and made man to always put on his thinking cap.  Even though some of them query the existence of God and why man is here on earth, each postulation is helpful for the advancement of knowledge.  In this era of Covid 19 pandemic, true ideas of knowledge and simple street wisdom are tonics for survival.  God has not and will never abandon his own.  He is ever on the throne of grace.

So on and on, the novel serves as a moral instruction, a handy document  for the youth.  It covers mostly those salient, but difficult areas that confront people as they grow into adulthood.  On page 91, the author reminisces thus: “Effective study must build on tackling problems.  For technical courses like Mathematics or Economics, working and reworking problems is very important.  Be sure to explain the steps of the problems and why they work.  Always take your assignments seriously.  Doing your homework must not be negotiated…”.

All the interjections of the author which intermingle with the components of the letters by Alice dwell essentially on life.  The intention is clear.  The author as a moralist uses this book to restore sanity in families, in the larger segment of the society.  It is a book that is inundated with responsibilities both for the child, the parents, the society and the teacher.

He goes on: “Endeavour to master your calendar (Chidiebere).  Making efforts to control your schedule and your distractions will help you to accomplish your goals.  If you are in control of your calendar, you will be able to complete your assignments and stay on top of your course work.  Earmark your calendar when you plan to get assignments completed.  Make your plan for the day before going to bed each night.  You will be more productive when you wake up with a plan”.

As the book progresses, the author refers to other sundry areas of life to embellish the total concept of the narrative.  As it is often said, ‘books speak, books appeal to the conscience’ so Orakwe has come to demonstrate in this peculiar offering.  There is this deep feeling of a work done to deliberately hit on the nerves of a decadent society that needs a rebirth.  It is like those beautifully packaged works of yore on moral instructions.  Those books helped to remold characters and indeed fashioned positive ways that conformed with the mantra: Teach a child the way to go.  When he grows up he will not depart from it… or spare the rod and spoil the child”.

So in thirty chapters, we encounter a narrative dripping with urgency, the binding need to rescue a society and its troubled and adrift youths.  Chidiebere typifies a Nigerian youth that needs a direction in life.  Good enough, the author also acknowledges the relevance of religion, faith, God, Christianity, the scriptures and more in this whole moral lessons of the resurgence of a comprehensive rebirth of a people.

Yes this is why every girl child must be activated intellectually (page 199). The first step is education.  Chidiebere closed her research by suggesting that the dark future described by different scientists will likely be redeemed so long as world leaders and policymakers start immediately by taking the problems before mankind seriously.

The epilogue pays attention to timeline in saving the earth.  The presentation sounds prophetic, with an avalanche of poetic metaphors orchestrated within the realms of hope and fortitude.  Let the love of God therefore take over the surface of the earth as it was in the beginning…

By Samson Oti

One of Nigeria’s fast rising Nollywood actor, Denola Grey, has released a digital audio book on Akiddie, a Nigerian who owns international virtual market place.

According to a statement by the actor and fashion Consultant, he said, he is delighted to author the book he titled ‘ Ara The Moonseeker’ – a digital audio book for all but children in particular across the world.

Explaining further on the connection between his status as an actor and now a published writer, he says: “Acting and writing are both ways of expressing creativity. Truth is, I’ve always been a writer from when I was much younger. I used to own a blog where I express myself a lot. I have been a non fictional contributor to a few lifestyle publications and even newspapers. I did take a bit of a writing break, but now I’m back as a content creator.”

Read Also: ‘How I worked with great artists for 38 years’

Speaking on what inspired his new digital work. Grey explains, “The rare opportunity to create with Akiddie came to me and I decided to go for it. Co-creating the story of ‘Ara The Moonseeker’ has been therapeutic as it has helped me create a world and story I would have loved to have digested as a child.”

On lessons to be learnt from the book, the digital content creator says courage, bravery, kindness and standing up to one’s adversity no matter the circumstances are some of the lessons children will learn from the work.

On his advice to writers who want to become digital authors, Grey notes.

“I recommend Akkidie because it’s first owned by young Nigerians, then, the simplicity of getting your work to a global market. As a budding author, you must have a strategy tailored to digital marketing that will help you with promotion.

While the world is mostly digital now, I know people still prefer their literature in physical copy. However, you want to target your audience that share your digital or online vision,” he added.

Goddey Igbinedion is from Agbor, Delta State.  A carpenter and designer by profession, he was the person that roofed and handled all the carpentry and framing works of the Bruce Onobrakpeya’s Art Centre in Agbarha-Otor for 38 years.  He encountered Professor Onobrakpeya in 1982 and from that moment the relationship clicked.  Even though he was living in Benin City, the Edo State capital when this relationship began, he moved to Agbarha-Otor.  With his family still there in Benin, he alone moved to Agbarha-Otor where he was provided an accommodation.  Most weekends when he had less work to do, he’d go to Benin to visit his family.

During the last Harmattan workshop that ended a few weeks ago, Igbinedion was around at the Art Centre to contribute to the works that were going on there.  “I am the first carpenter for Dr Bruce.  I came here in 1982” he said in an interview.  “By the time I came here in 1982, I was a young man.  Today I’d not have come.  But I am here because he did not sack me.  I worked and after 38 years, I retired.  He has promised to pay me some amount as gratuity”.

While at Agbarha-Otor, Igbinedion gave birth to four of his five children.  “Yes, four were born here, but I have five.  I’ve trained three of them to the university level.  How would I have done so, if Dr Bruce did not help me?  A mere carpenter to train three out of the five children through tertiary institutions?, he quipped, smiling satisfactorily.

With his first son abroad now, Igbinedion looked back with gratitude to God and a thankful gesture to his former master.  “It is a moment to be grateful”, he teased, and looking up from the design he was putting together on his busy table.  Apart from other carpentry works he was wont to do, Igbinedion helped artists to find the initial frames, shapes and designs to some of their sculptural works. “Yes, what he did for me, God will reward him.  That was why the moment I heard he was in town, I quickly rushed down to Agbarha-otor to help out.

Read Also: God used me to make statement for Nigerian female artistes –Weird MC

“For 38 years I lived here without paying rent.  And he never owed me salaries for those years”, he confessed.  “In 1982, it was one of his brothers whom I worked for in Benin who told him about me.  So, I came from Benin to do the first work for him.  He was just putting this Art Centre in place.  The first work I did was at Oghara, his father’s compound.  When I did the first work, he liked it.  His own father was still alive then”.

That singular work did the magic. When Onobrakpeya saw the work, he was impressed and then asked Igbinedion a few questions.  Now impressed beyond doubts, he asked him to be his official carpenter to handle some of his artistic and carpentry concerns.  “Since then he has been doing me well.  No sacking, no quarrel”.

Now a landlord in Benin, Igbinedion was full of happiness.  “Yes, my son in oversea built that house for me and my wife.  It is a great thing to be a landlord, to have your own house.  Any time he paid me in those days I’d go to Ugbelli, pay into my own account.  I made sure my family never lacked because the salary was regular.  The money was like a daily pay”, he said.

So when the houses were being erected in the compound, Igbinedion kept busy, preparing the woods, the frames, giving them different shapes and designs to suit the high taste of Onobrakpeya and other established artists who often visited the Art Centre.  Today, his professional style of works is obvious in all the buildings within the premises.

Igbinedion is obviously in love with woods, he knows how to speak life into them.  His ideas often represented what style a building could go on the rooftop.  Some of the artists attested to his rare skills in helping artists to put some of their woods and sculptural pieces together.  He has been into retirement since four years now, hoping that Onobrakpeya would pay him some money as he promised.

“I am still hopeful he would pay me some money in retirement” he said.  He framed, roofed and prepared all the carpentry works at the Centre.  He also worked with Demas Nwoko, a classmate of Onobrakpeya who is a great artist as well among other wonderful artists.  “Nwoko is a wonderful man, a great artist who also loved my style of designs and frames”.

“That Cultural Centre we built in Benin, which Nwoko handled, is fantastic.  Nwoko is one of the greatest artists of our time.  He is a great designer, wonderful artist.  He and Bruce are very good friends.  He also handled some of the projects at the Onobrakpeya Art Centre.  In fact, he was the one that designed the big building.  If you are familiar with his architectural works, once you see this place, you’d immediately know he is the one that did it”, he said.

Nwoko is an architect and fine artist who did some remarkable and landmark buildings in Nigeria.  The Oba Akenzua Art Centre in Benin, Edo State, is one of them.

There is an old Chinese proverb that states, “He who asks a question is a fool for five minutes; he who does not ask a question remains a fool forever.” In other words, never be afraid to admit your lack of knowledge and understanding in certain areas because as real estate entrepreneur Dave Allred is quick to point out, “The day you stop learning is the day you might as well wave the white flag and give up. Lifelong learning is the key to becoming a better version of yourself.”

Growing up in an environment where financial issues were taboo and never discussed, Dave Allred instinctively knew from a young age that to gain personal freedom from the 9-5 money-go-round, he would have to possess an intuitive understanding and solid grasp of all things financial to make that freedom a reality. Thus began what would turn into a lifelong commitment to learning all the layered intricacies of how finances work and the subtle art of investing.

Dave says, “Time is our most precious commodity and it saddens me profoundly to see how so many people still just throw it away without a second thought for the future. I knew early on that time was something to be invested in if you expect big returns in this life. I dedicated myself to learning about and mastering finance because I wanted that level of freedom being financially comfortable affords. That work ethic and my passion for lifelong learning have also led me into a host of other areas. To put it simply, I love learning because it improves your skills, helps develop key attributes, and makes you a more rounded individual. Learning is a lot of fun and helps unlock new worlds and new opportunities.”

As someone who has achieved success by not being afraid to place himself in uncomfortable and unknown situations purely to foster his resilience and knowledge, Dave Allred is a big believer that learning is a lifelong occupation. He states, “No individual on this planet, regardless of their intelligence or wisdom, ever stops learning. Learning is the building block of life and having a curious mind is a blessing. Financial gain is a strong motivator to learn new things, but for me, it’s the freedom that money brings, which is its unique selling point. Money, in essence, is impersonal and devoid of meaning but the relationships, memories, and experiences that it gives you along with the time and breathing space to create are priceless. That’s something I learned a long time ago.”

By Osagie Otabor, Akure

Three passengers rescued from kidnappers by men of the Ondo State Security Network codenamed Amotekun Corps have recounted their bitter experiences inside the forest.

The kidnapped victims blamed their driver for making their abduction easy.

They said their driver fled after they came down from the bus to enable it move freely at a bad portion of the road in Ifira-Akoko area.

The abductees, Benjamin Ojoga, Omolara Fajana and Faith Sunday, were handed over to their families at the Amotekun’s headquarters in Akure, the Ondo state capital.

They said the driver drove away after the kidnappers fired gunshots.

Read Also: Ondo Amotekun rescues three abducted travellers

The kidnappers attacked them on Wednesday and initially abducted 13 passengers in a Lagos bound bus.

Men of the Ondo Amotekun Corps rescued nine of the victims few hours later while the remaining three were rescued on Friday night after shootout with the kidnappers.

Ojoga, said it was easy for the kidnappers to abduct them because they were not conversant with the terrain.

He said: “It was after the gunshots that the driver of the bus zoomed off which gave the kidnappers opportunity to abduct us.

“I got the injury from the beating the kidnappers gave me. They were saying that I’m a force man and I told them I’m not. But they didn’t believe me.”

Fajana said: “On getting to Ifira-Akoko, we met another bad portion and the driver told us to come down so that the bus will be lighter and to enable it to move easily.

“Immediately we came down from the bus, we heard gunshots and everybody became jittery. At that moment, the bus zoomed off and the gunmen were able to pick four of us. One of us, an old woman who was limping was allowed to go but, they collected her phone.

“The incident happened around 6:30 pm. Then, they made us to walk for about three hours inside the bush. The kidnappers were speaking pigin English and they looked like herdsmen.”

Ondo Amotekun Commander, Chief Adetunji Adeleye, said efforts were on to apprehend the kidnappers.

He said: “After we were able to secure the release of the first nine, Amotekun operatives still continued to comb the forest which is so massive. It is the same forest that extends to some parts of Kogi State.

“We started tracing them and once they started maintaining contact with the victim’s families, we also commenced tracking up to the point we now gave them very hot chase and we were able to secure their release.

“For now, we have not made any arrest but we are tracking and working on them. We are actually working on the situation alongside the DSS, Police. It is a synergy of all security agencies, we are just taking the lead.”