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  • Wema Bank’s PBT rises by 59 percent to N4.8b, pays dividend

    Wema Bank Plc on Friday released its audited financial results for the full year ended December 31, 2018 which showed that its Profit Before Tax (PBT) rose by 59 per cent to N4.8 billion. The bank has recommended dividend payment to its shareholders.

    The PBT figure was an improvement compared with N3.01 billion recorded in 2017. The bank’s gross earnings also grew year-on-year from N65.27 billion in 2017 to N71.53 billion in 2018 representing 9.6 per cent increase while Profit after Tax (PAT) rose 36.28 per cent to N3.08 billion in 2018 from N2.26 billion in 2017.

    The bank’s interest expenses dropped by eight per cent, causing Net Interest income to increase by 36.52 per cent, this was majorly driven by a reduction in deposits held for other banks.

    According to the bank’s financial results, net loans and advances stood at N252 billion, compared to N216 billion in 2017 representing 16.84 per cent year-on-year growth.

    The bank is also pleased to be recommending to its shareholders a dividend payment for the first time in 14 years. The bank recommends a dividend of three kobo per share in line with the board approved dividend policy.

    Speaking on the result, the bank’s Managing Director/Chief Executive Officer, Ademola Adebise said that despite the challenging macro-environment, Wema Bank delivered modest improvement at the end of the 2018 financial year.

    “The group recorded a gross earning of N71.53 billion which was a 9.6 per cent increase over the 2017 figure and Profit before tax (PBT) of N4.8 billion which represents a 59 per cent growth over the N3.01 billion reported in 2017 and profit after tax (PAT) of N3.33 billion as against N2.26 billion in 2017). This growth resulted from an 8.59 per cent increase in Interest income and a 13.95 per cent increase in non-interest income,” he said

    He said the bank continues to improve on its Deposit mobilization while at the same time working down its cost of funds. ALAT, Nigeria’s first fully digital Bank, launched in May 2017 has improved the bank’s retail liabilities and customer base. The bank records over 1,000 new customers daily on the digital platform and continues to grow its partnership profiles.

    The Digital Bank continued to receive several accolades in 2018, including the World Finance Awards for Most innovative Bank Africa and the Asian Banker Awards for Best Digital Bank Africa. “Our vision is to get ALAT to become the premier digital platform in Nigeria. This will be driven by our expertise in the Digital space and our retail partnerships,” Adebise said.

    The bank also recorded other notable achievements during the year as it successfully raised Tier-2 capital of N17 billion and retained its Investment grade ratings from Fitch, GCR and Agusto.

  • ‘Pastor’ held for sodomising, prostituting underage boys

    Three months after he was declared wanted, a self acclaimed pastor, Prince Chizemdere Ezuma has been arrested by the police in Lagos for allegedly sodomising, prostituting and infecting underage boys with HIV virus.

    Ezuma, the founder of Jesus Intervention Household Ministry in Ejigbo was arrested at his residence after an informant notified the police he had resurfaced.

    It was gathered that the suspect climbed his ceiling where he hid for over two hours to evade arrest when detectives from Ejigbo Division stormed his home few days ago.

    He was however forced out of the ceiling after the policemen that went called for reinforcement in order to drag him out of his hiding place.

    Ezuma was declared wanted after an alleged male prostitute Prince Chinecherem was arrested and charged to court after a 16-year-old victim Anthony Ikem made revelations that implicated them.

    Ikem, who was found sneaking out of the suspect’s home with a polythene bag containing used condoms and other items, was accosted by neighbours and he confessed he was one of several sex partners of the pastor.

    Ikem, according to the police, also confirmed that the Ezuma usually gave them to service some of his male clients including VIPs.

    On the strength of his confessions, the teenager was taken to the hospital for checks and it was discovered he was HIV positive, a status Ezuma was alleged to have lived with for over three years.

    It was gathered that some residents of the community were worried he was corrupting their male children and initiating them into the club, hence, their keen interest to see that he was arrested and prosecuted.

    Findings by our Correspondent revealed that Ezuma was moved to the Gender Section at the Police Command Ikeja yesterday afternoon, following pressure from certain quarters in the division to release him.

    In his confessional statement to the police, Ezuma claimed he usually paid the boys N2,000 for sex,

    “He has been on the run for about three months while concerted effort was put in place towards tracking him down. On March 21, around 1am, information was received that he had sneaked back into his compound. The reverend was eventually apprehended after he hid himself in the ceiling for two hours immediately he sighted the police.

    “Reinforcement was requested and he was brought down from the ceiling. Investigation showed that he brought about 15 boys into his apartment where he forcefully penetrated them all through the anus.

    “There is information that he used to wash like six bedsheets daily whenever he brought in young children suspected to be his sex partners.

    “The reverend confirmed he was HIV positive and has been receiving treatment for over three years. So, he knew he was HIV positive and still infected his victims and clients with it,” said a source.

  • Why Obaseki is embarking on luxury apartments devt in Benin, by EDPA

    The Edo Development and Property Agency (EDPA) has said its foray into luxury apartment development in Benin City, the Edo State Capital is a response to the changing dynamics in the business community in the city ushered in by the booming private sector presence.

    Executive Chairperson, EDPA, Isoken Omo, in a chat with journalists, said that the state government is backing the project because it aligns with its vision to open up the state for development and provide a conducive environment for investors to do business.

    Recall that the agency recently signed an agreement with Iron Projects Limited for development of 18-unit luxury apartment in Central Road, Government Reservation Area (GRA), Benin City, being the first of such project in the state.

    Omo said that the state government’s contribution to the project is just the landed property and provision of necessary support for the realization of the project, as there was no funding commitment on the side of government.

    According to her, “The project will meet part of the housing requirements by providing shelter but more importantly, it will create economic activities which will drive employment and encourage people to come and live, work and enjoy Benin. Businesses in the state will also benefit hugely from this investment. New lines of businesses will open up as a result of this project.”

    She continued, “We have hotels in Benin, like Protea Hotels and Best Western Hotel, which cater for high value individuals that come to do business in the state, but they are not sufficient because of the numbers of such visitors.

    “Our development will be completely furnished and serviced to provide a home away from home for visitors. Its proximity to the Edo State Government House, Benin Airport and the Golf Course, coupled with the serenity of the location, will make it a must-have for frequent visitors to the State. We already have interested buyers for the units.”

  • Breaking: Appeal Court dismisses Omo-Agege’s appeal on annullment

    The Court of Appeal sitting in Benin, the Edo State Capital, has dismissed an exparte motion filled by Senator Ovie Omo-Agege seeking a leave of court to appeal the Federal High Court Judgement which sacked the Prophet Jones Erue-led faction of the Delta State chapter of the All Progressives Congress (APC).

    It also dismissed a suit filed by the House of Representatives-elect, Rev Francis Ejiroghene Waive.

    Justice Philomena Mbua Ekpe in her ruling dismissed both applications for lacking in merit and fined them N300,000 each.

    Read Also; Appeal Court orders retrial of NIMASA, NLNG levies case

    The court held that the plaintiffs could not claim to be unaware of the case thus could not seek to be joined or challenged the judgement, at this moment.

    Omo-Agage and Waive, whose candidacy had earlier be annulled by the Federal High Court, Asaba have to wait for the party at the National level who are party to the case to appeal the judgement.

  • Navy rescues 2-month old baby, 11 others from drowning in Rivers

    The Nigerian Navy in Port Harcourt says it rescued a two-month-old baby and 11 others from drowning in Ngo waterways in Rivers.

    Lt. Ernest Jim, Base Information Officer, Nigerian Navy Ship (NNS) Pathfinder, Port Harcourt, made the disclosure on Friday.

    He said troops on routine patrol of the waterways sighted a capsized boat and immediately intervened to rescue the 12 passengers.

    “The boat mishap happened at about 1330 hours on Thursday, March 28 around Nigerian Liquified Natural Gas (NLNG) Map Jetty in Ngo, Andoni Local Government Area of Rivers.

    “It is gratifying to state that all 11 passengers and the baby were rescued with no casualty recorded,” he said.

    Jim said the rescued passengers were later taken to a nearby NLNG medical facility for check up.

    The Navy spokesman said that preliminary investigation showed that the boat was loaded above capacity, advising operators against taking passengers beyond the capacity of their boat.

  • FG approves execution of multiple power projects – Fashola

    The Federal Government has approved the execution of several power projects aimed at achieving more improvement in electricity distribution in the country.

    The Minster of Power, Works and Housing, Mr Babatunde Fashola, said this in a statement on Friday in Abuja by Mr. Hakeem Bello, his Special Adviser on Communications.

    Fashola said principal among the approvals, received from the Federal Executive Council meetings on memos presented by him, was that for Aso Villa to benefit from the Eligible Customer Policy.

    He said the council also approved a distribution expansion programme to take-off part of the stranded 2,000 MW to provide dedicated power to the Villa.

    “The ministry had earlier obtained approval from the Bureau of Public Procurement (BPP), following its letter to the Bureau, intimating it of the council’s approval of the distribution expansion programme,“ he said.

    Fashola said the intention of the ministry was to procure civil works that would facilitate uninterrupted power supply to the Aso Rock Villa.

    “The project is to be executed by Messrs Dextron Engineering Ltd, has a completion period of six months under the distribution expansion programme.

    “An arrangement has also been put in place such that a GenCo, North-South Power Company Limited will procure the dedicated supply to the Villa from the National Grid.’’

    He said that Abuja Electricity Distribution Company (AEDC) had indicated interest to ensure success of the project.

    The minister said also approved were the Afam 240 MW power plant in Rivers state, construction of a dedicated solar power system for the federal ministry of power, works and housing headquarters in Mabushi.

    Other project approved, according to Fashola is the concession of five hydro dams to facilitate electricity supply to rural and agrarian communities across the country.

    “The approval of final payment for completion of Afam 240 MW power plant is sequel to a memorandum by the ministry seeking council’s approval for award of contract for additional works at the 132KV switchyard.

    “The switchyard was for the evacuation of power from the 240 MW Afam Three fast power projects.’’

    Fashola said the approval for concessioning five hydro dams to facilitate electricity supply to rural and agrarian communities in the country was sequel to the recommendation of the ministry and its water resources counterpart.

    “The ministries had recommended that six hydro power resources be concession to private sector investors to increase the nation’s power supply by 16.49MW, to cater for the power needs of their immediate and essentially rural communities.

    “However, the five small and medium hydro power plants approved to be concessioned, include the 6-MW Ikere Gorge Dam in Ekiti state, to be concessioned to Messrs Power Control and Appliances Limited.

    “2MW Omi-Kampe Dam in Kogi, to be concessioned to Messrs Quaint Power and Infrastructure Nigeria Limited, the 300 KW Zobe Dam and 4 MW Jibiya Dam in Katsina state to be concessioned to Messrs Pan-African Global Infrastructure.

    “The 3-MW Bakolori Dam in Zamfara state to be concessioned also to Messrs Pan-African Global Infrastructure.’’

    Fashola also said concessioning of the dams was to increase renewable and clean electricity supply for the benefit of Nigerians.

    “The ministry has already concluded negotiations with the concessionaires and letters of notification have been issued to them accordingly to facilitate necessary action for early delivery of the project in compliance with regulatory procedures.”

    He said the memorandum seeking FEC’s approval for the construction of dedicated solar power system for the ministry’s headquarters was intended to achieve uninterrupted power supply to the offices.

    This he said would supplement the existing energy supply from the National Grid facilitate clean and renewable energy. (NAN)

  • BREAKING: CCT: Tribunal orders Onnoghen to defend charges

    The Code of Conduct Tribunal (CCT) has rejected the no-case submission made in his trial by suspended Chief Justice of Nigeria (CJN), Justice Walter Onnoghen.

    CCT Tribunal Chairman, Danladi Umar, in a ruling, said the prosecution has provided sufficient evidence to establish a prima facie case against the defendant to warrant his being called to enter his defence.

    Umar referred to a confessional statement made by the defendant in which he admitted omitting to declare the five domiciliary accounts he has been operating in Standard Chartered Bank since 20009.

    The CCT Chairman said the confessional statement was sufficient to warrant the tribunal to ask the defendant to enter his defence if he has any.

    Umar rejected the no-case submission and ordered the defendant to enter a defence against the six-count charge of non-declaration of assets brought against him by the Code of Conduct Bureau (CCB).

    Proceedings in the tribunal later went rowdy when after concluding his ruling, Umar adjourned to Monday (April 1, 2019) for the defendant to open his defence.

    Many lawyers in the defence team shouted in protest when Umar ignored appeals by lead defence lawyer, Adegboyega Awomolo (SAN) that April 1 was too short for the defendant to adequately prepare for his defence.

    While Awomolo was still on his feet, asking the tribunal Chairman to allow the defendant sufficient time to prepare, Umar stood up and walked away, leaving other members of the tribunal to scamper after him.

    A dejected Awomolo accused Umar of oppressing the defence.

    As Umar and the two other members of the tribunal walked away, Awomolo said: “If this is justice, then, God bless Nigeria.”

    Detail shortly…

  • I’ll leave Nigeria better than I met it, says Buhari

    President Muhammadu Buhari on Friday in Abuja assured Christian leaders in the country of his commitment to leave Nigeria better than he met it in 2015.

    He spoke while receiving the leadership of Christian Association of Nigeria (CAN) led by Rev Dr Samson Ayokunle, at the Presidential Villa, Abuja.

    In a statement by the Special Adviser on Media and publicity, Femi Adesina, the President affirmed that his administration will continue to address important national challenges including security, economy and corruption.

    While CAN leadership was at State House to congratulate President Buhari on his re-election, the President told them the outcome of the just concluded polls underscored the trust Nigerians have in the present leadership in the country.

    ‘‘We will continue to strive for peaceful co-existence among all Nigerians irrespective of their religious beliefs.

    ‘‘In the area of allocation of political offices, our focus will be on merit and national spread such that every part of Nigeria will have a sense of belonging.

    ‘‘We remain resolute in the fight against terrorism and insurgency, and efforts to bring back all those in captivity and other victims of kidnappings will be intensified,’’ the President said.

    Commending the important roles religious bodies have played in the last four years of the administration, President Buhari pledged to continue supporting several programmes anchored by the Nigeria Inter-Religious Council (NIREC), geared towards peace, tolerance, unity and harmony in our country.

    In his congratulatory message, the CAN president prayed God to grant President Buhari ‘‘everything it takes to perform hundred times better than’’ his first term, stressing that the organisation had the success of this administration at heart.

    Rev Ayokunle welcomed the President’s pledge to run an inclusive government in a speech shortly after his re-election, noting that the gesture would give all in the country a sense of belonging.

    The leadership of the Christian body in Nigeria also called for ethnic and religious balance in the selection of leadership of the ninth National Assembly.

    While appealing to the President to task security agencies to be more proactive in their duties, the CAN leader made a passionate request for deliberate and relentless efforts to free Leah Sharibu, other Chibok girls and Nigerians in captivity of insurgents.

  • Man kidnapped on his wedding day in Nasarawa

    The last two weeks have witnessed serial kidnappings and murder in Nasarawa state, especially in Nasarawa local government, as one Kamilu Dalhatu of Bursery Department of the Federal Polytechnic, Nasarawa was kidnapped alongside three of his friends on his wedding day.

    They were kidnapped on Saturday, 16th March, 2019 on their way to Nasarawa from Udege-Mbeki having attended the wedding ceremony. They were later released after their families paid an undisclosed amount to the abductors as ransom.

    In a related development, Alhaji Jibrin M. Usman, the Managing Director, Nasarawa Micro Finance Bank, also in Nasarawa local government was kidnapped at his Marmara residence on Sunday, 24th March, 2019. He, like others, was released after payment of an undisclosed amount to his abductors.

    A newly wedded man by the name Shuaibu Owuna was reportedly murdered in cold blood by unknown gunmen on his way to Nasarawa from Onda. He was said to have wedded last Saturday, 23rd March, 2019 at Onda, his community.

    Similarly, gunmen on Wednesday attacked vehicles along the busy AkwangaAkwanga-Akwanga-Keffi expressway kidnapping four women in the process.

    Chairman of Correspondents’ Chapel of Nigeria Union of Journalists in Nasarawa State, Suleiman Abubakar’s wife, Yahanasu Abubakar, was among those kidnapped.

    Suleiman told newsmen that the incident happened around 7:00 p.m. along Gudi-Garaku road in Akwanga Local Government Area of the state.

    He further disclosed that negotiations for the release of the women was ongoing as the kidnappers have demanded for N5 million ransom.

  • Fintri promises to implement proposed N30, 000 minimum wage

    Adamawa Governor-elect, Ahmadu Fintiri, has promised to implement the new minimum wage of N30, 000 when approved by President Muhammadu Buhari.

    Fintiri, who emerged winner on the platform of Peoples Democratic Party (PDP), made the promise on Friday while speaking with newsmen in Yola.

    He defeated incumbent Gov. Muhammadu Bindow of All Progressives Congress (APC) and 28 other candidates in the just-concluded supplementary governorship election.

    He said: “I will give civil service priority attention and make it more effective.

    “As a matter of matter of priority, I will be first to implement it, so that we don’t experience any workers strike,” Fintiri said.

    He also assured students that his administration would be committed to resuscitating scholarship scheme, youth empowerment and other programmes to move the state forward.

    “We are also going to pay WAEC and NECO fees for students to reduce burden on parents,” Fintiri said.

    He thanked the people of the state for electing him and promised not to disappoint them.

    “The people have given us their mandate and God has actualised it today.

    Read Also: Court dismisses suit challenging Adamawa gov’ship election

    “We will ensure that we deliver on our campaign promises and manifesto to them.

    “We urged them to remain calm, law-abiding as they celebrate and wait for our swearing-in ceremony,” Fintiri said.

    Fintiri a former Speaker of Adamawa State House of Assembly and Acting Governor, emerged winner scoring 376,552 votes to beat his closest rival, Gov. Bindow who scored 336,386 votes. (NAN)