The Nation Newspaper

Tag: Nigeria newspaper

  • Travel agent in alleged N3.7m Canada visa scam

    A travel agent, Chinedu Nwosu, who allegedly obtained N3,700,000 from an applicant, under the guise of procuring him a visa to Canada, was yesterday brought before an Igbosere Magistrates’ Court, Lagos.

    Nwosu, 43, is standing trial before Magistrate M.F. Onamusi, on a three-count charge of conspiracy, obtaining under false pretence and stealing.

    Prosecuting Inspector Jimoh Joseph alleged that Nwosu committed the offences in January 2018.

    The court heard that Nwosu, alongside accomplices, who are still on the run, presented himself as a travel agent.

    He allegedly obtained the sum from a would-be traveller, Ngwu Chukwuma, under false pretence that he would procure a Canadian visa for him, “an information he knew was false.”

    Read also: Court discharges bus driver charged with armed robbery

    The court also heard that the defendant stole the N3.7million from the complainant.

    According to the prosecutor, the offences contravened sections 411, 314 and 287 of the Criminal Law of Lagos State, 2015.

    Nwosu pleaded not guilty.

    Magistrate Onamusi granted him N500,000 bail with two sureties in the like sum.

    One surety must be a relation, the second surety must be a cleric, who must have known the defendant for not less than three years, among other conditions.

    The case continues on May 6.

     

  • Why we want to delist our shares from NSE, by First Aluminium

    The board of directors of First Aluminium Nigeria Plc yesterday explained that the aluminium company is seeking to delist its shares from the Nigerian Stock Exchange (NSE) because of inactivity on the shares of the company and inability of the current listing to help in realizing the corporate objectives of the company.

    In a statement on the voluntary delisting, the company stated that the purpose for listing was to raise capital as well as provide liquidity to its shareholders but the current illiquidity nature of the market has rendered this primary corporate objective unattainable for the company.

    According to the company, over the last 12 months, there has been a significant fall in average daily trading volumes to 2,918 shares between July 2017 and June 2018 and further dip to 2,816 shares between July 2018 and December 2018.

    “Neither the company nor any shareholder is benefiting from the continued listing on the NSE. Furthermore, rationalization of operational expenses to support the company’s business and to meet the needs of various stakeholders as the attendant cost required to comply with its listing requirements including filing fees, penalties or sanctions, are not commensurate with the benefits to the company,” First Aluminium stated.

    ALUCON Holdings SA, the majority core investor that holds about 75.48 per cent equity stake in First Aluminium Nigeria, is offering to buy out willing minority shareholders. Minority shareholders hold about 24.52 per cent equity stake in the company. ALUCON Holdings is offering to pay 55 kobo per share. Alternatively, shareholders can trade their shares on the NSE. However, a shareholder that desires to remain a shareholder of an unlisted First Aluminium Nigeria Plc shall be free to do so.

    According to the company, over the past seven years, there have been little or no trading activity on the shares held by the minority shareholders while the share price was stuck at 50 kobo for about six years. It has since dropped further below nominal value.

    “Shareholders are not benefitting from the continued listing as they are not getting exit opportunities and their investments have been locked up, thereby finding it difficult of their shareholding. Neither the company nor its shareholders have benefitted as the company’s shares continue to trade at a significant discount to the intrinsic value,” First Aluminium stated.

    The company noted that the voluntary delisting will offer exit opportunities to shareholders who do not wish to remain in an unlisted public company.

    Following a resolution by the board of directors of the company on August 08, 2018, shareholders of First Aluminium Nigeria had at the annual general meeting on September 25, 2018 approved the voluntary delisting of the entire issued share capital of 2.11 billion ordinary shares of 50 kobo each. First Aluminium Nigeria was listed on the NSE in 1992.

    The voluntary delisting will become effective upon the obtainment of the written approval of the NSE.

     

  • Dangote takes products to Enugu Fair

    Dangote Group is adding colour to the ongoing 30th Enugu International Trade Fair with an array of edible goods on display. The Group’s participation is part of strategies to grow market share and expand customer reach more customers in the Southern part of the nation. The Group’s well branded pavilion has become the toast of visitors and shoppers at the Fair.

    Companies in the group offering consumer goods at the fair are Dangote Sugar Refinery, NASCON Allied Industries Plc (Dangote Salt), and Dangote Flour Mills while their other stables such as Dangote Cement and Dangote Fertilizer established a help desk.  Some products on display at the fair include sugar, baking flour, wheat & semolina meals, pasta, salt, and seasoning. Dangote Sugar is offering customers different sizes of granulated sugar packs at the fair while NASCON Allied Industries has on display several flavours of the Dan q seasoning range and stew/soup mix.

    Enugu Trade   Fair has become a veritable venue for introduction of new innovations to Dangote products and that visitors to the group’s pavilion will have the opportunity of buying products of these companies at reduced prices.

    Dangote Flour is offering customers a wide range of products at discounted prices. Buyers are going with several gifts as reward for purchasing Dangote Flour products.  For those not ready to purchase whole cartons of te products, there are special packs containing different products.

     

     

  • Nigeria, Pakistan united against terrorism, says CDS

    CHIEF of Defence Staff (CDS) Gen. Abayomi Olonisakin has explained the collaborative efforts being made by the Nigerian and Pakistani governments is to address the security challenges facing the country.

    Gen Olonisakin, who listed some of the challenges as terrorism and insurgency, however, assured that Nigeria would remain a formidable force within the African region with the scope of its alliances in response to threats.

    The CDS informed yesterday that both countries as members of the Developing (D-8 ) countries, have been exchanging top military and political visits, including those between Defence ministers as well as high-ranking military officials for enhanced collaborations.

    Gen Olonisakin made the remarks at the opening of the Second Round of Nigeria-Pakistan Staff Talk, holding at the Defence Headquarters, Abuja.

    Represented by the Director-General of Defence Industry Corporation (DICON) Major Gen. Bamidele Ogunkale, the CDS noted that the collaborations between the two countries are anchored on their experiences in the fight against terrorism and insurgency.

    Read also: Why we created female corps, by Buratai

    He added that some of the military hardware and weapons procured recently by Armed Forces of Nigeria (AFN), especially the Super Mushshak aircrafts for training and operations were the results of the collaborations and agreements reached with Pakistan during the First Round of Talk (in Islamabad, Pakistan) between the two countries.

    Specifically, the CDS said the agreements between the two countries emphasized on military training and education, sending observers for military maneouvre and exercises, cooperation in defence technologies including platforms, weapon system, amunition and militay vehicles among others.

    The CDS asserted that the efforts have yielded significant results as a total of 50 Nigerian Army personnel have been trained on Anti-terrorism Special Course in Pakistan, adding that other areas were still being employed for the peace, security and development of the country.

    In his remarks, the leader of the Pakistani Team, Maj.-Gen. Mohammed Shafiq, said he was happy that the relationship between Nigeria and Pakistan has remained solid since Nigeria obtained her independence in 1960, saying the two countries have profound respect for each other.

    According to him, the Second Round of Nigeria-Pakitan Staff Talk was meant to consolidate on the achievements of the First Round, especially in the areas of intelligence sharing, joint exercises, military trainings and procurement of military hardware.

  • Zedvance to deepen financial inclusion

    Innovative consumer finance company, Zedvance Limited, has unveiled plans to grow its customer base to over one million in the next five years.

    At a news conference to mark its fifth year in Lagos, Group Managing Director of Zedcrest Capital Limited and Founder/CEO of Zedvance Limited, Adedayo Amzat, said the company will continue to take the lead in the industry by paying attention to the yearnings of Nigerians through excellent customer service, tech innovation and data science.

    He said: “We are proud to be a leading industry player in the consumer-finance subsector -ranking easily among the top three providers of credit across most metrics. If you ask me what makes us different from the pack, I’ll say it’s the fact that we are a customer-centric brand. We listen to our customers and carry them along across every process of our product development and services

    “In the last five years, we have focused primarily on salary-earners. We, however, understand that this is a limited part of the economy. In a few months, we will be introducing products and services that cater to non-salary earners as well as small businesses across the country as we continue our mission of providing customer-centric financial solutions for all strata of the market, through user-friendly technological innovations.”

    As part of its milestone activities, Zedvance has refreshed its website to provide a seamless experience for customers. The company will also be introducing new business locations on its coverage map.

    Group Head, Marketing and Communications Adebowale Banzi said Zedvance as a lifestyle enabler will continue to contribute to the socio-economic development of the country through customer-centric solutions.

    “We are proud that over the years, we have not only introduced great products for our customers, we have also contributed to the development of the economy,” he said.

     

     

  • Ruling House alleges plot to cause mayhem in Osun community

    A RULING house in Ifon-Orolu, the headquarters of Orolu Local Government Area of Osun State, the Olumoyero royal family, has alerted  the police of alleged plot by some people to cause mayhem in the community over chieftaincy tussle.

    In a letter by Mogaji Karimu Ojolowo Magbagbeola, Prince  Mufutau Mqgbagbeola, Prince Tajudeen Akintola and Prince Musibau Akintola dated April 2, 2019, the Olumoyero family said the people concerned had perfected the plan to cause confusion and make the community ungovernable for the Olufon of Ifon-Orolu, Oba Al-Maroof Adekunle Magbagbeola.

    Inspector General of Police, Mohammed Adamu, Osun State Police Commissioner Mrs. Abiodun Ige and the Department of State Services (DSS)  were copied the letter titled: “Petition on allegation of disruption of public peace.”

    The royal family identified some people as the brains behind plot to orchestrate the crisis in the community.

    The letter reads in part: “These disgruntled elements, who have misinterpreted the ruling of the Supreme Court on the Olufon tussle, are planning to recruit and mobilise members of the public to attack the palace. Part of their past plot that failed includes circulating wrong and libelous information that the incumbent Olufon is not a bona fide member of the Olumoyero royal family.

    “Their ill intention is aimed at causing chaos and disaffection between our royal father and his subjects. They have even gone farther by threatening the lives of key members of the Olumoyero family, especially  those that are close to the palace.”

    Appealing to the police authorities to caution those planning to for cause trouble in the community, the family demand thorough investigation of issues they raised in the letter and eventual prosecution of “whoever found to be connected to plotting mayhem in Ifon” at the law court.

    But, one of those accused of plotting the mayhem, Prince Kolawole Akintola from Olumoyero ruling house had led a protest against the Olufon, saying that the monarch was not entitled to the throne.

    Akintola, who alleged that Olufon is not from the Olumoyero ruling house, led the protesters around the ancient town.

  • Unity Bank reverses N14.9b loss with N1.3b profit

    Unity Bank Plc staged a major recovery in the immediate past business year as the commercial bank moved from a net loss of N14.92 billion in 2017 to a net profit of N1.27 billion.

    Key extracts of the audited report and accounts of the bank for the year ended December 31, 2018 showed pre-tax profit of N1.41 billion in 2018, as against pre-tax loss of N14.24 billion. Gross earnings however dropped from N89.93 billion in 2017 to N37.33 billion in 2018. Earnings per share recovered from net loss of 126.62 kobo in 2017 to 13.03 kobo in 2018.

    Directors of the bank stated that they have reached advanced stages in ongoing efforts to raise new equity and debt capital to bolster the balance sheet, which had been significantly impaired by a major non-performing loan resolution.

    Reassuring on the outlook for the bank, the board noted that additional equity and debt capital will improve the capital ratios of the bank as well as competiveness and its expansion plans.

    The bank stated that whilst the capital raising exercise has been diversified to engage several strategic investors, deliberate actions were taken to strictly extract commitment following the review of capacity, investment funding availability and strong poise and strategic alignment to the long-term vision and aspirations of the bank that form the basis to invest in it.

    “In the ongoing capital raising exercise, the bank has considered a variety of classes of investors, including local and foreign, internal and new investors, individual and institutional investors, amongst other options. However, all prospective investors are required to demonstrate financial and business capacity, impeccable reputation and potential to add strategic value towards achieving the bank’s strategic goals and vision,” the report stated.

    According to the bank, the strategic disposal of non-performing loans under a toxic asset resolution initiative in the ongoing capitalisation process resulted in the reported negative shareholders’ funds of N242.193 billion in 2017 and also impacted on the reported negative shareholders’ funds of N243.69 billion in 2018.

    “Management is committed to and highly optimistic of a successful conclusion of the capitalization activity,” the report stated.

    In a one-off total de-risking of its balance sheet, the bank had in 2017 wrote off a total of N16 billion that arose from goodwill from legacy merger issues, a decision that negatively impacted the bottom-line and led to a net loss of N14.2 billion in 2017.

    The courageous action taken by the bank towards cleaning up the observed issues thus resulted in a negative capital base but also gave birth to a leaner bank with a healthy balance sheet.

    “By this milestone, the bank now carries zero non-performing loan and is in full compliance with regulatory criteria. Furthermore, with a fully performing loan portfolio and improved risk processes, the financial risk on the bank from credit exposures have been extremely minimised,” the report stated.

    The bank had indicated that it had taken a number of strategic initiatives among which include; a revised market focus that has, and will continue to increase agriculture and agro-allied financing, youth and digital banking and women financing; enhanced retain banking drive and cost containment among others.

  • Fed Govt seeks partnership with AfDB on youth employment

    The Federal Government has stressed the need to deepen partnership with the African Development Bank (AFDB) on ongoing projects, aimed at generating youth employment.

    Permanent Secretary, Ministry of Labour and Employment, William Alo, stated this while speaking at the Review of Country Strategy Papers (2013 – 2019) and launch of the Preparations for the New Country Strategy Paper (2020 – 2024) between the AfDB and the Ministry.

    Alo called for more funding for the two projects in which the Ministry is in partnership with AfDB, and proposed the inclusion of some intervention projects in the 2020 – 2024 Strategy Paper.

    Read also: AfDB okays $20m equity fund

    He said the Ministry has been working in partnership with AfDB on two projects since last year, one of which is the Public-Private Partnership for Youth Employment and Skills Development, aimed at implementing eight priority projects, across relevant sectors, to boost massive job creation and skills development among the teeming unemployed youths in the country.

  • Osupa, Atorise, others, to grace interdenominational Easter fiesta

    Deadline gospel singers – Lanre Teriba (Atorise), Esther Igbekele, AY Sax and Segun Opontisun would be joining Islamic singers like El-hadj Wasiu Kayode Sideeq, (Babanwaka) and Alhaja Mujidat Lawal, (wabilahi Taofeek) at an Interdenominational Easter fiesta.

    The fiesta which has as theme, ‘Man: God’s creation for love and harmony,’ is organised by the Trinity Cherubim and Seraphim House of Worship, Worldwide Ministry (Agbo Jesu) would hold on Thursday, April 18, at the church’s Lagos Headquarters in Iju, Obawole from 4pm to 10pm.

    Read also: Jumia offers 80% Easter discount

    Top comedians Sunday Omobolanle (Pappy Luwe), Dejo Tufulu and MC Kirikiri would act as Masters of ceremony.

    Organiser of the event, Prophet Samuel Mustapha (Ramsalam) said Fuji musicians Saheed Osupa and Saridon P would be making special appearances too.

    Other artistes slated to perform at the event are Alayo Melody Singers, Amb. Segun Nabi, Amb. Akinola Dugbe, Alhaja Amina Babalola (Omotaiyebi) and Prophetess Omolola Ajunilo.

  • Global Money Week: Radix Pension mentors youths

    Radix Pension Managers, one of the fastest growing Pension Fund Administrators (PFAs), has sensitised secondary school students on how to learn, earn and save for the future.

    This is in line with the initiative of the National Pension Commission (PenCom) urging pension operators to leverage on the Global Money Week to mentor and sensitise the young population on the importance of savings. It is aimed at increasing pension literacy for youths.

    Acting Head, Radix Pension, Client Experience & Brand Management, Joan Olinke, in a statement, said that the company was at Kuramo College, Victoria Island, Lagos on  March 28, in commemoration of the event, to mentor and sensitise the students on the theme of the GMW:  Learn, Earn and Save.

    According to her, the Global Money Week (GMW) is an initiative of Child and Youth Finance International (CYFI), an international Non-Governmental Organisation (NGO), committed to providing access to financial services for children and youth by enhancing their awareness of economic rights and empowering them to build their assets, invest in the future and ultimately break the cycle of poverty.

    She said: “As a global event that involves financial regulators, financial service providers and NGOs across numerous countries around the world, youth and children are encouraged to learn about money, savings, creating livelihoods, gaining employment and becoming entrepreneurs.

    “In Nigeria, the 2019 GMW with the theme: Learn, Earn & Save, was commemorated with school mentorship programmes. Some schools across the six geo-political zones of the federation were visited and students were encouraged to pay attention to learning and earning a decent livelihood.

    “The pension industry participated in the event and the commission made arrangements to leverage on the occasion to mentor and sensitise the young population on the importance of savings, earning a livelihood, employment and entrepreneurship as well as save for retirement. The event provided a platform for increasing the level of pension literacy amongst the young population”, she added.