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  • Wapic Insurance floats N5.93b rights issue

    Wapic Insurance Plc has launched a new capital raising programme aimed at raising about N5.93 billion from the shareholders of the insurance company.

    The new share issuance is expected to beef up the capital base of the company as insurers move to comply with industry new minimum capital requirement.

    Wapic Insurance indicated that it plans to issue 15.61 billion ordinary shares of 50 kobo each to existing shareholders at 38 kobo per share. Wapic Insurance’s share price dropped 5.41 per cent at the weekend to 35 kobo per share.

    The rights issue will be pre-allotted to shareholders on the register of the insurance company as at the close of business on Thursday September 19, 2019 on the basis of seven new ordinary shares of 50 kobo each for every six ordinary shares of 50 kobo each already held.

    Already, Wapic Insurance has submitted application to the Nigerian Stock Exchange (NSE) for regulatory approval that will allow the publicly quoted insurance company to list the additional shares to be issued under the rights issue on the NSE.

    The National Insurance Commission (NAICOM) had in May 2019 released new capital requirements for insurance businesses with a 13-month compliance period for operators to shore up their minimum capital base to the required level. The minimum paid-up share capital of a life insurance company was increased from N2 billion to N8 billion, non-life insurance from N3 billion to N10 billion, composite insurance from N5 billion to N18 billion while re-insurance companies were directed to raise their capital base from N10 billion to N20 billion. Insurance companies are required to comply fully with the new minimum capital base by June 30, 2020.

    In anticipation of increase in minimum capital requirements for insurers, shareholders of Wapic insurance had in 2017 given approval to the board of the company t raise up to N10 billion in new capital to bolster the insurance company’s capital base.

    Wapic Insurance Plc Chairman Mr. Aigboje Aig-Imoukhuede had explained that the company was being proactive with the new capital raising plan.

    “The company is approaching its shareholders at this time to seek approval to raise additional capital as a proactive step towards getting the company ready and set for a much-anticipated regulatory increase in the minimum capital of insurancecompanies,”Aig-Imoukhuede said.

    He noted that a similar regulatory capital increase was imposed on the banking industry during the consolidation era and only the banks that were proactive in raising the required capital emerged as winners.

     

  • Coscharis introduces BMW X7

    Coscharis Motors Nigeria Plc, the exclusive franchise owner of BMW in Nigeria, will reveal the first-ever BMW X7, the pinnacle of BMW’s X Sport Activity Vehicle line-up and a statement of the luxury class at this year’s Banana Island Festival on Saturday.

    According to Coscharis Group General Manager, Marketing and Corporate Communications, Abiona Babarinde, the objective of the event is to offer customers and prospects an opportunity to see and feel the all new BMW X7 within their home and work contexts.

    Babarinde said: “The BMW X7 becomes the second BMW model to be launched at the Banana Island Cultural festival. The very first was the BMW 5 series in 2017.

    “The BMW 7 series will be a new definition of automotive luxury,” he further stated.

    Coscharis Motors BMW Brand Manager Cletus Aregbeshola said the BMW X7 builds on the comfort, handling, safety and technology of all the previous BMW X Sport Activity Vehicle model lines that have been produced at Plant Spartanburg since 1999.

    “BMW’s latest premium Sports Activity Vehicle is designed to reflect the personality and requirements of the owner. It not only adds a new top model to the X family, but also defines a progressive approach to luxury for the BMW brand,” Aregbeshola said.

    The X7 offers standard three row seating for seven with optional Second-row Captain’s Chairs offering a more exclusive seating arrangement for six. Standard two-axle air suspension, 21-inch alloy wheels and advanced driver assistance systems ensure that the new BMW X7 lives up to expectations of style, driver engagement, passenger comfort and all-weather and all-terrain capability.

     

  • Tecno offers varsity scholarship to students

    Africa’s preferred smartphone brand Tecno, has offered scholarships to university students in Nigeria.

    The technology firm extended the gesture to the students  during the ACADAFEST, a concert put together by ScholarX and iManage, organisations, celebrities and members of the public to sponsor 20 deserving students through university.

    Tecno Nigeria,  PR and Strategic Partnership Manager Jesse Oguntimehin, who spoke on the gesture, said  Tecno is sponsoring three of the 20 students for the duration of their university education to the tune of N400,000 each per student.

    “At Tecno, we have carried out various social activities such as our Give the Nigerian Child A Future initiative- where we visited selected schools around the country to empower bright students, awarding them scholarships for their academic excellence. We also provided pupils within these schools educational materials to ease their learning journey. There was also the annual Light Up Your Dream competition where we rewarded two young Nigerian Entrepreneurs with N1million each to grow their businesses,” he said.

    He said this year, in line with its determination to impact positively on its consumers, Tecno  decided to collaborate with the oraganisers for the maiden edition of the ACADAFEST where it awarded three Nigerian students scholarships reiterating the commitment to the development of the Nigerian society.

     

  • ‘We’re working to ensure APC triumphs in Edo’

    Stanley Osifo was a presidential aspirant during the last general elections on the platform of the Peoples Democratic Party (PDP). In this interview with MUSA ODOSHIMOKHE, he speaks on why he dumped the party, the rift in the Edo State All Progressives Congress (APC) and other issues.

    You dumped the PDP for the APC prior to the 2019 election. Are you fulfilled in your new party?

    I left the PDP, prior to the 2019 election, because I was convinced that the party has no genuine plan for the progress of the country. Those of us who moved from the PDP to the APC have since settled down and are now supporting our new platform. The reasons why we left the PDP are many; one of them is that the PDP does not have what it takes to give Nigerians what they are looking for. In governance, you don’t just say you want to become governor or president, you must be prepared for the job. I and my supporters have decided to support President Muhammadu Buhari to actualise the APC manifesto. The President’s disposition suggests that he is an upright person. Those who have had dealings with him will affirm that Buhari is sincere in transforming the country. He is a man of integrity and honesty. This is what you cannot find within the PDP. A lot of wrong things are going on in the PDP. I had to leave, because what is taking place within the fold is not in tune with my aspiration to serve the country. But, again, I will like to say that, irrespective of whatever promises given, where we are does not tally with what we are. My supporters and I have decided to contribute our quota to the development of the country through APC, because the PDP is not the platform to achieve this. Therefore, the reasons for leaving the PDP have been achieved because all the candidates we supported won. Now that we are in the APC we are impacting in every little way. But, I must say that we did not join the APC because of what we intend to gain. Many see politics as business, but that is not the way I see it. Some join politics because they want to get something from the government. My involvement in politics right from the very beginning is not because of what I want to gain. I want to serve Nigeria because it is a great country with great potentials. We should all come together to build our country. We must work toward harnessing our individual talent and everything that can assist the country to be better. That is the passion that I have, when I ventured into politics and decided I wanted to be the president. My supporters are behind President Buhari because he has all that it takes to move the country forward.People are complaining that the APC has not performed on insecurity… There are physical and factual proofs that the APC has done well in that regard. Let us look back to when the PDP assumed leadership in 1999, if you will remember, there were lots of issues. We have the issues of Boko Haram, armed robbery, banditry, kidnapping and other vices staring the country in the face. Agreed that government is a continuum; we should remember that all the problems bedevilling the country today did not emanate from the present administration. So, looking at insecurity and other vices since 2015, there have been drastic reductions in the challenges. Nigerians will recall that Boko Haram operated in the Northeast as if it was their country; moving in and out of the territory at will. What the President did at his inauguration was to move the military high command from Abuja to the Northeast for effective combat of insurgency. So, if not all the elements, most of the Boko Haram footholds have been decimated. The government is still doing everything possible to ensure that it deals with the problem. The President is not folding his arms. Again, Nigeria is not the worst country, when you take a look on issues of insecurity on the global stage. There are many countries with worse cases. But that is not to say we should condone it.

    Why is the attack on Nigerians in South African politicised?

    President Buhari met his South African counterpart, President Cyril Ramaphosa, during the recent Japan summit. The main aim of the meeting was because of the xenophobic attacks on Nigerians in particular and other Africans in general. You know Nigeria is seen as the beacon of Africa. Nigeria most often takes the lead on issues that bother on Africa. There were assurances from the South African leader that Nigerians and other Africans would be protected. I will like to say that government has responded promptly. The matter should not be politicised, because it involves the lives of Nigerians. I must say that government handled the issue very promptly.

    Are you satisfied with the performance of the Independent National Electoral Commission (INEC) in the recent general elections?

    We must commend INEC for its efforts so far. I was a participant in the last election and a presidential aspirant. Apart from the pocket of disturbances that came up in one or two states, the election was peaceful and fair. In the past, we used to have cases of killings in different parts of the country during elections. But during the 2019 election, we could see that the rate of violence reduced drastically. Again, that notwithstanding INEC should look at the areas where there are shortcoming and improve on them. It should work hard to put a stop to the complaints raised by different stakeholders.

    What is your comment on the crisis within the Edo APC?

    The National Chairman of the APC, Comrade Adams Oshiomhole, has made it clear that there is no rift between him and Governor Godwin Obaseki. He said that the governor was his brother and that they don’t have issues. What people hear or say in the media, are the handiwork of third parties. The governor has also made it clear that everything is okay within the fold, because his relationship with the APC chairman is in order. A meeting has been called and attended by leading party members. At a certain point, whenever I go to at the Federal Capital Territory, Abuja, people asked me what was happening in Edo State. My response has always been that the APC in Edo is peaceful. Again, we all have to come together to ensure that we work together for the progress of Edo APC. We are not only working to ensure that the APC wins the coming election but also to win it convincingly. I will tell you that right now that Edo State is a full fledged APC state. The governor is an APC governor; the 24 members of the Edo State House of Assembly member are from the APC. People say there is problem in Edo assembly, but they have forgotten that it is a family affair. We are coming together and we are growing stronger. I will advise that the media should leave the matter as it is.

     

  • 4500 for Medic West Africa exhibition

    THE Eighth Medic West Africa Conference and Exhibition will hold at the Eko Hotel and Suites Convention Centre in Victoria, Lagos, from October 9 to 11.

    Expected at the event, the organisers Informa Markets said, are over 45000 participants and 280 exhibitors from 25 countries.

    Medic West Africa’s Exhibition Director, Ryan Sanderson, said: “Informa Markets is thrilled to usher in this year’s conference and exhibition in our host city, Lagos. As a leader in Africa’s healthcare sector, we are charged with the responsibility of discovering promising innovations and solutions that cater to the many facets of the healthcare value chain in Nigeria and beyond.

    ‘’All our exhibitors and guest speakers are passionately committed to the future of healthcare and registered attendees will hear from key thought-leaders from across the region on how to continuously drive quality healthcare services, not only in Nigeria but across the West African region.”

    He said state-of-the-art imaging equipment, from disposables to those in surgery would be on display..

    He added that three-day event aims to keep participants engaged by displaying the latest innovations that will drive positive transformation in the region’s healthcare sector. Education and knowledge-sharing are some of the core principles of Medic West Africa, he added.

    Participants would benefit from its masterclasses and leadership, business and educational conferences. They would get an opportunity to network, discuss and deliberate with leaders from West African ministries, authorities, healthcare providers, distributors and solution providers.

     

     

  • Bricklayer ‘rapes’ girl, 15

    Officials of the Lagos State Neighbourhood Safety Corps (LNSC) have arrested a bricklayer identified as Fatai Kehinde, 41, for allegedly raping a 15-year-old girl.

    The incident occurred at Olisa/Arogundade Street, in Iju Ishaga.

    It was gathered that the suspect allegedly hypnotised the teenager and took advantage of her in his house.

    She was said to be going to work when the incident occurred and had narrated her experience to her colleagues in the office who came for the man almost immediately.

    According to a source, a mob soon gathered and descended on the man following alarm raised by the girl’s colleague who came to his house with her.

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    “They were about to lynch him when LNSC officials arrived the scene. It was around past 11am. They moved in and took the man and the young girl away.

    “But before they got there, people questioned the girl and she said she was going to work when the man touched her and said she was being spiritually monitored by her father’s family.

    “She said after the touch, she did not know what was happening to her again. That the man asked her to go and by egg and salt which she did and followed him inside his house.

    “He told her to take off her clothes and she complied. He raped her and she ordered her to wear her dress and leave.

    “She said she was on her way to the factory she works at when she regained herself and promptly narrated her experience to her colleagues.

    “They followed her to the place and accosted the man. He confessed he slept with the girl and they started beating him,” he said.

    But the suspect told LNSC officials that it was inside his brother’s shop that he raped the girl, adding that he gave her N1,500 after the act.

    He said: “She told me to help her collect money from her boyfriend. From there I took her inside my brother’s shop and slept with her on the floor. After that I gave her N1500. She told me she will come back in the evening and she left.”

    Confirming the arrest, the Public Affairs Officer of LNSC Adewale Afolabi said the suspect, his brother and the victim were handed over to policemen at Isokoko Division.

    He said the man’s house was searched and it was discovered he had three shrines which he and his brother used for alleged fraudulent practices.

  • IPOB threatens protest against Buhari at UNGA

    The Indigenous People of Biafra (IPOB) has vowed to stage a peaceful protest against President Mohammadu and his government at the United Nations General Assembly in the United States of America.

    It said the demonstration was to prove its resoluteness and determination for the actualisation of Biafra republic and Buhari’s tyrant style of leadership.

    The group, in statement by its Media and Publicity Secretary, Emma Powerful, said its members in the US had perfected arrangement necessary for the protest.

    It noted that it was aware Buhari departed Abuja for New York with three governors and seven ministers to attend the General Assembly.

    The statement partly reads: “IPOB family worldwide especially our great family members in the US are on ground waiting for Buhari to appear in the United Nations General Assembly this week, the General assembly is scheduled to start deliberation from 25th of September 2019 in the city of New York.

    “Our people in the US perfected every arrangement necessary to protest against Buhari and his government in Nigeria during the summit to prove our resoluteness and determination for the coming of Biafra and how tyrant Buhari has become.

    “The world must understand why Biafrans need outright freedom from unworkable system of Nigeria without much delay.

    Read Also; IPOB takes independence agitation to UN

    “Buhari and his Fulani government in Nigeria have totally destroyed this country and we must let the world know what transpired between Biafra and Nigeria since 1945 till date.

    “IPOB is going to stage a powerful and unprecedented protest against him in US for the purpose of continued and incessant killing, arrest, destruction of properties and secret abduction of Biafrans both men, women and children every day and night in Biafraland.

    “The plans by Fulani government of Nigeria to stop IPOB from demanding their right for free state and independent nation of Biafra will not work.

    “The whole world must see IPOB right in front of UN headquarters in New York.”

  • Forum to provide synergy between APC governors, lawmakers

    The Progressive Governors Forum (PGF) of the All Progressives Congress (APC) has inaugurated a Legislative Programme Steering Committee to ensure seamless synergy of engagements between APC governors and lawmakers across the country.

    The Deputy Chairman of PGF, Gov. Godwin Obaseki of Edo, who was represented by his deputy, Mr Philip Shaibu, said this at the inaugural meeting in Abuja on Tuesday.

    The News Agency of Nigeria (NAN) reports that Obaseki is the chairman of the committee while Gov. Aminu Masari of Katsina State is co-chairman.

    Obaseki said that the committee was inaugurated to primarily provide PGF members with clear and concise contextual recommendations in terms of legal framework governing government processes and decisions.

    According to him, the committee should monitor ongoing government operations, identify issues suitable for legislative review, gather and evaluate information and recommend course of action to PGF.

    “It is also expected to promote and advocate the interest of the PGF member states regarding laws, regulations, socio-economic policies and other developments that may affect our states and the APC as a whole.

    “Further to this, is our recognition of the fact that the Legislature is the backbone of any democracy. No democracy can flourish except, and until its legislature is strong and progressively active.

    READ ALSO: Progressive Governors Forum will support Buhari’s drive for investment – Obaseki

    “Part of the objectives of the PGF Legislative programmes therefore, is to ensure cordial relations between our legislatures and those of us operating in the executive arm,” Obaseki said.

    According to him, our goal is to develop a good framework of engagement through initiating activities that would enable us to review emerging challenges regularly.

    “It will also seek to manage and regulate all emerging differences such that conflicts between the executive and the legislature at all levels where APC rules are minimised.

    “That does not mean that there would be no disagreements or conflicts any more in the future, because conflicts are inevitable outcomes of politics and political activities.

    “But through the regular engagement and interactions between the Executive and the legislature, we will take steps to ensure that all emerging conflicts are resolved,” he said.

    (NAN)

  • Accidents: FRSC urges states to establish traffic management agencies

    Mr Boboye Oyeyemi, Corps Marshal, Federal Road Safety Corps (FRSC), has urged states yet to establish traffic management agencies to do so to enhance national safety and security.

    Oyeyemi made the call at a conference of Heads of State Traffic Management Agencies held in Abuja on Tuesday.

    The theme of the conference was “Sustaining Inter-Agency Collaboration toward Improved Road Safety Culture management in Nigeria”.

    He said that the positive multiplier effect of such agencies would include enhanced safety and security.

    Oyeyemi said that the meeting was an intentional approach toward sustainability in inter-agency relationship in the true value of team spirit approach for the betterment of national development.

    The corps marshal, while noting that only 18 states had established the traffic management agencies, said that the corps would synergise with those yet to establish to do so to enhance safer roads.

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    He said: “The FRSC as the lead agency cannot do it alone. That is why you have the policy evolution encouraging the states to set up the traffic management agencies.

    “We look at the United Nations Decade of Action on Road Safety 2011-2020. The pillar one of the action is on road safety management which encourages member states to set up the lead agencies on traffic management..

    Oyeyemi said that the corps was encouraging states to set up these traffic management agencies due to “the chaotic and worrisome urban traffic”.

    He said this would enable the corps to pull out from the state roads and focus more on the federal roads with about 36, 000km of total road network.

    “The federal roads are where most of the traffic crashes occur. We will continue to encourage the states.

    “It is in the policy document of the Nigerian Road Safety Strategy and we will make sure before the end of next year, almost all the states must have complied,” he said.

    According to Oyeyemi, it is not enough to set up the agencies but such agencies have to be well funded.

    “And they must be made professional the way FRSC is. That is why we are availing the states of the services of our academy and the training school so that we can all be at par,” he Oyeyemi said.

    He also called for synergy between the various management agencies to harmonise operations and the database for the good of the country.

    “For the states that have their agencies in place, I also appeal to the respective governors to fund the agencies well so as to ease their achievement of set goals.

    “This is important because underfunding will simply result in money down the drain without any meaningful return to the expectant members of the communities.”

    He said that Nigeria was the 10th nation globally to endorse all the six UN Conventions on Road Traffic following President Muhammadu Buhari’s assent to the Geneva Convention on Road Signs and Signals in 2018.

    Mr Isaac Adetimiro, Deputy General Manager, Lagos State Traffic Management Agency, said that the agency was managing the high level of traffic in the state.

    “With the support of the federal and state governments, we are able to manage traffic perfectly in Lagos, especially in Apapa.”

    Adetimiro appealed to motorists, especially tanker and truck drivers, to ensure the maintenance of their vehicles to reduce accidents and high volume of traffic on the road.

    Retired Col. Abdulkadir Ahmed, the Chief Executive Officer, Kaduna State Traffic Law Enforcement Authority, said that the traffic situation in the state was a little bit difficult because of the influx of commuters.

    He, however, said that the government was doing its best on road expansion under the rural renewal project.

    (NAN)

  • $9.6b: International criminals plotting to cheat Nigeria, says Buhari

    President Muhammadu Buhari on Tuesday warned international criminal groups to desist from their plots to cheat Nigeria of billions of dollars.

    According to him, Nigeria is giving notice to the international criminal groups by the vigorous prosecution of the Process and Industrial Development Limited (P&ID) scam attempting to cheat Nigeria of billions of dollars.

    A UK court had recently awarded a private company, P&ID a $9.6 billion judgment debt against Nigeria.

    Buhari spoke in New York during the 74th Session of the United Nations General Assembly.

    He had presented Nigeria’s National Statement as the fifth speaker on the first day of the General Debate.

    The President also declared his administration is facing the challenges of corruption head-on.

    He called on major tech companies to be alive to their responsibilities over social media outlets responsible for fuelling major crimes such as mass killings.
    He said “They cannot be allowed to continue to facilitate the spread of religious, racist, xenophobic and false messages capable of inciting whole communities against each other, leading to loss of many lives. This could tear some countries apart.

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    “No threat is more potent than poverty and exclusion,” noting that, “They are the foul source from which common criminality, insurgency, cross-border crimes, human trafficking and its terrible consequences draw their inspiration.”

    Describing poverty “as one of the greatest challenges facing our world,” President Buhari noted that, “Its eradication is an indispensable requirement for achieving sustainable development,” while highlighting his administration’s efforts to overcome the challenge.

    On the 2019 presidential elections, he said “our people backed the politics of tolerance, inclusion and community over the politics of protest and division.”

    President Buhari also reaffirmed Nigeria’s position on other issues which impinge on global peace, security, progress, democracy and development.

    Reflecting on the theme of the current General Assembly, “Galvanising multilateral efforts for poverty eradication, quality education, climate action and inclusion”, Buhari said they are the prime areas calling for collective action which will benefit national and global interests.