The Nation Newspaper

Tag: 70

  • Suspected herdsmen kill woman, 70

    Suspected herdsmen have killed a 70-year-old woman, Mrs. Eunice Omoshola Komolafe, at Jege in Yagba East Local Government Area of Kogi State.

    The Nation learnt that the incident occurred on Wednesday.

    The killing of the woman, a mother of five, has caused uproar in the community and its environs.

    Residents said the killing of Mrs. Komolafe was the latest in a series of such dastardly acts by suspected herdsmen.

    Read also: CCT to resume hearing Monday in case against Onnoghen

    The deceased, according to a community leader and the National President, Jege Development Association, Dr. Folorunsho Foline Olayemi, was murdered on her way to farm.

    The residents urged the police commissioner and the commander of the Nigeria Security and Civil Defence Corps (NSCDC) to post their personnel to the community to ensure security of lives and property.

    Efforts to speak to the police proved abortive last night, as spokesman William Aya could not be reached.

     

  • JP Morgan: Oil prices won’t go higher than $70

    Oil prices at $70 may be the top of the range in the price of oil that would be seen over the next few years, chief global strategist at JPMorgan Asset Management, David Kelly told Bloomberg Daybreak: Americas yesterday.

    “Yes, we’ve got those geopolitical issues, but I don’t know if sanctions would be that effective, it has to be a global effect,” Kelly said.

    Based on the cuts in production and on growth in the U.S. shale industry, oil at $70 a barrel may be “as high as it gets”, according to the strategist.

    “That’s a price that I don’t think is hurting U.S. consumers too much,” Kelly said, adding that $70 oil is a price that’s actually helping the stock market and U.S. energy companies.

    At the beginning of this year, J.P. Morgan lifted its Brent oil price forecast to $70 a barrel for 2018. The global economy will continue to expand, which will stimulate growth in oil demand and healthy prices, J.P. Morgan said in January, expecting that 2018 would be a year of two halves for the oil market and oil prices. The first half of the year will be so strong that Brent could hit $78 a barrel in the first or the second quarter. Yet, in the second half of the year, drillers will increase their production in response to the higher prices, and this higher production may weigh on oil benchmarks, according to J.P. Morgan.

  • Big banks control 70%

    Big banks control 70%

    Big banks are dominating the Nigerian banking space, controlling as much as 70 per cent of its market share. The big lenders also have most of the bad loans in the industry.

    These and more facts are contained in the 2017 Nigerian Banking Sector Report, “Nigeria Reopens for Business”, which was released at the weekend in Lagos. The report will be launched by Central Bank of Nigeria (CBN) Governor Godwin Emefiele at the London Stock Exchange (LSE) on Friday.

    The CBN classifies lenders into three groups: large or big banks, those with assets greater than or equal to N1 trillion; medium banks with assets greater than or equal to N500 billion but less than N1 trillion and small banks with assets of less than N500 billion.

    The report, prepared by Afrinvest West Africa, an independent investment banking firm, shows that naira’s depreciation affected all the banks and the oil and gas/ power sectors. It observed a continued widening of the gap between the Tier-1 and the Tier-2 banks due to naira devaluation and foreign exchange (forex) crisis.

    “Once upon a time, Tier-1 banks accounted for about 60 to 65 per cent of the market share of the banking sector. In the universe of 14 banks we covered in this report, we have seen that percentage rise to over 70 per cent. Tier-1 banks have continued to grow, often at the expense of the Tier-2 banks,” Ike Chioke, Managing Director, Afrinvest West Africa told financial journalists in Lagos.

    On whether the Tier-1 banks will eventually swallow the Tier-2 banks and push them out of the market, he said: “No. There must be specialisation for everybody. The banking industry is growing and we have seen double-digit growth over all. It’s just that the Tier-1 banks are growing faster. So, it could be a Tier-2 bank that may see its business double. There will be areas of specialisation. There are certain transactions that go to Tier-2 banks because they are more specialised in that area and get decision making faster. So, you will always find space for each of the banks”.

    Chioke spoke of how banks that extended foreign currency loans to the power sector and oil and gas sector had their problems magnified by devaluation of the naira.

    He said that some of the Tier-1 banks with more foreign currency deposits that were risk assets benefited from the devaluation and, therefore, were booking forex gains.  “The likes of Guaranty Trust Bank, Zenith Bank, United Bank for Africa and Access Bank belong to that group,” Chioke said.

    He went on: “You might also recall that some of the members of the Monetary Policy Committee of the Central Bank of Nigeria have observed that some of the Tier-2 banks might be challenged. While one may say that the system itself is sound, but if we have multiple Tier-2 banks that are challenged, and if all of them were to go down at the same time, you could have a pack of a systemically important bank.”

    The forex crisis, he noted, created problems in the power sector because a lot of people had borrowed money in foreign currency to build gas pipelines, gas processing systems to deliver power to the power stations and now the power stations cannot pay for that. That, he said, led to massive bad loans.

    Chioke said some of these bottlenecks had been resolved. The positive profit momentum, which most of the banks registered, has given them some buffer to get away with some of the ailing problems mentioned, according to him.

  • Erelu Dosunmu set to hit 70

    While beauty is temporary, class is permanent, and while the crowd may be momentarily dazzled by ephemeral allure, it is ultimately grace, poise and intelligence that leave a lasting impression in the end. One woman who epitomises the latter category is none other than Erelu Abiola Dosunmu.

    Since her installation as the ceremonial queen mother of Lagos, ageless socialite and Erelu Kuti of Lagos, Abiola Dosunmu, has maintained an air of elegance. Even as the years fly by and celebrities enter and exit the revolving door of fame, Erelu Kuti has adapted to circumstances effortlessly to keep her place at the top of the social ladder with minimum fuss and maximum flourish.

    Spotting her trademark all-white attire at social functions, Madam Dosunmu regularly turns heads with captivating looks that make her look like someone half her age. Not even the demise of three of her closest male friends, including her former husband, Ambassador Deinde Fernández, would slow her down.

    As she struts towards her 70th birthday in a few weeks, she remains as energized as ever.

  • Septuagenarian wants court to dissolve 35-year- old marriage

    After 35 years of marriage   blessed with two daughters, Mr Momodu Abu,70, on Wednesday pleaded with an Igando Customary Court in Lagos State to dissolve his marriage to Saidat, 57, his wife.

    The News Agency of Nigeria (NAN) reports that Momodu had alleged that Saidat was into fetish practice.

    “My wife is fetish; I came back from work one day and discovered that a portion within my compound had been cemented.

    “I was curious to know what was buried inside the ground, so I called my people and we dug the ground and saw a charm buried there.

    “My wife wanted to kill me so that she can inherit my property,’’ Abu said.

    The 70-year-old businessman presented pictorial evidence of the buried but later excavated charm; which he alleged, was the handiwork of his wife.

    He said that his wife was no longer cooking for him nor was she washing his clothes.

    “My wife cannot do any house chore; I am married but living like a single man, I can no longer tolerate her,’’ he said.

    He also accused his wife of inscribing, “This house is not for sale’’ notice on the wall of his house without his consent.

    The petitioner urged the court to dissolve the marriage, saying he was fed up.

    However, the respondent, Saidat, alleged that her husband did not only commit adultery but incest.

    “My husband was having an affair with my sister; she aborted two pregnancies for him.

    “I decided not to fight him in order to save my marriage,’’ she said.

    Saidat, mother of two daughters, also described her husband as a wicked and callous man.

    “My husband took me to one hospital where he connived with the doctor to remove my womb so that I will not be pregnant again.

    “After destroying my womb; he is now telling me that he wanted to marry another woman, so that he can have a son that will inherit his property.

    “He also told me he wanted to sell our house so that he can settle our daughters and rent an apartment for me before he moves on with his life’’.

    The 57-year-old trader, however, begged the court not to grant her husband’s request, saying she was still in love with him.

    “Who will marry me now after my husband has destroyed my womb? Please do not grant his request,’’ she said.

    The court’s president, Mr Adegboyega Omilola, however, reconciled the couple and advised them to keep the peace in their marriage and be law abiding.

     

  • Abiola Dosunmu waxes strong at 70

    Abiola Dosunmu waxes strong at 70

    The Erelu Kuti of Lagos, Abiola Dosunmu, is one of the lucky few who can claim to have fought the good fight of life without a scar. The queen mother of Lagos Kingdom has gone through many ups and downs of life, but through it all, she has always displayed the grit and tenacity required to subdue challenges. She has thus weathered the storms of life to emerge as one of the most admired and respected women around.

    The matriarch of high society will be 70 soon, but she is showing no signs of slowing down. She remains very visible on the social scene where she remains the toast of many in spite of her advanced years. Armed with royalty, wealth, nobility, feline grace and good dress sense, she remains very much a force to reckon with on the social landscape.

  • Kema Chikwe turns 70

    Former Aviation Minister, Kemi Chikwe, turned 70 two weeks ago and held a party to celebrate the occasion. She was one of the first women to gain prominence in the Fourth Republic, rising to the position of Minister of Transport and then that of Aviation in the Obasanjo administration.

    Since then, she has been a low-key player in the political game. But she took the opportunity of her 70th birthday to gather her family, friends and associates together to eat, drink and reminisce.

    Her musician son, Naeto C, and his wife, Nicole, graced the Abuja event alongside singer AM and his nephews, Asika and Asa, among other guests.

    Chikwe is one woman who has accomplished a lot in the Nigerian political landscape. She has served the country as its ambassador to Ireland and she is currently the National Woman Leader of the opposition Peoples Democratic Party. Kema is also an author and scholar, having contributed to several books, especially in the area of education.

    She has a doctorate in Curriculum Education from the University of Nigeria, Nsukka.

  • TEMPLE MANAGEMENT TO CELEBRATE KSA AT 70

    VETERAN Juju singer, King Sunny Ade has granted talent agency and event firm, Temple Management Company (TMC) rights to organise a concert as the climax of his 70th birthday celebrations. The event is also to mark his 50th anniversary of his ‘coronation’ as the ‘King’ of juju music.

    According to information, TMC is saddled with the task of putting together what is believed to be “a seminal moment” on the Nigerian event and showbiz circuit.

    Assuring KSA of a flawless project delivery, TMC’s founder, Idris Olorunnimbe, stated that it was an honour to be considered by the legendary music genius to host such a historic concert.

    “We do not take with levity the trust reposed in us at Temple Management Company by one of Nigeria’s biggest music colossus, King Sunny Ade. We take this assignment as a big endorsement on our competencies as an organisation,” he said.

    Olorunnimbe added that his vibrant team has already started work on this project, working with both local and international partners to deliver something that fans of the legendary KSA will be very proud of.

    Mark Redguard, Head of Entertainment at TMC, also promised a show to remember. “KSA at 70 will have the very best of local and international entertainers. He is a national treasure and he deserves an event that reflects his iconic status,” Redguard said.

    Expressing satisfaction in TMC, the Juju music maestro scored the event company high and expressed confidence in their competence to deliver a world-class show. “I have been around the industry long enough to realise that the guys at Temple Management Company are very sharp and know what they are doing with their level of professionalism. I am very pleased to work with to put together a befitting 70th birthday concert for me,” he revealed.

    KSAde turned 70 last September and has been feted by different associations and organisations in a long line of ceremonies. The celebrations will climax with a ground-breaking concert production.

     

  • No regrets for Cecilia Ibru at 70

    An interesting fact about the storms of life is that once the storm is over, you forget the pains that went with getting through it. And when the storm is over you are not likely to remain the same.

    The foregoing appears to be the case with former Managing Director of Oceanic Bank, Mrs. Cecilia Ibru. She is no longer the same person she used to be after her battles with the anti-corruption agencies. Not only has she sat at the feet of life to receive lessons that only life itself is capable of teaching, her perception of life has been restructured by the hard blows.

    Ibru has attained that curve of life where words can no longer make up for her misdeeds. After the woes that befell the former boss of the defunct Oceanic Bank, she has rediscovered the essence of philanthropy.

    She was full of smiles as she clocked 70 penultimate Tuesday, March 22, 2016, and despite all that she has been through, Cecilia remains strong and ageless. The former bank chief, popularly called the first lady of banking back then, suffered a reversal of fate when she was hit by the Sanusi Lamido Sanusi-led Central Bank of Nigeria’s tsunami, following allegations of financial recklessness levelled against her. The influential banker was forced to crawl away from the social scene back into her shell.

    Noted for her generous disposition, Cecilia was instrumental to the rise of many men and women to the esteemed circle of the rich in contemporary Nigeria. Some of the gestures landed her in trouble, but she has no doubt learnt from her mistakes.

    Conscious of the transient nature of power and affluence, Cecilia has renewed her passion for philanthropy with unparalleled vigour. She currently helps the needy through her brainchild, the Michael and Cecilia Ibru Foundation.

  • ‘70 per cent of inmates awaiting trial’

    ‘70 per cent of inmates awaiting trial’

    About 70 per cent of prison inmates are awaiting trial, the Prison Fellowship Nigeria (PFN) Secretary-General Jacob Tsado, has said.

    Speaking with reporters during the group’s Family Week/Annual General Meeting (AGM) at the Redemption Camp of the Redeemed Christian Church of God (RCCG) in Mowe, Ogun State, Tsado called for a review of the criminal justice system.

    He said: “Our justice system is tilted against the victim. Justice is done when harmony is restored. We have inmates whose files are lost; they have no lawyers and on the day they are to appear, the Black Maria vehicle refuses to work because either it has no fuel or it is not in good working condition.

    “So, the court has to adjourn the case. You can imagine someone who had waited for four months for his case and on that day, the case is adjourned for the above reasons. That is why in Prison Fellowship, we have become the voice for the voiceless.”

    The scribe said the Week was aimed at stocking and equipping PFN members spiritually and morally for the tasks ahead.

    “The popular saying is: ‘You can’t give what you don’t have.’ To give to prisoners, we need to be imparted by the power of God and to acquire relevant skills and capacities for prison ministries. For people to be engaged in the system, they need to be taught certain things for us to go out and spread the good news to engage people in criminal justice.’’

    He noted that PFN is specialised non-governmental organisation (NGO) involved in security, criminal justice and the law.

    To tackle the problems of those on the awaiting trial list, Tsado said his group was partnering the Lagos State government on the adoption of the restorative justice system, adding that is signed an memorandum of understanding with the government.

    He said the system would promote harmony, peace, development and reintegration of offenders to the society.’’ It is good for communal progress,’’ he added.

    The group’s Chair Dorcas Din appealed to the government and individuals to assist body to build its centrein Abuja to train newly released inmates before they are enter the society. She said the group has acquired land for the centre but had not been able to develop it.

    She urged the government to rehabilitate the prisons, saying many of them have dilapidated facilities.

    PFN’s Executive Director Ben Iwuagwu, a lawyer, urged all political leaders to assist in reforming the prisons. He said the prisons should serve as reformative centres. He said it was wrong to make them punitive, adding that our leaders have a responsibility to the downtrodden, especially those in the prisons in this regard.