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I was invited not arrested – Soludo

Posted by Unknown | Tuesday, 15 January 2013 | Posted in

 
Prof, Charles Soludo


Former Governor of the Central Bank of Nigeria, Professor Charles Soludo has denied reports that he was arrested by the Economic and Financial Crimes Commission, EFCC, saying on the contrary, that he only visited the agency on a voluntary ground.

But sources have disclosed that Soludo was granted administrative bail and allowed to go after hours of questioning, adding that his international and diplomatic passports were seized after he produced two sureties at the level of Permanent Secretaries or Directors in the Federal Civil Service.

DailyPost gathered that 12 ex-staff of CBN and the Nigerian Security, Printing and Minting Company were also invited for interrogation.

In a statement signed by one Bonaventure Melah of the media office of the ex-CBN chief, Soludo, he voluntarily went to the EFCC office to honour its invitation.

“We want to put it on record clearly that the media reports that Professor Chukwuma Soludo was arrested by the operatives of the EFCC in Abuja is totally false or to say the least written in error.

“The fact of the matter is that the EFCC wrote a letter to Prof. Soludo inviting him to their Abuja office on the 10th of January 2013. EFCC’s invitation letter to Prof. Soludo was dated 20th December 2012.

“Soludo was abroad attending to several international engagements when the letter was sent to his aides. As a law-abiding citizen of the country, Soludo returned to Nigeria in the New Year and honoured EFCC invitation on January 10th as requested.

“He voluntarily went from his home to EFCC office on Thursday. He was neither arrested nor escorted by any operative of the Commission.

“The EFCC letter of invitation to Soludo states that: ‘This Commission is investigating a case in which the need to obtain certain clarifications from you has become imperative.’

“It was a two-paragraph letter which also indicated date and time for the meeting between Prof. Soludo and officials of the Commission,” the statement added.

It was learnt that the probe bordered on the processes adopted in awarding the contract and not the alleged contract bribery.

The EFCC had opened investigation into the matter following a petition by Human and Environmental Development Agenda, headed by Olanrewaju Suraju.

The petition demanded a thorough investigation into the new polymer note contract awarded while Soludo was in office.

EFCC quizzes former CBN Governor Soludo over allegations of corruption, illegal payments

Posted by Unknown | Saturday, 12 January 2013 | Posted in

 



Prof, Charles Soludo

The former Governor of the Central Bank, Chukwuma Soludo was yesterday questioned by the Economic and Financial Crimes Commission (EFCC).

Soludo who contested the Anambra State governorship election three years ago was at the commission till about sunset on Thursday.

EFCC spokesperson, Wilson Uwujaren, is however yet to make an official statement, but sources say Soludo was invited over issues bordering on corruption.

He was fingered in some illegal payments made to CBN officials by Securency, the Australian Company that got the contract to print polymer notes while Mr. Soludo was the Governor.

The company was earlier investigated by Australian authorities. Some of its personnel allegedly admitted paying bribe to CBN officials to get the contract.

“Current level of borrowing will make life hard for future generations” – Sanusi

Posted by Unknown | Friday, 28 December 2012 | Posted in

 

Central Bank of Nigeria, CBN, Governor, Mallam Sanusi Lamido Sanusi, has warned the Federal Government to stop accumulating debts for future generation by reducing its current levels of borrowing.

He said the current level of borrowing, if unchecked, would result to unmitigated hardship for future generations.

He urged the Federal Government not to allow the present and unborn generations inherit the heavy burden of foreign debts, cautioning that Nigeria, currently under the suppressing weight of the heavy burden of foreign debts, is in great danger.

Speaking at the just concluded conference of Honorary International Investments Council (HIIC), in London, he warned of a great danger ahead if the nation continued to live above its realistic means.

His words: “We are borrowing more money today at a higher interest rate while leaving the heavy debt burden for our children and grandchildren. For example, if you receive your salary and everyday the money is not enough, you have two options to adjust yourself; Either check your expenditure or check your wages.

He urged the ruling class and the older generations to set good example and educate the coming generations for a better and secured future. According to him, such example should be set by not accumulating debt for future generations to inherit.

“Where would the future be for Nigeria, if today should be allowed to destroy the future”, he queried.

Mallam Sanusi was among the high-profile Nigerian delegation that attended the 13th session of the Honorary International Investments Council (HIIC) of the Council,which was held recently at Beckley Hotel in Knightsbridge, Central London.

The Honorary International Investments Council (HIIC) is a cross-country organisation of prominent investors, drawn from various countries around the world with the task of advising and encouraging governments on economic development issues as concerned nations, especially the fast growing economies in the World.

The business conference sessions had Vice President Namadi Sambo leading a strong team of economic planners and policy makers teaming up with business executives to canvass international investors for the country.

The conference looked into the best ways of attracting investments to Nigeria and all speakers had the consensus that the nation with many opportunities and natural resources stands to grow faster economically, if the current trend of economic progress was sustained

 

 

 

(VANGUARD)

Nigeria releases N3.5 billion to Federal University, Lokoja

Posted by Unknown | Wednesday, 19 December 2012 | Posted in ,



The new Federal University in Lokoja, Kogi State has witnessed its first matriculation on Monday.

Speaking at the ceremony, the Minister of Education, Ms Rukayyatu Rufa’i, disclosed that the Federal Government has released N3.5 billion for the take-off of the Federal University, noting that, N1.5 billion was for the provision of facilities at the temporary campus, while N2 billion would go into the development of the permanent’s site.

Rufa’i however hinted that the President had signed into law the bill legalising the nine recently established Federal Universities.

The Vice Chancellor, Abdulmumuni Rafindadi, in his welcome address spoke on zero tolerance to examination malpractice, cultism and other social vices in the institution, emphasising that anybody caught would see the wrath of the law.

However, Kogi State Governor, Capt. Idris Wada, who was represented by the Deputy Governor, Yomi Awoniyi,had earlier assured of the state’s readiness to take its rightful place in education with the ongoing restructuring in the sector.

Mr. Awoniyi urged the new university to keep supporting the state, saying that government intends to use the new institution as a research centre for the

transformation and development of the state.

A total of 443 students in three faculties were matriculated at the ceremony.

President Jonathan Asks For N161.6 Billion Supplementary Fuel Subsidy Budget

Posted by Unknown | Friday, 14 December 2012 | Posted in

 



Just nineteen days to the end of the year, President Goodluck Jonathan has called on the Senate to approve over N161.6 billion supplementary fuel subsidy budget for this year.

It would be recalled that over N880.3 billion was budgeted for fuel subsidy.

However in a letter to Senate President David Mark dated December 5, entitled “Request for supplementary budget for 2012,” Jonathan claimed that the N7.7 billion left of the N880.3 billion would not be enough to settle subsidy claims for the remaining 19 days of the year.

Senator Mark read the letter on the floor of the Senate yesterday.

The President advised that the house should approve the request expeditiously ahead of preparations for the coming festivity to help maintain a steady flow of petroleum products.

The letter reads, “The Distinguished Senate President will recall that as part of the 2012 budget framework, a provision of N888.1 billion was made for payment of fuel subsidy for the nation.

“I wish to intimate the Distinguished Senate of the fact that following the forensic audit carried out, the provision for fuel subsidy in the 2012 budget was underestimated.

As at now, the sum of N880, 264,243,683.61 billion has been paid out, leaving a balance of N7, 735, 756, 316: 39 billion.

“In order to accommodate the outstanding arrears resulting from the forensic audit exercise and the remaining period of the 2012, an additional sum of N161, 617, 364, 911 billion over and above what was programmed in the 2012 framework is required.

“Given the need to maintain a steady flow of petroleum products, especially in the run-up to the festive season, it is my hope that the distinguished senators will kindly accord this request their traditional expeditious consideration and approval.”

Because of the pending controversy over subsidy payments, it is not clear the consideration the lawmakers will give to the request.

Senate Signs Warrant for Pension Reform Taskforce Chief Arrest

Posted by Unknown | | Posted in

 



Taskforce Head, Maina is severally accused from different quarters

The Senate yesterday issued an order for the arrest of the Chairman of the Pension Reform Task Team (PRTT), Mr. Abdulrasheed Maina.

The order was issued following Maina’s refusal to come before the joint Senate committee probing the management of pension funds in the last five years.

Answering to the development the Chairman of the joint committee, Senator Aloysius Etok, said the senate President, David Mark has signed and issued warrant to the Inspector-General of Police, (IGP) Mohammed Abubakar to arrest Maina and bring him before the senate.

Accusing Maina, the Senators said he has not been able to account for N195 billion-pension fund.

Speaking at the resumed public hearing on the management of pension funds, Vice-Chairman of the Senate Committee on Public Service, Establishment, Local and State Governments, Senator Kabiru Gaya said of the N139, 056, 523, 955. 20 released in the office of the Head of Service, N100, 641, 106,957. 33 were paid to pensioners and a balance of N39, 783, 682, 993. 00 unaccounted for.

In Customs, Immigration and Prisons pension offices he said N27, 797, 822, 127. 00 was unaccounted for, N23, 532, 339, 034. 00. 00 was unaccounted for in Military Pension Board and N26, 121, 394, 662. 63 also unaccounted for in the Department of State Service Pension Office.

Prior to the issuing of the warrant, Gaya said, “We have the rule and we have the power to request the Inspector-General of Police to arrest and bring Maina here.

“This committee has been patient to give him a fair hearing. Members of the committee have resolved to ask the IGP to arrest and bring him here tomorrow (today) by 11 am. Maina has to respect the law.”

Before the end of the meeting, Etok said, “We want to give Maina a fair hearing, but he has refused to take the opportunity.

“Even the body Maina is working for deserves to know what he is doing. This is about the fifth sitting of this committee, he has refused to come.

“We want to exercise the power conferred on us by Section 89 of the Constitution to issue a warrant of arrest on Maina.

“We have given the warrant to the Senate President to sign so that the IGP will arrest and bring him here tomorrow (today).”

Finance Minister Accused of Under Budgeting for 2013 Subsidy

Posted by Unknown | | Posted in

 



A Petrol Station Attendant Dispensing Fuel

Oil marketers have accused the Minister of Finance, Mrs. Ngozi Okonjo-Iweala of deceit, adding that the minister told them that the N888bn used to pay subsidy on fuel would be adequate.

The oil marketers said they had earlier complained that the government’s provision for fuel subsidy for the year was inadequate.

“We have said it continuously in the past that the N888bn fuel subsidy budget for 2012 was inadequate but the finance minister has been proving stubborn and deceiving Nigerians that the amount would be enough.

“We have been in this business for a long time and we know what the trends are. I am happy that our position has been justified,” Secretary of the oil marketers association, Mr. Enoch Kenawa, told one of our correspondents in Abuja.

Kenawa urged the National Assembly to approve the President’s request for additional funding of subsidy payment immediately, saying the approval will be the answer to fuel circulation during this period.

He said, “We are calling on the National Assembly to quickly pass request of the President so that supply of products can increase.

“Once the money is approved, Nigerians are assured of a good holiday period to ensure adequate supply of fuel during Christmas.”

Jonathan on Tuesday wrote to the National Assembly requesting the approval of extra N161bn to make up for arrears of subsidy claims and ensure payments until December 31.

In his letter, the President informed the assembly that the government had until now exhausted N881bn to pay subsidy this year.

Although Okonjo-Iweala had on October 21, said that there would not be an extra requisition for petroleum subsidy payments.

According to her, the N888bn to be paid for subsidy payments in the 2012 financial plan should be sufficient to pay petroleum product importers.

She said that the available money was enough to pay the subsidy bills for this year.

“We have not exhausted the fund and there may not be a need for a supplementary budget,” Okonjo-Iweala had said.

According to the oil marketers’secretary the N917bn budgeted for fuel subsidy in 2013 would not guarantee enough supply of fuel next year.

He said, “N917bn will not be adequate because the government wants to put Nigerians in double jeopardy. They said they are subsidising fuel yet people can’t see fuel to buy and where they have fuel, people still pay very high to get this product.

“The N971bn for fuel subsidy will not be adequate. At 35 million litres of fuel per day, the money can’t be enough. If they want to remove subsidy let them remove it instead of what they are doing right now. Based on the demand, the amount that would be reasonable for fuel subsidy in 2013 should be between N1.2tn and N1.5tn.”

For the time being, the House of Representatives on Wednesday suspended debate on the extra N161.6bn demand by the President Goodluck Jonathan to fund fuel subsidy.

The speaker halted the debate and rescheduled it, saying the members needed to be briefed by some House committees to debate properly the request for additional funding by Jonathan to pay subsidy.

Tambuwal said there was need for the House committees on Finance, Petroleum Resources (Upstream); Petroleum Resources, (Downstream); and Appropriation to brief members on the particulars of the extra budget.

2 Banks and Telco Come Under CBN Axe for Mobile Banking Violations

Posted by Unknown | Monday, 10 December 2012 | Posted in

 



CBN HQ, FCT

In its quest to sustain viable reforms that will curb any excess in the technology driven era of mobile banking system, the Central Bank of Nigeria has further asserted that it will do everything within its power to safeguard the financial inclusion principle.

This therefore prompted the recent decision by the Central Bank Governor to probe into the activities of two financial institutions and a leading telecommunications firm for allegedly conniving to truncate the progress of the initiative.

Mobile Banking and the ‘Cashless Economy’ are banking technology policies driven by the Sanusi regime to promote a seamless process of transactions across the country.

Though the names of the Institutions (Both Banking and Telecommunications) are yet to be revealed, there is great optimism that with this current step taken by the regulatory body, value will be restored to the mobile banking operations.

This is coming at the heels of the Presentation of Mr Michael Ugwu the CEO of Iroking Group the owners of ‘Iroko’ at the recently concluded ‘Nigerian Creative Expo economic Summit’ that the mobile technology has the key to driving the operations of the creative industry, but said some Telcos and Banks were stifling the process with their measures.

Governor Sanusi who was in a discussion panel group at the just concluded National Economic Summit Group (NESG) said time has come for values, order and decorum to be sustained in the Nigerian Industry, whether it delves into any derived sector whether mobile, agriculture, and petroleum.

On the issue of Listing Telcos in the Nigerian Stock Exchange, the CBN chief said it was imperative for such steps to be taken because comparatively at some point Multinationals are compelled to embrace Indigenization.

ATM Charges Removal to be Implemented from December 17

Posted by Unknown | | Posted in

 



The laudable collaborative  effort and decision by the Central Bank and the Bankers Committee to streamline the e-banking services and  transactions to the point of ensuring that inter-bank transactions no longer attracts  service charges , will be implemented from Monday 17 December.

The Committee believed their decision is based on their embrace of the principle of financial inclusion and creating a favourable atmosphere for Nigerians with ATM phobia, and enabling them to  use the machine without  fear and anxiety.

Also Central Bank  Governor Lamido Sanusi  highlighted further on the ATM policy direction at the retreat of the Bankers Committee, held in Calabar  saying “We have agreed on a final date of Monday, 17 December, 2012 for the kick-off when every bank will remove the charges. We allowed some time for banks that have not configured their IT to do so and stop charging and hopefully by 17th of December, you are not going to have any customer pay additional charges”.

From this statement the ATM services will definitely experience increased subscription especially during the Christmas period when Customers across the Nation realize that using the ATM of other banks will not lead to service charges again.

This underscores again the Proactive Sanusi leadership and the power of collaboration which is the key to achieving Policy plans and initiatives in any given sector whether Oil and Gas, Agriculture, Telecommunications and also Banking.

Speaking further on this Governor Sanusi stated “Through collaboration with the government, the banking community and real sector stakeholders, the Bankers’Committee programmes and initiatives have contributed to a tangible improvement in the enabling environment and private sector funding for the power and agriculture sectors”.

Which this decision, the Banking Industry is set to reposition itself in Nigeria as a sector that has great value for Citizens, with people-oriented policies that will encourage Nigerians to be more engaged with the banks.

Ogun Speaker, Others Beckoned on by ICPC for N168m Fraud

Posted by Unknown | | Posted in

 



Governor Amosun (r) with Ogun State Speaker, Suraj Adekanbi

The Speaker of the Ogun State House of Assembly, Suraj Adekunbi is involved in an alleged N168m car fraud. He is to appear before the Independent Corrupt Practices and Other Related Offences Commission (ICPC) on Monday (today).

The Speaker and the other principal officers of the House are alleged of inflating of contract in the purchase of 28 Toyota Avensis cars for the 26 members of the Assembly.

Adekunbi, the Clerk of the House, Mr. Muyiwa Adenopo, deputy clerk and other principal officers of the Assembly are to appear before the commission.

It was learnt that ICPC was acting based on a petition written against the leadership of the Assembly by an unidentified person.

A source close to the House, who spoke in confidence, said the Speaker and others had already received the letters of invitation from the ICPC.

Several calls put to Adenopo to respond to the development did not go through. He also did not reply to the SMS sent to him as at press time.

In the meantime, the commission has called on Nigerians to build a positive attitude in the fight against corruption in the country.

The commission’s chairman, Mr. Ekpo Nta, made the statement in Kaduna during the inauguration of National Anti-Corruption Volunteer Corps.

Nta was represented by Alhaji Abdullai Ado Bayero, a member of ICPC. He urged Nigerians to be positive, as the ICPC had embarked on a number of defensive strategies and initiatives to check fraud in the country.

One of such programmes was the establishment of the NAVC, he said.

According to him, the NAVC was set up to institutionalise the fight against corruption in the people.

Nta said, “We should all be involved in the struggle to stamp out corruption. A situation where the battle is seen as government’s business alone is not good for sustainability of the crusade.”

Dimeji Daniels: Fayemi, You Are Not Lishabi

Posted by Unknown | | Posted in ,

 

The single most important thing lacking in governance in Nigeria is creative passion driven by determination and proactiveness. There are many who would mistake this for duplicity, but history attests to the ignominious end of leaders who thought deceit and pseudo-smartness would always hold the people spell-bound.

Adolf Hitler, a perfect example of such leaders, was an orator and a crowd manipulator (blessed with guile and gracious gait) who used dramatic strategies. His first public utterance at a Workers’ Party meeting so impressed the leader of the party Anton Drexler that he recruited him as manager of propaganda. But Hitler eventually passed away in ignominy.

This does not mean propaganda never worked, in fact as stated by Joseph Goebbels, Hitler’s Propaganda Minister: “If you tell a lie big enough and keep repeating it, people will eventually come to believe it.” Propaganda (especially against a non-performing government) has worked very well in places where the people were simple-minded and could be easily taken for a ride, or in places like USSR where psychopolitics was used to make the people docile.

The situation, some may argue, should be dissimilar in a place where government has the best interests of the people at heart and is creatively dishing out dividends of democracy to them, but history has shown that the noblest of motives, when left to the jabs of malcontents, may be deemed anti-people. There are always those who would go to any length to set such good government against the people and vice versa. They would look for the tiniest hole in any policy, pronouncement or programme to create confusion while they stand aside, watching, gloating and counting their gains.

For some time now, this is what the Peoples’ Democratic Party (PDP) has done in my State (Ekiti). Of course, it is understandable that they have to provide a good opposition by constantly keeping the ACN government on its toes, but there is a thin line between criticism and bitterness. The message the PDP (precisely the Southwest division led by Chief Segun Oni, the Appeal-Court sacked Ekiti State former governor) sends across each time it opens its mouth is that of angry vituperations brought about by bitterness and a bad-loser spirit.

Normally, I would keep out of it and focus my energies on better engagements, but the PDP should be roused from its reverie which many Ekitis consider an amusement because of their (Ekitis’) impatience to speed up Fayemi’s performance rate, which is at present excellent.

Just like every true Ekiti indigene, I am not given to praise-singing – because it borders often on propaganda, but I love commendations because it bears in itself the reward of hardwork, creativity and sometimes, inner beauty. It is also important that I draw a line between propaganda and publicity. Propaganda is noise without performance and substance; publicity is when you are performing and you are letting the people know that you are. In this, there is no sin. Though Kayode Fayemi may not be a schizophrenic blower of his own trumpet like Ayo Fayose, he is definitely a performer and Ekiti people know this. For now, the PDP may amuse itself all it wants by erroneously thinking the people are on its side because of some TDNA or local government staff audit fallouts, the truth is that when push comes to shove, teachers and council workers know what to do. It is like the case of a father who says to his brilliant kid: “Oh, you can have a better result.” He is not saying the kid is not the best, rather he wants the kid to keep getting better. And thank God, Fayemi is getting better everyday in his quest to change the face and fate of Ekiti. When the time comes, PDP will know that no one wants them around here anymore, except for their few demoralised members who are even now seeing the light gradually. They will also that Fayemi would not be another Lishabi.

Lishabi was a warlord who liberated the Egba people from the misrule of Oyo kingdom, but eventually he was reportedly betrayed by the people he risked his life for. Some historical versions claim that Lishabi, as a result of the betrayal, went to the Oba forest where the ground opened up and swallowed him. Like Lishabi, Fabunmi Okemesi liberated the Ekitis from ‘ajeles’ and he was never betrayed. Ekitis know how to stand up for their own, especially when it matters. When the time comes to repay Fayemi, Ekiti people will show PDP that this is Ekiti and that Fayemi is not Lishabi.

There were governors in Akwa-Ibom before Godswill Akpabio, but Akpabio distinguished himself by converting the State’s resources into beautiful and lasting structures. Lagos State had governors before Bola Tinubu and Babatunde Fashola, but these two saw into the future beyond vain entanglements and political ‘roforofo’. History has since justified Tinubu and is writing on its un-eraseable slate of nobility and statesmanship the name of Babatunde Fashola. Just like these States, Ekiti had governors before Kayode Fayemi. One or two showed flashes of intelligence, but none can rival Fayemi in purposeful governance rooted in careful considerations and brilliant planning.

One of the fading ‘songs’ of PDP is that Fayemi is developing Ekiti with loans. Surely, there are some of these critics who were schooled with money borrowed by their parents just because such parents didn’t want them to end up as failures. Was borrowing money painful and sometimes humiliating to such parents? Yes it was. Should such parents have refrained from borrowing, folded their arms and watched their children turn out as uneducated and unlettered adults? Would those children eventually praise their parents for playing safe by not borrowing money to educate them, or would they salute them for taking the risk of doing what was necessary to make them responsible adults?

As one whose parents slaved to educate, I know the better answer. As I remember that day in JSS 3 when my mother had to trek from one end of Ado-Ekiti to the other to get my junior secondary school exam fee on an empty stomach, I feel nothing less than eternal appreciation and respect for my mother for that selfless my-children-first-at-all-times service. So, should Fayemi wait around myopically for the peanuts sent by the Federal Government? NO! Should he creatively and passionately (like my mother) do what is necessary to bring uniform development to Ekiti State? YES – PDP’s feeble jabs notwithstanding, because in the end, he will be eternally appreciated and admired like my mother.

Evidence abounds that the United States of America, which is the wealthiest and the most powerful country in the world, is yet the most indebted. Evidence also abounds that leaders of leading countries in the world have used loans to move their people and nations from the stone age to the computer age of innovations and advancement. But typical of PDP’s lack of brilliance and initiative, they could never come up with great ideas other than their babyish share-the-money goblin-like greedy tendencies. Save for exceptions like Akpabio, the PDP’s record would be that of all-round failure and bickering old men.

Fayemi became governor at a time when Segun Oni had almost, out of his habitual bitterness and stubbornness, turned Ado-Ekiti into another local council headquarters and had also rubbished whatever was left of Fayose’s cosmetic achievements. Fayemi could either go the way of Oni by dilly-dallying or camouflaging failure as success, or he could go the way of Fayose by constructing cosmetic roads, but as a true and well-groomed administrator, he chose neither, for both ways would have led to doom.

Fayemi chose a better way – the path of honour – and no matter what PDP or any of its governor-wannabes in Ekiti may say, results of that decision are visible in Ekiti State. Roads are being constructed, re-modelled and rehabilitated across the State, and these are not cosmetic roads that would give way in six months. Tourism has taken a revolutionary dimension with the turning of Ikogosi Warm Spring into a world classic. I was there. Sceptics should visit also. The Youths in Commercial Agriculture Programme is also afoot, not to mention the Operation Renovate All Schools in Ekiti (ORASE) and the toast-of-the-century social welfare scheme for the aged. My over-eighty-year-old grandmother, Janet Ojo is a beneficiary.

Fayemi’s achievements are many, too many that they make Segun Oni’s rogue election-founded administration look like the reign of locusts. And do Ekiti people want such days again? NO!!!

The PDP and Segun Oni may be in denial for as long as they want, clinging fruitlessly to their claim of red-biro judgement, the truth is, it is a new dawn and no amount of jabs, lies or propaganda will change this. Fayemi’s achievements are already on ground; it will take bulldozers, and not lies, to erase them.

Like I said, Fayemi is not Lishabi. This is Ekiti where hardwork is rewarded, and in good time, John Kayode Fayemi will be adequately rewarded for his sacrifice, decisiveness and hardwork.

‘Dimeji Daniels writes from Ado in Ekiti State.

Exclusive: Union Bank secretly lays off 1000 contract staff

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The Management of Union Bank of Nigeria Plc. on Friday laid off not less than 1000 contract staff nationwide.

The is the second time the financial institution is doing such within a space of 13 months.

The decision which took the disengaged workers by surprise, was communicated to them at the close of work last Friday.

A source at the Dopemu branch of the Bank in Lagos who spoke to DailyPost on the condition of anonymity said: “It is quite depressing. They fired those of us that are Tellers but some marketers survived the axe. I received the news with great shock. How can they do this to us at this period when the festive season is fast approaching?” she queried.

Asked if any compensation was paid, the disheaterned mother of one said: “I got an alert of N75, 000 this morning. I guess others got something in that range. I served them for five years and the best pay back I get is a sack letter two weeks to Christmas”

On her next line of action, the source in a shaky voice said: “What can I do? I will re-write my CV and go back to the labour market. I stay at home for years before I got this job, I just pray there won’t be repeat now that I have to start all over. It’s really sad.”

DailyPost gathered that Union Bank already has replaced the sacked members of staff with new hands recruited from Phillips Consulting and other outsourcing firms.

Our reporter called the Operations Manager of the Dopemu branch of Union Bank, Mr. T. C. Ogbonna to get his reaction.

When questioned on the reason for the lay off, Ogbonna said: “My brother, I don’t know oo. I can’t say anything because I really don’t have the details.” Sensing the reporter will not drop the call without a cogent information, the official said “Please I am not in position to speak. You can call the Head of Human Resources or Corporate Communications.”

Another insider who confided in DailyPost said, Mr. Ogbonna may not likely give reasons so as to save his job. He is the current branch secretary of the Bank’s labour union.

CBN set to Resuscitate Savannah and SGBN Banks with Loan

Posted by Unknown | Saturday, 8 December 2012 | Posted in

 



CBN Deputy Governor, Tunde Lemo

In a bid to revive  two of Nigeria’s once most foremost Banks, the Central Bank has approved a loan  facility that will help reposition them for recapitalization, thus bringing them back into the banking business.

This decision a vital one, came at a time when many of the  shareholders of the embattled banks  lost hope in the restoration of their Banks, ever since the closure  of the banks  a decade ago.

CBN’s Director of Banking Operations Tokunboh Martins who confirmed the information, but could not specify the exact amount each banks will get,  said the Loan was designed in a  way that will aid the banks in meeting their obligations and also carry out their strategic operations.

She stated the loan will be attached to the conditionality of the Banks selecting which of the recapitalization requirement it would have capacity for, as it varies from N50  billion Continental, N25 billion National, and N5billion for regional banking.

This facility is a welcome development for the Banks namely Societe General Bank which is to operate as Heritagebank and Savannah Bank which will retain its name. Both Banks got back their licenses since 2009 and have been strategizing and exploring avenues to rebuild their asset base.

Still speaking on the issue CBN Director of  Communications Mr Ugochukwu Okoroafor said “We have always given forbearances. Recall that a core mandate of the CBN is to maintain financial systems stability and the Deposit Money Banks are a critical element to that mandate. The CBN has always given forbearances in injected funds as a lender of last resort where needed”.

Jonathan Spends N3.3 billion on Foreign Trips… Cost of Governance Soars

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President Goodluck Jonathan has spent billions of naira on foreign trips in 2012 despite his earlier promise to cut down these expenses.

Research has shown that the President together with his entourage have spent nothing less that 3.354bn since 2010 on foreign trips.

The President within the first 11 months of this year flew out at least 20 times.

It could be recalled that in September alone the President travelled out of the country four times, including his trips to Addis Ababa.

Within the first nine months when he first became President, he spent N970.891m on foreign travels.

Sadly enough the budget did not state explicitly the figures for his travels, investigations have shown that President Jonathan spent N1.7bn on foreign trips.

In 2012, N684.74m was budget for foreign travels alone.

The promise to cut down the cost of governance seems to have been thrown in the bust because the 2013 budget says that N2.6bn would be spent on his foreign trips.

During his presidency, the President was reported to have flown to different destinations in Africa, Europe, Asia, North America, and South America.

In 2011, he visited numerous countries including, United States, France, Uganda, Australia, Ghana, Chad, Equatorial Guinea, and Ethiopia among others.

The President travels with his entourage, top aides, and officials of the Presidential Villa are usual faces on such trips, ministries applicable to the purpose of his overseas trips also send delegations.

In recent times the president travels with two members of the National Assembly (one from each chamber), depending on the purpose of his visit.

Sahara reporters had in June claimed that Jonathan travelled to Rio de Janeiro, Brazil for the United Nations’ Earth Summit with 116 government officials.

Although the President rebuffed the figures but he never gave out the exact figure.

Jonathan had said in a national broadcast in January, “I have directed that overseas travels by all political office-holders, including the President, should be reduced to the barest minimum. The size of delegations on foreign trips will also be drastically reduced; only trips that are absolutely necessary will be approved.”

Only 5 banks are healthy – NDIC

Posted by Unknown | Monday, 3 December 2012 | Posted in

 



First Bank HQ, Marina

The Nigeria Deposit Insurance Corporation (NDIC) yesterday revealed that there are only five sound banks in the country, even as it stated there are no unsound banks.  Whereas 13 of the banks   are satisfactory, two of them are just marginal, says the deposit insurer. In its 2011 Annual Report and Statements of Accounts,  NDIC said the Deposit Money Banks (DMBs) were categorized under A to E, which means, A–Very Sound, B–Sound, C–Satisfactory, D–Marginal and E–Unsound, adding that there are no banks in the country that satisfied the condition to be in the category of Very Sound Bank and that there are no unsound banks at the end of 2011 fiscal year.

However, the report added that two banks are in the marginal category and that the combined total assets of the two marginal banks stood at N560.02 billion or 3.07 per cent of the industry’s total assets. Also, in the 2010 fiscal year, the NDIC said that in collaboration with the Central Bank of Nigeria (CBN), it carried out a joint target examination of the insured DMBs, where the findings at the end showed extreme weakness in corporate governance, weak credit examination, improvement in industry assets quality, arising largely from the sale of non-performing loans to Assets Management Company of Nigeria (AMCON), insider credit in excess of 10 per cent paid-up capital, concentration of credits and inadequate capital in some banks and credit in excess of single obligor limit.

The report also noted that in the Risk Based Supervision audit carried out by the two regulators in the banking sector, the examination revealed poor corporate governance practices, poor risk management arising from inadequate manpower and training of risk management personnel and absence of defined overall risk appetite by the banks. However, the  report further noted that notwithstanding the level of soundness of the banks, the report showed that all the banks but nine of them recorded significant improvement in the financial condition and performance in their 2011 report.

It said that the banking industry capital position was strong during the year under review, while the equity capital decreased by about 11.81 per cent from N249.71 billion in December 2010 to N220.21 billion in 2011 the reserved increased substantially to N2,266 billion in 2011 from N179.89 billion in 2010. Also, the adjusted shareholders’ funds increased to N1.93 trillion in 2011 from N312.36 billion in 2010 resulting in the improvement of capital adequacy ratio of the DMBs from 4.06 per cent in December 2010 to 17.71 per cent in December 2011.

Also, the asset quality of banks improved during the period under review as the banking industry loans in totality stood at N7.31trillion, an increase of N2.04 per cent over the N7.16 trillion reported in 2010. The industry volume of non-performing loans also reduced significantly by N651.70 billion or 60.47 per cent from N1.08 trillion in December 2010 to N425.96 billion in the period under review. Regarding earnings and profitability, report noted that  the total operating income of the industry stood at N2.33 trillion in December 2011, representing an increase of 7.90 per cent over the N2.16 trillion reported in 2010.

Similarly,  the total operating expenses increased from N932,53 billion in December 2010 to N1.79 trillion in December 2011. To this effect, the industry recorded a loss of N6.17 billion in December 2011 as against a profit of N607.34 billion recorded in December 2010. Nine banks, according to the report, reported losses at the end of 2011 which resulted in the negative Return on Assets and Return on Equity and adversely affected the industry performance during the period under review.

However, the yield on earning assets also dropped to 10.05 per cent as at December 2011 from 11.24 per cent in December 2010. As for liquidity and fund management, the report indicated a strong liquidity position for the industry in the period under review saying that  the average liquidity ratio rose from 51.77 per cent in December 2010 to 65.69 per cent in December 2011. The report also listed the banks examined which include, Access Bank Plc, Citibank Nigeria Limited, Diamond Bank Plc, Enterprise Bank, Ecobank Plc, Fidelity Bank, First Bank Plc,

First City Monument Bank, Guaranty Trust Bank and Keystone Bank. Also, examined include,  Mainstreet Bank, Standard Chartered Bank Nigeria Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc, United Bank for Africa Plc, Union Bank Plc, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc.

 

Source: The Sun
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