The Nation Newspaper

Tag: Nigerian Newspapers

  • Nigeria can sustain greatness through sports – Dakuku

    THE Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dakuku Peterside, says sports has a big place in the country’s development equation, as the spirit of fairness and unity, which sporting events evoke, is a vital ingredient of nation-building, just as excellence in sports can project a notion more.

    Dakuku said the support of all and sundry, especially corporate Nigeria, was needed to tap the huge benefits that abound in sports for the country’s greatness. He stated these at the weekend in Lagos while receiving members of the Nigeria Olympic Committee (NOC) on a courtesy visit, adding that countries like Brazil, Argentina, Germany, England, the United States and even Kenya are using part of the greatness through sports for other benefits, including boosting their economy.

    The NOC members, led by the President, Habu Ahmed Gumel, commended the NIMASA management for its strategic steps in support of the Next Level agenda of the President Muhammadu Buhari government, by the changes that has been engineered in the maritime sector, and sought the Agency’s support in bringing about the same spirit towards the country’s participation at the 2020 Summer Olympics in Tokyo, saying the NOC aims for more gold medals.

    Gumel along with Dakuku, enumerated many benefits Nigeria could reap from sports, to include amongst others, huge job creation opportunities in millions that can absorb our teeming youth, as it is in Europe and the Americas.

    The DG, who received the NOC delegation alongside other members of the NIMASA management team, praised the effort of the committee to ensure Nigeria got gold medals at the upcoming Olympic Games, in Tokyo Japan, 2020.

    Read Also: Our plan for Africa, by Dakuku

    He told the NOC team, “We thank you for visiting the Agency and for your kind words in recognition of our modest accomplishments as we endeavour to contribute our quota to the success of our President, Muhammadu Buhari’s Next Level agenda.

    “In NIMASA, we work as a team, and that is why we have been able to accomplish the things we have done so far. With different persons playing different roles and making sure we keep our eyes on the ball, and in the spirit of sportsmanship, a huge atmosphere of success is created.

     

    Read Also: Seven Nigerian Stars to Watch out for as 2019/20 EPL Begins

  • Spanish, Dutch, Belgian clubs chase Nwakali

    FORMER U-17 World Cup-winning skipper, Kelechi Nwakali could be the next Nigerian player to make a move in the transfer market following strong interests from a host of clubs around Europe, AOIFootball.com can authoritatively confirm.

    The 22-year-old player, who has been training at parent club Arsenal since the start of the pre-season was hopeful of a chance with the Gunners ahead of the 2019/2020 season but following his inability to secure a work permit, the midfielder could now seek fresh challenges elsewhere.

    AOIFootball.com can, however, confirm authoritatively that the attacking midfielder is, however, not short of suitors as a host of top clubs in Spain, Netherlands and Belgium have now indicated their interest in landing the Nigerian permanently.

    But inside sources have it that the Gunners would rather fancy a loan move for him as they see potentials rather than sell him off or could insert a buy-back clause in his contract should he leave permanently to another club.

    Nwakali no doubt has the potential to be one of the leading lights in the Eagles midfield having showed a glimpse of it when he lead the midfield against Atletico Madrid in a friendly match last year in Uyo and also wowed the fans in Asaba to help the Dream Team VI reach the final round of the U-23 AFCON qualifiers.

     

    Read Also: 2018 Diamond Cup: Foreign scouts seek next Nwakali

  • Keystone Bank realigns to energise growth, appoints new EDs

    The Board of Directors of Keystone Bank Limited has announced the appointment of three new Executive Directors.

    At its 49th, Annual General Meeting held in Lagos, the Board approved the appointments of Tijjani Aliyu, Olaniran Olayinka and Lawal J. Ahmed  as Executive Directors, subject to the approval of the Central Bank Of Nigeria (CBN).

    A statement by the Divisional Head, Marketing & Corporate Communications of the bank, Mrs. Omobolanle Osotule, made available to journalists on Monday, said that the three new executive directors will join the executive management office to pursue and deliver on the bank’s strategic business objectives bringing to bear their in-depth wealth of banking experience garnered over the years across various sectors.

    Commenting on the development, the Chairman of Keystone Bank, Alhaji Umaru H. Modibbo, noted the promotion of the three former General Managers to Executive Directors is in line with the bank’s corporate governance and culture of maximising her human capital through consistent leadership development and training.

    ‘’Since we restructured, we have intentionally and proactively nurtured our talent in readiness for future leadership opportunities that will arise in the organisation.

    “It is therefore a major feat for us that we were able to appoint the three new Executive directors from our internally groomed executives’’ said Modibbo.

    Tijjani holds a Bachelor’s Degree in Economics from Bayero University, Kano and an MBA from the Bangor Business School, UK.

    His experience spans over two decades in both regulatory and top financial institutions in Nigeria.

    He is a member of various professional bodies and has attended various courses within and outside Nigeria including INSEAD Business School and the US Federal Reserve Bank in Washington.

    He is a consummate Risk professional and a member of Risk Managers Association of Nigeria (RIMAN), Chartered Institute of Bankers (ACIB, HCIB).

    His experience in the financial services sector covers operations, treasury, Banking Supervision, Finance, Mergers and Acquisitions, and Risk Management.

    Until his elevation, he was the Chief Risk officer of Keystone Bank.

    Read Also: Keystone Bank MD quits

    Olaniran holds a First Class Bachelor’s degree and a Master’s Degree in Economics from the prestigious University of Lagos.

    He has attended several executive courses and programs in Banking Operations, Credit, Risk Management, Business Process Re-engineering, Change Management amongst others.

    He had a four- year stint with PricewaterhouseCoopers and 25 years banking experience covering Operations, Human Resources Management, Corporate Banking, Commercial Banking, Retail Banking and Institutional Banking.

    Until his elevation, he was the Regional Head Corporate Bank and West, Keystone Bank Limited.

    On his part, Lawal, holds an LL.B Degree from the University of Jos, and an LL.M Degree from University of Dundee, United Kingdom.

    He has over 19 years post-call experience that cuts across Legal Practice, Banking Regulation, Process Improvement, Conflict Resolution, Project Management and Regulatory Compliance.

    He is a Fellow of the Compliance Institute of Nigeria (FCIN) and has attended top global educational and professional institutions including the London School of Economics (LSE), UNESCO-IHE, Institute for Water Management Delft, Netherlands, the Clingendael Institute for International Relations, Den Haag, Netherlands, US Federal Reserve,Washington DC, USA and Financial Stability Institute of the Bank for International Settlements. Until his elevation, he was the Chief Compliance Officer of Keystone Bank Limited.

    Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

  • Islamic teacher jailed for defiling 35 boys

    A Chief Magistrates’ Court in Minna, Niger State has sentenced a 33-year-old Islamic teacher, Abubakar Abdullahi, to seven years imprisonment for having anal sex with 35 of his pupils.

    Abdullahi, a resident of Sabon Gari, Kontagora, was charged with unnatural offence, contrary to Section 284 of the Penal Code Law.

    Prosecuting Assistant Superintendent of Police (ASP) Daniel Ikwoche had told the court that Murtala Abdullahi, a Hisbah commander in Kontagora Local Government, reported the matter at the ‘A’ Police Division in Kontagora on July 22.

    Ikwoche said the complainant alleged that the accused lured 35 of his pupils who are between the ages of nine and 14 into his room and had anal sex with them on different occasions between March and July.

    Read Also: Umahi suspends teachers’ postings in Ebonyi

    When the charge was read to him, he pleaded guilty and begged the court for leniency.

    The prosecutor thereafter prayed the court to try him summarily in line with Section 157 of the Criminal Procedure Code.

    In her ruling, Magistrate Hauwa Yusuf sentenced Abdullahi to seven years in prison with hard labour.

    She, however, said the convict will have the option of a N2 million fine after serving the first four years of his sentence.

  • Monarch kidnapped in Enugu

    A monarch, Igwe Sunday Orji, has been kidnapped near Ogbaku-Umuogbe end of the Enugu-Port Harcourt Expressway in Enugu State.

    Police spokesman Ebere Amaraizu, confirming the incident, said operatives have swung into action to rescue the traditional ruler.

    Family sources told The Nation on Monday that the abductors have established contact with them, demanding N50million ransom.

    Read Also: Why Enugu airport should be shut, by Hadi Sirika

    The police, however, could not confirm the ransom angle.

    Awgu axis of the Enugu-Port Harcourt Expressway has become a hotbed of terrorism.

    Residents have accused herdsmen of being responsible for the kidnap, but the police have warned against such hasty conclusion.

  • Gunmen snatch N9m from chief accountant

    Gunmen on Monday attacked the Chief Accountant in the Office of the Niger State Head of Service, Idris Abdullahi, and snatched over N9.5 million from him.

    The victim was said to be returning from bank at about 10:30am where he went to withdraw the money.

    It was learnt that the money was meant for the overhead expenses of the Office of the Head of Service.

    The incident happened barely two weeks after gunmen waylaid an official of the Niger State Judicial Service Commission and snatched over N1.5 million meant for the commission’s expenses.

    An eyewitness told The Nation that the gunmen blocked the chief accountant’s car when he got to the secretariat’s gate. Then they shot sporadically and removed the money from the car before escaping.

    Read Also: Gunmen abduct varsity lecturer in Katsina

    It was gathered that the shooting caused pandemonium, as everyone, including guards, ran for safety.

    The eyewitness said the hoodlums drove towards the Customs office, along the western bypass where they abandoned their car, hijacked another vehicle and drove off.

    Efforts to get the Office of the Head of Service to comment on the incident proved abortive.

    Police spokesman Abubakar Muhammad described the incident as unfortunate.

    He said: “We are on the trail of the gunmen.”

  • Anglican priest jailed for defiling minor

    AN Ado-Ekiti High Court on Monday sentenced an Anglican priest, Gabriel Asateru, to five years imprisonment for raping a minor.

    Delivering judgment, Justice Oluwatoyin Abodunde said Asateru, 53, stands guilty and is convicted to serve a prison term of five years, adding that the convict will pay N50, 000 fine as stipulated by the Child’s Rights Law 2005.

    Prosecuting counsel Ronke Odetola said the convict defiled a five-year-old girl on December 23, 2016 at Ifisin-Ekiti in Ido/Osi Local Government Area of Ekiti State.

    The priest was arrested by the police and transferred to the Criminal Investigation Department (CID) in Ado-Ekiti for prosecution.

    Odetola said the offence was contrary to Section 31 of the Child’s Rights Law Cap 7, Laws of Ekiti State Nigeria, 2005.

    Read Also: Guard ‘defiles’ daughter, three other minors

    The suit with registration number HAD/112/ 117 was first heard in January 2018 before Justice Oluwatoyin Abodunde on a one-count charge of unlawful sexual intercourse.

    Odetola tendered the doctor’s report and the defendant’s statement on oath to prosecute her case.

    She called three witnesses to testify against the priest.

    Olanrewaju Oluwasola stood for the accused person.

  • Murdered priest: Abducted commercial driver’s body found

    The police in Enugu State on Monday found the body of a commercial driver abducted by suspected herdsmen, after killing a Catholic priest, Rev Fr Paul Offu, last Thursday.

    The deceased, whose name was given as Kenneth Igwe, was returning from Awgu to Enugu after dropping passengers when he ran into the herdsmen who were then attacking the priest.

    After shooting the priest, they dragged the man out his car into the bush.

    Read Also: Commercial drivers back Ayade for 2019

    The police, who had been on their trail with the assistance of a vigilance group, found Igwe’s body where it was dumped.

    The command has swung into action to arrest the culprits.

    Command’s spokesman Ebere Amaraizu confirmed the development.

  • FMDQ Exchange takes off with trading in all securities – signals paradigm shiftBy

    FMDQ Securities Exchange Plc on Monday formally launched its new status and corporate identity as a full fledge securities exchange with registration to trade in all securities including fixed income, equities, derivatives, commodities and foreign exchange.

    Formerly known as FMDQ OTC Securities Exchange, the transition of FMDQ from an over-the-counter (OTC) platform to a full-blown securities exchange represents a paradigm shift in the Nigerian capital market. It ends the unwritten mono-stock exchange policy and opens up the capital market to intense competition.

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC)  approved the amendment of the registration of FMDQ OTC Plc from ‘an OTC Market’ to a fullfledged ‘securities exchange’ in March 2019.

    FMDQ then secured necessary approvals for a name change to ‘FMDQ Securities Exchange Plc (FMDQ Exchange) with immediate effect, thereby aligning its name to its upgraded status in the capital market. Furthermore, in June 2019, the Exchange received SEC’s registration of its wholly owned central securities depository subsidiary – FMDQ Depository Limited, which is positioned to provide collateral caching, custodian and settlement services with excellent operational capabilities tailored to provide value to its stakeholders.

    FMDQ Depository Limited completes the value chain of pertinent market infrastructure in the Nigerian financial markets, particularly the posttrade spectrum, following the operationalisation of FMDQ Clear Limited.

    FMDQ noted Monday that the implications of its new status are far-reaching as the careful implementation of the FMDQ Entities – FMDQ Exchange, FMDQ Clear and FMDQ Depository – have not only created robust linkages between hitherto fragmented spheres of the markets, but also presented the market with an efficient, innovative and integrated financial market infrastructure (FMI) group for the seamless execution, clearing and settlement of financial markets transactions.

    Having set the pace in the fixed income, currency and derivatives markets, FMDQ Exchange, as a full-fledged securities exchange, will position itself to cover new markets equities and commodities – in the near- to mid-term.

    Managing Director, FMDQ Securities Exchange Plc (FMDQ Exchange), Mr. Bola Onadele. Koko said the development of the Exchange over the last five years was reflective of the progressive and dedicated strategic leadership provided by its board of directors, as well as the company’s ever-intensifying commitment to proactively deliver value to its stakeholders.

    According to him, having successfully consolidated past gains and taken on new frontiers through the operationalisation of a budding integrated FMI Group across the full value chain of the securities market – execute, clear and settle – the Group is poised to enhance efficiencies in FMDQ’s markets to the benefit of market participants.

    He noted that it was in view of the resolute affirmation of the FMDQ entities to influence and promote sustainable development in the Nigerian financial market, one which is in alignment with global standards, that a new identity was unveiled on Monday.

    “As it commences its second lustrum, FMDQ as a one-stop FMI Group with a platform to execute, clear and settle transactions in the Nigerian financial markets, remains committed to collaboratively deliver innovative and forwardthinking solutions to the market,” Onadele.Koko said.

    The erstwhile OTC Exchange commenced operations in November 2013, following its launch as an OTC market, primarily to organise the interbank market with focus on the fixed income, currency and derivative markets, and as a self-regulatory organisation, providing a world-class governance structure for the markets within its purview.

    In view of this, FMDQ Exchange set out to transform the markets, in line with its audacious agenda to make the markets globally competitive, operationally excellent, liquid and diverse; commonly known by market participants as FMDQ’s GOLD Agenda.

  • Olam stakes N120b final offer for takeover of Dangote Flour Mill

    OLAM International Limited has made a final of fer of N120 billion for the acquisition of 99.9 per cent equity stake in Dangote Flour Mills (DFM) Plc, which will make the flour-milling company a wholly-owned subsidiary of Olam International.

    Olam has a subsisting 0.10 per cent equity stake in DFM.

    The board of directors of DFM on Monday confirmed that Olam, through its subsidiary Crown Flour Mills Ltd, has submitted the revised offer with final consideration of N120 billion, implying offer per share of N24. DFM’s share price rose by the maximum daily allowable price change of 10 per cent to close at N20.35 at the Nigerian Stock Exchange (NSE). Olam plans to delist DFM from the NSE after the conclusion of the transaction.

    In a regulatory filing at the NSE, DFM stated that Olam has indicated that it would be undertaken the acquisition through its Ibadan-based subsidiary, Crown Flour Mills Limited. Olam has however confirmed its financial support to Crown Flour to meet the N120 billion transaction.

    The revised and final offer of N120 billion was arrived at after the adjustment of N130 billion valuation for the takeover earlier in April 2019. The parties had agreed that the initial total consideration of N130 billion should be adjusted for net working capital and net debt as at March 31, 2019 or any other later date that may be agreed by Olam and the board of DFM and to also exclude

    Olam’s shareholding in DFM. Shareholders will be paid the final consideration of N24 per share in accordance with the terms of the scheme document, which will be presented for shareholders’ approval at a court-ordered meeting to be convened for that purpose.

    “The board has carefully considered the addendum and the initial offer and will, subject to obtaining regulatory approvals, recommend the revised offer to the shareholders of the company at the court-ordered meeting, for their consideration and approval,” DFM stated.

    The board of directors of DFM had in April accepted the full takeover of the flourmilling company. The acceptance of the acquisition offer is a major step and signals the possible success of the acquisition.

    It implies that the majority core investor in DFM, Alhaji Aliko Dangote, has consented to the deal. With the acceptance, a scheme for the transaction will be prepared for consideration by shareholders at a meeting to be ordered by a Federal High Court.

    Read Also: Olam okays N130 billion for Dangote Flour

    A formal application will also be made to capital market regulators-Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) for the approval of the acquisition. If shareholders approve the resolutions on the acquisition at the court-ordered meeting, the resolutions will be presented for a final endorsement of the Federal High Court.

    The directors will thereafter implement the provisions of the resolutions in line with the mandate at the court-ordered meeting.

    This is the second time Dangote will be selling DFM. Dangote, in 2012, sold its majority equity stake to Tiger Brands Limited, South Africa’s largest food company. Dangote Group’s DIL in 2012 sold 63.35 of its equity stake in DFM to Tiger Brands in a $181.9 million deal.

    The deal saw transfer of 3.17 billion ordinary shares out of Dangote Group’s 3.67 billion ordinary shares of 50 kobo each in DFM to the Tigers Brand.

    The deal then was approximately valued at more than N28 billion, according to prevailing exchange rate.

    Barely two years after the acquisition, Tiger Brands had in 2014 written off about half of its investment in the former DFM. Tiger Brands impaired DFM’s value by 849 million rand, about $82  million, because of what it described as “underper formance” and “excess milling capacity that continues to increase in the Nigerian flour market