The Nation Newspaper

Tag: UBA

  • GTB, UBA, others mull interim dividends

    Four of Nigeria’s five largest banks have indicated they might pay interim cash dividends to shareholders as investors await the half-year corporate earnings of major quoted companies on the Nigerian Stock Exchange (NSE).

    The three largest Nigerian banks-Guaranty Trust Bank, Zenith Bank and United Bank for Africa and the fifth largest bank-Access Bank, in separate regulatory filings indicated that they had scheduled meetings of their directors during which the six-month financial statements would be approved.

    Directors of UBA are scheduled to meet tomorrow while directors of GTB, Zenith Bank and Access Bank are scheduled to meet next Wednesday. Deliberation on payment of interim dividend is one of the main agenda for the meetings.

    The four banks had paid similar interim dividends on the basis of their half-year results in 2016. GTB, Zenith Bank and Access Bank had paid interim dividend per share of 25 kobo each to shareholders for the first half of 2016. UBA distributed N7.26 billion to shareholders as interim dividends for first half 2016 on the basis of 20 kobo per share.

    First-quarter results of the banks had shown improved performance, a trend most analysts expected to continue in the second quarter. UBA had sustained a well-rounded performance in the first three months of 2017 as profit before tax grew by 41 per cent to N25.5 billion. Key extracts of the three-month earnings report for the period ended March 31, 2017 showed significant growths on key performance indices. Group gross earnings rose by 38 per cent to N101.25 billion in first quarter 2017 compared with N73.66 billion recorded in comparable period of 2016. The top-line was driven by an unprecedented 43 per cent growth in interest income. Profit before tax rose to N25.5 billion in first quarter 2017 compared with N18.1 billion in first quarter of 2016. Profit after tax increased by 32 per cent to N22.4 billion in first quarter of 2017 as against N17 billion recorded in the corresponding period of 2016.

    In deliberating on the interim dividend payment, directors of the banks are expected to particularly focus on the justifiability and sustainability of the earnings performance.

    The Nigerian Stock Exchange (NSE) had in last January started implementation of new rules that impose stiff sanctions on any company that makes spurious interim dividend payment without the fundamental basis to support such interim dividend distribution.

    The new rules that will take effect at the stock market on January 1, 2017 prohibit spurious interim dividend declaration and make such act punishable.

    According to the rules, any company that declares interim dividend during any financial year, and thereafter records accumulated losses at the end of that financial year shall, if it is discovered that the declaration of dividends was not justified by the availability of profit for distribution, be liable to pay a fine.

    Under the new rules, no company or any other issuer shall declare interim dividends or bonuses without first preparing and filing accounts, which shall form the basis of such declaration or action.

    Besides, no company shall declare final dividends without first preparing and filing audited accounts, which shall form the basis of such declaration or action.

     

  • Visionless group behind my recall, says Uba

    THE Senator representing Anambra South in the National Assembly, Dr.Andy Uba has described those behind the purported plans to recall him form the Senate as faceless and selfish. In a statement issued by his Media Assistant, Uchem Obi, Uba said the said the group behind the alleged recall plans was visionless and not motivated by any desire for common good but avarice and selfish aggrandizement. The group which purportedly clamoured for the recall of Uba had allegedly made a U-turn, asking instead for audience with the Senator.

    The statement reads: “As we revealed when they first began their empty noise, they represent nothing but fraud. They are constantly searching for avenues to get close to unsuspecting members, especially successful members of the political class. We warned, that the Dynamic Youth Organization is an association of con-artistes, who seek out desperate politicians who they market falsehood and unattainable projects to. “We warned politicians, especially from Anambra State, to be wary of this fraudulent gang.

    Why are they secretly seeking audience with Sen. Andy Uba after making (an)empty noise that they were recalling him from the Senate? What is stopping them from recalling the Senator? Do they want the Senator’s permission to recall him? Or have their paymasters taken our advice and discovered their fraud? Did they imagine that empty threats issued by fraudsters can elicit any kind of attention from the Senator? The statement added: “The Senator is focused for good representation and had never and does not intend to be distracted by a bunch of disgruntled elements, who have sunk so low to become extortionists, false alarmists and public enemies.

    Since this fraudulent gang has added extortion and blackmail to their growing list of nefarious activities, it has become incumbent upon us and all people of good conscience to alert the polity and caution Ndi Anambra to avoid this group and hold them in continuous disdain because they represent nothing.

  • Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    Eurobond: Fed Govt, UBA, Zenith raise $2.5b

    • Fitch, S&P to rate more banks

    • Rush for Eurobond continues

    The Federal Government and two commercial lenders have raised $2.5 billion through Eurobond in the last four months. The Federal Government raised $1 billion in February and $500 million in March while Zenith Bank Plc and United Bank for Africa (UBA) Plc raised $500 million each within the periods.

    The Federal Government’s $1 billion Eurobond offer, the fourth since 2011, was oversubscribed by nearly 800 per cent. The over-subscription surprised not a few pundits.The offer, which comes at $200,000 denominations and multiples of $1,000 denominations, will mature on February 15, 2032, with Citigroup Global Markets Limited and Standard Chartered Bank. Stanbic IBTC Capital is the Financial Adviser.

    In March, the government announced that it has priced its offering of the $500 million aggregate principal amount of notes at a yield of 7.5 per cent. The terms and conditions of the $500 million notes,were identical to those of the Original Notes, $1 billion Eurobond, paying a coupon of 7.875 per cent per annum and maturing on February 16, 2032.

    Zenith Bank’s and UBA’s Eurobond offers were both over-subscribed too. Zenith Bank raised $2.1 billion through Eurobond 2022 issue which was more than 300 per cent oversubscribed.The $500 million five-year senior unsecured benchmark bond (144A/REGS) was issued by the Tier-1 lender on the Irish Stock Exchange (ISE).

    The bank’s Eurobond issue recorded success on three counts: pricing, subscription level and global appeal. Details of the issue show that the subscription level makes the issue highest by any non-sovereign and non-supranational company in sub-Saharan Africa. The issue, the lender said, is in addition to the existing $500 million which matures in April, 2019.

    The bond was issued at par with both coupon rate and yield to maturity rate priced at 7.375 per cent, representing 50 basis points better than the sovereign of 7.875 per cent. The rating of both the sovereign and Zenith Bank is B+ with the bond issue also rated B/B+.

    Zenith Bank Plc established a $1 billion Global Medium Term notes in 2014, with $500 million already raised in the first tranche. The first tranche notes were listed and admitted to trading on the Irish Stock Exchange in 2014. The net proceeds of the Second Tranche Notes would be utilized for its general banking business.

    UBA raised $500 million from international investors through Eurobond. Investors in the bond, the Tier-1 lender said, came from different parts of the world, including the United Kingdom, Europe, Asia, the Middle East and the United States.

    The dollar-denominated bond, which was first of such offer by the bank, was 240 per cent oversubscribed. The significant investor demand, analysts say, reflects the strong global investor appetite for the bank’s credit and support for the group’s pan-African financial services strategy.

    UBA, which is a leading pan-African financial institution, offers banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries.

    The $500 million Eurobond by the lender is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish .

    The bank said fund realised from the offering will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

    The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75 per cent, priced at an effective yield of 7.875 per cent.

    Between 2011 and 2013, the lenders have raised $3.9 billion from the Eurobond market as Tier-2 capital (additional capital). In 2014, over $1.9 billion was also raised, especially through Eurobond issuances.

    Currencies Analyst at Ecobank Nigeria, OlakunleEzun, saidEurobond issuances come at attractive rates relative to the domestic market and presently have many viable on-lending outlets.

    He   noted that for the first time in Nigeria’s economic history, the private sector has been enabled to access long-term funds from both the domestic and international capital markets.

    According to Ezun, the 2017 budget shows that both government and private sectors will continue to borrow, adding that more lenders will go for Eurobond because it is cheaper.He said any interested lenders have to submit themselves to rating by two international rating agencies- Fitch Ratings and Standard &Poors (S&P). He said many banks will approach the International Capital Market to raise more funds in the coming months as majority of them are already being rated by the global rating agencies.

    But analysts  admitted the danger of potential pressure that may arise upon the payment of coupon on Eurobonds raised by banks adding that the lenders will require the dollar bi-annually to fulfill obligations to Eurobond holders.

     

     

  • Anambra: Uba vows to unseat Obiano

    Anambra: Uba vows to unseat Obiano

    Senator Andy Uba (Anambra West) has vowed to defeat incumbent governor Willie Obiano in the November 2017 governorship election in the state.

    Uba, a gubernatorial aspirant in the All Progressives Congress (APC) told his supporters during a sensitization tour of the local government areas that Obiano’s time in Government House is fast coming to an end.

    Uba expressed confidence that he will clinch the party’s ticket in the primaries.

    “Anambra state needs someone like me who has resources and connection to turn things around and bring federal presence, employment and infrastructure to the state”, he said.

    He assured the leadership of the party in the state of his maximum support and assistance that will enable them carry out their various duties.

    He said that he had exemplified his commitment to the state with the donation of 24 vehicles to all the local government areas in the state, party chairmen and bags of rice with cash support to party faithful.

    At the Onitsha North local government, a member of the House of Representatives, Hon Linda Ikpeazu, asked the people to give maximum support to Senator Uba.

    She described the senator as determined and generous representative, recalling how he attracted employment to Anambra indigenes during the Obasanjo administration.

    At Ogidi, Idemili North Local government area and Ojoto Idemili South local government area, the governorship aspirant pledged that his administration will be all inclusive, devoid of discrimination and marginalization for the benefit of all.

    In his vote of thanks, the zonal leader of the party in Anambra North senatorial zone assured Uba of maximum support during the primary election.

    He expressed confidence that the senator would emerge at the primary election and go on to win the governorship election.

    The local governments visited are, Anambra West, Anambra East, Oyi and Anaocha local government areas. Other local governments visited are Idemili North and South local governments and Onitsha North and South.

     

  • UBA raises $500m through Eurobond

    UBA raises $500m through Eurobond

    United Bank for Africa Plc (UBA) has raised $500 million from international investors through Eurobond.

    The Tier-1 lender said investors in the bond came from United Kingdom, Europe, Asia, the Middle East, United States and other parts of the world.

    The dollar-denominated bond, which was first of such offer by the bank, was 240 per cent oversubscribed.

    The significant investor demand, analysts said reflected the strong global investor appetite for the bank’s credit and support for the group’s pan-African financial services strategy.

    UBA Plc, which is a leading pan-African financial institution, offers banking services to more than 14 million customers, across over 1,000 business offices and customer touch points in 19 African countries.

    The $500 million Eurobond is a five-year senior unsecured benchmark bond (144A/Reg S) listed on the Irish Stock Exchange.

    The bank said the fund realised from the offering will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

    The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), matures in June 2022 and was issued with a coupon rate of 7.75 per cent, priced at an effective yield of 7.875 per cent.

    The Group Managing Director/CEO of UBA Plc, Kennedy Uzoka, said the acceptance of the offering shows strong confidence global investors have in the bank.

    “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our group. The $500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable and impactful projects on the African continent,” Uzoka said.

    Also speaking on the Eurobond, the UBA Group Chief Finance Officer, Ugo Nwaghodoh, described the offering as timely and will help the group achieve its growth objectives:

    “UBA’s debut global offering is another milestone for us. It is timely in the group’s growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios,” the bank’s finance chief said.

  • Ex-bank Manager,  others docked for alleged N55.8Million fraud, forgery 

    Ex-bank Manager,  others docked for alleged N55.8Million fraud, forgery 

    A former bank manager with the United Bank for Africa (UBA), Ms Florence Onome Odior, has been docked before an Edo State High Court for allegedly stealing over N55m belonging to a customer identified as  Moses Obozohae.

    Ms Odior and three others are facing a 16-count charge of stealing, fraud and forgery and conspiracy to convert the said amount to their personal use.

    Others that were docked were Odior Sunday, Patricia Jegede and Joseph Alexander Esiso.

    The offence, according to the charge preferred against them by the Economic and Financial Crimes Commission, was committed between 2011 and 2012 while she was the manager in a branch of the bank in Benin City.

    Counsel to the EFCC, Aliu Mustaph, moved for accelerated hearing of the case and kicked against extension of administrative bail granted to the accused persons as canvased by their counsels.

    Counsel to the accused persons prayed the court to extend the administrative bail to enable them peruse the proof attached to the charge sheet and make appropriate reply.

    In his rulings, the presiding judge, Justice Ohimai Ovbiagele adjourned case for June 16th for arraignment and hearing of bail application.

    Justice Ovbiagele also struck out the names of the 5th and 6th accused persons from the charges because they were companies that could not jailed.

  • Access Bank, UBA, others hit highs as equities sustain rally

    Several stocks set new highs on Thursday as Nigerian equities continued their rally amidst increased investors’ appetite for bargain stocks across the sectors. Two first-tier banks- United Bank for Africa (UBA) and Access Bank, the two leading agricultural stocks-Okomu Oil Palm and Presco, Seplat Petroleum Development Company and May & Baker Nigeria Plc spiraled to their highest prices in more than 12 months on Thursday.

    With exactly three advancers to every decliner, the benchmark indices at the Nigerian Stock Exchange (NSE) indicated an average gain of 0.77 per cent yesterday, equivalent to net capital gain of N87 billion. The average year-to-date return also improved to 22.56 per cent, providing equities investors with positive inflation-adjusted returns.

    Several other stocks in the banking, industrial goods and consumer goods also continued to trade around their highest prices in spite of recurring profit-taking transactions that seek to convert and lock in capital appreciation.

    Seplat, the highest gainer for the second consecutive trading session, recorded a gain of N39.13 to close at N425 per share, its highest price in more than a year. Seplat is riding on the back of the lifting of Force Majeure on Forcados export terminal, which is expected to boost production volumes, forward earnings and cash flow of Seplat. Okomu Oil Palm recorded the fourth highest gain of N2.88 to set a new 52-week high of N60.63. Presco followed with a gain of N2.83 to close at a new high of N59.53.

    Also, May & Baker Nigeria continued to ride on its new domestic vaccine production partnership with the Federal Government, adding 23 kobo to close at a new high of N2.59. United Bank for Africa rose by 38 kobo to a new 52-week high of N8.84 while Access Bank consolidated its tier-one capitalisation with a gain of 70 kobo to close at a new 52-week high of N10.27.

    Overall, aggregate market value of all quoted equities at the NSE rose from its opening value of N11.300 trillion to close at N11.387 trillion. The All Share Index (ASI), the benchmark index for quoted equities, appreciated to 32,937.98 points as against its opening index of 32,686.72 points.

    There were 45 gainers to 15 losers. Sectoral indices showed widespread positive sentiment. The NSE Oil & Gas Index rose by 4.9 per cent. The NSE Banking Index appreciated by 3.0 per cent while NSE Consumer Goods Index rallied 1.3 per cent. On the negative side, the NSE Industrial Goods Index declined by 1.0 per cent while the NSE Insurance Index slipped by 0.2 per cent.

    Other top gainers yesterday included Forte Oil, which rose by N5.41 to close at N58.33; Total Nigeria added N4.49 to close at N279.50, International Breweries rallied N2.71 to close at N29.24, UAC of Nigeria gathered N1.70 to close at N18.53, Nigerian Breweries chalked up N1.49 to close at N156.50 while Cadbury Nigeria rose by N1.31 to close at N14.22 per share.

    Total turnover stood at 528.69 million shares valued at N4.84 billion in 5,603 deals. Banking stocks remained atop activities’ chart. Access Bank was the most active stock with a turnover of 81.82 million shares valued at N832.43 million. FBN Holdings followed with 71.42 million shares worth N471.73 million while United Bank for Africa placed third with 67.13 million shares worth N586.54 million.

    On the downside, Dangote Cement recorded the highest loss of N3.97 to close at N205. Julius Berger Nigeria followed with a loss of N1.86 to close at N38. Guaranty Trust Bank dropped by 15 kobo to close at N33.55 while Lafarge Africa lost 11 kobo to close at N52.64 per share.

    “While the equities market is expected to ride on the positive developments in the economy, we note that that the run of gains over the past weeks may have limited the upside for some stocks. Nonetheless, we still maintain the market may be set for a “year round bull run” following the improved flexibility in the administration of foreign exchange and anticipated strong second quarter earnings season,” Afrinvest Securities stated in a positive review of equities outlook.

  • UBA promotes Africa’s renaissance, celebrates Africa Day

    In line with its commitment to promote the African culture and deepen its African footprints,  the United Bank for Africa (UBA) Plc, has joined the world to celebrate the 2017 Africa Day across the 19 African countries of operations with the theme: ‘Africa, the new Frontier.’

    Africa Day is dedicated to celebrating the diversity of the African continent, as well as to highlight the cultural and economic potential that exists on the continent. UBA staff celebrated the day in grand style as they dressed to work in a display of the best of Africa’s rich attire.

    At the bank’s head office in UBA House on Marina, Lagos, Nigeria, there was an unusual welcome for staff, as they were ushered into the building with a rendition of traditional African music and unique African themed decorations adorning the building, thus presenting special ambience to the celebration for a bank that takes huge pride in its African heritage. There was also excitement in the air, as a lot of things to celebrate the African heritage was also on display and staff were treated to various African meals and snacks throughout the day in their offices.

    The highlight of the day was the crowning of the best dressed male and female in African attires, who emerged from votes cast by staff. Two staff emerged winners and were rewarded with an all-expense paid trip to Seychelles.

    The three winners selected from both the male and female categories were given cash prices amounting to about N350,000, while the best dressed female, Mrs. Ebeano and Mr. Abdullahi were rewarded with an all-expense paid trip to Seychelles.

    The Deputy Managing Director, UBA Plc, Mr. Victor Osadolor, who spoke at the ceremony to announce the winners, reiterated that UBA is a core African bank with deep African roots that has continually supported the continent in various ways over the years. He added that the bank remained proud of its African heritage.

     

  • GeNs@gtbank.com: Fraudulent bank alert to be careful of

    GeNs@gtbank.com: Fraudulent bank alert to be careful of

    Fraudsters have taken another turn in the game of defrauding innocent but unsuspecting Nigerians of their hard earned currencies by sending transaction messages and demanding a follow-up within 24Hours.

    If you have an account with Guaranty Trust Bank (at least the ones concerned so far) this message is for you. Beyond GTB, this is pertinent to everyone who saves money or other valuables in the bank.

    Recently, fraudsters have grown even smarter by using disguised email name like GeNs@gtbank.com, udirect@ubagroup.com, diamondbank@diamondbank.com to send initiated debit transaction from the victim’s account and further ask for other details.

    Some customers of GTBank have fallen victim of this fraudulent message. In fact, other people who do not bank with GTB, like a colleague who got his message from mny@inetlab.net under the disguise of GeNs@gtbank.com, also received the message.

    Concerned banks so far, include, Access Bank Plc, Diamond Bank, GTBank, UBA and StanbicIBTC

    Read the experience of an individual who fell victim below:

    This happened to me OluwaDamilola Ayomi Olatunbosun (ayomiessentials) a few hours ago (now weeks). I got an email from GTB (my one and only bank) some hours ago that I was debited 14,500 for a bulletin I subscribed for, the email further read I should click a link to oblige and another link below to decline, I clicked on the link to decline cos the mail read it will be assumed that I agreed to the terms and conditions if I don’t respond to the mail in 12hrs…

    I clicked on the link to decline the offer since I don’t want my 14,500 to be debited for some magazine I didn’t subscribe for (note that I got these same email last week and I got tried calling GTBank customer service that day, I gave up after wasting about 600naira worth of airtime, I felt the need to respond when if got the message today again)….

    Lo and behold the link took me to my Internet banking page, it requested that I enter my log in details which I did…the page requested I answer my test question which I did 1st then entered my 6 digits token code which Is usually requested when doing online banking.

    Almost immediately I filled the form, the page kept loading and I was hoping I’d see a page where I’ll click the Decline button or something then the worse thing happened…. I got an alert that all the money in my account has been debited. They left only the kobo for me this happened to me less than 2hrs ago.

    I went to the nearest GTBank and I was told that my account was hacked.
    The debit alert I got showed that I recharged with all the money in my account.
    Lo and behold I was given the number that was recharged at the bank 08170003208 (I was told at the bank that I used my money to recharge that number thinking it’s mine, I wonder if wanted to call heaven or hell that I will recharge that much of money on recharge)All my money is gone and nothing can be done about it, I’m sharing these with you all so u won’t fall a victim.Please be careful.
    Note that the mail came from opokonwa@gmail.com under the disguise of GeNs@gtbank.com

    A fraudulent alert from a supposed UBA alert system reads:

    ‘Dear Customer,

    Thank you for succesfully SUBSCRIBING for the U-Direct monthly Bulletins.

    We are processing to debit your account with the sum of 16,450 NGN as our monthly charge for the subscription as per our terms and conditions.

    If you are not aware of this subscription and Wish to Cancel this, kindly follow our website below to unsubscribe.

    Note: To Unsubscribe, A mobile code will be sent to your registered mobile number to Cancel After Security Validation

    https://www.ubadirect.com/Login.jsp/unsubscribe/portal/rBanking/axisebanking/AxisRetailLogin/!ut/p/a1/04_Sj9CPykssy0xPLMnMz0vMAfGjzOKNAzxMjIwNjLwsQp0MD

    Things You Must Know

    1. After 24hrs you cannot cancel subscription and Debit will be processed on your account.

    2. If you have been successfully debited, you will receive your ticket number by mail after 24hrs.

    A fraudulent alert from a supposed Diamond Bank alert system reads:

    However, the banks have not been silent on this issue as it continued to notify its customers of possible scams and how to avoid being defrauded. One of such is from GTBank saying:

    Dear Customer,
     

    Scam Alert

    This is a reminder that you should never disclose your account or card details to anyone or enter your personal banking details on a website that is sent as a link in an SMS, Email, Online or any Social Media Platform. Exit any page immediately if you are asked to enter your account, card or internet login details.
     

    GTBank, its staff or agents will never call or send you an email asking for your account details, PIN, Card or other Personal Bank details in exchange for monetary or material reward.
     
    You can help us stop these types of scams by following any of the simple steps below:
     
    • Fake Online Flyers: take a screenshot that clearly shows the link (website address) and send it to us by email at complaints@gtbank.com so that we can work to block the site.
       
    • Scam Calls, SMS, and Emails: Report the phone number to GTConnect (see numbers below) and forward such emails to complaints@gtbank.com
     
    Thank you for choosing Guaranty Trust Bank plc.
    As observed with all analysed scam alerts from the above mentioned disguised Bank email addresses, the fraudsters attempt to create an emergency for you to which a delay might cost you some money. Kindly note, that silence to this message might be very important as it allows you think properly but swiftly notify your bank.
    Similarly, demand the contact number of your Account Manager from your nearest bank branch to be able to monitor your account on the go.
    Whatever the case might be with your initiated transactions or fraudulent attempts, vigilance is paramount. Be careful of your kind of response in order not to

  • Anambra 2017: Ngige, Nwobodo, Uba others unite against Obiano

    Chieftains of the All Progressives Congress (APC) were locked in strategic planning yesterday on how to dislodge Anambra State Governor Willie Obiano come November 18.

    They vowed to stop at nothing to see to the defeat of the incumbent at the forthcoming governorship election.

    Leading the chieftains were Minister of Labour and Employment Senator Chris Ngige, former Governor of Old Anambra State, Senator Jim Nwobodo and Senator Ifeanyi Ararume.

    They met at the Finotel Hotels in Awka at the second South East stakeholders meeting.

    Others at the meeting were Senator Nkechi Wogu, Senator Azuh Agboti and Chief Cosmas Maduka.

    All the governorship aspirants, including Hon. Tony Nwoye, Chief George Moghalu, Engr. Bart Nwibe, Dr Chike Obidigbo, Senator Andy Uba, Chief Obinna Uzor and Prince Donatus Okonkwo were also at the meeting.

    The only notable absentee was former governor of Abia state, Orji Kalu.

    The stakeholders admitted dislodging the All Progressives Grand Alliance (APGA) will be tough but not impossible.

    Nwobodo, who headed the committee that convened the meeting, told the stakeholders defeating an incumbent was a difficult task without adequate preparations.

    He urged the APC chieftains to go to the battle field with a united house to guarantee victory.

    According to Nwobodo: “We are going to sign a pact before the primaries that anybody that loses will help the winner to emerge as governor.

    “But let me tell you that to remove an incumbent is not easy but we want to win the election and you should stop listening to rumours,” he said.

    Ngige said: “Obiano is a master of propaganda and has plenty of money for the election. We are going into a war with him, but we must go into the war as a united front”

    “A lot of things are at stake. Obiano’s government has been campaigning every day. If we fail this election, the entire South East has failed.

    He went on: “You must see this election as a case of survival in the zone with Anambra as the flagship.

    “We are taking over the Anambra State government house but it will be a long journey because we are going to war with the incumbent.”

    Senators Wogu, Ararume and Agboti said Obiano has failed the state and must be defeated.