Ecobank Nigeria Plc is in hot soup as a businessman, Mr. Linus Ukachukwu has accused the bank of forging documents to open an account for his company, Lingo Nigeria Limited, without his consent.

The businessman lamented that; “It is very unfortunate that banks no longer for the real business now, but chroming. We bought N50 million shares from Diamond Bank in 2004 and since then we had not collected any dividends.

“Last year, we went for the dividends, only to discover that the dividends were being collected by Ecobank. Upon further enquiry, we discovered that the payments had not been made into our accounts, we approached the Bank for the payment but they were dribbling us.”

“Finally we went to court to challenge the matter, during the process, the Bank came with documents in their defense. Unfortunately for the bank, all the documents they presented were forged and cloned.”

“Presently we have reported them to the EFCC and to the police for forgery. The dividends we are expecting is above what we invested, about N120 million Naira. We want Eco Bank to pay us those dividends and pay N1 billion damages for forging our documents.”

He added that the case has been filed at the Lagos High Court. According to the petition to the EFCC and the Police, by his solicitors, Felix Dumebi and Company, the documents for the account opening for Lingo Nigeria Limited, were all fake.

The petitions were dated December 7, 2018 and received at the Office of the Inspector General of Police as well as the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.
http://meganews.com.ng/2018/12/18/customer-drags-ecobank-to-efcc-over-forgery-fraud/

Some of the documents listed to have been forged include: Certificate of Incorporation, Memorandum and Articles of Association, the CEO Linus Ukachukwu’s International Passport and signature, as well as Drivers’ License of the director of the company.

The petition also alleged that the bank also had in its possession a forged BVN Verification Page of the CEO, alleging that all the forged documents differed from the original.
http://meganews.com.ng/2018/12/18/customer-drags-ecobank-to-efcc-over-forgery-fraud/

“In the light of the foregoing, it becomes expedient to write requesting you, sir, to thoroughly investigate a case of conspiracy, forgery, financial crime, criminal mis-appropriation and fraud against the management of Ecobank Plc.,” it read.

Immediate-past governor of Delta State and All Progressives Congress 2019 Delta South senatorial candidate, Dr. Emmanuel Eweta Uduaghan, has said that one of the ways to win election was by dedicating the electioneering process to God, especially through praises.



Dr. Uduaghan made this assertion on Sunday at an inter-denominational service organized to dedicate the APC 2019 general elections campaigns in Delta State into the hands of God Almighty at Rainbow Christian Assembly, Warri, Delta State.

http://meganews.com.ng/2018/12/16/uduaghan-ogboru-others-take-delta-apc-campaign-to-god/

Speaking on behalf of the party, Dr. Uduaghan said, “One secret of victory (including election victory) is praising God."

http://meganews.com.ng/2018/12/16/uduaghan-ogboru-others-take-delta-apc-campaign-to-god/

The former governor traced the events that led to his joining the progressive fold. He said that when two opposite battle leaders are now on the same side, it is easy to predict victory.



“Political battles are not easy. Personally, I do not neglect the place of prayer in everything that I do. That is why we have come here as a party to dedicate our campaigns to God.



“Though the process of the primaries were not easy, we thank God that He saw us through our turbulent time. We have come to God to dedicate our campaigns to God and ask him to give us the spirit of unity. We want to assure the church and Delta State that as a party, the welfare of the people will be our priority and we shall bring about innovations to governance.”

http://meganews.com.ng/2018/12/16/uduaghan-ogboru-others-take-delta-apc-campaign-to-god/

Other APC chieftains at the event included the chairman of the party in Delta State, Jones Erue, governorship candidate, Great Ovedje Ogboru and Sen. Ovie Omo-Agege, amongst others.

Lagos, Nigeria – Media monitoring and evaluation agency, P+ Measurement Services has announced an extension of its media monitoring and evaluation partnership with global communications firm, Burness Communications for 2019. The extension will enable P+ to continue providing print, online, TV and radio monitoring and evaluation services to Burness in the Ghana market.
http://meganews.com.ng/2018/12/12/p-measurement-extends-partnership-with-global-communications-agency/
In a bid to continue the successful rollout of the partnership signed in 2017, P+ will continue to handle Burness Communications client public relations monitoring and evaluation activity while supporting their organizations objectives. Burness Communications specializes in advocacy campaigns, media relations, public policy engagement and event planning and P+ will help the brand maximize its communications objectives by providing real-time, high-quality media monitoring and evaluation services.

Speaking about the partnership extension, Lead Consultant P+ measurement services Nigeria, Philip Odiakose said. “We are delighted to extend what has been an excellent partnership with Burness Communications to improve the availability of reliable, cost-effective media monitoring services across Africa. The media monitoring and evaluation market is a growing market and with the right frameworks and experts in place we believe we are on the right path to redefining the market with quantitative and qualitative analysis that adds value to marketing communications.“

“As we said at the start of this partnership, it remains true that the media monitoring and analytics market offers huge potentials to stakeholders. With the right partners providing support in the areas of media planning, analytics and reporting we believe we can help our clients make a difference in their business”. He continued.
http://meganews.com.ng/2018/12/12/p-measurement-extends-partnership-with-global-communications-agency/
Nigeria’s fast-growing media intelligence agency P+ Measurement Services continues to spur a PR measurement and evaluation literacy campaign for brands and government agencies in a bid to standardize a procedure that enables stakeholders to understand that implementing the right measurement and evaluation program will help companies get a clearer understanding of consumer habits and sentiment toward brand products and services.

Fresh crisis looms in Kogi State as information filtering in from the political circle in the state revealed that the current senator representing Kogi East Senatorial District at the red chamber of the National Assembly, Senator Attai Aidoko has been unanimously endorsed by Kogi Christian Elders Forum in Kaduna State ahead of the 2019 elections.

This is coming after the Elders' Forum advised all the other candidates including Dr. Victor Adoji and Comrade Amade Edime to step down for Senator Aidoko.
http://meganews.com.ng/2018/12/10/kogi-east-2019-fresh-crisis-as-kogi-christian-elders-in-kaduna-endorse-attai-aidoko/

The elders, led by their leader, Engineer Samuel Salihu took time to understand and leverage the advantages of Aidoko’s ranking in the Senate and the possibility of he becoming the next senate president. They argued that this was not an opportunity the Igala nation should lose or sacrifice for the lower ambitions of the other candidates. Even more, the elders’ group is said to be very impressed by Senator Aidoko’s achievement for the 16 years he has been at the National Assembly.

This newspaper, however, further gathered that the decision is said not to have gone down well with the Elders Forum in Kogi State as they have rejected the decision of their counterpart in Kaduna State, stressing that they (Kaduna Elders) do not have an idea of what the Christians in Kogi East are going through.

A meeting of all the Christian elders in Kaduna to formally endorse Senator Aidoko has been slated to hold on December 17th in Ankpa. The meeting will be preceded by a prior meeting on Tuesday, December 11th purposely to inform the Kogi East Christian clerics of the decision reached by the group.

Already, there is a reconciliation committee put in place to mitigate the outcome of any likely negatives from this decision.

http://meganews.com.ng/2018/12/10/kogi-east-2019-fresh-crisis-as-kogi-christian-elders-in-kaduna-endorse-attai-aidoko/

As the buildup to the 2019 general elections gathers momentum, a thickening plot to implicate the key aides of Akwa Ibom State governor, Dr. Udom Emmanuel with trumped-up accusations of being involved in cult activities has been uncovered.

It is alleged to be spearheaded by a top-ranking former chieftain of the Peoples Democratic Party, PDP, who recently cross-carpeted to the All Progressives Congress, APC.
http://meganews.com.ng/2018/12/10/aibom-2019-plot-to-tag-gov-udoms-aides-as-cultists-thickens/

Akwa Ibom State has turned into a theatre of war, no thanks to the activities of key opposition politicians in the state led by a senator who has not hidden his determination to retake control of the political machinery in the state and ensure power swings to his new party at the polls come 2019.

The once peaceful state has been engulfed in an intractable crisis since the defection of the top party man to the extent that the centre can no longer hold. Everything has allegedly been done by the Senator and his cohorts in the last few weeks to make the state ungovernable. It is perceived to be a ploy to humiliate the governor of the state, Udom Emmanuel, who has been locked in a battle for the soul of the state since the beginning of the crisis.

It got to a stage that the Economic and Financial Crimes Commission, EFCC, was deployed in the humiliation process. In the process, Gov. Emmanuel was indicted by officers of the anti-graft agency for purportedly withdrawing the sum of N1.7 billion from the state treasury, an accusation which the government has since denied.

The senator representing Uyo Senatorial District at the National Assembly, Senator Bassey Albert Akpan; the Assembly speaker, Hon Onofiok Luke; and Hon Ekong Samson, Commissioner for Economic Development, Labour and Manpower Planning are among Governor Udom’s aides penciled down to be labeled cultists in the latest onslaught. Others include Transition Committee ex-chairman, Hon Victor Umondak as well as Hon Kenneth Okon and Hon Eno-Obong Uwah, the Senior Special Assistant on Local Government and Youth Groups to the governor and Executive Chairman, Uyo Capital City Development Authority, UCCDA, respectively.

More names included in the hit list include that of Barrister Emmanuel Eno-Idem, PDP National Legal Adviser, Barr. Emmanuel Enoidem, Hon Kelly Okon and Dr Charles Mbong, among others.
http://meganews.com.ng/2018/12/10/aibom-2019-plot-to-tag-gov-udoms-aides-as-cultists-thickens/

The strategy is to use the law enforcement officers including the police and DSS to harangue the top aides of the governor.

The $28,728,125 suit jointly instituted by a Nigerian Industrial Mongol, Oba Otudeko and his company, Broad communication limited against a cellular mobile Telecommunications company, Airtel Networks Limited (formerly known as Econet wireless Nigeria limited ) and 9 others has taken a new dimension.

In a newly filed application before the court, the plaintiffs urged the court to direct one of the defendants, O&O Network Limited to deposit the sum of N22.5Billion being the sum of a purported transfer of 16,002,404 shares of Airtel into an interest yielding account in the name of the Chief Registrar of the Federal high court to be domiciled at Zenith bank or First bank, pending the determination of the instant suit by the court.

Joined as co -defendants in a suit filed before a Federal high court in Lagos south west Nigeria are: a promoter of Airtel, Jubril Adewale Tinubu, with 9,906250 shares being 9.9% voting capital, O&0 Networks limited, Delta ministry of Finance Incorporated, Delta State Government, Corporate Affairs Commission, Econet wireless Limited, Econet Development Corporation, Ecobank Nigeria limited and Ecobank Transnational Incorporated.

The plaintiffs alleged that by order of the court issued on the 5th of February, 2015, the court mandated parties to maintain status quo in respect of shares held in Airtel Network Limited. However, notwithstanding the orders made by the court, O&O Network entered into arrangement for the sale and transfer of shares in Airtel Network limited to Bharti Airtel Nigeria BV for the sum of N22.5Billion.

The transfer of the shares to Bharti Airtel Nigeria BV was alleged to be in violation of the order of the court.

According to an amended statement of claim filed on behalf of Oba Otudeko and Broad communications limited by Chief Wole Olanipekun SAN, the plaintiffs alleged that sometime in 2011, Ecobank Transnational Incorporated acquired the defunct Oceanic bank Plc with all its liabilities and assets which at the time of acquisition included the 3rd defendant – O&0 Network limited.

It was also alleged that prior to the acquisition of Oceanic bank, the plaintiffs became aware that the 4th defendant, Delta State ministry of Finance incorporated and the 5th defendant Delta State Government purportedly transfered their beneficial ownership in the shares of the O&0 Network Limited back to 2nd defendant Jubril Adewale Tinubu who subsequently purported to have transfered the shares to Oceanic bank Plc as part of a process of securitization and foreclosure arising from loans advanced to him by Oceanic bank.

The plaintiffs stated further that in the course of promoting Airtel, it was a fundamental term that in order to facilitate financing arrangements, Nigerian individual shareholders would take their shares in their own names or by the agency of their respective nominee vehicles. By this agreement, Oba Otudeko was to hold directly or indirectly 15% of the ordinary shares and Jubril Adewale Tinubu was to hold directly or indirectly about 10% of the ordinary shares of the company.

http://meganews.com.ng/2018/11/28/airtel-crisis-oba-otudeko-urges-court-to-compel-oo-network-to-deposit-n22-5bn/

Further to the above arrangement and as preliminary step toward the acquisition of 40%equity stake in Airtel, Oba Otudeko and Adewale Tinubu, through a special purpose corporate vehicle called First Independent Network limited FINL, executed a settlement agreement dated 11th June 2001 with Econet International Limited.

It was also selected fundamental term of the agreement that Nigerians would hold 40% of the ordinary shares and that Econet Wireless International EWI, being the original technical partner would hold 40%,while 20% was reserved for Transtel -a South African company.

Oba Otudeko took 13,035,936 shares in the name of Broad communication and 187,500 in his own name while Adewale Tinubu took 9,906,250 shares in the name of Ocean &Oil services and later transferred same to O&0 Network.

The shareholders agreement confers on the shareholders a’ ‘right of first refusal’ in relation to the disposal of shares or interest therein by any conceivable means and outline procedures to be followed for giving notice of intention to dispose and further mechanism for dealing with such shares.

However, the plaintiffs alleged further that sometime in 2005, without any formal or informal notice, they became aware that in 2001 and 2003, JubrilAdewale Tinubu, acting as the alter ego of O&0 Network reached secret agreements to transfer all the company’s share in Airtel to Delta State ministry of Finance incorporated and Delta State Government for a premium.

The 9,906,250 ordinary shares of the O&0 Network sold, in breach of the plaintiffs pre -emptive right was valued at $4.50, thereby amounting to $44,578,125. The transaction was deliberately concealed from the plaintiffs and other shareholders with Adewale Tinubu continuing to represent that he represented himself rather than the Delta State ministry of finance incorporated and Delta State Government on the board of Directors of Airtel.

The plaintiffs averred that Adewale Tinubu and one David Edevbie, the then commissioner for Finance and Economic Planning in Delta State made statements to the Economic and Financial Crimes Commission EFCC in or about August-November 2004 admitting that the respective transactions entered into between them had the sole objective of dealing in the shares of Airtel contrary to the agreement and the understandings binding parties and other shareholders in the Airtel company.

Meanwhile, the presiding Judge, Justice Mojisola Olatoregun has adjourned for hearing of the suit.

Following the discouraging body languages of majority of the divisional party chairmen whom he appreciated for enhancing the impunity that offered him the contentious senatorial candidacy of the PDP, Aidoko has resorted to constituting a group of nine wise men purportedly to checkmate what he refers to as “distrust and anti-party activities” of some party members.

http://meganews.com.ng/2018/11/26/kogi-east-2019-sen-attai-aidoko-hires-9-wise-men-in-desperate-moves-to-retain-his-seat/
At a meeting which held in Lokoja and had Timothy Omora, Ndah Paddy, Hon Igagwu, Hon Abdulkarim, Hon Ohiemi, Elder Okwuoche and Hon MM Oseni representing Ankpa, Dekina, Ofu, Bassa, Olamaboro, Ibaji and Igalamela respectively, Aidoko apologized for his dismal performance in the past 16 years. He, however, promised to do better this time around if elected. He professed the benefits of returning as a “ranking senator” with a possibility of becoming the next senate president and the huge benefits accruable to the Igala people therefrom. One of those who attended the meeting and who spoke conditionally laughed the senator off as a “mega joke” whom they only see during election periods adding that “the next election is not about any party but about the entire Igala nation and like Saul in the Bible, God has left him.”

http://meganews.com.ng/2018/11/26/kogi-east-2019-sen-attai-aidoko-hires-9-wise-men-in-desperate-moves-to-retain-his-seat/

The group of nine wise men was charged with the task of cascadinhg down to the wards and units to drum support for Aidoko with messages along two lines. One, a vote for Atiku and Aidoko and two, push APC out at all cost but through the PDP platform.

Before the Lokoja meeting, Aidoko had held several meetings in Abuja with group after group and person and after person all in a bid to obtain their sympathy and support. Unfortunately, what is said after such meetings implies that his interventions are not making any impact.

Even more, the message Senator Aidoko and his cohorts do not seem to get is that the Igala/Bassa people are saying “our mumu don do” and that political parties are merely a vehicle. Whether or not Aidoko would have his way on this occasion is left to be seen and February 16, 2019 is the date.

Before then, the politically orphaned senator is willing and available to be adopted by just anyone who is willing to listen to his stories.

STERLING BANK PLC is fast becoming safe haven for fraud as depositors have continued to lose huge sums of money to the new generation bank.

This time, the management of the Abubakar Suleiman-led bank is currently in a fix on how to deal with cases of alleged fraud levelled against its branch on Iju Road, Iju, in Ifako-Ijaiye Local Government Area of Lagos State.

Documents in our possession revealed that twice within a period of five months, millions of naira have been withdrawn from saving accounts with numbers 0000886683 and 0068955741 belonging to Providence Heights Secondary School Staff Welfare Association.

According to investigation conducted by our correspondent, on Thursday, 6 July 2018, a sum of N1,200, 000 was stolen from the saving account number 0000886683 by fraudsters probably working in tandem with some staff of the bank. The leadership of the association reported the theft to the bank management.

This newspaper further learnt that after the official complaint on the theft by the association’s leadership, the bank refunded N500,000 to the association. When the association sought for the balance of N700,000, the bank management refused saying the N500,000 it refunded was the one intercepted from the N1, 200, 000 initially stolen.

While the association was struggling to recover the N700,000 balance, there was an election to usher in new executive members for the association.

In order to prevent another theft saga, the new executive members opened a new saving account, 0068955741 with the same branch of Sterling Bank with new signatories.

But to the utter surprise of members of the association, we learnt that on Thursday, 1st November 2018, another N1, 700, 000 was stolen in several illegal withdrawals from the account.

We further gathered that the leadership of the association is not taking it easy with the bank; hence official complaint has been forwarded to the management of the bank while the Economic and Financial Crimes Commission (EFCC) has also been informed for necessary action.

It would be recalled that another customer, OHHA Microfinance Bank Limited recently accused Sterling Bank of defrauding it to the tune of N219 million.
http://meganews.com.ng/2018/11/23/customer-battles-sterling-bank-over-million-naira-fraud/
The money was said to have been deposited with the bank by the microfinance bank with account number 0023325543 located in Enugu State.

All efforts to reach Mr. Dapo Martins, the chief marketing officer of Sterling Bank for the lender’s angle proved futile as calls and text messages placed across to his mobile line were not responded to as at press time.

Source: The Gazelle News

A federal high court judge, Justice Babatunde Olaide Quadri is alleged to be at the centre of a property deal gone-sour in London.

The matter is now a pending fraud case at the Ibadan zonal office of the Economic and Financial Crime Commission where one Olaide Sanni was arrested and granted bail over the property transaction mess.

According to Sanni, Justice Quadri is a bosom friend of his who is frequent to his abode in London anytime he visits, adding that in 2012, the judge approached him of his intention to buy a property in London.

“Since I don’t deal in property business, I introduced him to an agent called Remi Akande who is known to be a property broker to help him with the transaction” Sanni said.
http://meganews.com.ng/2018/11/22/justice-quadri-drags-friend-to-efcc-over-50-million-deal/
He narrated that Justice Quadri paid Akande the sum of one hundred and fifteen thousand (£115,000) through Divine Global Money transfer as deposit, promising to send the balance when he returned to Nigeria.

While the agent was waiting for the balance Sanni said, he didn’t get back to the agents only after several months when the judge decided that he would like to have a refund rather to go ahead with the purchase.

He said ‘It was in the midst of this entire crisis Justice Quadri flew to London to meet with the agent to get his money and I was told he got some while the agent promised to be paying him back installmentally’

“I was surprised when on August 30th EFCC arrested me and freeze my UBA account, I told them what happened and I was eventually released with a clause to report every Wednesday while my passports were seized. Now I can’t go back to work and suffering from what I genuinely don’t know anything about” he explained.

Reacting to the matter, the estate agent writes “I write to inform you that I did not owe Mrs Yemi Ariyo any money and we didn’t have any business transaction together .

Mrs Yemi was mentioned to me on phone conversation with my client (Justice Quadri) for the first time during the time of our dealings, as the senior sister to his wife from Ireland and just relocated to London, she visited my office once on behalf of my client and I explained the stage of the house he wanted to buy and as we are still waiting for the half of the fund since the last six months.

Also to inform you that Mr Olaide Lukman Sanni was not involved with any money or debt outstanding in this house purchase nor having anything to do with Mrs Ariyo through me, Mr Olaide Sanni is my friend and a friend also to my client, he just introduced him to me with a trust.

The fact here was that my client delayed the balance for the house he was trying to buy for seven months while his initial deposit was still with me, we lost the property after six months waiting by the vendor and her Estates Agent advised her to sell to a serious buyer. My client came back and we got another house in the area of his choice again where he met the vendor on one to one, he told us he was fully ready then and he will send the rest of the balance as soon as possible.
http://meganews.com.ng/2018/11/22/justice-quadri-drags-friend-to-efcc-over-50-million-deal/
For us not to lose the second property after one month he left and for the pressure from vendor’s Estate Agent, I transferred the initial payment with me to the account of the our conveyance Solicitor Mr Jude Ogabi of Venus Solicitors, Old Kent Road London to forward it to the Vendor/ agent solicitor pending the time my client will send the balance, thus the solicitor advised that we need the full payment as the instruction from the vendor’s end, here we waited for another 8 months from July 2013 to March 2015.

It was this time my client requested that we should send the money back to him to use for another business as he still going to buy the house later. I called the conveyance solicitor then and he claimed as he was trying to take the money out of their account but there was a problem of money laundering with their firm and we should be patient as the deposit has been there for too long. When the pressure was too much from my client and Mrs Yemi Ariyo as his representative here , I paid £5,000 my own personal money to Mrs Ariyo’s account while still waiting for refund from the solicitor. I got the solicitor later and he told me that their firm got problem with some other things and they have closed down, he promised to refund the money back but up till today, I am still waiting, I have travelled to Port-Harcourt Nigeria twice to find him but all efforts were abortive.

My conclusion here is what I have told my client that as soon as I found Mr Jude their money will be refunded, or anything I can get I will pay them bit by bit pending the time solicitor refund the money as he has the major fault in this case”

All efforts to reach the judge proved abortive as calls to his phone were not answered non returned at the time of filling this report.

One of the highlights of November every year, is the Zenith Xmas lights on Ajose Adeogun street in Victoria island, coming up. This artistic creation can only be synonymous with one brand and that is Zenith Bank. The lights are a reminder that the joyous season of Xmas is here and thousands troop to Victoria island just to experience this marvel.

Last year, the number of people who came to see the lights was unprecedented. More so, the decorations were simply breath taking that people could not hold their joy as they brought their families to experience the magical moment. I recall cars parking by the road and people coming out just to capture the moment. The lights were not only beautiful, they lit up the night sky reminding everyone how beautiful the world is.
http://meganews.com.ng/2018/11/14/lagosians-eagerly-awaits-the-zenith-xmas-light/


This year, one can only imagine what the Bank has in store for Lagosians. I have seen the decorators work effortlessly to put up the decorations and the anticipation is growing.


Yesterday, I drove through Ajose Adeogun street and I was amazed to see that the decorations were completed. All that is remaining is for the magical lights to come on and it could be any moment from now.

Diamond Bank Plc received an offer from a major investor to inject cash by increasing its stake, a move that would help the Nigerian lender keep its capital adequacy ratio above the required threshold, according to the outgoing chairman, Seyi Bickersteth.

Bloomberg report quoted Bickersteth saying that the proposal was on condition that Chief Executive Officer, Uzoma Dozie resigns, without naming the shareholder.

Diamond’s biggest investor is U.S. private equity firm Carlyle Group LP, which declined to comment.

http://meganews.com.ng/2018/11/08/financial-crisis-unnamed-investor-seeks-diamond-bank-mds-exit/

The report further said the bank’s spokesman, Ezechinyere Anyanwu, declined to comment on whether there has been a recapitalisation offer.

Diamond is one of a number of smaller Nigerian lenders struggling to maintain a regulatory requirement for banks with international operations to have reserves of capital that cover at least 15 per cent of outstanding loans. The company’s ratio stood at 16.3 percent at the

end of September, the lender has said.

Capital requirements became a concern for many Nigerian banks in 2016 after a contraction in the economy caused by an oil-price slump triggered a surge in non-performing loans. Standard & Poor’s on Tuesday cut Diamond Bank’s rating to CCC+/C from B-/B, citing pressure on capital and foreign-currency liquidity.

Diamond has also discussed selling itself to a larger rival, but this plan was eventually rejected after a boardroom vote, Bickersteth said, declining to identify the potential acquirer.

“The majority of us voted against” the takeover, he said. “The bank cannot be pushed into the hands of one suitor,” if it intends to get the best value for shareholders.

Diamond Bank’s Anyanwu confirmed that a board meeting took place last month but declined to give details of what was discussed.

To add to the confusion surrounding the lender, Bickersteth is challenging an announcement by the bank that he’s no longer chairman. He initially quit alongside three other non-executive directors in a walkout last month, only to rescind his resignation and vote on the proposed takeover proposal. Nevertheless, Diamond announced his departure on October 25.

The lender has announced plans to dispose of its U.K. subsidiary, which would follow the sale of four divisions elsewhere in West Africa.

We believe Diamond Bank’s provisioning needs will be higher than we initially expected, which will put pressure on the bank’s capitalization.
Additionally, its foreign-currency liquidity position also remains vulnerable, due to a large upcoming Eurobond maturity in May 2019.
As a result, we are lowering our global scale ratings on Diamond Bank to ‘CCC+/C’ from ‘B-/B’ and our Nigeria national scale ratings to ‘ngBB-/ngB’ from ‘ngBBB-/ngA-3’.
The negative outlook reflects pressure on the bank’s capitalization and foreign-currency liquidity.

S&P Global Ratings lowered its long- and short-term issuer credit ratings on Nigeria-based Diamond Bank PLC to ‘CCC+/C’ from ‘B-/B’. The outlook is negative.

Furthermore, we lowered our long- and short-term Nigeria national scale ratings on the bank to ‘ngBB-/ngB’ from ‘ngBBB-/ngA-3’.

At the same time, we lowered our issue rating on the bank’s senior unsecured debt to ‘CCC+’ from ‘B-‘.

The rating action reflects that we consider Diamond Bank to be currently dependent on favorable business, financial, and economic conditions to meet its financial obligations.

We believe that Diamond Bank will have to set aside higher provisions than we initially expected, following the adoption of International Financial Reporting Standard No. 9 (IFRS 9), which implies weaker asset quality than we expected and exerts significant pressure on the bank’s capitalization.

http://meganews.com.ng/2018/11/07/nigerian-diamond-bank-downgraded-on-weaker-than-expected-asset-quality-outlook-negative/
Following Diamond Bank’s successful disposal of its West African subsidiaries, and imminent disposal of its U.K. subsidiary, we expect it will convert its license into a national banking license. The license conversion would mean a lower minimum capital adequacy ratio (10% versus 15% currently) and lower risk of breach. However, the timing is uncertain, and we consider that there is significant pressure on its capital position. Moreover, four of the bank’s 13 board members have resigned recently, which could create instability if left unresolved in the near term.

As of Dec. 31, 2017, the bank’s regulatory capital adequacy ratio reached 16.7%. It dropped to 16.3% in Sept. 30, 2018, on the back of IFRS 9 implementation and amortization of tier-2 capital instruments. The initial implementation of IFRS 9 resulted in the bank taking a Nigerian naira (NGN) 2.5 billion (approximately $7 million) deduction from retained earnings at June 30, 2018.

However, we believe that the bank will have to take higher provisions for IFRS 9, using the NGN31 billion of regulatory risk reserves that it holds under the local prudential guidelines. Based on peers’ experience and the bank’s weak asset-quality indicators, we estimate the impact will significantly exceed the regulatory risk reserves and estimate that our risk-adjusted capital (RAC) ratio will reach 3.4%-3.9% in the next 12-24 months compared with 5.3% at year-end 2017.

The impact will be somewhat tempered by the capital gain when the sale of the bank’s U.K. subsidiary is finalized. We expect the bank’s credit losses to average 5% over the same period, while nonperforming loans (NPLs; including impaired loans and loans more than 90 days overdue but not impaired) will remain above 35% in the next 12-24 months after reaching 40% at Sept. 30, 2018.

Overall, we think the bank will display losses in the next 12-24 months. In May 2019, Diamond Bank will have to repay its maturing Eurobond principal of $200 million. The bank plans to use its foreign-currency liquidity and the proceeds from the sale of its U.K. subsidiary for the repayment, among other sources. Any delays or unexpected developments could exert downward pressure on the ratings.

Following the recent resignation of board members, the bank could face some outflows of deposits, but the granularity of its deposit base and its historically good retail franchise are mitigating factors.

The negative outlook reflects the pressure on the bank’s capitalization from weaker-than-expected asset-quality indicators, and on its foreign-currency liquidity due to a large upcoming maturity in May 2019. We could lower the ratings if provisioning needs proves higher than what we currently expect, leading to a decline in capitalization as measured by our RAC ratio (below 3%) or a breach in the local regulatory requirements.

We could also lower the rating if the bank is unable to secure sufficient foreign-currency funding for the repayment of its Eurobond. When the latter is repaid, we may revise the outlook to stable if the banks’ asset quality and capitalization improves, and the make-up of its board stabilizes.

A formidable group in Delta State known as Inspired Youths is drumming support for ex-governor and Delta South senatorial candidate of the All Progressives Congress (APC), Dr. Emmanuel Ewetan Uduaghan to represent the zone in 2019.

The group which spoke through their leader, Joy Omodafe reiterated that their support for the former governor was not unconnected with his landmark achievements during his tenure in the state as governor.

She disclosed that they were prepared to mobilize thousands of their supporters who are mostly youths and women from across Delta South Senatorial District come 2019 elections especially as it has to do with their representation in the upper chamber of the National Assembly.

Members of the group whose opinions were sampled agreed that they have not been feeling the impact of democratic dividends for a long time, but in 2019, things would be different as they are looking forward to a quality representation with Dr. Uduaghan at the National Assembly.

http://meganews.com.ng/2018/11/07/delta-south-2019-youth-group-backs-uduaghan-for-senate/

Between the two heavyweights who are the major contenders: the immediate past governor of the state, who is of the All Progressive Congress (APC), has been posing a problem to the Peoples Democratic Party (PDP) candidate and incumbent senator representing the district, Senator James Manager as he is generally adjudged to have good ideology and developmental programmes.

Pundits are of the opinion that the former governor is most favoured to represent the people of Delta South who are said to be tired of bad representations by previous representatives.

Their argument is hinged on the fact that those who have been in the National Assembly for the past 19 years have failed to make any meaningful impact on the lives of the people.

The group also disclosed that one of the reasons they are prepared to follow the former governor is that he is synonymous with excellence, “He is not only a hard worker but a master planner whom observers believe stands a better chance with the growing strength and popularity of the APC in the state.

“This political oracle held forte while Chief James Ibori was away and the fortunes of the Peoples’ Democratic Party in the state did not dwindle nor did they lose the state to the opposition.”

Joy Omodafe who is also the managing director of OJ Blizz, a popular event centre in Warri, equally stated that as governor of Delta state, Dr. Uduaghan created a lot of landmark achievements which still stands today in the Big Heart state.

“One, as Delta State governor, he did a lot for the state in health, education, roads, human capital development, job creation and meeting the needs of youths and the aged.

“There is no one who did not benefit from his programmes and this has endeared him to the people. Dr. Uduaghan commands respect amongst all the ethnic groups in the state, so it will be difficult for his opponent to defeat him,” she said.

Also lending their voices in support of Dr. Uduaghan’s senatorial move, some members of the group, whose base spans across the eight local government areas of the senatorial district, said the group has mapped out plans to embark on massive grassroots rally to all the local government areas.

They disclosed that their resolves to campaign for him was based on his antecedents in peace building and achievements in public offices he held in Delta State.

The group cited some of his landmark achievements to include the 7.6km Umeh Road in Isoko, which ended 30 years of abandonment of the agrarian community, the Abigborodo Bridge project in Warri North, Ugbenu Koko Road, the 0-5 years free health care delivery programme across the state and the revolutionary Uduaghan Park, “which brought transportation across Delta State to an easy and comfortable ride with lowest fares”, and these make him eminently qualified to vie for the prominent legislative position in 2019.

The group also noted the construction of “10 International Model Schools” in the three senatorial districts of Delta State, the construction/renovation of hundreds of schools, the introduction of EDUMARSHAL programme to ensure the downtrodden children go to school free of charge as well as the payment of enrollment fees for SSCE candidates as some other reasons that informed their decision to back Dr. Uduaghan’s senatorial ambition. She also noted that the ex-governor’s current empowerment programmes and provision of teaching and learning materials to schools in the rural areas are quite commendable.

They summed up that a man who sacrificed his senatorial ambition for the sake of peace in Delta State, particularly inter-ethnic harmony in Delta South in 2015 should be given all the necessary support to represent Delta South in 2019. They also describe the former secretary to Delta State Government as “an intellectual and bridge builder with the requisite national as well as international connections for the job.

Speaking further on the immediate-past governor, the group expressed appreciation to the former governor for heeding to the cry of the people from the region, which has been neglected and grossly marginalized by the Federal Government due to lack of robust and effective representation at the upper house of the National Assembly.

By Ibrahim Isah



Online and offline, discussions on the forthcoming Senatorial contest in Kogi East have revolved around two economists and former bankers both with intimidating credentials, enthralling pedigrees but varying capacities to represent their people and deliver on campaign promises. While Dr. Victor Alewo Adoji is running on the platform of African Democratic Congress (ADC), Alhaji (Dr.) Jibrin Isah is running on the platform of the All Peoples Congress (APC).

Earlier Senatorial contests, especially the last two have happened with little or no fuse about the candidates. It was majorly about the Party platform and it the quality or capacity of the candidate. Clearly, the allure form party supremacy had foisted minions and non-performers on the constituency and the constituents who are ultimately the net-losers.

http://meganews.com.ng/2018/11/06/kogi-east-senate-a-two-horse-race/

With increasing political awareness, great access to information via various social media channels, escalating impoverishment and shrinking population of politically apathetic, political Parties realized they needed more than just the platform to win elections. It was for this reason that the APC leadership in the State and Kogi East in particular co-opted and worked tirelessly to ensure that Jibrin Isah emerged as its Kogi East Senatorial candidate. It was not that rosy for Victor Adoji as his former Party, the PDP, chose to offer its ticket to the seating Senator, Attai Aidoko, without holding a primary election either in defiance or as an act of impunity. The thinking is that considering the dismal performance of the APC in the State, anyone who gets the ticket of the main opposition Party in the State could be said to have won the Senatorial election. That has turned out to be a huge miscalculation considering the hundreds on PDP members who dumped the Party not necessarily to join the APC but in support of Jibrin Isah.

However, Victor Adoji’s emergence on the ADC platform re-channeled the hemorrhage of PDP members in favour of the ADC and some APC members. Those who have not openly moved have only stayed back to achieve two things one of which is to be beneficiaries of the largesse that has been touted by the divisional party chairman and promised by the PDP candidate, Senator Attai Aidoko.

In a survey of fifty (50) people each across the nine local governments of Kogi East, Ninety Five percent (428 respondents) categorically said they would either vote for Victor or Echocho. Three percent (13 respondents) said they would vote for Amade Edime while less than one percent (4 respondents) said they would vote for Attai Aidoko.

When the question was reversed along Party lines, Fifty One percent (229 respondents) said they would either vote for PDP or APC. Thirty Two percent (144 respondents) said they would vote for the ADC, Five Percent (21 respondents) while another five percent (21 respondents) said they would vote for APDA.

Evidently, two variables (personality and party platform) would play significantly in how the electorates would make their choices in the forthcoming elections especially the Kogi East senatorial election. But, more than any other factor under consideration, the personality of the individuals would play a bigger role.

In the coming days, weeks and months, the involvement of the Igala elite class, various interest/pressure groups, affiliations and accessibility will do a lot to either shift or tilt the balance in favour or against any of the two leading candidates. Issues like the quality of their manifestoes, their performances during the various debates that would be organized as well as the pedigree of influencers they deploy would count a lot in endearing them to the electorates.

There is also the waning influence of major stakeholders across the two leading Parties in the Eastern flank of the State. Findings from the survey also revealed that, most of the youthful members of the parties see their elders as working only for themselves and their pockets and are not ready to take any orders from those they say have compromised hiding behind the doctrine of “Party id supreme” or in expectation of political appointment of contract.

While we could not get access to the membership registers of the two leading Parties to know the total members of both parties in Kogi East, we are told that the total number of Party members in both parties cannot be up to a hundred thousand. That is less than fifteen percent of the voting in Kogi East. Impliedly, most of those who decide the outcome of elections are not Party members but non-partisan voters. It follows therefore that the forthcoming election is going to be form, size and shape more about the personality and less about the Party platform.

In the final analysis, the Kogi East Senatorial election is a two-horse race between Dr. Victor Alewo Adoji of the ADC and Dr. Jibrin Isah of the APC and in the end, it comes down to the very little things beyond the scope of money, thuggery, window-dressing and godfatherism.



- Isah wrote in from Idah, Kogi State.

Nigeria’s oldest financial institution, First Bank of Nigeria Limited is currently in a financial mess.

We can authoritatively reveal that N11.4b has been recently wired away from depositors account by what seems like an internal conspiracy among branch manager of Murtala Mohammed Way, Benin City Mr. Solomon Obode, some ICT heads in the Bank’s Head quarters in Lagos.

Others who lost their jobs as a result of the massive fraud are Mrs Okao who was the former branch manager of MM branch and now branch manager of Mission Road Branch of First Bank in Benin City, Emmanuel Akpaka, a marketer with MM way branch.

http://meganews.com.ng/2018/11/01/first-bank-in-fresh-trouble-over-n11bn-fraud/

Information exclusively obtained revealed that the relationship officer in charge of the fraud account has absconded with his family members with a total of $2m no sooner the fraud was perpetrated.

Others who were dismissed are Business Development Management, Benin 2 who functioned as the Area Manager.

Information at our disposal reveals that the fraud may have been agreed on and executed with the collaboration of those at the helm of ICT department in their Headquarters. It followed what looked like a hack on the bank’s payment channel.

“It was well planned and executed. The MM way branch was the platform that was used to execute it. It is possible that it was well planned and executed as the payment channel was erased immediately after the money was wired, indicating a conscious collaboration”.

Meanwhile, the bank echelons are making frantic efforts at covering the fraud since it might spell doom on them and further erode customers and shareholders confidence. The source claimed that there have been in the recent past silent diversions and fraud which comes like writing off loans running into billions of naira, especially from those who have a relationship with the top management of the bank and silent shareholders who use proxies.

“This is just one of the frauds silently rocking the bank. Each time it happens, there seems what could be termed a conspiracy of silence and that could have what stirs the new fraud”.

Source: LeadingReporters

November 2018. Lagos. Nigeria - Independent PR measurement and evaluation agency in Nigeria, P+ Measurement Services is celebrating its 3rd anniversary in the Measurement and Evaluation industry in Nigeria this year.

To commemorate this milestone, P+ Measurement Services has re-launched its website, moved to a new service center located in the central business district of Lagos and organizing the AMEC’s measurement month with staff, shareholders and partners as part of the celebrations.

http://meganews.com.ng/2018/11/01/p-measurement-celebrates-3-years-of-pr-measurement-and-evaluation-in-nigeria/

The 3rd anniversary celebration of P+ Measurement Services is a look back to the company's history and achievements in redefining the Nigerian marketing communications landscape through the introduction of independent PR measurement and evaluation services.

Speaking at the anniversary, Philip Odiakose, Lead Consultant, P+ measurement Services said. “I would like to take this opportunity to express my gratitude to our various stakeholders for their support over the years including our clients, regulatory body, suppliers, media partners, other business partners and above all, my colleagues. With their continual support and with the foundation built in the past, I have great confidence that P+ Measurement Services will do much better in the coming years”.

“We have already built a strong base of operations, we have established the importance of Independent media monitoring, measurement and evaluation and we have even moved into a bigger office to accommodate more business, I believe all of this goes to show that we are here for the long haul - providing quality insight that informs profitable business decisions”. He added.

Founded in 2015, P+ Measurement Services is one of the pacesetters of Independent Media measurement and evaluation services in the Nigerian industry, which is now one of the top 3 service providers in West Africa. The company dedicates majority of its resources to research and development, timely delivery of services, human capacity development, and new product and service offerings, in support of Nigeria’s constantly growing communications industry.

P+ Measurement Services, the independent PR measurement and evaluation agency in Nigeria has been providing detailed and unbiased media monitoring, measurement and performance audit services in Nigeria. Clientele includes local and multinational companies in the Banking, Insurance, Assets Management, Oil & Gas, Breweries, Airlines, Government, NGOs and PR & Advertising agencies.

October 2018. Lagos. Nigeria - Independent PR measurement and evaluation agency in Nigeria, P+ Measurement Services will be hosting the AMEC’s measurement month, an annual educational programme aimed at up skilling communications and measurement practitioners while showcasing global best practice. P+ Measurement Services will be joining other Africa countries to host the event simultaneously.

The AMEC’s measurement month, will hold all through the month of November with about 86 countries participating from 5th – 30th November, 2018. Championing the Measurement and Evaluation cause in Nigeria, P+ Measurement Services will be hosting the AMEC Measurement Month for the 3rd time in Nigeria and Ghana on the 23rd November, 2018.
http://meganews.com.ng/2018/10/29/p-measurement-services-host-amec-measurement-month-in-nigeria/


Speaking about the AMEC’s measurement month, Philip Odiakose, Lead Consultant, P+ measurement Services said. “We are proud to be hosting the AMEC measurement month (#AMECMM) once again in Nigeria. This is our third year and we can say that the Nigerian industry is gradually beginning to see the essence of PR measurement and evaluation. Stakeholders are beginning to see reasons to engage PR measurement consultant and the AMEC measurement month will help us educate more people on the importance of media measurement and evaluation on a nationwide scale”.

The AMEC’s measurement month will welcome experts and industry thought leaders in the Communications and Measurement industry from various countries to Nigeria to shed light and give insights on the importance of having viable Independent measurement and evaluation program necessary to grow the marketing communications industry.

This year discussion will be centered on PR Measurement and Evaluation, also shedding light on best practice in relation to Measurement and Evaluation of Communication.

The #AMECMM is scheduled to hold as follows.

· Venue - Twitter – Start or End your tweet with #EvaluatePR #AMECMM to enable your impact and conversation to be seen by other attendees.

· Time – 2.00PM – 3.00PM Nigerian Time

· Date – Friday, 23rd November, 2018.



To view other AMECMM events, kindly visit https://amecorg.com/measurement-month-2018/measurement-month-events-2018/

#AMECMM benefits all members, clients and the industry by putting measurement on a world stage. Measurement Month is filled with events, the majority of them free to enter, including webinars, breakfast briefings, conferences, workshops, podcasts and much more, focusing on filling the gap between understanding the value of PR measurement and doing something about it.

In a matter currently before a Lagos High Court, two persons alleged to be fraudsters have been accused of obtaining the sum of N1.8 billion from Sterling Bank Plc customers under false pretences.

The two accused persons identified as Messrs Ogbor Kehinde Eliot and Kelvin Ejere Chris, were arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice O. A. Taiwo of the Special Offences Court sitting in Ikeja, Lagos.
They were taken to court on a five-count charge bordering on conspiracy, forgery and obtaining by false pretence.
The defendants, who were charged alongside a company, Danium Energy Services Limited, were alleged to have fraudulently deceived Sterling Bank Plc into lending them money through a fraudulent scheme under the pretence of financing local purchase of Automotive Gas Oil (AGO), otherwise known as diesel, for supply to Total Nigeria Limited.

The first defendant, Eliot, an alleged serial fraudster, allegedly used his company, Danium Energy Services Limited, to obtain the facility from the bank and was said to have defaulted in repayment, which was expected from the proceeds of sales of the petroleum products by Sterling Bank.
One of the counts reads: “That you, Ogbor Kehinde Eliot, Kelvin Ejere Chris and Danium Energy Services Ltd., sometime in February, 2016 in Lagos within the Lagos Judicial Division, with intent to defraud, conspired amongst yourselves to obtain the sum of N1.821 billion by false pretence from Sterling Bank Plc.”
Another count reads: “That you, Ogbor Kehinde Eliot, Kelvin Ejere Chris and Danium Energy Services Ltd, on or about 23rd of February, 2016 in Lagos, within the jurisdiction of this honourable court, with intent to defraud, induced Sterling Bank Plc to deliver to Danium Energy Services Ltd the total sum of N1.821 billion under the false pretence that Total Nigeria Plc. vide Purchase Orders (PO) with Reference No. OPS/SUP/02/16/330 and OPS/SUP/02/331 dated 3rd of February, 2016 contracted Danium Energy Services Ltd to supply 20,000 metric tons of Automotive Gas Oil (AGO) in two tranches of 10,000 metric tons each valued at the aggregate sum of N2.328 billion and you thereby committed an offence contrary to Section 1(b) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006 and punishable under Section 1(3) of the same Act.”
However, both defendants pleaded not guilty to the charge when it was read to them. In view of their pleas, the prosecution counsel, Idris Mohammad, asked the court for a trial date.
However, counsel to the first and third defendants, Ladi Williams (SAN), as well as counsel for the second defendant, Dennis Omorojo, informed the court of applications for bail on behalf of their clients.
After listening to both parties, Justice Oluwatoyin Taiwo asked the prosecution counsel why he did not oppose the bail applications. In his response, Mohammad told the court that he intentionally did not oppose the applications so as to allow the first defendant to attend his trials in other courts.
Justice Taiwo then stood the matter down for ruling on the bail applications.
In her ruling a few hours after, Justice Taiwo granted the defendants bail in the sum of N10 million each with two sureties each in like sum, adding that the sureties must be civil servant on Grade level 16. She added that they must provide known addresses, which must be verified by the court.
http://meganews.com.ng/2018/10/25/sterling-bank-in-court-over-1-8bn-withdrawn-from-customers-accounts/


The sureties are also expected to also deposit with the court’s Registrar their Permanent Voters Cards, National Identity Card or International Passports.
The Judge ordered the defendants to be remanded in the EFCC custody pending the perfection of their bail conditions.
However, the prosecution counsel prayed the court not to remand the defendants in the EFCC custody, stating that the EFCC custody was congested and, therefore, would not be able to accommodate them.

The Nigerian Stock Exchange (NSE) has fined NEM Insurance Plc for contravening Rule 19.3 of its Rulebook. This was after the NSE received a complaint by Bernateva Partners – the solicitor to Eaton Acquisitions Limited, a major shareholder in NEM Insurance Plc – to reverse the decisions reached at the Annual General Meeting (AGM) held at Ibadan, Oyo State in June 2018.

Following the AGM the NSE also received complaints from other including:

Premium Green Limited
Starvest Limited
Three Sea Investment Limited
Oluwaseyilola A. Ojo
The shareholders claimed that NEM Insurance had failed to notify them of the AGM in accordance with section 217 (1) of the Companies and Allied Matters Act (CAMA), SEC clause 24 and NSE rule 19.3, which prescribed at least 21 days’ notice to shareholders of an AGM to be held

They also asked the Nigerian bourse to reverse the special resolution proposed and passed at the AGM to raise additional capital through a private placement at a price below the market price of NEM Insurance stock.

http://meganews.com.ng/2018/10/25/nse-fines-nem-insurance-for-contravening-its-rulebook/

The NSE investigated their claims and found out that:

The Company did not dispatch the Notice of the 48th AGM and Annual Reports to the shareholders at least 21 days before the date of the meeting.
The shareholders who did not receive the Notice of AGM were not given the opportunity to attend and exercise their voting rights in respect of any of the resolutions passed at the 48th AGM, including the proposed special resolution to raise additional capital through special/private placement.
The exchange, after its findings, slammed a fine of N575,505.00 on NEM Insurance; being 50% of its listing fee. The fine, according to NSE must be paid on or before November 7, 2018 and failure to do so contravenes Clause 14(d), Appendix III: Form of General Undertaking (Equities), Rulebook of The Exchange, which stipulates a further fine of N300,000.00 in addition to N25,000.00 per day for the period of the violation.

Consequently, the bourse will communicate its findings to the Steering Board of the Corporate Governance Rating System (CGRS), which may decide to suspend, withdraw or do nothing to the CGRS rating of NEM Insurance.

NEM Insurance stock closed at N2.96 during trading session today at NSE.

These are very bad times for customers of the Emeka Emuwa led Union Bank of Nigeria (UBN) as the bank appears to have lost its security edge over their competitors. Though, Union Bank prides itself as one of the big, strong and reliable financial institutions in Nigeria, depositors have continued to wonder how safe their monies are with the lender as the bank has become a safe haven for fraudulent officials.

This is worrisome as the Economic and Financial Crimes Commission (EFCC) again, on Monday arraigned another banker, Ali Kareem with the lender at the Federal High Court Lagos for allegedly stealing N8.7 million from a customer.

Alli who was arrainged by the Economic and Financial Crimes Commission EFCC, alleged is facing a three-count charge of conspiracy, impersonation and N8.7 million, internet fraud.

The defendant, whose residential address was not given, was arrainged before Justice (Professor) Chuka Obiozor.

EFCC said that the defendant conspired with others who are still at large, and fraudulently impersonated a Union Bank customer, Alexander Cherembem, in order to fraudulently facilitate the withdrawal of funds from his account. He was also alleged to have processed the request for Union mobile in respect of the said account, without obtaining proper Identity of the customer.

EFCC alleged that the ex- banker had on May 8, 2018, while he was still a staff of Union Bank of Nigeria Plc, failed to obtain proper data of a customer of the bank in processing Union mobile in respect of Account No.0010807900. He was alleged to have impersonated one Alexander Cherembem Okan and fraudulently withdrew the sum of N8. 677, 907.00 million from the said account No. 0010807900.

According to the EFCC’s prosecutor, George Chia-Yakua, said that the offences committed are contrary to and punishable under Sections 22, 22(2) and 37 of the Cyber Crimes Prohibition Act, 2015.

http://meganews.com.ng/2018/10/24/union-bank-staffer-steals-n8-7m-from-customers-account/

However, the defendant pleaded not guilty to the charges against him. In view of his plea, lawyer to the defendant Olatimihan Ogunbiyi, told the court of his intention to file a bail application on behalf of the defendant and sought for a short adjournment. The prosecutor, Chia-yakua did not oppose his request.

Consequently, Justice Obiozor adjourned the case until November 5, for hearing and determination of the defendant’s bail. Justice Obiozor also ordered that the defendant should be remanded in prison custody pending the determination of his bail.

Source: The Witness

Guaranty Trust Bank plc has released its unaudited financial results for the period ended September 30, 2018 to the Nigerian and London Stock Exchanges.

http://meganews.com.ng/2018/10/23/gtbank-releases-q3-2018-unaudited-results-reports-profit-before-tax-of-%E2%82%A6164-2-billion/

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria. Gross earnings for the period grew by 8.8% to ₦337.3billionfrom ₦309.9billion reported in September 2017. Profit before tax stood at ₦164.2billion, representing a growth of 9.5% over ₦150.0billion recorded in the corresponding period of September 2017. The Bank’s Loan Book dipped by 12.3% from ₦1.449trillion recorded as at December 2017 to ₦1.270trillion in September 2018, while customers’ depositgrew by 8.6% to ₦2.239trillion from ₦2.062trillion in December 2017.



The Bank’s balance sheet remained resilient with Total assets and Shareholders’ Fundsclosingat ₦3.433trillion and ₦534.3Billion respectively, a2.4% growth from Total Asset Position of ₦3.351trillion as at December 2017, Capital Adequacy Ratio (CAR) however dipped by 300bps to 22% despite the impact ofIFRS 9 implementation. In terms of Assets quality, NPL ratio and Cost of Risk(COR) improved to 5.6% and 0.1% in September 2018 from 7.8% and 0.5% position in December 2017 respectively. Complementing the improvement noted in NPLs and COR, we maintained adequate Loan Loss coverage of180.6%for Lifetime Credit Impaired Loans (NPLs).On the backdrop of this result, Post- Tax Return on Equity (ROE) closed at 32.7% while Return on Assets (ROA) stood at 5.6%.



Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Mr. Segun Agbaje, said; “Despite operating in a very challenging business environment, our 3rd quarter result is a reflection of how we have appropriately positioned our balance sheet to cope with economic realities. It further demonstrates the strength of our business strategy to deliver financial services that enriches the lives of our customers and creates more value for all our stakeholders.”



He added that, “Going into the final quarter of the year, the Bank will continue to drive its digital-first customer-centric strategy to improve customer experience and expand its range of service offering whilst constantly differentiating itself by maintaining a high standard in service delivery and putting customers at the heart of everything that we do.”



Over all, Guaranty Trust Bank plccontinues to be best-in-class in the Nigerian banking industryin terms of all financial ratios i.e. Post-TaxReturn on Equity (ROE) of 32.7%, Post-Tax Return on Assets (ROA) of 5.6%, Cost to Income ratio of 38.3% and PBT margin of 48.7%. These ratios are testament to experienced Management, efficient Balance sheet structure coupled with operational efficiency of the Bank.



In recognition of the Bank’s stance on world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards in the course of the year. They include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.

It came like an innocent, harmless offer. But looking back now, Francis Nwufoh, the proprietor of an Abuja-based private school, Whiteplains British School, is wishing he never took it.

Today, the supposed harmless offer is the subject of a bitter legal battle between Mr Nwufoh and the management of First Bank Nigeria (FBN) over alleged forgery and fraud involving a N630 million credit now threatening the survival of the high-end school, located in Jabi, Abuja.

The loan was granted on June 26, 2013 by the Utako branch of the bank located within the Shippers’ Plaza premises in Zone 5 area of the federal capital territory.

Under the terms and conditions of the credit signed between the bank and Mr Nwufoh, its tenor was scheduled to expire in June 2019.

But, months before the terminal date, the loan has not only become a subject of various investigations by the Police and Economic and Financial Crimes Commission (EFCC), but also a subject of litigations in various courts.

On May 11, 2018, Mr Nwufoh petitioned the EFCC to accuse FBN of forgery and fraud over the loan. He asked the anti-graft agency to ensure his demands were “properly addressed, investigated and First Bank of Nigeria Plc prosecuted.”

In a copy of the petition by Mr Nwufoh raised a number of allegations against the bank, bordering on fraud and forgery.

The bank has however refused to address the issues raised, upon enquiry by PREMIUM TIMES seeking its reaction to the allegations.

The spokesperson of the bank, Folake Ani-Mumuney, who spoke through another official of the bank, Babatunde Lasaki, said its management would prefer not to talk about a matter still pending in court.

“Since the matter is in litigation, we will rather wait for the outcome of the judgment. We are not issuing any statement or reacting to any issue,” Mr Kasali said.
ORIGIN OF LOAN

The loan relationship began in 2008 when Mr Nwufoh sought and got a N70 million credit from Guaranty Trust Bank (GTB) to acquire the land where Whiteplains School is currently located in Abuja.

Following the prompt repayment of the loan, Mr Nwufoh said GTB offered to provide another N390 million loan to facilitate the development of the school and provision of key infrastructures.

The GTB loan was still running when Mr Nwufoh said FBN surfaced with an offer to Whiteplains School management to grant another commercial mortgage loan.

Mr Nwufoh said he was interested in the offer on condition that FBN would first pay up the school’s indebtedness to GTB (then about N430 million), in addition to another N200 million facility to help complete the development of the school’s permanent site.

The loan was also to facilitate the construction of the administrative block, classroom blocks, examination hall, science laboratory, assembly/graduation auditorium, library, dining hall, male and female hostels and principal’s quarters.

To formalise the banking relationship, FBN wrote to GTB for the updated status on Whiteplains’ loan with it.

Prior to signing the final agreement on June 26, 2013, FBN paid off Whiteplains’ indebtedness to GTB and took over the loan, along with all security documents used as collateral, including a certificate of occupancy dated August 2005.

Additional provision was made for another N200 million facility to take care of furniture and running cost for the school, bringing the total loan to about N630 million. First Bank withheld the security documents used as collateral, which it collected from GTB.

Under the agreement, part of earnings from school fees would be used to service the loan and the balance for the day to day running of the school.

Root of crisis
But the lawyer to Whiteplains British School, Chukwuma Ume, said trouble began shortly after the N200 million loan reached the school’s account with the bank.

Mr Ume, a senior advocate of Nigeria (SAN), said hardly had the money landed in the school’s account than FBN deducted over N188 million. No explanation was forthcoming.

Initially, Whiteplains said FBN claimed it was for running cost. Following protests and series of demands for further explanation, the lawyer said FBN claimed it was for “perfection of deed documentation.”

Although the N200 million was meant for administrative purposes, including payment of salaries to teachers and other categories of workers, Mr Nwufoh said for more than three months the school was unable to meet its running cost for lack of funds in its account.

He said the crisis degenerated, with the school unable to meet its basic financial commitments, which took its tolls on the entire school management resulting in teachers leaving.

With First Bank unable to provide concrete explanations why the school could not have sufficient funding in its account with the bank despite huge lodgments from tuition and other fees, Mr Nwufoh said the school management devised other means of meeting its obligations.

Crisis deepens

Mr Ume said the unraveling of the crisis came when FBN took Whiteplains management to court alleging breach of loan agreement.

Curiously, Mr Ume said while in court, FBN’s application never made any reference to or claim of any monetary debt by the school, or demand the court to help recover its loan.

Rather, he said FBN’s interest was on the receivership of Whiteplains School premised on a Tripartite legal Mortgage agreement purported to have authorised the transfer of the ownership rights.

The agreement allegedly drafted by Muftau Ande, lawyer, was purportedly signed between the directors of Whiteplains School (Mr Nwufoh and his wife) and late Lycious Ibe’s wife and son, Emeka, as directors of France-Lee Nigeria Limited.

Mr Ibe, a former retired Permanent Secretary, Federal Civil Service Commission, owned the company that sold the land to Mr Nwufoh on which the Whiteplains School currently stands.
Although Justice BFM Nyako ruled in favour of FBN, she ordered the bank to release the title document it was withholding to Whiteplains School to enable it sell to repay the loan.

Again, First Bank was asked to agree on an arrangement with the owners of Whiteplains on how to collect its loan to term without disrupting the payment of teachers’ salaries.

Besides, the bank was advised to ensure it performed its duties “without being visible in the administration of the school so as not to traumatize the students.”

Following the court ruling, Mr Ume said Whiteplains management agreed to structure an arrangement where all tuition fees were paid into its First Bank account to service the loan repayment obligations.

Other revenues were directed into other accounts in other banks to take care of teachers’ salaries.

Inquest in document

After the court ruling, Mr Nwufoh said he was not convinced about the authenticity of the tripartite agreement on which the judge based her judgment.

He said he was even more worried that FBN did not release to Whiteplains the collateral documents it collected from GTB when it bought over the previous loan.

Although he said he did not suspect anything fishy, he sought to see and review the document FBN claimed he signed. He said his findings were shocking and scandalous.

“When the document was presented to me, it looked strange, because I was not only seeing it for the very first time, but there were clear disparities with our signatures on the loan agreement with First Bank,” Mr Nwufoh said.

“On closer scrutiny of the signature the bank said I signed with my wife as directors of Whitesplains School, it was clear they were forged,” he added.

Yet, he said he opted not to rush into any hasty conclusion until he met with the other two persons the bank claimed signed the document with them. As suspected, the revelations were even more damning.

Mr Ume told our reporter, Mrs Ibe did not only deny signing the document, she could not recall ever seeing the lawyer whom FBN claimed she hired to represent France-Lee Nigeria Limited in packaging the agreement.

“The woman was even more scandalized when she learnt her son, Emeka, 40, was also a signatory to the document with her, despite not visiting the country since he left at the age of 18,” Mr Ume said.

Apart from never stepping her foot on FBN’s banking hall, Mrs Ibeh swore she did not know Shippers’ Plaza, where the bank’s branch that generated the documents was located.

To put her story in a historical perspective, Mrs Ibe recalled her son, Emeka, who is a director in his father’s company, France-Lee Nigeria Limited, was barely eight years old in primary school when the company was about to be registered.

Because he was too young at the time to have a signature on official documents, the name, Emeka, was appended on the Corporate Affairs Commission’s form in place of his signature.

Emeka lived and schooled in Nigeria till he became 18, when he left for the United Kingdom.

Mrs Ibe said since Emeka left Nigeria, he never returned to the country until 2014 when he came to attend his father’s burial. The father died in 2013. Immediately after the burial, Mrs Ibe said Emeka left Nigeria back to the UK on April 2, 2014.

Curiously, the tripartite agreement FBN said Emeka signed bore October 25, 2014. Mrs Ibe said she could not understand how her son came to sign the document.

Was the document taken to him in UK? Or did he return to Nigeria without her knowledge to sign the document?

To further unravel the mystery surrounding the agreement, Mr Ume said he approached the CAC to apply for and get the certified true copy. A review of the document threw up even more startling discoveries.

Beyond the agreement, he said there was another document with which the agreement was sent to CAC, considering the need to create a scenario that gave the impression directors of France-Lee Nigeria Limited gave their consent.

On two supporting documents, Dibiaezue Chuks, who claimed to be counsel to France-Lee Nigeria Limited, was also the same lawyer claiming to represent FBN.

In one document, the lawyer gave his address as LAGARDER & CO (Barristers & Solicitors) representing FBN, and on the other as LAGARDERA & CO (Barristers & Solicitors), representing France-Lee Nigeria Limited.

Interestingly, his office address and telephone numbers were the same on two opposing documents for prosecution and defence.

Besides, Mrs Ibe also denounced the notarized affidavits FBN also said she signed with her son authorising the registration of the agreement at the CAC.

But, shockingly, even the notary public before whom the quartet were said to have appeared to sign the agreement not only denied any knowledge of the deal, but also said he never met any of them.

With all the findings, Mr Nwufoh and Mrs Ibe swore on oath denying the authenticity of the document.

Mr Ume said all the documents were attached to a petition to the police. During investigation, the police brought the lawyer who drafted the documents on behalf of First Bank to meet with Mrs Ibeh.

On interrogation, the lawyer agreed he never met the woman, neither did the woman ever direct or authorise him to produce the contentious tripartite document.

Pressed to find out who did, Mr Ume said the lawyer confessed First Bank asked him “to do it that way.”

Armed with the latest findings, Mr Nwufoh said Whiteplains filed an appeal urging Justice Nyako to set aside the November 18, 2016 ruling he gave, as it was procured based on fraud and forgery.

But, on June 29, 2018, the court ruled its judgment could not be set aside, as Whiteplains neither raised the issue of forgery nor fraud against the document throughout the hearing.

However, Mr Ume is insisting Whiteplains could not have raised any objections to the document or object to its authenticity when FBN refused to release the document in its possession.

The lawyer said since FBN was asked to come and identify the four persons it claimed signed the tripartite agreement, it has not showed up.

Despite several letters delivered through registered mails to FBN management, including its chairman, managing director and all board members calling for investigation into the forgery and fraud, Mr Ume said no response has been forthcoming.

First Bank keeps mum on allegations

When FBN were contacted for its side of the story, its spokesperson, Folake Ani-Mumuney, requested a formal mail detailing the issues to guide her response.

On Wednesday, when our reporter called back for her response, she directed her colleague, Babatunde Lasaki, to meet with the bank’s general counsel to respond.
http://meganews.com.ng/2018/10/18/how-n630million-loan-tears-first-bank-abuja-school-apart/

When contacted, Mr Lasaki said the bank preferred not to respond to any enquiries on the issue or join issues with Whiteplains Schools, as the matter was already before a court.

“The position of the bank is that it is not going to join issues with them (Whiteplains). We are not going to respond in black and white, because we do not want to join issues with them, since they have already written to our regulator and the matter is in court.

“What the legal unit of the bank is saying is that there are some sacrosanct facts in the matter, which are that Whiteplains School did not deny they are owing the bank money, and they breached their repayment terms.

“They should rather explain why it is possible for the bank to have the original copy of the document in question (tripartite agreement) on which the bank had actually gotten judgment in the first instance.

“The school has gone on appeal and the matter is in court. The bank will rather wait for the outcome on the matter, before joining issues with Whiteplains on the pages of the newspapers.

“If Whiteplains feels that what they are doing is right, they should rather wait for the outcome rather than going about organizing press conferences,” Mr Lasaki said.

Source: PREMIUM TIMES

Kogi East delegates of the Peoples’ Democratic Party (PDP) have warned the imposition of Senator Attai Aidoko, whom they described as “Political Liability” on the good People of Kogi East.

In a Press Release made available to newsmen, by the Delegates’ Spokeperson, Hon. Enemakwu S.O, noted that the call has become necessary as the unhealthy development has generated confusion among the delegates and PDP’s Faithfuls in Kogi East.

The release which is contained in about fourteen paragraphs disparaged on the sad development that is capable of causing monumental failure for PDP in Kogi State come 2019 general election.

He said, “Kogi East which accounts for 70% of PDP’s votes from Kogi has vowed to resist this imposition and impunity” which he further elucidated were the factors that led to the failure of the sitting Governor, Captain Idris Wada in 2015 election.



Read full Press Release below:

“The Peoples Democratic Party (PDP) sold and collected money for Expression of Interest and Nomination Forms from the Aspirants; Its screened the Aspirants and cleared them for the Primary Election; Its set and published the date of 2nd October 2018 for the Primary in Kogi East.

On 2nd October 2018, all the Aspirants, their Agents and the Delegates assembled at the venue of the Primary at 0800 and waited till 12.45am.

There were no Electoral officials or materials. To the greatest shock of everybody, the PDP Kogi State headquarters informed us that the NWC had issued a written instruction to the Kogi Electoral Committee to affirm Senator Attai Aidoko, as the automatic Candidate for Kogi East.


The Primary for Kogi East never took place, it was stalled. However, after Senator Aidoko put a spurious claim on the African Independent Television (AIT) that he had won the non-existent Primary, the Returning Officer appointed for that Primary, Hon Samuel Abenemi, who is also the Kogi State PDP Deputy Chairman and Alhaji Faruk Yahaya, the Kogi State PDP Secretary, went on the air to debunk claim of any Primary and advised the NWC to set a new date for a proper Primary.
http://meganews.com.ng/2018/10/07/kogi-east-senate-pdp-delegates-warn-party-against-imposing-sen-attai-aidoko/
In addition, the Appeal Panel headed by Princess Bolanle stated clearly in their report to the NWC that no PDP Senatorial Primary took place in Kogi East and recommended to the NWC to set a new date for the Primary which the PDP has up till now refused to do.

If the PDP had an MOU with r-APC to return Senator Dino Melaye, that MOU did not cover Senator Attai Aidoko who is a PDP Senator.

In the eyes of the law, Senator Aidoko is not even the Senator representing Kogi East and he is seating there illegally as a subsisting Court judgement had ordered him to stop parading himself as a Senator representing Kogi East and vacate the Seat.

If the PDP fails to conduct a proper Primary after selling the Forms, screened and cleared the Aspirants; after publishing the date for the Primary which it never cancelled and the Aspirants mobilized us to the Venue and satisfying the Party’s Internal Resolution Mechanism processes, as stipulated by appealing to the Electoral Appeal Panel, which recommended to the NWC to set a new date for the Primary and which the NWC failed to heed, then aspirants will have no other option than to seek redress in a Court of Law with competent jurisdiction to restrain the PDP from submitting Senator Aidoko’s name to INEC as its candidate for Kogi East and INEC from accepting Senator Aidoko’s name.

The whole of Kogi East which accounts for 70% of PDP votes from Kogi has vowed to resist this imposition and impunity and teach the PDP the same bitter lesson that cost the PDP a sitting Governor in 2015.



The PDP has no moral justification for criticizing INEC and other Political Parties if it also indulges in the worst form of imposition and impunity.

The PDP is therefore requested to conduct this Primary latest 07 October 2018 to avoid numerous embarrassing legal actions.



Signed:



Hon. Enemaku S. O.

For: All PDP Delegates in Kogi East

In commemoration of the 2018 Global People’s Summit, Stanbic IBTC Bank, in collaboration with Creative Youth Community Development Initiative (CYCDI), and Covenant University, Ota, over the weekend engaged the youth on better understanding of the United Nations (UN) Sustainable Development Goals (SDGs) and their role in its attainment.



The Global People’s Summit is organized by the Humanity Lab Foundation in partnership with the United Nations Office of Partnerships. It provides a platform for people and organizations around the world, especially the youth, to participate via a digital platform in the conversation to make change happen in society. It fosters collaborations, shares best practices, promotes innovation, builds community, celebrates success, influences global agendas, and finds new ways to translate vision into action. Anyone is free to log in to discuss the world’s most pressing issues as they affect them, their communities, countries and the world. The Global People’s Summit is an official part of the Global Goals Week schedule.



Originator of the Global People’s Summit, Hazami Barmada, stated: "We amplify messages of people around the world and conversations and connect dots in the virtual space to enable making the world a better place a reality. Far too often the conversations around social impact happen in exclusive spaces, so people that have the privilege and the luxury to have access to passports and ability to travel have the ability to influence conversations. The change-the-world conversation should not be bound or limited to exclusivity."



The event, aligning with the 73rd session of the United Nations General Assembly (UNGA) in New York City, held at Covenant University, Ota, Ogun State, and attracted students, the university community, non-governmental organizations, and development partners. It had the theme, “Reimagine Humanity: Changing the Status Quo,”



In his welcome address, Vice Chancellor, Covenant University, Professor Aaron Atayero, represented by the Deputy Vice Chancellor, Prof Akan Williams, expressed the institution’s delight to be partnering with reputable organizations to foster youth development, which aligns with the university’s core goal of raising a new cadre of leadership in Nigeria. He said the institution is committed to making the youth to develop self-belief, which will enable them become change agents and play a pivotal role in changing the narrative about the country.



Stanbic IBTC Bank, the official partner to CYCDI InnoCreativa Youth Hub, made a presentation on “Funding Creativity and Innovation to achieve SDGs.” Head, Personal Banking, Stanbic IBTC Bank, Nkolika Okoli, said Goal 3 of the SDGs and thrust of this year’s summit, ‘Ensure healthy lives and promote well-being for all at all ages’ is in line with the Stanbic IBTC Group’s status as an end-to-end financial services solutions provider. In this role, the group caters for the needs of its clients at every stage of life through bespoke products and services. The bank’s product, the Stanbic BluEdge Youth Account, for instance, is targeted at helping students and the youth to have a healthy start in life by cultivating a savings culture very early in life.



She emphasized that having a desired future entails being financially literate, which is essential to taking informed decisions and actions, adding that the Group is ready and willing to provide support and forge partnerships towards the socio-economic development of Nigeria.

The session, which included a panel discussion by students of Covenant University on the imperative of avoiding drug abuse, also dissected such issues as Decent Work and Economic Growth, Promotion of Health and Wellbeing, Development of Innovation and Creativity and Application of the University’s Core Values to Achieve United Nations Sustainable Development Goals in 2030. Live sessions were also beamed from New York.

http://meganews.com.ng/2018/10/05/stanbic-ibtc-cycdi-energize-youths-at-global-peoples-summit/

Foluke Michael, the CEO and Project Director of Creative Youth Community Development Initiative, noted that while access to high-level UN discussions is exclusive to world leaders, the Global People’s Summit leverages technology to give everyone a seat at the table and democratize access to information. In its second year, the online summit creates a space for real-time conversations that inspire and lead to innovative partnerships that catalyze action for the SDGs, an agenda for global development established by the UN in 2015.



“The ambition, scale and scope of the Global Agenda adopted by world leaders in 2015 necessitate that it becomes everyone’s agenda, an agenda for us as individuals, for civil society, private sector, academia, local and national governments, international and faith-based organizations,” said Maher Nasser, Director of the Outreach Division of the Department of Public Information, United Nations. “We are always looking for ways to engage more people around the world in the work of the UN and generating awareness about and support for the SDGs. I welcome the opportunity to listen to input and ideas coming from those who want to be part of the conversation but are unable to be at the UN during UNGA,” he said.



As the future belongs to the youth, Okoli said Stanbic IBTC Bank is dedicating resources towards addressing their needs. Such commitment necessitated the introduction of such initiatives as the Stanbic IBTC Youth Leadership Series, a youth empowerment motivational series, and the Stanbic IBTC Business Leadership Series, an annual event that facilitates the sharing of knowledge and information among local and international participants who are drawn from key sectors of the economy.



“The popular saying that children are the leaders of tomorrow, as cliché as it may sound, holds true. But for us at Stanbic IBTC, we believe that the youths are the leaders for today and because we understand just how easily one can get distracted or discouraged by the different challenges we face in our lives, our youths therefore need to be aptly and constantly guided, mentored, inspired and motivated, not just to attain their goals but in order for them to actualize their full potential,” Okoli added.

The primary election panel of the All Progressives Congress (APC) in Delta State led by Major General Lawrence Onoja (Rtd), has affirmed Dr. Emmanuel Eweta Uduaghan, the immediate past governor of Delta State as the party’s Senatorial candidate for Delta South Senatorial District.

The affirmation was held on Wednesday at the Civic Centre in Oleh, headquarters of Isoko South Local Government Area of Delta State.

Co-contestants with Dr. Uduaghan, Chief Michael Johnny, Air Vice Marshall Henry Okorodudu and two others were screened out by the National Working Committee (NWC) of the APC in Abuja, leaving the former governor as sole candidate.

http://meganews.com.ng/2018/10/03/breaking-apc-affirms-emmanuel-uduaghan-as-delta-south-senatorial-candidate/
Speaking after his affirmation, Dr Uduaghan expressed appreciation for the confidence reposed in him.

He assured delegates and members of the Senatorial district of good representation, while also promising to unite the two factions of the party in the state.

“I’m happy about the affirmation. I was ready for it. When the final report came up, I was cleared and I’m happy for affirmation.

“Be assured of quality representation. By God’s grace, I’ll win the election. You know that in Delta, APC has never won any election. We need to come together in other to win.

“I’m going to bring everybody together by God’s grace. After the primaries, there’ll be no faction, all of us will be one." Uduaghan said.

Attachments area
Received, thank you.Congratulations!Acknowledged.

Coronation Merchant Bank has been named the Best Investment Bank in Nigeria at the 2018 World Finance Investment Banking Awards in United Kingdom.

A statement quoted World Finance as saying, “One bank that has recorded remarkable accomplishments in its very short years of operation is Coronation Merchant Bank. The bank has established itself as a dominant player, sitting at the very top of the investment banking industry in its native Nigeria.”

“In recent years, investment banking in Nigeria has changed considerably. Low capital requirements, together with a swift process for obtaining operating licenses, have seen the number of players in the market increase rapidly.

“Against this backdrop of growing competition, Coronation Merchant Bank has managed to stand out from the crowd. Its investment banking business provides bespoke solutions and an enviable network of partners to corporate organisations across a variety of industries.

“In recognition of the support the bank provides to ensure its clients are perfectly positioned to harness capital flows and competitive advantages, Coronation Merchant Bank has been named as the Best Investment Bank in Nigeria.”

http://meganews.com.ng/2018/10/03/coronation-merchant-bank-named-best-investment-bank-in-nigeria/
Commenting on the award, Abubakar Jimoh, MD/CEO of Coronation Merchant Bank said: “We are delighted to be recognised as the Best Investment Bank in Nigeria. Our successes and achievements over the years reflect the hard work and commitment of our staff, management and board in ensuring we maintain our core values of integrity, innovation and excellence in service delivery.”

“This award affirms that we are on course to achieving our long-term goal of becoming Africa’s premier investment bank.” He added.

Coronation Merchant Bank group was established to fill the gap in a long-underserved market segment, and address the need for long-term capital across key sectors of the economy. The group offers investment and corporate banking, private banking, wealth management, global markets and treasury services to a diverse range of clients. It also offers securities trading and brokerage, asset management and trustees services via its subsidiaries – Coronation Securities and Coronation Asset Management – respectively.

Driven by its vision of becoming Africa’s premier investment bank with an asset base of over NGN 130bn, the banking group has become a model for risk management, corporate governance and responsible business practices.

At a press conference which took place on 18th September 2018 in Abuja, Squadron Leader Adefola Amoo (rtd) said he felt it necessary to call to the attention of the nation that NIPOST Director General, Mr Bisi Adegbuyi, has violated Executive Order No 5 which was instituted by the President of Nigeria, President Muhammadu Buhari GCFR, to promote the product of indigenous innovators like himself.

Indeed, on page 5, item number 6, at the Preference Section of Executive Order No 5, it is actually stated that indigenous technology will be adopted to replace foreign ones.

The indigenous technology developed by Squadron Leader Adefola Amoo (rtd) is called GridCodes. Our checks show that the technology has been available for over a year in the Google Play store since 13 September 2017.

GridCodes allows you to generate codes similar to Post Codes and Zip Codes for your home/business addresses or any where you happen to be at any time.

All you need to do is to be at the location and one click will give you a code. You can add that code to your address or share it with people that need to meet you for business, deliveries or to socialise. The technology works in all countries in the world, it is instantly available and free to use. GridCodes has been accepted for Patent processing in Nigeria and at the US Patent Office.

The foreign technology from UK adopted by NIPOST is called “What3Words”.

A search on the company’s website and other media outlets showed that it’s co-founder Chris Sheldrick as well as Mr Bisi Adegbuyi have extensively broadcasted adoption of What3Words by NIPOST.

It seems the UK technology does exactly what GridCodes do using a different method. The UK Technology has mapped the surface of the earth and allocated 3 words to identify each 3m x 3m spot. Putting the associated 3 words into their system will get you to the location. The UK technology has also been accepted for patent processing in the UK. The technology is also free to use for individuals, like GridCodes is.

In this situation, it remains to be seen why Mr Adegbuyi of NIPOST has preferred to adopt a UK Technology when according to the Squadron Leader, he had been informed since 18 Jan of this year of his product. This would seem like an excellent opportunity to use a local tech to solve a local problem. It would have justified the existence of Executive Order No 5 and could have been an example of local innovation which could have been pushed globally. A much needed positive story to come out of Nigeria.

Strangely, though, on 10th September 2018, The DG NIPOST flatly denied the adoption of a foreign technology. The denial occurred at the 38th minute of an interview he granted to Bisi Folarin on the morning show of TVC. He categorically said “...there is nothing foreign about it”. How can this be so, when Mr Chris Sheldrick of What3Words granted an interview to Guardian Newspapers of Nigeria on 16th August, 2017. People deny and tell lies when they have been caught committing an offence. That seems to be what is happening here because there is overwhelming evidence in the public domain that NIPOST did adopt foreign technology.

The digital footprint of a nation’s population is the newest natural resource. Mr Bisi Adegbuyi has unwittingly rented out another sector of this natural resource to foreigners to exploit exclusively.
http://meganews.com.ng/2018/10/02/dg-nipost-bisi-adegbuyi-alleged-violates-executive-order-number-5-and-lied-about-it-on-tv/
In doing so, he has foisted hardship on the population by demanding 1,000 naira from each of us annually for a service that is free from the UK and free from a Nigerian provider as well.

The UK company would have participated in allowing this potential N180bn fraud because they know that the value is not in the 1,000 naira that Mr Adegbuyi is aiming to collect. Rather the value is in broad adoption which will then setup future streams of revenue that will be accessed through technology as well.

Critical components of our Tech implementation is in foreign hands, our telecommunication, our internet, our satellite TV, our ride sharing, social media and now our addressing has been given to a foreign company when a local company exists already doing it in an innovative way that is recognised by international intellectual protection agencies.

At 58 years of independence, it is beyond time for us to begin to examine our actions as a nation against our intents.

Indigenous Technologies like GridCodes and Techpreneurs like Squadron Leader Adefola Amoo (rtd) need to be celebrated and encouraged.

GridCodes is available on the Andoid and iOS app store its website is www.findgridcode.com.

This is an unfolding story and we will continue to monitor it for you.

The story of the immediate past governor of Delta State, Dr. Emmanuel Ewetan Uduaghan is synonymous to “Joseph” in the Holy Book, the Bible, whom despite persecution, hatred and victimization stood tall because God was with him. From his days as a commissioner, it has been one battle to the other but Dr. Uduaghan has always triumphed no matter the forces against him.



In saner political climes, the electorate would be out there looking for the brightest and the best of candidates; those with the requisite experience, character, clout and courage as well as the vision to right the wrongs of the past. But here, sad to say, some of us take obscene pleasure at running our heroes down. Must we stand logic on its head all on the altar of political expediency? Should we castrate our conscience on the lure of the lusty lucre?

http://meganews.com.ng/2018/10/02/who-is-afraid-of-emmanuel-uduaghan-by-julius-akpovire-enyeh/

These were the pertinent questions that come to mind, after reading through several tissue of lies, propaganda, unsubstantiated allegations against the former governor of the “Big Heart” state.



Since the defection of Dr. Uduaghan from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC), the political tension in the Delta PDP has risen over fear of the unknown as the 2019 general election draws near.



Latest is a letter credited to Ijaw leader, Chief Edwin Clark JP to the National Chairman of the APC, Comrade Adams Oshiomhole and published in some National Dailies of Monday, October 1, 2018, warning against the imposition of Dr. Uduaghan as sole candidate of the All Progressives Congress (APC) in Delta South senatorial district.



Reading Chief Clark’s letter leave one astonished as to when has the Niger Delta leader became a member of the APC to be worried and concerned about its affairs? None of the Delta South senatorial aspirants in the party have cried foul; then, why is Chief Clark troubled? Surely, it’s the *‘voice of Jacob and the hands of Esau’.*



It’s important to note that unlike the PDP, all aspirants under the APC are men of purpose with desire to cause change in the lives of the people, hence, it’s a united voice. Therefore, the allegation is baseless, false, and neither here or there. The publication credited to the Ijaw leader is completely done in bad faith, and with malicious intentions to deliberately halt the soaring public support, ovation and acceptance that the aspiration of Dr. Uduaghan is enjoying from preponderant majority of the people in Delta South and to also drag the entire APC leadership into disrepute. The allegation is an attempt to cause disintegration in the Delta APC family.



For the avoidance of any iota of doubt, Dr. Uduaghan has been on the campaign, moving from Itsekiri to Ijaw and Isoko areas in the past few weeks lobbying delegates to vote for him and telling them the reasons why they should give him their mandate; so, where does imposition come from? Since his ambition to contest the Senatorial seat became public, support has poured in from the whole Delta South and beyond.



This is a man whom the PDP government led by Governor Ifeanyi Okowa, out of envy and vendetta killed key human capital programmes, projects and legacies initiated by him during his tenure as the governor of the state. These include viable initiatives like the Delta Education Marshal popularly known as ‘Edumarshal’, free health care services, scholarship skills, free maternal care, overseas scholarships funding, Free WAEC, NECO and subsidy on public transportation which were embraced by the masses wholeheartedly. EduMarshal was to eradicate ‘street culture’ and pave way for ‘learning culture’. That has been cruelly dumped. EduMarshal that was jettisoned by the PDP-led government is being adopted by a progressive state like Edo and it is doing well there, helping the citizens.



It must be stated however, that in this seedy season of campaigns of calumny, loaded lies are freely hawked in the political market place, to score undeserving points; it has become imperative to put the records straight.



Uduaghan distinguished himself in all the sectors he served. He is arguably one of the most successful politicians the Niger Delta have produced in recent times. His influence and popularity were not earned through a walk in the park, rather by the dint of his determination to make his people happy. His story is a very loaded one, his development efforts also extended to the Niger Delta region even though he was the governor of a state. He was deeply involved in negotiations with Niger Delta agitators and militants alike which let to peace in the region. Of course, where there is peace, there is development.



If one counts every infrastructure dotted all over the state, a greater percentage of them would definitely bear his finger of approval. That is the lot of a man who was trusted enough by the former governor of the state, Chief James Onanefe Ibori, a big fish in all ramifications, to wear his big shoes as the governor of the state after the former had governed for eight years.



What has, however baffled a lot of political watchers within the country and beyond, was why an achiever like Dr. Uduaghan went into hibernation after serving out a meritorious gubernatorial period despite pressure from his people when a lot of his under-achieving colleagues found themselves in the chambers of the National Assembly Complex, Abuja. When he addressed pressmen recently, the Itsekiri-born politician answered the question. He had said he took that option in the interest of peace in the state.



What more does Uduaghan need to convince the good people of Delta South that he possesses the sterling leadership qualities to bring change in the zone? Little wonder that during his 60th birthday, Chief Olu Falae, former secretary to the Federal Government of Nigeria described Uduaghan as one of the people who have a lot of experience which is basically lacking in Nigeria.



Uduaghan’s mission to the upper chamber is simple and clear: “The people of Delta South has suffered neglect in the last 15 years; therefore, he is on the race to offer his people quality and effective representation that will put smile on their faces and also extend same to the Niger-Delta region by pursuing quality legislation that will lead to the end of the crisis in the zone." Dr. Uduaghan has the requisite qualities to take development to the zone.



His traducers have come up with various vacuous allegations against his person, none of which they have been able to prove. The million-naira question therefore, is: Who is afraid of Emmanuel Ewetan Uduaghan?



• Akpovire-Enyeh wrote from Warri, Delta State.