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Tag: coronation

  • Coronation Merchant Bank appoints executive director

    Coronation Merchant Bank has appointed Onome Komolafe as Executive Director following the approval of the Central Bank of Nigeria (CBN).

    Prior to her appointment, Onome had worked as the bank’s Chief Operating Officer (COO)/Group Head of Operations and Information Technology Division. In that capacity, she oversaw the implementation of business strategies across the organisation and monitored performance in line with outlined organisational goals.

    She also brought to bear her over 20 years banking experience garnered from Guaranty Trust Bank and Access Bank to integrate various departments in the bank for operational efficiency.

    A resourceful banker, Onome who holds a B.Sc. and an MBA from the Obafemi Awolowo University, has worked in different areas of banking operations. She was Head of Branch Operations, Treasury Operations and Domestic Operations at different times at GT Bank where she started her banking career in 1997.

    At Access Bank which she joined in 2007, Onome was Head of Treasury Operations and subsequently oversaw the bank’s Centralised Operations Group where she created Standardised Procedures for the Domestic Funds Transfer Teams, Credit and Corporate Operations and leading the Treasury Software Implementation project in the Bank.

    Chairman of Coronation Merchant, Tunde Folawiyo, said on the appointment, “We are happy to welcome Onome to the Board of Coronation Merchant Bank. She brings onboard very rich and demonstrable experience that will significantly contribute to the actualisation of our aspiration of becoming Africa’s premier investment bank. This appointment brings diversity to our board and demonstrates our appreciation of employees’ contributions, Onome’s exceptional skills have proven to be an invaluable asset to our organisation”.

    As a thoroughbred banking professional with membership of reputable committees such as the Central Bank of Nigeria’s Financial Services Industry Infrastructure Transformation Programme, the RTGS (Real Time Gross Settlement) Implementation team, and the Payment Systems and Infrastructure Sub- Committee of the Bankers Committee, Onome’s appointment is beyond achieving the boardroom diversity goal, but a strategic decision to strengthen the Bank’s delivery capacity.

  • Fidelity, Coronation win banking awards

    Fidelity, Coronation win banking awards

    Fidelity Bank Plc and Coronation Merchant Bank Limited have won awards at this year’s BusinessDay Banking awards.

    Fidelity Bank Plc emerged winner in two categories, beating other nominees and carting away the prize for the ‘Most Improved in Corporate/Investment Banking’ and ‘Best Bank in Mobile Money Services’.

    Coronation Merchant Bank also emerged as the ‘Merchant Bank of the Year’. In emerging as the winner in his award category, merchant lender outperformed the three other merchant banks in the industry. Specifically, Coronation Merchant Bank led the pack in four out of the six award parameters to emerge as the ‘Merchant Bank of the Year’.

    The awards, which was conferred on Fidelity Bank during an elaborate ceremony in Lagos at the weekend, is in utmost recognition of the bank’s enduring commitment to building a vibrant and sustainable economy through the delivery of innovative financial services to its teeming customers.

    Receiving the award on behalf of the Bank, Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo pointed out that the awards were a lucid indication that the initiatives being implemented by the lender particularly as it relates to enhancing service delivery are yielding the desired result.

    A review of the criteria for the award category shows that Coronation Merchant Bank outstripped other nominees in the following key performance indicators, Profit After Tax (PAT), Loan Growth (LG), Return on Average Asset (ROAA) and Return on Average Equity (ROAE). Coronation Merchant Bank grew its PAT by 59.30 per cent in the year under review way ahead of the other banks.

    The bank also demonstrated industry leadership in loan growth, which validates its support for the development of the nation’s economy.  Over the past one year, Coronation Merchant Bank grew its loan portfolio by 817.26 per cent, attesting to the effective performance of its role as a financier Nigeria’s top corporates.

  • Coronation Asset Management eyes N50b mutual funds

    Coronation Asset Management, a subsidiary of Coronation Merchant Bank Limited, plans to build up its mutual funds to more than N50 billion within the next nine months as the investment management company seeks to open up bespoke opportunities to retail investors.

    Its Chairman, Mr. Abubakar Jimoh, who spoke on the background of the recent listing of three mutual funds at the Nigerian Stock Exchange (NSE), said the company will bring its experience in asset management and the pedigree of the Coronation Merchant Bank Group to bear on its mutual funds to make them attractive to investors.

    He noted that while the initial listing value of the three mutual funds was about N2.2 billion, the company plans to  grow the funds to N50 billion by the middle of next year.

    “Our target is to get these funds to like N50 billion by latest the middle of next year and to be able to do that, we need to ensure that there are activities on the funds. So, we started with the introduction of about N2.2 billion, that is about N48 billion to go; that means significant things have to happen to get to that volume  since our target is to ensure that there is massive activity on the funds. We need to make it happen, it will happen,” Jimoh said.

    He said the launch of the collective investment schemes and their listing on the stock market provided opportunity for retail investors to get better returns and take advantage of the pool of capital to take advantage of benefits that usually accrue to large high networth investors.

    “It is an investment opportunity for retail investors. The fact that these are listed also means that there is also going to be liquidity and pricing is going to be transparent. Demand and supply will drive the price and the performance of the funds will also be in line with the best international practice. The fact that we can bring retail investors together to have the same kind of benefits like institutional investors means that you don’t have to be afraid to invest your small funds in the market because ordinarily if a retail person invests, you don’t get the benefits of mass investment,” Jimoh said.

    According to him, the company also plans to combine its bespoke funds for retail investors with other exotic products such as electronic traded funds and real estate funds among others.

    “Before the end of the first quarter of next year we will bring additional funds to the market. Because we are a part of a group, Coronation Merchant Bank, we are going to push and work hard to ensure that we operate with the highest level of probity to ensure that investors have confidence and then investment will definitely increase,” Jimoh said.

    Jimoh, who is also the Managing Director of Coronation Merchant Bank, assured that the group has a strong pedigree in financial management noting that Coronation Merchant Bank has more than 24 years experience in financial management.

    “The history of Coronation Merchant Bank is that we have been in business since 1993. This is not a short-run kind of business, the company is in with long-term in mind, we have been doing it for a long time and we will continue to do it,” Jimoh said.

    He urged retail investors to embrace collective investment schemes, noting that mutual funds provide small and medium scale investors opportunity to earn higher returns and minimise their risks.

    “Collective investment scheme ensures that you are able to get similar benefit that an institutional investor will get. If you have N2 billion total fund for instance compared to someone who invest N10,000, you discover that you stand in a position of strength  than when you are investing small amounts. For instance, the returns, on the average, in the money market fund in the last few years is about 16 to 17 per cent, if you are investing N10,000 to N20,000 as a small investor, you would be getting between two to three per cent. That’s how massive the increase in the rate can be. This should encourage other investors to come into the market and get the same kind of benefits. When you invest collectively, you will get benefits that individually you cannot get,” Jimoh said.

    The three funds recently listed by Coronation Asset Management include Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund. The listing followed the success of the company’s initial public offerings for the mutual funds.

    Within its first year of commencement of business, Coronation Asset Management successfully pooled 479 subscribers with N1.65 billion through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205 million while Coronation Balanced Fund with 64 subscribers achieved N198.615 million.

  • Coronation Asset Management lists 3 mutual funds

    Coronation Asset Management, a subsidiary of Coronation Merchant Bank Limited, yesterday listed three mutual funds on the Nigerian Stock exchange (NSE), opening new opportunities for retail and institutional investors to invest in pools of diverse securities.

    The three listed funds were Coronation Money Market Fund; Coronation Fixed Income Fund and Coronation Balanced Fund. The listing followed the success of the company’s initial public offerings for the mutual funds.

    Within its first year of commencement of business, Coronation Asset Management successfully pooled  479 subscribers with N1.65 billion through the Coronation Money Market fund, Coronation Fixed Income had 39 subscribers and yielded N315.205 million while Coronation Balanced Fund with 64 subscribers achieved N198.615 million.

    Chairman, Coronation Asset Management, Mr. Abubakar Jimoh, said the listing was another milestone in the history of the company and a validation of its expertise in asset management.

    “By listing the N2.168 billion raised from the three funds on the stock exchange today, we are demonstrating to our investors that we are determined and committed to offer better prospects on their investments across all market conditions,” Jimoh, who is also Managing Director of Coronation Merchant Bank, said.

    Speaking on the funds, Aigbovbioise Aig-Imoukhuede, a Director in Coronation Asset Management noted that the funds will guarantee investors’ competitive yields as the company has put together a strong investment management team who will be guided by an investment committee with over 50 years combined experience to ensure the funds deliver on the expectations of investors.

    He noted that while the Coronation Money Market Fund offer investors the opportunity to maximize return on their liquid savings, the Coronation Fixed Income and Balanced Funds provide the best opportunity to realize medium to long term investment goals.

    According to him, the funds, which opened from July 10 and 28, 2017 at N1 per unit, offered all categories of investors, three viable options in line with domestic economic and financial market conditions, an opportunity to diversify their investment portfolios while relying on the experience and performance track record of the Coronation Brand to ensure their investments attain its required financial outcome.

  • Olubadan denies endorsing High Chiefs coronation

    Olubadan denies endorsing High Chiefs coronation

    The Olubadan of Ibadan land, Oba Saliu Adetunji, says he has no hand whatsoever in the proposed coronation of High Chiefs slated for Sunday at Mapo Hall by Gov. Abiola Ajimobi of Oyo State.

    Ajimobi had on Friday presented letters of conferment of Obaship titles to 30 out of the 32 obas recommended by the Justice Akintunde Boade (rtd) led Judicial Panel of Enquiry on the review of 1957 Olubadan Chieftaincy Declaration.

    The Boade-led panel had on Aug. 18 submitted its report recommending 11 Olubadan High Chiefs and 21 Baales to wear beaded crown in Ibadan.

    Olubadan had kicked against the review, saying he was not in support of it.

    In a statement issued on Saturday by Mr Adeola Oloko, Director, Media and Public Affairs to Olubadan, Oba Adetunji said his name being bandied around in some quarters as the father of the day at the occasion does not enjoy his blessing.

    ” I have said it for the umpteenth time that I am opposed to the chieftaincy review and its recommendations as the process for such exercise has not been followed.

    “Therefore, as being advertised in some media houses, l cannot see how, I could possibly play a fatherly role in an exercise that I have not endorsed

    “Besides, as the father of Ibadan indigenes irrespective of political and ideological persuasion, I cannot attend an occasion where local government executives of one political party have been sending text messages to the party members in Ibadan land to mobilise for the event as if it is a political rally,” Adetunji said.

    The monarch said he considered any conferment of crowns on anybody as an exercise in futility until otherwise reversed.

    Adetunji said that it was going to be contemptuous for anybody to attend that programme as there are two suits that are yet to be determined before the court.

    “”Where is the humanity of the organisers of the programme when Ibadan land is still mourning the passage of the Otun Balogun, High Chief Femi Olaifa, who was one of them until Aug.24,” he said.(NAN)

  • Court stops monarch’s coronation

    Justice Adeniyi Onigbanjo of the Lagos High Court has stopped the coronation of Hafeez Olakunle Badiru as the Oba of Langbasa.

    The judge also ordered Badiru not to parade himself as a traditional ruler.

    The court gave the ruling on Tuesday in a suit filed by Prince Saheed Adeniyi Sanni on behalf of the Langbasa community in Eti-Osa Local Government Area.

    Sanni prayed for the nullification of Badiru’s appointment as Oba on the ground that he was not chosen by the Kajerojaiye chieftaincy family which, he claimed,should produce the Oba.

    Joined as defendants in the suit are the Lagos State governor, Attorney-General, Commissioner for Local Government and Chieftaincy Affairs, Chieftaincy Committee of the Eti-Osa Council Area and Eti-Osa Local Government Area.

    In a supporting affidavit, Sanni averred that by the Amended Chieftaincy Declaration of Langbasa, the Kajerojaiye chieftaincy family was entitled to produce the Oba and had picked him as its candidate.

    He said he had been presented to the kingmakers who in turn presented him to the Eti-Osa Council Area authority.

    Sanni stated that all the traditional rites had been performed by the entire Langbasa people who were awaiting the confirmation of the Lagos State Government.

    He added that while they were waiting for the confirmation, “a group of people” came to the town and proclaimed Oba Badiru as the traditional ruler of Langbasa.

    His counsel, Ebun-Olu Adegboruwa, argued that it would amount to a taboo for the court to allow the coronation of two persons in the community.

    He said the choice of a ruler is exclusively for the Kajerojaiye family.

    The claimants are seeking, among others, a declaration that by virtue of the Langbasa Chieftaincy Declaration regulating the Elejigbo chieftaincy, Prince Sanni is the person entitled to the kingship of Langbasa and installation as the Oba Elejigbo of Langbasa.

    The case continues September 25.

  • Coronation to float IPO for N400m fixed income fund

    Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, has received regulatory approval to float an initial public offering (IPO) to raise N400 million for a new mutual fund.

    Regulatory document on the proposed IPO indicated that Coronation would be raising N400 million by offering 400 million units at a par value of N1 each to create its Coronation Fixed Income Fund. The Nigerian Stock Exchange (NSE), where the mutual fund is expected to be listed, has already approved the N400 million IPO.

    The latest approval came on the heels of earlier approval of two IPOs to create two mutual funds as part of efforts to develop its asset management business and provide the investing public with competitive investment opportunities.

    Under the first IPO, Coronation will be offering 1.5 billion units at a par value of N1 to raise N1.5 billion for its Asset Management Balanced Fund. The asset management firm will also be offering 200 million units at N1 par value in another balanced fund to raise N200 million.

    Mutual funds, otherwise known as collective investment schemes (CIS), are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks.

    A mutual fund is usually categorised by the class of assets that forms the primary focus of its investments. Thus, there are equity funds, money market funds, bond funds, real estate funds, ethical funds and balanced funds, among others.

    Each investor becomes a co-owner, otherwise known as unit holder, in a mutual fund. Mutual fund usually has a professional fund manager that oversees the value creation functions of the fund and a trustee that ensures that the underlining agreements setting up the mutual fund are adhered to. Other professional parties include the registrar, who keeps custody of the register of members of the funds.

    With several retail investors at the receiving end of the stock market recession, mutual funds appear to be increasingly attractive investment vehicles for retail investors’ participation in the stock market.

    There are several competitive advantages that drive investors’ desires for mutual funds. These include the availability of the service of a professional investment manager, which provides full-time expert investment management that several retail investors might not be able to provide.

  • Coronation to float N1.7b IPOs for mutual funds

    Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, is planning to float initial public offerings (IPOs) to raise funds for new collective investment schemes, otherwise known as mutual funds.

    Regulatory document on the proposed IPOs indicated that Coronation would be raising N1.5 billion and N200 million in two separate IPOs to launch two mutual funds as part of efforts to develop its asset management business and provide the investing public with competitive investment opportunities.

    Under the first IPO, Coronation will be offering 1.5 billion units at a par value of N1 to raise N1.5 billion for its Coronation Asset Management Balanced Fund.

    The asset management firm will also be offering 200 million units at N1 par value in another balanced fund to raise N200 million.

    The two IPOs have been approved by the Nigerian Stock Exchange (NSE) and will be listed on the Exchange after the completion of the issues.

    Mutual funds, otherwise known as collective investment schemes (CIS), are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks.

    A mutual fund is usually categorised by the class of assets that forms the primary focus of its investments. Thus, there are equity funds, money market funds, bond funds, real estate funds, ethical funds and balanced funds, among others.

    Each investor becomes a co-owner, otherwise known as unit holder, in a mutual fund. Mutual fund usually has a professional fund manager that oversees the value creation functions of the fund and a trustee that ensures that the underlining agreements setting up the mutual fund are adhered to. Other professional parties include the registrar that keeps custody of the register of members of the funds.

    With several retail investors at the receiving end of the stock market recession, mutual funds appear to be increasingly attractive investment vehicles for retail investors’ participation in the stock market.

    There are several competitive advantages that drive investors’ desires for mutual funds. These include the availability of the service of a professional investment manager, which provides full-time, expert investment management that several retail investors might not be able to provide.

    Mutual funds allow for diversification into a broad range of securities thus protecting the fund from sectoral or stock-by-stock or sometimes economic shocks. Given the economy of scale, mutual fund tends to incur lower cost, which also reflects on the cost per head on each investor. Several mutual funds also provide additional services to investors, including continuous investment plan, investment information service, estate planning, cross-selling products and personalised financial assistance and supports.

     

  • Grandeur as monarch marks coronation anniversary

    Grandeur as monarch marks coronation anniversary

    Ilawe-Ekiti, headquarters of Ekiti Southwest Local Government Area of Ekiti State, was agog for the fifth coronation anniversary of the Alawe, Oba Adebanji Ajibade Alabi. ODUNAYO OGUNMOLA reports that the presence of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, added colour to the event. 

    All roads led to Ilawe-Ekiti, one of the major towns in Ekiti State as the residents celebrated their monarch, the Alawe, Oba Adebanji Ajibade Alabi, who marked his fifth coronation anniversary.

    He was crowned the Alawe and received his staff of office on April 27, 2012 from the former Governor of Ekiti State, Dr. Kayode Fayemi, and succeeded the late Oba Adeyemi Ademileka.

    Before ascending the throne, Oba Alabi was a career diplomat who served in many Nigerian embassies and high commissions in many parts of the world.

    Since his enthronement, the community had witnessed social, economic and infrastructural development with the monarch using his local and international connections to attract development to his kingdom.

    The week-long activities featured football competition and free medical mission in which over 500 residents of Ilawe were treated of their ailments free. The medical mission was personally sponsored by the Oba.

    A massive crowd thronged the sports field of Corpus Christi College, Ilawe; venue of the coronation anniversary, with the rich cultural heritage of the town on display.

    A long queue of cars parked along Ilawe Road because the owners could not find parking space inside the Corpus Christi College. It was an indication to passers-by that something unique was going on in the town.

    Security agents had a hectic time controlling the surging crowd that trooped to the venue from within and outside the town.

    Lagos lawyer, Mr. Femi Falana (SAN) who was the Chairman of the Anniversary Planning Committee was on top of his game to ensure that things went on smoothly.

    Some eminent personalities who witnessed the event included the Ekiti State Governor, Mr. Ayo Fayose; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Minister of Mines and Steel Development, Dr. Kayode Fayemi; his wife, Erelu Bisi Fayemi; Asiwaju Oyedeji Olajubu, who was chairman

    of the day; traditional rulers, politicians and community leaders.

    The event featured cultural dances by various groups in the community. Chiefs, women, youths and non-indigenes resident in Ilawe paid homage to their king.

    It was also an occasion for those who are indigenous to the town to take stock of the development of the town and also envisage better things to offer their homeland.

    The Ooni of Ile-Ife, Oba Ogunwusi, advocated unity in Yoruba land to facilitate the development of communities, towns and states in the region.

    He said traditional rulers should play pivotal role in the development of their communities by using their positions to attract social and economic development to their domains.

    Oba Ogunwusi, who spoke in his capacity as the royal father of the day, emphasised that unity and peace are needed for sustainable development. He urged the Yoruba to co-operate with their monarchs in order to realise the dream.

    He said: “I want to appeal to all Yoruba wherever they are to be united and I want them to always embrace peace because nothing can be achieved in an atmosphere of crisis.

    “We need peace to ensure development and when we join hands together, we are going to achieve many things. It shall be well with us in Yoruba land and it shall be well with us in Nigeria.”

    Two natives of the town, popular musician, Folarin Falana, popularly known as Falz and a medical doctor, Lamide Orekunrin, were honoured with Award of Excellence.

    A Port Harcourt-based lawyer, Ifedayo Adedipe (SAN) was among the personalities who bagged chieftaincy titles at the coronation anniversary. Adedipe was honoured with the title of Otunba Gbaweluyi.

    Others who received chieftaincy titles included Prof. Idowu Odeyemi (Atunluse), his wife, Prof. Sola Odeyemi (Yeye Atunluse), Engr. Akin Abereowo (Otun Bobasua), his wife, Modupe (Yeye Bobasua), Captain Jacob Ajao (Fiwagboye), Mrs Aduke Asaolu (Iyalaje) and Mr. Ndubuisi Okemini (Kajewolu).

    The Alawe, Oba Alabi paid tributes to his predecessors for their heroism which made Ilawe to be a reputable town that was jealously defended from invaders.

    The incident, according to Oba Alabi, occurred in 1925 during the reign of Oba Afinbiokin who fought back colonial overlords who wanted to turn Ilawe people to slaves in their homeland.

    According to him, Oba Afinbiokin was sent on compulsory exile by the colonial warlords that year and he remained there till his death four year later To Oba Alabi, that tragedy was Oba Afinbiokin’s legacy as a freedom fighter for the Ilawe people and a sterling contribution to the emancipation/liberation struggle for the people. He also paid tribute to another Alawe, Oba Adefolalu.

    He also recalled an incident in which some people burnt down his house in the town in 1995 while he was out of the country on a diplomatic service as a result of the revelation by the Ifa divination that he would be an Alawe in the future.

    Oba Alabi explained: “It happened on April 28, 1995, and was a most unfortunate. I just returned from Cameroun where I was serving on foreign mission then. It was my first big money and my wife had planned to use the money to build a nice house along Igede-Ilawe Road instead of squandering it on frivolities.

    “You know there is always this phobia for royalty. We wanted to be removed from such acrimony. In fact, I refused to use any of the lands belonging to our royal family. I was not even around from the beginning of the contraction till its completion.

    “I only came around when the house was completed, but the house had become the talk of the town. It was a small but classic structure.

    But then, just three months after its completion, some people razed the building down.

    “The incident gave me and my family serious trauma and was a major setback for me. My family and I had to relocate to Abuja after the incident. I had all my things in that house when it was razed.

    “A lot of investigations went into the incident and it was discovered that it had much to do with what I would become later in the future. Some people had found out through Ifa that the owner of the house would one day sit on the throne of the Alawe and were angry with that.”

    Speaking further about what distinguishes Ilawe among other communities in Ekiti, Oba Alabi said, apart from the town’s rich cultivation of huge and nutritious bananas; there are traditional

    festivals that have great significance for the survival of the people of the town.

    Of the several festivals usually organised by the people to celebrate their deities, Ajagbo, Orinlase and Olofin are most significant.

    Ajagbo Festival, according to Oba Alabi reveals secrets of people who have perpetrated evil deeds and thus helps the community to checkmate activities of such wicked people.

    The royal father said: “With Orinlase, a deity that protects the people of Ilawe from robbers, no robber or thief that intrudes into Ilawe would escape from the town without being caught, especially if he kills a native of the community.”

    Speaking on the Olosin Festival, Oba Alabi said: “It is the most unifying festival of the town. It is the Oba’s festival, celebrated every June, July and August of the year, according to what time it falls in the calendar.

    “The Oba, during the festival, is expected to come to the public, dance round certain culturally significant spots in the town, changing his regalia. In the past, it used to be for seven times, now

    we have reduced this to only three times.

    “ It is such an elaborate ceremony that many people are invited and masquerades display in various ways.”

    Oba Alabi expressed delight at the achievements recorded during his reign, even as he also highlighted some of the challenges the community experiences.

    He said: “We have recorded several achievements in the past five years. We are getting more united as we have been navigating through disputes, some of which predated my ascension to the throne, and we are settling them. Several of our sons and daughters have excelled in their careers. We are proud of them.

    “In terms of physical developments, we can see the contraction of modern and beautiful edifice and structure springing up at every nook and cranny of the town. Some of these include the Lakeview Resort along Igbara-Odo Road, Provincial Headquarters of the Redeemed Christian Church of God, along Igede Road and the Federal Government College along Ikere Road.

    “We now have internet facilities courtesy of my efforts on ascension to the throne, and our Youth Empowerment Fund which I instituted has seen some of our indigent young scholars through their education.

    “We equally have better school facilities as recorded by the administration of former Governor Fayemi and the incumbent Governor Fayose is building a dual carriage way as part of the township roads.

    “We also have given the palace a new, more befitting modern outlook by rebuilding it to taste. We wish to appeal to Governor Fayose not to forget the promise to construct the Ilawe-Ikere Road which is very dear to us.”

  • Man defies tradition, sits on Tor Tiv’s seat ahead of coronation

    A man, Stephen Nyitse on Saturday at the JS Stadium Gboko outsmarted security men and sat on the stool prepared for the coronation of the 5th Tor Tiv, Prof. James Ayatse.
    Speaking to security personnel under interrogation, Nyitse said he was prompted by God to cleanse the stool for the new king.
    ” I sat on the stool in order to cleanse it and make it comfortable for the incoming Tor Tiv.”
    Retired Brig.-Gen. Atom Kpera, the Chairman, Central Planning Committee for the coronation, who was present at the scene, ordered security men to take him outside and punish him.
    Officials, however, said they would investigate the motive behind the act.
    Some respondents who spoke to the News Agency of Nigeria (NAN) described the act as “strange and abominable.”
    Meanwhile security measures had been tightened both within and outside the stadium with roads leading to the stadium blocked, while dignitaries are being conveyed to the venue in buses.(NAN)