The Nation Newspaper

Tag: pays

  • Fed Govt pays N700m to vulnerable poor in Oyo

    The Federal Government yesterday said it had disbursed, through the National Cash Transfer Office (NCTO), about N700 million to over 12,000 households considered as vulnerable poor in Oyo State.

    The money, the government said, was shared between January, last year, and last July to move the vulnerable poor from poverty.

    The figure, which was drawn from 19 local government areas of the state, the government said, would have a multiplier effect on the socio-economic welfare of the citizenry.

    Addressing reporters yesterday at a three-day training programme on savings and group mobilisation for local government cash transfer facilitators in Oyo State, the Head of the state’s Cash Transfer Unit, Mr. Oladipo Ezekiel Oyekola, said the Federal Government remained committed to helping the extremely poor households and vulnerable groups of people out of poverty.

    He said N662,680,000 had been paid to 12,806 beneficiary households since the programme started in January, last year.

    Oyekola, while emphasising government seriousness and commitment to the programme since inception, added that payment has been made up till July, 201.

    According to him, the programme is targeted at extremely poor people and it was carefully designed by the Federal Government to ensure that the money gets to the real beneficiaries.

    Urging the participants at the training programme to use the knowledge they acquired to help the beneficiaries in their communities, Oyekola said from the 19 local government areas, which came on board, 12,806 households are currently benefitting from the programme.

    He added that the remaining 14 local government areas will soon come on board.

    Oyekola said: “And when they come on board, the total number of beneficiaries will be added to the existing 12,806 beneficiaries. When we started initially, the Federal Government appointed Stanbic IBTC Bank. We followed them to communities to capture the beneficiaries. Bank accounts were opened for them initially. So, when we started payment in January, 2017, the bank sent to the individuals the bank accounts they had opened.

    “But there was the problem of network. We have some communities where there were no branches of Stanbic IBTC; even we have some local government areas with no financial institutions at all.”

  • Lagos govt pays N33.9b to 8,409 retirees

    Lagos govt pays N33.9b to 8,409 retirees

    THE Lagos State Government has paid N33,943 billion as accrued pension rights to 8,409 retirees in the last 30 months.

    Governor Akinwunmi Ambode made this known at the 47th Retirement Benefit Bond Certificate Presentation in Lagos.

    He said 149 retirees of the state Public  Service were paid N723 million as their accrued pension rights. The cash was paid into their Retirement Savings Accounts (RSAs).

    He stated his interest in the well-being of retirees had been the driving force behind the regular funding of pension obligations.

    Ambode, represented by Commissioner for Establishments, Training and Pensions Dr. Akintola Benson, said

    “This is aside the regular monthly contributions into the Retirement Savings Account of active workers,”the governor said,  adding: “We have been able to clear the backlog of outstanding pension obligations we met at the inception of this administration, and we are forging ahead to ensure that fresh liabilities arising from recent retirements are systematically cleared.

    “We assure all retirees that their labour in the state shall not go unrewarded and they will not retire into penury.”

    Lagos State Pension Commission (LASPEC) Director-General, Mrs. Folashade Onanuga said the Contributory Pension Scheme (CPS) is the best thing democracy has bequeathed to Nigerian workers, because it makes employers fulfil their obligations to workers, ensure commitment on the part of the various tiers of government and does not give room for stressful verification exercise as is being experienced with the Defined Benefit Scheme (DBS).

    She advised retirees not to succumb to any pressure in the choice of annuity, or programmed withdrawal benefit options for receipt of monthly pension.

    She urged them to carefully go through the document that the state government provided through LASPEC on the features of the two benefit options and make an informed decision.

    Mrs. Onanuga said the government was looking at some welfare programmes to give them comfort in retirement, advising them to be wary of scammers, who are out there and may want to sell their ‘make quick’ money advice to them.

    One of the retirees, Mrs. Mary Obisanya, thanked the Governor for his efforts in ensuring that retirees in Lagos State  receive their entitlements.

    She also thanked LASPEC for the courteous manner in which the staff attended to them and wished that other parastatals could emulate and imbibe the culture of qualitative service delivery.

  • Masari pays homage to Buhari

    Masari pays homage to Buhari

    •Warns against rumour mongering

    Gov. Aminu Bello Masari of Katsina State has expressed gratitude to God and Nigerians for the sustained prayers for the unity of the country and the wellbeing of President Muhammadu Buhari.

    Masari said this in Daura yesterday when he paid Sallah homage on President Muhammadu Buhari at his GRA residence in the metropolis.

    He said to God be the glory that the President was back hale and hearty, stressing that Nigerians would continue their prayers and enlightenment campaign on the importance of peace and unity.

    He said he was in Daura to felicitate and rejoice with the President on his return from medical vacation.

    In addition, “to assure the president of our support in his effort to unite the country,” he said.

    Masari called on Nigerians to place the interest of the nation at heart by giving it the priority it deserves, adding “we will continue to give our unconditional support to the President for him to achieve his agenda for the country.

    “We will not relent in promoting our unity in diversity for a prosperous Nigeria, “he said.

    He said the Katsina State Government under his leadership  had introduced a series of reforms in agriculture, education, infrastructure, health and empowerment programmes.

    Buhari thanked the governor for the visit and wish all Nigerians happy Eid-el-Kabir celebrations.

    The governor was accompanied during the visit by the Emir of Daura, Alhaji Umar Farouk, commissioners, politicians and other well wishers.

    Masari had earlier warned people to desist from spreading falsehood and rumours or face the consequences. He gave the warning while receiving the Emir of Katsina, Dr Abdulmumuni Kabir who paid him Sallah homage at his residence.

    According to him, anybody caught spreading false information no matter how highly placed will be dealt with.

    “Nobody or group of persons has threatened my life over my action or policies as being speculated by agents of doom.

    “My administration is ready to execute programmes and policies that have direct bearing in the lives of Katsina citizens.

    “I am ready to do what is right for the overall interest of the people of the state.” he said.

  • Tinubu pays tribute to Onukaba

    Tinubu pays tribute to Onukaba

    ALL Progressives Congress (APC) stalwart Asiwaju Bola Ahmed Tinubu has lamented that with the demise of former Managing Director of Daily Times, Adinoyi-Ojo Onukaba, the media has lost one of its best and brightest.

    He added that with Onukaba’s death, the community of creative writers has been robbed of one of its leading dramatists and the rank of progressives has been depleted.

    Tinubu, in a special tribute to the late Onukaba, said the late foremost journalist was full of life and “ever bristling with ideas”.

    The tribute was entitled: “Onukaba: Never in the Past Tense”. It was personally signed by Tinubu.

    The former Lagos State governor said: “Since I was apprised of the heart-rending news of the sudden and unexpected demise of my very good friend and associate, Dr. Adinoyi-Ojo Onukaba, I have been unable to bring myself to conceive of him in the past tense.

    “Onukaba was so full of life, ever bristling with ideas.

    “Following the recent Day of Tributes and Eighth Day Fidau Prayers held in his honour by his professional colleagues and friends in Lagos and Abuja respectively, I find myself unable to live in continued self-denial.

    “Indeed, Onukaba died, in very painfully sad circumstances, on Sunday March 5, 2017, four days before his 57th birthday.

    “I had known Onukaba over the years, since the early days of his most illustrious journalistic career. Our relationship, however, grew stronger with the advent of democratic rule in 1999.

    “As Lagos State Governor, operating from the Government House in Alausa, Onukaba, who served as Managing Director of the Daily Times of Nigeria Plc, was a shouting distance down the road in his Agidingbi office. Our paths crossed regularly as he sought to breathe a new lease of life into the nation’s foremost newspaper conglomerate.

    “He kept in touch even after our exits from government and we usually shared views on his political project in his bid to lead Kogi State.

    “The tragic demise of Adinoyi-Ojo Onukaba leaves a humongous lacuna not only in his biological family, but in the minds and psyche of all of us who knew him and interacted with him in his brief but eventful life.

    “The media has lost one of its best and brightest; the community of creative writers, where he was a luminous figure, has been robbed of one of its frontline dramatists; the rank of progressives has been depleted by the exit of this unyielding optimist.

    “With the outpouring of grief and pledges of support for his young family and legacy, I am reassured that Onukaba will not die in our minds and in our thoughts.

    “May God forgive him his sins and grant his soul peaceful repose, Amen.”

  • Health minister pays unscheduled visit to National Hospital

    Health minister pays unscheduled visit to National Hospital

    Minister of Health, Prof. Isaac Adewole, has said that the country will establish seven more cancer centres in the next one year.

    Adewole, according to a statement signed by the Director of Press and Public Relations, Boade Akinola (Mrs.), spoke yesterday when he paid an unscheduled visit to the National Hospital, Abuja.

    Prof. Adewole particularly inspected the Accident and Emergency wards, Delivery suite and the Magnetic Reno Cent Imaging Unit under construction, at the Cancer Centre.

    The minister, the statement further said, informed the hospital management and staff that the Federal Government would work towards an efficient health care service delivery.

    Impressed with the level of care in the 350-bed Cancer Centre, the minister said that Nigeria will work towards launching seven more cancer centres in the next one year.

    He urged the CMD to showcase the various services available in the hospital to Nigerians so as to cope with the medical tourism which is draining the resources of most patients who seek medical services abroad.

    The minister, who was conducted round the hospital by the Chief Medical Director (CMD), Dr. Audu Momoh, said that the purpose of his visit was to access the efficiency of staff and the effectiveness of the health care facility.

    The minister, who expressed satisfaction with the state of the hospital, attitude of staff to work and the tidy nature of the premises, said the Federal Government would work towards an efficient health care service delivery.

    Responding, the CMD said the minister’s unscheduled visit was important to the hospital in that it would go a long way to make the staff know “it is no longer business as usual.”

  • Odemwingie pays tribute to Stoke teammates

    Odemwingie pays tribute to Stoke teammates

    Peter Odemwingie was delighted that Stoke City will continue their run in the Capital One Cup after seeing off Premier League champions Chelsea in the fourth round .

    The 34 – year – old kept his cool to dispatch his penalty after a shootout was needed to decide the winner following Loic Remy’s stoppage-time equaliser.

    Stoke City’s Jack Butland saved the last kick taken by Eden Hazard and Odemwingie was full of praise for the goalkeeper after Tuesday night’s clash at the Britannia Stadium and the whole team.

    “Great effort from the team. JB is the man ! Very happy for all of us Potters,” Odemwingie posted on Twitter.

    The Nigeria international has made five appearances in the League Cup since he moved to England from Lokomotiv Moscow in the summer of 2010.

     

  • Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank pays 18 kobo dividend to shareholders

    Fidelity Bank yesterday obtained shareholders’ endorsement to pay 18 kobo per ordinary share of 50 kobo dividend to investors whose names appeared on the bank’s Register of Members as at the close of business on April 17.

    The bank’s directors have proposed the dividend for the financial year ended December 31, 2014. This makes it a decade the lender has consistently paid dividend to shareholders.

    Speaking yesterday at the bank’s annual general meeting held in Lagos, its Managing Director/Chief Executive Officer, Nnamdi Okonkwo noted that the 2014 performance is a positive reinforcement of the medium term strategic objectives anchored  on improving the efficiency of the balance sheet; growing the retail and SME businesses; focusing on niche corporate banking segments; increased migration of customers to electronic channels and improving the customer experience across all service channels.

    He explained that the bank has a solid platform for growth, underpinned by strong customer loyalty and significant investments in physical and electronic distribution channels. “Our retail banking strategy gathered increased momentum in 2014 with the bank acquiring  over 471,000 new retail customers, consumer loans growing by over 21 per cent and core low-cost retail deposit by 18 per cent which lowered our average cost of customer deposits,” he said.

    The bank chief said that operational efficiency improved as the bank leveraged on alternative electronic channels to reduce the cost of operations adding that the efficiency gains saw operating expenses, excluding regulatory costs, grow by just three per cent in 2014 which was significantly below the inflation rate.

    On sustaining efficiency and cost effective service quality, Okonkwo explained that the bank communicated and implemented a service programme centered on building a superior customer service franchise on the back of product innovation and service turnaround time early in 2014.

    He stressed that the programme was designed to improve the quality of services by speeding up processes and reducing response time to customer enquiries/complaints

  • Sterling Bank Plc pays 6 kobo dividend

    Sterling Bank Plc pays 6 kobo dividend

    STERLING Bank Plc shareholders received 6 kobo dividend per share yesterday shortly after the conclusion of the bank’s 53rd Annual General Meeting in Lagos.

    Though the dividend payment reduced by   76%, 0.6 kobo from 0.25 kobo per share paid to investors a year earlier, the bank was able to grow its profit by 9% in 2014.

    The Bank’s Balance Sheet also showed that net loans and advances increased by 15.4 per cent to N371.2 billion in 2014 compared with N321.7 billion in 2013, while customer deposits rose by 15 per cent to N655.9 billion as against N570.5 billion just as shareholders’ funds increased by 33.5 per cent from N63.5 billion to N84.7 billion. Total assets closed 2014 at N824.5 billion, representing an increase of 16.5 per cent on N707.8 billion recorded in 2013.

    While declaring the dividend, Asuen Ighodalo said the bank was very optimistic about future prospects based on the strategic alliances being embarked by the board and management.

    Echoing similar sentiment, the bank’s Managing Director, Mr. Yemi Adeola, said the bank’s performance shows the strengths of its resilient growth model and its ability to continue to deliver value for all stakeholders, even as he assured that a proposed multi-currency debt capital of $200m in the coming year would improve the bank’s fortunes substantially.

    Major highlights showed that net interest income leapt by 20.1 per cent to N43.0 billion in 2014 as against N35.8 billion recorded in 2013. This was driven mainly by an 11.4 per cent growth in interest income to N77.9 billion, which far outweighed the 2.2 per cent increase in funding costs to N34.9 billion. This underlined the increasing cost efficiency of the lender as cost of funds dropped from 6.1 per cent in 2013 to 5.3 percent in 2014. Similarly, non-interest income grew by 18.3 per cent from N21.8 billion in 2013 to N25.7 billion in 2014. This was boosted by an 82.2 per cent growth in net trading income to N6.8 billion.

    Speaking separately, the arrowhead of the shareholders’ group, including Sir Sunny Nwosu, Chief Timothy Adesiyan, Pa Sofunde, Brigadier Ikwe, Oderinde Taiwo, lauded the bank’s performance, even as they tasked the management on the need to improve on their system.

  • Who pays the price?

    Below are instances of similar man-made tragedies in other climes and what became of those found culpable 

    THE ITALIAN CONCORDIA CRUISE BOAT DISASTER

    January 13, 2012: The Italian Costa Concordia Cruise ship ran aground and keeled over off the Isola del Giglio

    Casualties

    32 deaths

    Situaation Report

    Captain of the ship, Francesco Shettino was accused of bringing the vessel too close to shore when it struck rocks off the Tuscan Island, tearing a hole in its side and causing several human lives.

    Who was punished?

    Captain Francesco Schettino was found guilty for causing the fatal shipwreck and sentenced to 16 years in prison by a three-judge panel. In addition,. He was charged with multiple count manslaughter and abandoning ship before all 4,200 passengers could be safely evacuated.

    SOUTH KOREAN SCHOOL FERRY DISASTER

    April 16, 2014, South Korean ferry MV Sewol sank between Port Incheon and Jeju carrying 476 passengers and crew on board. 339 were children and teachers on a high school excursion.

    Casualties

    Over 300 school children dead

    Situation Report

    Ferry captain, Lee Joon-seok abandoned ferry along with much of the crew to safety while hundreds of school children were left to die. Reports from the few surviving students said more of the students would have been saved but for the instruction from the crew that no-one should move. They also said the few that survived were those who ignored the order and braved their way to safety.

    Who was punished?

    Captain was jailed for 36 year for homicide and other charges, that included professional negligence and abandoning ferry and passengers while they were still trapped inside.

    The chief engineer was also sentenced to 30 years in prison while 13 other crew members were jailed for up to 20 years.

    SPAIN TRAIN CRASH

    July 24, 2013, a passenger train derail in Santiago de Compostella, Spain, while negotiating a bend.

    Casualty figure

    79 people dead

    Situation report

    Train was going at 153KPH, nearly twice the speed limit on the curve when the accident occurred. Information from data recorders also showed that driver, Francisco Jose Garzon was on phone to railway staff when at the time of accident.

    Who was punished?

    Train driver was charged with 79 counts of homicide by professional recklessness and an undetermined number of counts of causing injury by professional recklessness. His license was suspended for six months.

    GULF OF MEXICO BP OIL SPILL

    April 20, 2010, the world’s largest oil spill in human history began in the Gulf of Mexico, when a BP British Petroleum Deepwater Horizon oilrig exploded.

    Situation Report

    Between 40,000 to 162,000 barrels of crude oil were leaking into the sea per day and it took 47,829 people and 89 days to finally cap the leakage. 3,500 workers and volunteers were also said to be suffering from liver and kidney damage from exposure to the 1.8million gallons of toxic oil dispersant.

    Casualty figure

    The explosion immediately left 11 workers dead; 17 injured and the well gushing oil into the sea.

    Who was punished?

    BP agreed to pay $4.5 billion in fines and other payments. It also agreed to plead guilty to 11 felony counts related to the deaths of the 11 workers.

  • Guinea Insurance pays N138m in Q2

    Guinea Insurance pays N138m in Q2

    Guinea Insurance (GI) Plc  paid N138 million claims  at the end of the second quarter of the year, its Managing Director, Polycarp Didam, has said.

    This, he said, was part of the company’s strategy to reposition the company to grow its market share through decisive long-term plan.

    Didam said the company believes in customer satisfaction as it  builds brand loyalty.

    He said the firm adopted a Rapid Claims Payment System (RCPS) aimed at settling claims within 72 hours on receiving a duly Executed Discharge Voucher (EDV) from the insured.

    He added that the company’s capacity to settle genuine claims to the public is underscored by its increasing premium yielding policies and capital generating ventures.

    He said: “Our company’s strength lies in our passion for high standards and determination to become a world class enterprise, one with the scope and economies of scale necessary to serve the financial and risk management requirements of our numerous customers, many of whom trade not just in domestic markets, but regionally and throughout Sub-Saharan Africa.”

    Guinea Group Lead, Technical, Wole Fayemi, who gave the breakdown of paid claims, said of the N138 million paid, N44 million was paid on general accident insurance policies, representing 32.2 per cent, while N41,532,642.89 was paid on Marine Insurance policies; that is, 30.1 per cent.

    He explained that motor insurance policies accounted for 13.5 per cent of the claims paid amounting to N18.6 million, while oil and energy insurance policies accounted for 15 per cent, that is, N20 million.

    He said engineering and fire insurance policies stood at N12.6 million, representing 9.12 per cent and  N135,715, 0.1 per cent on aviation insurance policies, was paid for the period.

    Fayemi emphasised the company’s commitment to optimise its  processes to meet the dynamic needs of its numerous customers.

    ‘’We are bent upon becoming one of the top five insurance companies in the country by 2018; hence, we have carefully crafted a five-year strategic business plan; our objectives being to build capacity, consolidate and reposition the GI brand and, ultimately, build a tribe of loyal and dedicated customers who would remain our brand ambassadors because our commitment to them is total, he said.