Tag: Nigerian

  • Nigerian equities slip further as investors await govt direction

    Nigerian equities slip further as investors await govt direction

    The topsy-turvy at the Nigerian stock market continued yesterday as prices of quoted equities generally fell for the second consecutive day. Key benchmark indices indicated overall average decline of 0.37 per cent, equivalent to a loss of N42 billion, yesterday, two points higher than 0.35 per cent decline recorded on Tuesday.

    Quoted equities, which had gained N1.82 trillion in the immediate rally that followed Nigeria’s successful April presidential election and the emergence of President Muhammadu Buhari, has since lost steam considerably as investors wait for the government to form its economic management team and make clear-cut pronouncements on key economic issues.

    Aggregate market value of all quoted equities, which had opened April at N10.718 trillion, closed the month at N11.787 trillion, representing a gain of N1.07 trillion, about 9.97 per cent. The benchmark index for the Nigerian stock market, the All Share Index (ASI), also indicated a month-on-month average gain of 9.3 per cent during the period, rising from the month’s opening index of 31, 744.82 points to close at 34,708.11 points.

    Aggregate market value of all quoted equities dropped yesterday from N11.470 trillion to close at N11.428 trillion. The ASI also decline from 33,602.67 points to close at 33,478.42 points. The negative trade yesterday further depressed the average year-to-date return at the Nigerian Stock Exchange (NSE) to -3.40 per cent.

    “The market has so far been driven by macroeconomic uncertainties as investors continue foot-dragging ahead of policy pronouncement,” Afrinvest Securities stated yesterday.

    Market analysts said investors were being cautious and biding their time to ensure they have a clear view of the economic direction of the new government.

    With 24 losers to 22 gainers, the downtrend was driven by both the widespread decline in share prices as well as losses recorded by some highly capitalised stocks including Dangote Cement, the largest stock by market capitalization, Access Bank, Zenith Bank, Diamond Bank and Guinness Nigeria.

    Guinness Nigeria recorded the highest loss, in value terms, of N9.75 to close at N174.80. Dangote Cement followed with a loss of N2 to close at N175 while Beta Glass dropped by N1.96 to close at N37.32 per share.

    On the upside, Nigerian Breweries led the advancers with a gain of N1.87 to close at N149.90. Berger Paints Nigeria followed with addition of N1.04 to close at N11.24 while Conoil rose by N1.03 to close at N41.98.

    Total turnover remained around average with the exchange of 204.99 million shares valued at N7.40 billion in 3,704 deals.

  • Nigerian shareholders want judiciary to support market reforms

    Nigerian shareholders want judiciary to support market reforms

    As the Securities and Exchange Commission (SEC) steps up enforcement actions on erring operators, shareholders have urged the judiciary to play constructive and supportive roles to ensure the success of capital market reforms.

    Shareholders said the judiciary should be accord special interests to cases of investors’ protection, market integrity and professional ethics as these are key elements that make up investors’ confidence; the driving force for capital market growth.

    According to them, judges should adjudicate on capital market-related cases promptly and should also not grant unnecessary orders in favour of operators to shield them from punishment after committing infractions in the market.

    National chairman, Proactive Shareholders Association of Nigeria, Mr. Oderinde Taiwo, said the judiciary should give speedy hearing to capital market related cases.

    “The regular courts should also cooperate with special courts such as the Investment and Securities Tribunal (IST) in resolving capital market cases. A situation whereby IST, which is equivalent to a high court, gives an order and another high court gives a counter order is not good for the market,” Taiwo said.

    President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, said judges should base their judgements on merits of each case instead of indiscriminately issuing orders.

    According to him, apart from fast-tracking the judgement delivery process, judges should listen to arguments of both parties and deliver their judgements based on merits.

    “When any offender is brought before any court, the court should be able to look at the case dispassionately and ask the defendant to go and face the music rather than delay the case unnecessarily or issue orders preventing the defendant from prosecution,” Okezie said.

    Mr. Moses Igbrude of Independent Shareholders Association of Nigeria (ISAN), said investors had been frustrated and discouraged due to the delay in getting justice.

    “We are now calling on the judiciary that in order to restore investor confidence and as part of their continued contribution to the growth of the market, capital market-related cases should be dispensed with speed,” Igbrude said.

    According to him, in the new dispensation, the judiciary should discourage the issuance of orders to capital market operators, who, after violating rules, will run to the courts for cover.

    “This has been happening and I believe given the high expectations for change in the entire country, the courts should no longer grant orders to those who have deliberately committed offences and when they are asked to face the music, they run to the court for protection that they do not deserve,” Igbrude, who is also the chairman of Consumer Rights Awareness Advancement & Advocacy Initiative (CRAAAI), said.

    The shareholders spoke against the background of recent enforcement actions by SEC. The Investment and Securities Act (ISA), which enshrines investor’s protection as the core mandate of SEC, gives it wide-ranging powers to protect investors from any form of abuse.

    SEC is statutorily empowered to “ intervene in the management and control of capital market operators which it considers has failed, is failing or in crisis including entering into the premises and doing whatsoever the Commission deems necessary for the protection of investors” while it can also “in furtherance of its role of protecting the integrity of the securities market, seek judicial order to freeze the assets (including bank accounts) of any person whose assets were derived from the violation of this Act, or any securities law or regulation in Nigeria or other jurisdictions”.

    In furtherance of the provisions of the ISA, SEC recently came down heavily on one of Nigeria’s leading investment banking groups with the suspension of the BGL Group and its subsidiaries from all capital market activities.

    SEC said its decisions were based on the “report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group”.

    SEC had late April intervened in the operations of BGL Group Plc, suspended its board and set up an interim management board for the group. The interim management board, headed by a former president of Chartered Institute of Stockbrokers (CIS), Mr Oladipo Aina, was mandated to conduct full investigation into the operations of BGL Group. Other members of the interim board were Mr. Abubakar Ambursa, Mrs. Hafsat Rufai, Ms. Temitayo Siyanbola and Ms. Tonne Ladipo-Ajayi.

    On the basis of the investigation report, SEC yesterday announced the suspension of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited from all capital market activities.

    The Commission also directed that all major officials and sponsored individuals of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited whose particulars are contained in the Commission’s record as at December 2014 be suspended from performing any capital market activity.

    SEC particularly cited Mr. Albert Okumagba, the group managing director of BGL Group and directed that Okumagba, who was the president of CIS before the April sack of the board, should cease to be a registered sponsored individual with the Commission following the withdrawal of the registration of BGL Plc as a capital market operator.  With this directive, Okumagba, one of the most influential capital market operators, will therefore no longer be entitled to carry out capital market activities.

    Besides, the apex capital market regulator stated that it has referred what it described as “suspicious transactions” observed in the course of the investigation to the appropriate law enforcement agencies for further investigation.

    According to the statement, BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the companies have also been referred to the Administrative Proceedings Committee (APC) of SEC for further trial.

    In an affidavit deposed to by SEC, the Commission said BGL was having liquidity problems and has been running at a loss to the tune of over N48 billion as at December 31, 2014.

    SEC stated that BGL is indebted to investors who complained to the tune of N5.769 billion and that the indebtedness has precluded the company from performing its obligations to its clients and investors.

  • Why I don’t socialise as much as the average Nigerian woman

    Why I don’t socialise as much as the average Nigerian woman

    Mrs. Boma Ozobia (OON) is a scion of the Nembe Kingdom and one of the leading corporate lawyers in the country. She is a partner in the law firm, Sterling Partnership, and the first black and female president of the Commonwealth Lawyers Association (CLA). Ozobia is also a former president of the Association of Women Solicitors in England and Wales. She has authored books and is engaged in mentoring young ladies aspiring to climb the corporate ladder. She spoke to JOHN AUSTIN UNACHUKWU and OKORIE UGURU on her life, career and growing up. 

    With your background as a former President of the Commonwealth Lawyers Association (CLA), I had a preconceived opinion that I was coming to meet a no-nonsense woman. But you seem to be different from that.

    It is different because I don’t see why you cannot enjoy what you are doing. You can be serious minded and productive in what you are doing without being unfriendly and without doing what I commonly do here because people think they have to fit into a box in order to be in a position. I believe that my works speak for me and my achievements speak for themselves.

    Beyond that, I am not different from the next person. We are all human beings. We breathe the same air and drink the same water. We want the same things, which are security for the family, individual happiness and the right to pursue our dreams.

    I am me, but I have been told that I am easy to get on with. It certainly has its advantages because I make friends easily across the board. It is not just about opening doors. I like people and respect them for who they are, regardless of whether it opens the door or not. It is not based on whether I want something from anybody. It is purely because I am interested in people, I want to know them, I want to help if I can. I think that is what comes first.

    How did your journey start in the legal profession?

    Interestingly, it has turned full circle because I left Nigeria primarily to go and study in England for Masters in Law but did not return because at that time, we were under a military dictatorship. I could not conceive myself living under such an autocratic rule. As citizens, we had little or no rights. The men in uniform were superior beings and I had had cause to run into them in the university and so on. I know this was not the place I, as a young person, could survive in because I would either have to take the gun from somebody and shoot him or he would have to shoot me. But I refuse to be a lesser Nigerian because you are in uniform. So, that was why my focus was not on coming home to live under that type of condition. Incidentally, we have a former military ruler coming in now as a reformed democrat. So, it has come full circle.

    You stayed back in the UK not only practising law but engaging in activism under the aegis of female lawyers for England and the Wales…

    Indeed, it was that background that made me develop an interest in human rights and rule of law, which is what the Commonwealth Lawyers Association is about. It is a group of lawyers across the 54 countries and territories coming together over 50 years ago. The rule of law is what underpins the civilization that we know as human beings. The absence of rule of law in my own country was the driver in taking decisions about what I got involved in. The absence of human rights, the arbitrariness of living under military dictatorship drove my interest and participation in those activities which didn’t and still does not earn me money. But it gives me an opportunity to make a difference and to give back, because when you impact positively on your society, it is satisfying in itself. So that was what took me along that pathway.

    At a time you became the chairperson of female lawyers in Britain and the Wales…

    As a woman, I face the same challenges that every woman who happens to have a career or a job faces. She leaves her home in order to make ends meet. So it is with the market woman that goes into Balogun Market to sell pepper and tomatoes. So, being in England did not make these challenges any different. I saw that there was an association of women solicitors, looking after the interests of women in the profession and trying to resolve the challenges female solicitors were facing. You will be surprised to hear that people are not all that different from Nigeria in that sense. In fact, in some ways, Nigeria is ahead. So, women were admitted to practice as solicitors in England less than 100 years ago. It took an act of parliament to make that happen. Having got the right to do so, it took a lot of time to get the men in the profession to accept us. Even when they accepted us, we were not given the opportunity to work at the same level, neither were we given the same pay.

    Even in England?

    Yes, up till date. So, at the time I became the chairwoman of the association, remember this is an association that looks after the interest of almost half of the people in the profession, because at that time, women in the profession were over 40,000, nearly 50 per cent. At that point in time, from the statistics that we were able to gather from several very credible sources, because data is kept, it was clear there was a huge disparity in pay between female and male solicitors for doing the same work. Just because you were a woman, you got 27 per cent less. That has improved now. Statistics were released early this year, I think it is about 19 per cent. So, the work we have been doing is progressive. It is making the difference but there is still a lot to be done.

    I remember colleagues in England asked me them: why was there an association of female solicitors when there was none for men? Why do you people think you have to have your own association?’ And I said the association of women solicitors exists in order not to make itself extinct. Once we have achieved equality of the genders, we don’t want to be more than men. We just want to have a level playing field, then there will be no need for an association of women solicitors.

    So, how did you get into the legal profession?

    Law has always been in my family. My grandfather was a magistrate and also the Amayanabo of Nembe Brass, Bayelsa State, which is where the former Minister of Petroleum, Edmund Daukoro, is now. My uncle, the next Amayanabo after him, was a lawyer. The late Chief Justice Ambrose Alagoa was the Chief Justice of the old Rivers State; the first indigenous Chief Justice and a respected lawyer. There are others uncles of mine, including the one that recently retired from the Supreme Court, Justice Stanley Alagoa. He reached the apex. In fact, he in particular, was the one who sparked my interest in Law because one, we had that familiarity in the family. Two, Uncle Stanley was one of my favourite uncles as a child because he was one of those uncles that took time to play with children. Every time he came to the house and invariably he would be coming from the court, he would have his collar and his black suit. He would talk to you, and sometimes he would come along with all those old black and white reel movies. He would set them up for us and we would watch Charlie Chaplin and so on. Not many older people made out that time with little children. Certainly, he was one of my favourite uncles. I wanted to do what he did when I grew up. He was a lawyer.

    So it was really about the family, to begin with. I did have an understanding of what the work involved. My late father always said to me: ‘You will make a good lawyer,’ because I was one who would always speak up. In fact when the others didn’t want to tell him something, I would be the one that would say it. And he couldn’t just tell me to do something; he had to explain it to me because I would ask why. He encouraged that. He didn’t think it was an insult; he didn’t think I was rude as some parents do, because a child deserves to understand the logic behind what he is sent to do. He saw it as an opportunity to teach you. And so your why was not seen as confrontational, insulting question; it was seen as a perfectly logical approach and he took his time to then explain to you why.

    As I got older, I saw that lawyers made the difference in access to justice, in ensuring that people were treated fairly. And that for me was then my passion, which now takes me here. I am a commercial lawyer in practice.

    One would expect you to do more of civil than corporate law.

    I agree. I love what I do daily, which is dealing with transactions, looking at legal frameworks and looking at how to deal with the risks. So, when the executive arm of government was overreaching for instance, and not respecting the other arms of government or respecting the constitutional provisions we would intervene, even though it is not a Commonwealth country. For instance, in the United States under former President George Bush, when they started the Guantanamo Bay detention centre, we intervened and we took the case as amicus curia. The United States is not, technically speaking, a Commonwealth country, but the United States Supreme Court said yes the Commonwealth lawyers, your intervention has been very useful in guiding us on how to look at this whole issue. So, in that jurisdiction, that was interesting and useful.

    In this jurisdiction, we have challenges with so many things: infrastructure, education and so on. We Nigerians like to think that we are rich, but we are not. This country, in comparison with the number of people we have, is a poor country. If your people’s per capita income is 3,000 dollars a year, please…Singapore is about 40,000 per annum. Malaysia, Indonesia, they are all ahead in per capita income. So think about it. And therefore, government does have very finite resources. Yes, I know about corruption. This means that these finite resources are not being properly applied. If it was being properly applied, your access to justice issues will trickle down the line. Young people and fellow citizens are rotting away in our criminal justice system only because of poverty.

    Maybe that is the more reason you ought to be more involved than staying in the corporate world.

    I am doing both. I am a corporate lawyer, but what we do, in the tradition of our profession, is to have a budget. The state doesn’t have the budget. There is a cost attached to doing this. You’ve got to file processes and there is a cost attached to it. If you are going to appeal, you’ve got to get records; there is a cost attached to it, and so on. Those costs are met from our pro bono budget which we fund from our corporate work. It enables us to make our own little difference within our society by intervening in those cases where you can see that there is a clear miscarriage of justice or where people have been hauled into detention for lengthy period of time without being charged or allowed to go on bail simply because they didn’t have the funding or the legal aid does its best with the little funding available to it but is unable to do it all.

    In 2011, you were the first female lawyer and black to lead the CLA. How did it feel achieving such height?

    2011 in Hyderbad, India was a very special conference. For me, it was an opportunity to continue to serve. You were simply the first amongst equals. It is a council, but you had the opportunity to direct and work with colleagues in the direction you feel you should go.

    It was special in the reaction. I had colleagues from other African countries come and say how wonderful it was to look up there and see someone like them. It had never happened. What had never happened also was that suddenly there was a queue because everyone wanted to come up and shake my hand. It wasn’t just Africans, contemporaries and colleagues, it was across board. I had members of the British House of Lords who were present as keynote speakers lining up and coming up to shake my hands. That was a humbling experience because it really wasn’t something I was expecting.

    With your tight schedule as a partner in a legal firm and head of the organisation, you still go out of your way to author books. However, your books seem to be female inclined?

    The books, yes, I wrote from the perspective of what I know which is all I can do. I cannot write a mentoring book for men (laughs). I don’t know your world; I don’t wear your shoes, so I don’t know where they pinch. I can’t write for young women coming after me because I have walked this part and there are certain experiences that I have had, which I have only had because of my gender. So if I can share this information and say with this information, you can create a level playing field for yourself and ensure that you are not unduly disadvantaged in the profession.

    Despite your background from a privileged home, you still had the drive to succeed in life. What was the push?

    You are right in saying that I was privileged. That is true, and that is what makes me sad when I see the current crop of privileged Nigerians. If you looked closely when the world was commemorating the end of the First World War, then if the people of Great Britain were rationing food, the palace was doing the same. That is the mentality of the generation of Nigerians that brought me up. I was brought up to know that. The first thing my father or mother would tell me was that you are privileged, and privilege comes with responsibility. The privilege is by the grace of God, so you owe it to those who are less privileged to ensure that you do whatever you can to assist. Because it is a privilege you haven’t earned, you started off ahead of somebody else, by accident of birth. Why on earth would you take credit for that?. My drive as a result is to effectively earn the privilege by giving back. That is the way I was brought up and I think that is the right thing to do.

    From the way you talk, it seems your father had greater influence on you as a child?

    You are absolutely right. You see, you must read the book even though it is written for female lawyers. It will serve as a lesson to every parent. One common thread that runs through the interviews with female lawyers, successful in their own right, is that there was a father who I would say was a feminist. Feminist in the definition of Chimamanada Adichie, is a person who believes in the equality of the sexes and that earned reinforcement from the man in your life who you adore, because a father, for a little child, is next to God. He makes you understand that this is what you are capable of, and nobody can tell you anything different.

    So, for parents, fathers are so important in the nurturing of their male and female children that stands them in good stead. By the time they go out and the society begins to knock them, that you are less capable because you are not a man, you don’t believe a word of it because the person who you know and value his opinion has already said a different thing to you. So, you are out there and find out that they are not correct, he is. You are not disabled by your gender, you are equally capable.

    It seems being a product of two societies, Nigeria and Britain, has made you to be reticent social wise. You are not loud like the average Nigerian.

    I don’t know about being loud or not. I agree with you that in terms of socialising, I may not socialise the way the average Nigerian does. So, you won’t see me at a lot of society functions. There are two reasons for that. One, I actually work very long hours. That means I have limited time for social engagements, and it is by choice because I really like what I do. It is a more useful way of spending my time. If I really go to a social function, it is because that person is really near and dear to me. Time, for me, is extremely valuable and I really have to manage it properly.

    How do you unwind then?

    Now, that is a different thing entirely. I like activity-based leisure. I sail.

  • Nigerian top three banks assets hit N11.6tr

    Nigerian top three banks assets hit N11.6tr

    Nigeria’s three most capitalised banks now have more than N11.6 trillion in total assets, according to latest earnings released by the financial services authorities.

    Interim report and accounts of the trio of Guaranty Trust Bank (GTBank) Plc, FBN Holdings Plc and Zenith Bank Plc for the first quarter ended March 31, 2015 showed that the balance sheet size of the three banks rose to N11.601 trillion by the end of the first quarter. The total assets of the three banks almost equal the entire market capitalization of all quoted companies on the Nigerian Stock Exchange (NSE), which opened yesterday at N11.663 trillion.

    FBN Holdings remained the largest bank, in terms of assets, with total balance sheet size of N4.51 trillion. Zenith Bank followed with total assets of N3.94 trillion while GTBank has total assets of N3.15 trillion.

    The earnings reports indicated that FBN Holdings held its fundamentals against the headwinds with appreciable growths in all key indices within the three-month period. Total assets had closed December 2014 at N4.34 trillion. FBN Holdings’ net assets also rose from N522.89 billion in December 2014 to N542.53 billion by March 2015. Profit before tax meanwhile rose to N26.944 billion in 2015 as against N24.78 billion recorded in comparable period of 2014. Profit after tax also rose from N21.55 billion in first quarter 2014 to N22.60 billion in first quarter 2015.

    The first quarter report of GTBank showed that the bank recorded double-digit growths in the top-line and bottom-line in the first quarter. Key extracts of the unaudited report showed that gross earnings and pre-tax profit rose by 17 per cent each. After tax, net profit rose by 15 per cent.

    Gross earnings rose to N79.02 billion in first quarter 2015 as against N67.58 billion recorded in comparable period of 2014. The top-line performance was driven by strong growth in interest income and effective management of operating expenses and cost of risk. Profit before tax rose from N28.01 billion to N32.65 billion. After taxes, net profit increased to N26.56 billion in first quarter 2015 compared with N23.11 billion recorded in first quarter 2014. Earnings per share improved from 81 kobo in first quarter 2014 to 94 kobo in first quarter 2015.

    The balance sheet remained strong with total assets of N3.15 trillion. Customer deposits rose to N1.69 trillion in March 2015 as against N1.65 trillion by the year ended December 31, 2014. Shareholders’ funds however slipped marginally from N374.33 billion in December 2014 to N357.59 billion in March 2015.The bank continued to improve on its credit asset management. The proportion of gross loans and advances to non-performing loans improved to 3.06 per cent as against 3.40 per cent in the comparative period of 2014. Loan book grew by 28 per cent to N1.30 trillion in 2015 as against N1.02 trillion in corresponding period of 2014.

    GTBank recently distributed N44.15 billion as final dividend, representing a dividend per share of N1.50 kobo. Total dividend per share for 2014 stood at N1.75 as against N1.70 paid for the 2013 business year. It had paid interim dividend per share of 25 kobo. This brought total payout to N51.5 billion for the 2014 business year as against N50.03 billion in 2013.

    Key extracts of the audited report and accounts for the year ended December 31, 2014 showed that GTBank grew its top-line by 15 per cent with gross earnings of N278.52 billion in 2014 compared with N242.67 billion in 2013. Profit before tax rose by nine per cent from N107.09 billion to N116.39 billion. Profit after tax grew by 10 per cent from N90.02 billion to N98.69 billion. Earnings per share consequently rose by 10 per cent to N3.47 in 2014 as against N3.17 in 2013.

    Balance sheet analysis showed that deposits base expanded by 14 per cent to N1.65 trillion in 2014 compared with N1.44 trillion in 2013. Shareholders’ funds also rose by 13 per cent from N332.35 billion to N374.33 billion. Total balance sheet size rose by 12.4 per cent from N2.10 trillion in 2013 to N2.36 trillion in 2014.

    GTBank also continued to maintain disciplined and prudent approach to loan growth as the proportion of non-performing loans to total loans dropped from 3.58 per cent in 2013 to 3.15 per cent in 2014.

    Also, Zenith Bank Plc started this year on a good footing with considerable growths in overall earnings and profitability. Interim report of Zenith Bank for the first quarter indicated that while gross earnings grew by 14 per cent, pre and post tax profits rose by 15 per cent and 17 per cent respectively. Earnings per share thus improved to 88 kobo within the three months, in contrast with 75 kobo recorded in corresponding period of 2014.

    Gross earnings rose to N113.32 billion by March 2015 compared with N94.32 billion by March 2014. Interest income for the period rose to N81 billion compared with N71 billion posted in the similar period of 2014 translating to 14 per cent increase. Similarly, non-interest income appreciated by 39.5 per cent N31.9 billion up from N22.9 billion in 2014.

    Operating income rose to N72 billion as against N66 billion in the similar period of 2014 translating to 9 per cent growth while operating expenses of N39 billion was recorded amounting to 4.8 per cent increase from N37.6 billion reported in the corresponding period of 2014.Profit before tax also rose from N28.92 billion to N33.13 billion while profit after tax increased from N23.68 billion to N27.68 billion.

    Total assets rose to N3.94 trillion in first quarter 2015 compared with N3.19 trillion recorded in comparable period of 2014. Gross loans and advances rose to N1.9 trillion, implying 9.9 per cent appreciation when compared with N1.7 trillion posted in the similar period of 2014. Similarly, customers’ deposit and total assets increased by 5.7 per cent and 4.9 per cent to N2.6 trillion and N3.9 trillion respectively during the period.

    The latest earnings report is broadly in line with the performance of the bank in the previous financial year. The board of Zenith Bank has earmarked N54.94 billion as cash dividends to shareholders for the immediate past business year ended December 31, 2014. Shareholders will receive a dividend per share of N1.75, the same rate paid for the 2013 business year.

    The audited report and accounts for the 2014 business year showed that Zenith Bank recorded gross earnings of N403.34 billion in 2014, 14.8 per cent above N351.47 billion. Profit before tax rose by 8.3 per cent from N110.6 billion in 2013 to N119.8 billion in 2014. After taxes, net profit rose by 4.3 per cent to N99.46 billion in 2014 compared with N95.32 billion in 2013. Earnings per share thus stood at N3.16 in 2014 as against N3.01 in 2013.

    Zenith Bank continued to show impressive credit risk management and loan efficiency as the proportion of non-performing loans to gross loans and advances dropped from 3.0 per cent in 2013 to 1.8 per cent in 2104. Shareholders’ funds also increased by 8.5 per cent from N509.25 billion in 2013 to N552.64 billion in 2014.

    Analysts at FBN Capital said the performance in the first quarter was positive, implying likely increase in their forecast on the bank. Analysts noted that the net profit growth was faster than profit before tax growth of 15 per cent because of a significant positive result of N1.1 billion on the other comprehensive income line.

    Managing Birector, Guaranty Trust Bank (GTBank) Plc, Segun Agbaje, said the major focus for the bank going forward is to strengthen market positions with distinctive customer propositions in chosen segments in order to deliver long-term sustainable and efficient growth as well as strong shareholder returns.

    He noted that as a financial institution with a bias for industry leadership, exceptional service delivery and innovation, GTBank has experienced tremendous growth since its inception in Nigeria in 1990. Now, the bank presently employs over 10,000 peoples in Cote d’Ivoire, Kenya, Gambia, Ghana, Liberia, Sierra Leone, Rwanda, Uganda and the United Kingdom.

    Group managing director, Zenith Bank, Mr. Peter Amangbo, has assured stakeholders of a prosperous 2015 financial year.

    “The year 2015 has high prospects of increased economic growth and development, following the successful conduct of general elections in the country.

  • Nigerian attacked in South Africa

    The  president of the Nigerian Union in South Africa, Mr. Ikechukwu Anyene, has confirmed a xenophobic attack on at least one  Nigerian, with the United Nations (UN)  raising  the alarm over  the deadly violence which has displaced thousands.

    South Africa’s neighbours yesterday prepared to evacuate their citizens.

    Speaking with the News Agency of Nigeria (NAN) from Pretoria, South Africa, Anyene said the mechanic workshop of the  Nigerian was completely destroyed early yesterday  in Johannesburg.

    “In the early hours of today (yesterday), the mechanic workshop of a Nigerian, with 10 cars and all the tools inside, was destroyed by some South Africans.

    “The build-up to the attack started last night (Thursday) when the South Africans started gathering in the neighbourhood of the Nigerian. The Nigerians living there did not sleep and early today, the South Africans struck,” he said.

    He said the  attackers defied the presence of the police to carry out the attack.

    “The attacks are spreading and Nigerians do not sleep again.

    “They keep vigil to ensure that they are not taken unawares. There is tension everywhere. Nigerians have closed their shops for fear of being attacked,” he said.

    While confirming that no Nigerian has been killed, Anyeye asked  Nigerian and South African governments to reach an understanding to protect Nigerians in South Africa.

    “South Africa has lots of businesses in Nigeria and they are doing well. Also, South Africans live in Nigeria, and it is on record that Nigerians have never carried out xenophobic attack on fellow Africans.

    “Though no Nigerian has been killed, it may get to that because we have had close shaves with death. The real truth is that Nigerians have lost so much in their businesses to the attacks.

    “The time has come for the Nigerian government to make a categorical statement on these attacks. We are not happy with what is happening and something urgent must be done to stop these attacks.”

    The federal government has advised Nigerians in South Africa to remain indoors until the situation stabilises.

    Yesterday, the  United Nations (UN)  raised the alarm over  the deadly xenophobic attacks in South Africa .

    The anti-foreigner violence, which erupted in the eastern port city of Durban, has left at least six people dead and spread to the economic hub, Johannesburg.

    “In South Africa, xenophobic attacks over the last three weeks have displaced over 5,000 foreign nationals,” the UN refugee agency said, adding it was “extremely concerned”.

    “We would like to underscore that those affected in these xenophobic attacks are refugees and asylum seekers who were forced to leave their countries due to war and persecution,” the UNHCR said.

    Foreigners who have fled their homes are sheltering in makeshift camps.

    Neighbouring Zimbabwe, Malawi and Mozambique announced plans to evacuate their citizens, as the violence drew regional outrage.

    Zimbabwe’s ambassador to South Africa, Isaac Moyo, said the repatriation of about 1,000 Zimbabweans from Durban would start tomorrow.

  • AAG qualifiers: Mixed fortune for Nigerian teams in Niamey

    AAG qualifiers: Mixed fortune for Nigerian teams in Niamey

    It was mixed fortune for Nigerian teams at the just concluded All Africa Games qualifiers in Niamey as the women handball team emerged winners to qualify for the Games, while the Nigerian men team lost in the final to Cote D’Ivoire to concede the sole ticket to the Ivoriens.

    The Nigeria women team had booked their place in the AAG after beating close rivals, Cote D’Ivoire 17-16 in the last group, but went a step further to beat Burkina Faso 34-32 in the final game to confirm their superiority in the zone. The game was, however, decided on penalties after both teams could not be separated after four overtimes. Both teams will represent the zone at the AAG.

    In the men’s final, the Nigerian team went down to Cote D’Ivoire 32-35 in another pulsating encounter. At some point, it looked like the Ivoriens were running away with victory. However, the Nigerian team clawed their way back, but it was the Ivoriens who grabbed the victory and the AAG sole ticket.

    Technical director of the Handball Federation of Nigeria (HFN), Pat Atusu, who led the contingent to the qualifiers, praised the Nigerian teams for giving a good account of themselves in Niamey. He noted that the Nigerian men’s team deserved to be at the AAG and questioned why only a slot was given to the zone.

    “I must praise the Nigerian teams for their splendid performance, though it was not enough to get the men’s team to the AAG. The women were flawless in their defeat of favourites, Cote d’Ivoire in the last group game as well as their pulsating final game against Burkina Faso. I wish the Confederation of Africa Handball (CAHB) had given two slots to the male category,” Atusu added.

    He also blamed the referees who were mostly from france for being biased against Nigeria wondering when the conspiracy would stop.

  • Kanu: Nigerian clubs don’t prepare for CAF Cup games

    Kanu: Nigerian clubs don’t prepare for CAF Cup games

    Former African Footballer of the Year, Kanu Nwankwo has tasked the organisers of the Nigeria Premier League, League Management Company(LMC) to create more enabling environment that will ensure that right clubs get to represent the country on the continent.

    Kano Pillars FC and Enyimba FC the two CAF Champions League representatives were bundled out of the competition in the first round after they lost out to North African clubs, Moghreb Tetouan of Morocco and Smouha SC of Egypt last weekend.

    Kanu who was the African best in 1996 and 1999 told Nationsport in Owerri that Nigerian clubs must do more if they want to go far on the

    He also stressed that clubs that are carrying Nigeria’s banner on the continent should be more prepared whenever they qualify for the

    continent and should not only rely on the Super 4 from the LMC if they do not want the country’s clubs to continue to struggle on the continent.

    Kanu said: “The league is growing and it is coming up. It is better than it used to be in the last two years. We have to give credit to LMC and also the clubs. But all the same we need more investors to pump money into the league. Without fund in it, nothing can happen we will only be complaining. Like what you said, I think whenever Nigerian clubs qualify for the continent they don’t tend to prepare very well. Their concentration level is not as when they are preparing for the league. They need to stop that attitude. They should know that they are not representing their states but the country.

    “LMC must also give more enabling environment to all clubs so that the right clubs get to qualify.”

  • The Nigerian spirit

    The March 28, 2015 election was indeed none like any other the country had witnessed; it will go down in history as one of the most watched election on television in Nigeria – akin to watching a world cup final. We saw pictures of women in Northern Nigeria waiting patiently on very long queues in the blazing sun to cast their votes. Some of the women who came out to enforce their fundamental human rights have spent the last four years burying husbands, children, sisters, brothers and neighbours killed by Boko Haram (BH) insurgents. These women – whose children could not go to school because of the threat of kidnap and murder – should be commended. They decided to vote even after BH threats that they should not.

    We equally saw pictures of women in the south – I saw some bottle or breast feeding their children as they wait to vote. The story from Delta State, where the women of Madangho town acted as our heroines of democracy, is quite touching. After they had cast their votes last Saturday, some soldiers drove into town and wanted to whisk the ballot papers to a neighbouring village – Ajudaiboh for “collation.” It was alleged that a chieftain of one of the political parties was waiting there to conduct the “collation.” The women resisted. When the soldiers insisted, they stripped naked and harassed the armed soldiers out of town.

    This, indeed, is an election like no other. These brave mothers, sisters and wives were vigilant, and most importantly they knew what they wanted. They are tired of environmental pollution; they’re tired of the pains of subsistence living – hand to mouth – in a land of abundance. All they ask for is to have a clean land to fish and farm. Is that asking for too much?

    There’s something special about women when it comes to struggle. The civil rights movement in the United States of America got a boost when Rosa Parks (February 4, 1913 – October 24, 2005) defied the law to rise for a white man on December 1, 1955. For her action, she was dubbed “the first lady of civil rights” and “the mother of the freedom movement.” On that day in Montgomery, Alabama, Parks refused to obey bus driver James F. Blake’s order to give up her seat in the coloured section to a white passenger, after the white section was filled.

    Being with the late Martin Luther King Jnr, she must have heard times without number that “freedom is never voluntarily given by the oppressor; it must be demanded by the oppressed.” In Nigeria’s case, the Permanent Voter Card (PVC) became the weapon of freedom.

    We equally saw pictures of Nigerians standing in the rain to vote – like yours sincerely. We saw the elderly standing, or sitting on wheel chairs to vote. I saw the picture of an elderly citizen brought from his hospital bed, assisted by nurses, who came to vote! This is the Nigerian spirit that often refuses to die. Just like the classic Volkswagen Beetle advert said of years ago; you can’t kill the beetle; I make bold to say you can’t kill the Nigerian spirit!

    As we were battling to vote against all odds, we also have some of our ex-Campuslife writers who were busy serving their fatherland in election duties. We are all true heroes of a country we all love and desire to be great. For once I saw Nigerians waiting without much of a fuss despite hiccups with card readers in some polling units. Some had to wait till 2am on Sunday morning for their votes to be counted; some came back the next day to continue the exercise.

    What does this tell us? It tells us that the good thing about this election is that, no Nigerian leader will take Nigerians for granted anymore; and that things would never remain the same again and it won’t be business as usual.

    In the past, we had problem with voters’ apathy as most voters believe their votes won’t count. But not today; the masses have realised that it is a suicidal strategy for them to bury their heads in the sand, hoping and praying everything works out well, without their input. They’ve discovered it does not pay sit on the fence. Today, they are now active participants in the democratic process.

    There’s also the issue of ignorance. In my opinion, the best way to enslave a people is to keep them ignorant of their rights and privileges. An example would suffice here; when slavery was abolished in America, some slaves in the South were unaware of their new status and continued working for their masters. In many ways, the masses in a democratic setting are ignorant of their huge powers over the political elite. Again, the PVC has changed things for good.

    Poverty is also a fundamental factor and will remain one for a long time to come and politicians know this. However, just like we are beginning to get the electoral process right, when the poverty level reduces, people will in turn vote for integrity and performance. We will get there someday.

    As one leg of the election has come and gone, I’m glad it has increased the level of political awareness among ordinary Nigerians. Given what we all saw at the rallies and the way Nigerians embraced the elections, it appears they have come to realise that it is only by participating in the electoral process that they can effect a change in the society. We are going to see a greater level of involvement in future elections as it has changed the perception of Nigerians about politics. I hope it will also change our perception about governance, especially about holding our leaders accountable.

    Our vibrant youth population has become more politically involved in the democratic process, this is a good sign. More than ever before, they participated in the build-up to the elections by attending rallies, engaging in debates and being at the forefront in mobilisation for campaigns and voting. Their involvement is not surprising because they constitute about 70 per cent of the population. Their impact was also felt on social media platforms.

    This is one election where social media played a very visible role. Twitter, Facebook and Instagram were utilised to pass political messages across. As debates went on in the public space, the battle was also fiercely fought on the social media by supporters of the two dominant parties, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP).

    As effective as this tool was, it was discouraging that instead of using it to engage on issues of national development, the platform was deployed as a tool to hurl personal, ethnic and religious slurs at one another and groups. Ethnic politics, xenophobia and hate mongering dominated the cyberspace. The snag for me is this: if those young people drumming up primordial sentiments on social media are the future leaders we have often talked about, then I am afraid the future is very bleak.

    The base level of partisanship exhibited on social media is akin to the campaign of hate we saw at the rallies and campaign circuit, which unfortunately, our youths imbibed from the elders, tribal or religious sentiment were not in short supply. I expect our youths to be more concerned about performance and good governance as a new dispensation begins.

    As we celebrate a peaceful election, it is clear that it also exposed and widened our fault lines. The campaigns which were dominated by ethnic and religious rhetoric reflects the deep divisions that still exist among Nigerians. It is sad to see how politicians exploited these cleavages to shore up their political chances unmindful of the danger to our peaceful co-existence as a nation. While the line between religion and politics has often been blurred, this year’s elections deepened the relationship between the two separate entities. For the first time, political positions were determined by religious considerations.

    Major General Muhammadu Buhari’s new government should start the healing.

     

  • Jega’s finest hour as Nigerian victory

    Nigerians have little faith in their institutions. Except perhaps for the church, today headed by prosperity prophets, who have taken over the socio- economic role the state should perform in society; all other institutions are facing crisis of credibility. The bureaucracy is so powerful that it controls the water we drink, the air we breathe, the education of our children; where to live and where to be buried.

    Recently, a theft of N5billion pension fund was perpetrated inside the office of the Head of service just as another director in charge of the police, the most important organ of state, stole over N32b. The legislature has become a parasite living on the sweat and blood of those they are elected to protect through humane enacted laws. The judiciary is for the highest bidder. Those who allegedly stole N1.6 trillion are not in chains but in government because the outgoing President Jonathan government says ‘the wheel of justice grinds slowly in Nigeria’. Until now the picture of Independent National Electoral Commission (INEC), that Nigerians had was that of an umpire that often takes side with one of the competing teams if the price was right.

    But with commitment and strength of character, Jega changed that picture leading to the miracle of 28th March 2015. On that day, Nigerians came out in their millions, waited for hours in the sun, others in the rain, determined to cast their vote because unlike the inglorious moment in the First Republic when Chief Remi Fani Kayode said his party would win whether the people voted for it or not, Nigerians trusted Jega and believed their vote would count. He has not let those who put their trust in him down.  For Nigerian, it is the dawn on a new day. For the first time in the history of our nation, an incumbent president was defeated ‘round and square,’ through a process that was so transparent that the President could not have been anything but magnanimous in defeat to promptly congratulate the victor.

    The battle against forces of darkness that swore to rule for sixty years or pull the nation down on their head had been fierce.  Jega’s most potent weapons were the millions of Nigerians he was able to convince that sacrificing quality time to secure their PCVs, wait patiently for hours on a queue on the election day refusing to be disfranchised by enemies of our nation, spend their resources to rent generators, canopies, chairs or buy refreshments for their compatriots were worthy endeavours for sustenance of the soul of our nation. Thousands of our young corpers who spent Friday and Saturday nights sleeping in mosquito infested open field and unable to take their bath for two days made the sacrifice because of their faith that Jega’s efforts would bring a better tomorrow.

    It is gratifying to know that the current INEC is Nigerian made. It is made up of patriotic individual Nigerians. I was filled with admiration as I watched Kayode Idowu, the chief spokesman for the INEC chairman, who appeared not to have slept for days, educating Nigerians on the need for patience and understanding on Channels Television last Sunday. There were many voting locations with neither INEC officials nor INEC voting materials. But Nigerians remained resolute having realized that INEC was engaged in a battle of wits with those who worked assiduously to ensure its failure. At the end, their resilience and patience paid off. Those who had thought Nigerians especially the middle class would give up after a few hours were disappointed. Many in their sixties and seventies patiently waited on Saturday and those who had roles to perform in their churches on the palm Sunday returned briefly to vote when voting started before returning back to their churches.

    The African Union Election Observation Mission (AUEOM) said in preliminary findings that the vote was “conducted in a peaceful atmosphere within the framework that satisfactorily meets the continental and regional principles of democratic elections”. This is a credit to Jega and Nigerians who have faith in him. Except in the south south where militants, both young and old, often resort to self-help and Lagos where enemies of Nigeria were bent on truncating the transition, the election went smoothly everywhere. INEC’s success came after a hard fought battle with formidable foes beginning with the president, his errand boys and errant elders, his attack dogs, PDP Boko Haram insurgents and the Niger Delta militants whose leader Godsday Orubaba, a former minister of Niger Delta put up a show of shame on Tuesday in the full glare of national and international audience in a futile attempt to derail the transition.

    Of course Jega survived all his foes including President Jonathan, his greatest detractor who without proof claimed non indigenes in Lagos were being discriminated against by INEC in the distribution of PCVs; PDP National Chairman, Alhaji Adamu Muazu told a delegation of Africa Union election observers led by AU Commissioner for Political Affairs, Dr. Aisha Abdullahi that his party objected to the use of card readers because  “the machine may not make for credible elections as it is said to easily malfunction especially when the battery is weak”; a former Governor of Anambra State, Chukwuemeka Ezeife, who spoke on behalf of Southern Leaders Forum insisted  there would be no election except Jega quits  and in fact, calls for his sack and arrest. There was also the National co-coordinator of the Odua Peoples Congress (OPC) Otunba Gani Adams, who wanted Atthiru Jega removedon the basis of PVC distribution and introduction of card reader’

    There were also 15 political parties that opposed the use of the card readers because “if the card reader should develop some technical problems, there is a possibility that the consequences of such development would affect about forty) or fifty percent of the polling booths nationwide. The national chairman of MEGA Progressive Peoples Party, Dare Falade; the presidential candidate of the Peoples Party of Nigeria, Kelvin Alagoa; and the presidential candidate of the Alliance represented them. Rafiu Salau amongst others represented them.

    The churches were not left out. There was Bishop Abraham Chris Udeh, the General Overseer of Mount Zion Global Faith Liberation Ministries, Nnewi, Amambra state, who had a vision that Jega must be removed. Buffeted and bedeviled by the typical Nigerian problems, INEC has emerged a new Nigerian successful brand and one institution that have made Nigerians proud. Jega’s joy for ending our long nightmare, I am sure will have no bounds. It is his victory as much as it is Nigerian victory.

  • U.S. based Nigerian actor congratulates Buhari, Ben Bruce

    U.S. based Nigerian actor congratulates Buhari, Ben Bruce

    Hollywood based Nigerian filmmaker, Pascal Atuma, has congratulated Nigeria’s president-elect, General Buhari and Mr. Ben Murray Bruce on their victory at the poll.

    About a week ago, Atuma had stated his preference for Nigeria’s next leader, saying: “If I have to choose between former President Buhari and President Jonathan Goodluck, and they are the only options available as it stands, I will vote for Buhari.”

    He said: “At this moment in time, Buhari is the best option for Nigeria and I am happy that the good and wonderful citizens of Nigeria did the right thing, they have spoken and their voice did the job. I am happy that Buhari will be leading us for the next four years and I believe he will do a fantastic job.”

    Speaking further, Atuma said, “I also want to remind the new President to take care of Nollywood , support Nollywood at all cost and levels and remember that Nollywood flies the flag of Nigeria positively across the globe and that we all supported him from day one because we knew he was the best for us and is the best for us. Together we will move Nigeria forward in a positive direction.”

    The Hollywood filmmaker also congratulated Mr. Ben Murray Bruce, Chairman of Silverbird Group, on winning a Senate seat. He went on to say:

    “I know Mr Ben very well and what he stands for, so with people like him now in the seat of power and involved in decision making, the future of Nigeria is bright, brighter than it has ever been, it is a beautiful season for Nigeria, season of great hope, I am happy and excited and looking forward to the new Nigeria, full of hope and development.

    “This election will serve as lesson to all, the days are gone when politics in Nigeria is business as usual, today, this day the people spoke loud and clear, and their voices echoed the change that we desire for the future of Nigeria.

    “May God bless Nigeria and I wish the new regime the best, and call on all Nigerians, home and abroad to help this new regime to achieve a better Nigeria.”