The Nation Newspaper

Tag: N10b

  • Fed Govt disburses N10b to 300, 000 poor Nigerians in two years

    THE Federal Government has since 2016 disbursed N10 billion to no fewer than 300,000 beneficiaries through its Conditional Cash Transfer (CCT) programme.

    CCT National Programme Coordinator Dr. Temitope Sinkaye stated this yesterday on the sidelines of the National Cash Transfer Programme Mid-year Review in Ilorin, according to the News Agency of Nigeria (NAN).

    She said the programme started in 2016 with eight pilot states that met the condition set by the Federal Government.

    The condition, Sinkaye explained, was just for states to provide offices, personnel and equipment for the take-off of the programme.

    “All states are eligible to participate in the programme, but upon fulfilling some conditions.

    “So currently, we have only 20 states that have fulfilled the conditions.

    “As at 2016 when we started the programme, only eight states met the condition and as at today, we have 20 states and we are still counting.

    “The condition is that states will provide the programme with office, staff and equipment while the Federal Government takes it up from there.

    “Once the state is done with that, the Federal Government takes up from there and train the personnel on what the programme is all about,” she said.

    On the modality for selection of beneficiaries, the national coordinator said that they were selected through a process known as “community-based targeting”.

    “There is a different government agency that is charged with the responsibility of identifying the beneficiaries and the agency is known as the National Social Safety Net Coordinating Office at the national office,” Sinkaye said.

    She noted that the community-based targeting team of the office at the local government level move from one community to another to identify the poorest set of Nigerians through the help of members of those communities.

  • Alleged diversion of N10b: Fed Govt files charges against Suswam, two others

    Alleged diversion of N10b: Fed Govt files charges against Suswam, two others

    The Federal Government has accused former Benue State Governor, Gabriel Suswam and two others of diverting about N10billion meant for the SURE-P programme of former Goodluck Jonathan’s administration.

    The accusation is contained in two fresh charges against Suswam, Omadachi Oklobia and Mrs. Janet Aluga (Finance commissioner and accountant, Benue State Government House under Suswam’s administration) at the Federal High Court, Abuja.

    They were, in the first charge of five counts, accused of unlawfully transferring the fund from the Benue State SURE-P account: 1013470079 and 0116099195 domicilled at Zenith and Guaranty Trust banks.

    In the second charge of four counts, they were accused of unlawfully taking possession of the fund.

    When the charges were mentioned yesterday before Justice Gabriel Kolawole, the defendants were absent in court.

    Lead prosecution lawyer, David Igbodo, told the court the Inspector General of Police (IGP), who authorised the charges, had resolved to work with the federal attorney general (AGF) in the prosecution of the case.

    As a result, he said the IGP directed that the file be forwarded to the AGF for his contributions.

    Igbodo prayed the court for an indefinite adjournment to enable the IGP forward the case file to the IGP and for both offices to harmonise their positions.

    Lawyer to the defendants, A. O. Ochogwu confirmed the position as stated by Igbodo. He said his clients had been informed of the prosecution’s arrangement, which informed their absence in court.

    Ochogwu did not object to Igbodo’s request for an adjournment, following which Justice Kolawole adjourned both cases indefinitely.

    Suswam, Oklobia and Mrs. Aluga are, in count one of the first charge, accused of conspiring to unlawfully transfer “N8, 315,079,692.07 from the Benue State SURE-P account numbers: 1013470079 and 0116099195 domicilled in Zenith and Guaranty Trust banks to Government House Administration accounts number: 1010658643 and 0027952907 domiciled in Zenith and Guaranty Trust bank and Ministry of Finance account number: 1013852648 domicilled in Zenith Bank, with intent to conceal the money, which you or reasonably ought to know forms part of the proceed of an unlawful act, to wit: fraud and corruption, offence contrary to Section 18 and punishable under 4ection 15 of the money laundering (prohibition) Act 2011”

    They are, in count two, accused of unlawfully transferring the amount in count one, and as such, committed an offence punishable under Section 15 of Money Laundering (Prohibition) Act.

    In count three, they are said to have “unlawfully transferred N300m from the Benue State SURE-P accounts number:  1013470079 and 0116099195 domiciled in Zenith and Guaranty Trust banks to Government House Administration accounts number: 1010658643 in Zenith Bank with intent to conceal the money.”

     They were, in count four, accused of transferring “N858,024,070.50 from the Benue State SURE-P accounts 1013470079 and 0116099195 domiciled in Zenith and Guaranty Trust banks to Government House Administration accounts number: 0027952907 domiciled in Guaranty Trust Bank with intent to conceal the money.”

    In count five, they are accused of transferring N739,811,569.60 from the Benue SURE-P accounts numbers: 1013470079 and 0116099195 domiciled in Zenith and Guaranty Trust banks to the Ministry of Finance account number: 1013852648 domiciled in Zenith Bank, “with intent to conceal the money which you withdrew in several instalments, too possession of and retained for your use, the money which you know or reasonably ought to know forms the proceed of an unlawful act.”

    Suswam, Oklobia and Mrs. Aluga are, in the first count of the second charge, alleged to have, “on or about 2nd and 9th April 2015 conspired to fraudulently convert N450,000,000 belonging to the Benue State Government House Administration, which was domiciled in the United Bank of Africa. Account number: 1017348051, fund, which you know or reasonably ought to know forms part of unlawful act.”

    They were, in count two alleged to have taken “possession of N10m, fund belonging to the Benue State Government House Administration, which was domiciled in the United Bank of Africa account number: 1017348051”

    In count three, the defendants were said to have, “on April 7, 2015 at the United Bank of Africa, Makurdi, Benue State took possession of N80m, which was withdrawn in eight instalments of N10m each, fund belonging to the Benue State Government House Administration which was domiciled in the United Bank of Africa. Account number 1017348051.”

    They were, in count four, alleged to have “on the 2nd of April 2015 at the United Bank of Africa, Makurdi, Benue State, took possession of 300m, which was withdrawn in 30 separate instalments of N10m each, fund belonging to the Benue State Government House Administration, which was domiciled in the United Bank of Africa account number: 1017348051.”

  • Transcorp doubles profit to N10b in Q3

    Transnational Corporation of Nigeria (Transcorp) Plc continued in its strides in the third quarter as the conglomerate again doubled its turnover and profit, increasing the prospects for better returns in 2014.

    Key extracts of the interim report and accounts of Transcorp for the nine-month period ended September 30, 2014 showed that turnover leapt by 166.55 per cent. Gross profit rose by 129.6 per cent while operating profit doubled by 112.7 per cent. The conglomerate’s profit before tax grew by 88.5 per cent while profit after tax rose by 130.7 per cent.

    Transcorp’s turnover rose to N31.40 billion in September 2014 as against N11.78 billion in comparable period of 2013. Gross profit also rose from N9.20 billion to N21.12 billion. Operating profit stood at N12.36 billion in 2014 compared with N5.81 billion in 2013. Profit before tax jumped from N5.15 billion to N9.71 billion while profit after tax doubled from N3.58 billion to N8.26 billion.

    The third-quarter performance underlined the continuous improvements in the earnings of the conglomerate in recent period. Interim report of Transcorp for the six-month period ended June 30, 2014 had shown that turnover rose by 177 per cent while group operating profit and pre-tax profit jumped by 145 per cent and 122 per cent respectively.

    The report showed that turnover doubled to N21.2 billion in June 2014 as against N7.67 billion recorded in comparable period of 2013. Gross profit rose from N5.99 billion in first half 2013 to N14.96 billion in first half 2014. Operating profit for half year 2014 was N9.75 billion as against N3.99 billion in comparable period of 2013. Group profit before tax doubled to N8.02 billion in 2014 compared with N3.61 billion in corresponding period of 2013. After taxes, net profit rose from N2.48 billion in 2013 to N6.89 billion in 2014.

    The board of Transcorp recently appointed Mr. Emmanuel Nnorom as the president and chief executive officer of the conglomerate with a mandate to push the conglomerate’s profit to $1 billion by 2018.

    Nnorom took over on September 1, 2014. He succeeded Mr. Obinna Ufudo, who had led the conglomerate since 2011.

    Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Mr. Tony Elumelu, said the change was meant to further consolidate the growth of the company noting that the outgoing chief executive had laid a good foundation by delivering on the corporate objectives under the phase one of the corporate transformation.

    “In his three years as CEO of the Transcorp Group, Obinna Ufudo laid a strong foundation of good governance, achieved significant financial returns for the company and played a key role in transforming an ailing enterprise, into an emerging investment powerhouse, with a market capitalisation of over US$1.2bn.  He will be handing over a transformed business to Emmanuel Nnorom. With the implementation of Phase 2 of our strategic intent, we expect accelerated growth in all spheres of our business, with a clear objective of $1 billion in profits by 2018,” Elumelu stated.

  • We‘re accessing N10b Cassava Fund, say farmers

    Farmers have started accessing the N10billion Cassava Bread Fund approved by the Federal Government, the President, Nigeria Cassava Growers Association? (NCGA), Pastor Segun Adewumi, has said.

    He said N2.4 billion was given to farmers to grow cassava.

    Adewumi, who spoke with The Nation in Abuja  said farmers would be blamed if the recent new policy on cassava flour fails.

    He said: “The farmers have started working with the funds. N2.4 billion was given  to grow cassava. The fund is divided between, cassava growers, the processors and the master bakers. Both processors and the master bakers have fund to upgrade their equipment, cassava growers have fund to provide affordable and adequate cassava for the programme.

    He explained that the banks now have confidence to give out money to farmers because they know that the market is waiting with  multiplied patronage. He said  government has given the cassava growers free hand to drive the 20 per cent cassava flour inclusion in bread baking.

    He said: “We have tried it before but it didn’t work because the implementation had a problem, but right now, the minister has given farmers a free hand. He said if anybody is to be blamed for its failure, it’s the farmers, because it’s no longer the government that is controlling it; gvernment has given the controlling powers to farmers and we are very happy.

    “As at now, we are supposed to do 29, 500 hectares which by this month end, we must have completed. So work is going on all over the country around the high quality cassava flour production centres.”

  • Stanbic IBTC to float N10b Exchange Traded Fund

    Stanbic IBTC Holdings Plc is concluding arrangements for an initial public offering (IPO) to raise about N10 billion for an Exchange Traded Fund (ETF).

    Stanbic IBTC plans to issue 100 million units of a new ETF to be known as IBTC NSE 30 ETF at a price of N100 per unit.  The ETF will be built on the NSE 30 Index, a modified market capitalization index that tracks the 30 most capitalised companies on the Nigerian Stock Exchange (NSE).

    The stocks that made up the NSE 30 Index are selected based on market capitalization from the most liquid sectors. Liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included in the Index, the stock must be traded for at least 70 per cent of the number of times the market opened for business.

    The IBTC NSE ETF came on the heels of campaign by Stanbic IBTC Holdings to increase awareness for collective investment schemes. The IBTC NSE 30 ETF will be the second ETF based on the NSE 30 Index and came amid efforts by several operators to broaden the derivatives market.

    The NSE recently listed the Vetiva Griffin 30 Exchange Traded Fund tracks NSE 30 Index, the value-based index that mirrors the pricing trends of the 30 most capitalised stocks on the NSE.

    The NSE had in late 2011 listed its first ETF, a gold-based ETF known as NewGold. NewGold originated from ABSA Capital and was then already listed on the JSE Stock Exchange of South Africa.

    Ernst & Young, the third largest multinational professional services firm in the world, has reported that the global ETF industry had 5,042 ETFs, with 10,053 listings, assets of US$2.3 trillion, from 215 providers on 58 exchanges as at October 2013. It also predicted annual growth of 15 per cent to 30 per cent globally over the next five years.

    Lotus Capital Limited and its professional parties also recently concluded pre-offer processes for the investment company’s ETF. Lotus Capital plans to launch the Lotus Halal Equity Exchange Traded Fund, an ETF based on the NSE Lotus Islamic Index, an adjusted market capitalization weighted index currently comprising 15 Shari’ah compliant equities listed on the floors of the Nigerian Stock Exchange (NSE).

    The NSE Lotus Islamic Index is a collaboration between the NSE and Lotus Capital. The first index created to track the performance of Shari’ah compliant equities on the floor of the NSE, the NSE Lotus Islamic Index opens today with a year-to-date return of -4.36 per cent, worse than average equity return of -0.48 per cent.

    Lotus Capital will be offering 100 million units of the Lotus Halal Equity Exchange Traded Fund at the price of 1/200th of the NSE Lotus Islamic Index on the day preceding the subscription, according to the regulatory filing.  The NSE has already approved the Lotus ETF.

    Lotus Capital recently indicated it was considering floating new mutual funds as it urged investors in its premier fund to have long-term outlook of between five to 10 years. In an investment update, Lotus Capital said the new funds would be tailored to meet the specific needs of different segments of investors.

    ETF is a security that tracks the performance of a specified security or other assets including stocks, basket of assets, indices, commodity prices, foreign currency rates, and derivatives among others. ETF is distinguished by some defining factors including fixed capital or where the company has variable capital, then the amount of the paid up share capital of the company shall at all times be equal to the net asset value of the company and its shares shall have no par value.

    An ETF combines the valuation feature of a mutual fund or unit investment trust, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value.

    The most important type of exchange-trade products, ETF may be attractive as investment because of its low cost, tax efficiency, and stock-like features. By owning an ETF, the holder get the diversification of an index fund as well as the ability to sell short, buy on margin and purchase as little as one share. Meanwhile, ETF does not sell individual shares directly to investors as only authorised dealers and investors are allowed to buy the usually large blocks of shares known as “creation units”.

    There are many types of ETF. Index-based ETF, like index fund, tracks specified market index. Leveraged or inverse ETF seeks to achieve a daily return that is a multiple or an inverse multiple of the daily return of a securities index. An important characteristic of this type of ETF is that it seeks to achieve its stated objectives on a daily basis, and its performance over longer periods of time can differ significantly from the multiple or inverse multiple of the index performance over those longer periods of time. Active-ETF derives its name from its management strategy which entails day-by-day active trading and publication of portfolio holdings on a daily basis.

  • Braithwaite’s N10b suit against bank fixed for Sept. 25

    Braithwaite’s N10b suit against bank fixed for Sept. 25

    Hearing on the N10 billion suit filed by elderstatesman, Dr. Tunji Braithwaite before a Lagos High Court, against Standard Chartered Bank Plc has been fixed for September 25.

    The hearing was stalled last week owing to the absence of the trial judge, Justice Doris Okuwobi, who was reportedly ill. As a result, the court registrar adjourned the matter, alongside other matters, till September 25 on the agreement of the parties.

    At the last hearing, Justice Okuwobi  had  dismissed an application filed by the bank against the plaintiff’s  amended statement of claims for lack of merit.

    In her ruling, Justice Okuwobi stated that she did not see how the issues raised by the claimant had hampered the case.

    She said: “I do not foresee that the defendant/applicant will be denied the right to plead his own case in full and that he will be denied the right to fair hearing. For this reason, this application cannot sail through. Consequently, it is accordingly hereby dismissed.”

    The bank had prayed the court to strike out some paragraphs of the claimant’s reply to the bank’s amended statement of defence.

    The application followed  Dr Briathwaite’s response to the bank’s amended statement of defence in which he raised some vital issuesin support of his position.

    Standard Chartered Bank , responding through its counsel, Adeniyi Adegbonmire, urged the court to strike out certain paragraphs it considered inimical to it, on the ground that the claimant is introducing new facts outside the issue in contention.

    Opposing the motion, counsel to the plaintiff, Razaq Okesiji, had told court that the contents of the claimant’s reply to the defence statement and witness statement on oath are relevant to the subject matter of the suit and necessitated by the averments in the amended statement of the defence as

    well as the documents introduced by the defence, which were not in existence at the time of filing the amended statement of claims.

    He further stated that the claimant had neither departed, contradicted nor added new item to its claim, which should prejudice the defendant.

    Citing  several Supreme Court authorities, Okesiji said  the reply was within the rights of the claimant and that Order 15, Rule 19 of the High Court Rules allows new pleadings to come up in a reply.

    He urged the court to dismiss the defendant application, pointing out that  the paragraphs of the claimant’s reply to amended statement of defence and corresponding paragraphs of the statement on oath which the defendant seeks to be struck out relate to the Environmental Impact Assessment Procedure in Nigeria, and the failure of the defendant to compete therewith, has always been the kernel of the claimant’s case right from the commencement of the suit.

    Dr Braithwaite in the suit is seeking an order declaring as illegal, the erecting a 15-storey commercial building and multi-level car park by the bank in an otherwise residential area in Victoria Island, Lagos.

    The claimant is also uncomfortable with the bank’s installation of giant industrial generators directly opposite his house with the concomitant fumes and noise shattering their air and serenity.

    In view of this, Dr. Braithwaite is praying the court to grant him N10billion in damages and a demolition of the building.

  • N10b suit: Court dismisses application against Braithwaite

    N10b suit: Court dismisses application against Braithwaite

    Justice Doris Okuwobi of a Lagos High  Court sitting in Ikeja has dismissed the application filed by Standard Chartered Bank  against the N10 billion suit brought by renowned lawyer and elder statesman, Dr. Tunji Braithwaite.

    Braithwaite sued the bank for erecting a high-rise structure with a multi-level car park close to his residence on Victoria Island, Lagos.

    In her ruling Justice Okuwobi,  dismissed the application for lack of merit.

    The issues raised by the claimant did not hamper the case, she said.

    She said: ”I do not foresee that the defendant/applicant will be denied the right to plead his own case in full and that he will be denied the right to fair hearing. For this reason, this application cannot sail through. Consequently, it is accordingly hereby dismissed.”

    The bank prayed the court to strike out some paragraphs of the claimant’s reply to the bank’s amended statement of defence.

    The claimant amended his claims, prompting the defence to do the same. Expectedly, the claimant exercising his right of reply to the respondent’s amended statement of defence, raised vital issues in support of its position.

    In its response, the defendants urged the court  to strike out certain paragraphs it considered inimical to it, and  argued that new facts outside the issue in contention were introduced by the claimant.

    Earlier, Dr Braithwaite had urged the court to fast-track the proceedings, adding that the defendant is capitalising on the delay to continue to dissipate the res, as they have continued building up to the 13th floor.

    But the defendants through its  counsel, Adeniyi Adegbonmire in his submission, denied  claims that it  was delaying trial.

    Adegbomire said that he had already started cross examining the witness before the plaintiff sought for the amendment of his statement of claims.

    He argued that it is the right of the bank to build, added that the matter had delayed so far because the plaintiff decided to seek injunctive reliefs rather than pursuing the trial.

    He said the motion on notice filed on Friday, May 8, was predicated on the fact that the plaintiff decided to introduce new facts that should have been in its statement of claims in the reply to their amended statement of defence.

    He prayed the court to strike out the paragraphs containing such averments and hold that the plaintiff includes them in their amended statement of claims.

    Opposing the motion, counsel to the plaintiff, Razaq Okesiji told court that the contents of the claimant’s reply to the defence statement and witness statement on oath are relevant to the subject matter of the suit and necessitated by the averments in the amended statement of the defence as well as the documents introduced by the defence, which were not in existence at the time of filing the amended statement of claims.

    He further said the claimant had neither departed, contradicted nor added new item to its claim, which should prejudice the defendant.

    He cited several Supreme Court authorities, Okesiji that the reply was within the rights of the claimant and that Order 15, Rule 19 of the High Court Rules allows new pleadings to come up in a reply.

    He urged the court to dismiss the defendant application.

    He argued that the paragraphs of the claimant’s reply to amended statement of defence and corresponding paragraphs of the statement on oath which the defendant seeks to be struck out relate to the Environmental Impact Assessment Procedure in Nigeria, and the failure of the defendant to compete therewith, which has always been the kernel of the claimant’s case right from the commencement of the suit.

    Braithwaite is seeking an order declaring as illegal, the erection of a 15-storey commercial building and multi-level car park by the bank in an otherwise residential area in Victoria Island, Lagos.

    The claimant is also uncomfortable with the bank’s installation of giant industrial generators directly opposite his house with the concomitant fumes and noise shattering their air and serenity.

    In view of this, Braithwaite is praying the court to grant him N10billion in damages and a demolition of the building.