FCMB Supports 2016 Ojude Oba Festival To Boost Tourism, Felicitates With Ijebuland

                  
First City Monument Bank Limited 9FCMB) has explained that its continuous support of the Ojude Oba Festival is borne out of its commitment to celebrate and preserve Nigeria’s cultural heritage, while also boosting the tourism sector in line with the government’s ongoing drive to diversify the country’s economy.

Consequently, the Bank has assured that its participation in this year’s edition of the Festival, which holds in Ijebu-Ode, Ogun state, on Wednesday, September 14, 2016 will be grand, exciting and rewarding for the thousands of people within and outside the country that would grace the fiesta. FCMB has in the past 10 years continued to play a significant role in ensuring the success of the Festival.

The Group Head, Corporate Affairs of FCMB, Mr. Diran Olojo, reiterated this at a press conference organised by the Ojude Oba Festival Planning Committee held at Ijebu-Ode on August 29, 2016.

The Ojude Oba (which in Ijebu dialect means, the king’s fore-court or frontage) is a major festival in Nigeria that began over 100 years ago. It brings together all sons and daughters of Ijebuland in Nigeria and diaspora for a carnival-like celebration of the traditional, cultural, spiritual accomplishments and other values of the Ijebu nation. During the Festival, various age groups (popularly known as the Regberegbes), indigenes, their friends and associates from far and near – all in their colourful costumes and riding on horses – throng the palace of the Awujale and Paramount Ruler of Ijebuland to pay homage to him amidst prayers and other fun-filled activities.

In a goodwill message to the Awujale of Ijebuland, Oba (Dr.) Sikiru Adetona on the occasion of this year’s Ojude Oba Festival, the Chief Executive Officer of FCMB, Mr. Ladi Balogun, congratulated the monarch for upholding the values of Ijebuland and raising the status of the event over the years. He stated that FCMB is committed to the longevity of the Ojude Oba Festival, and was proud to be associated with it.

‘’The Ojude Oba Festival has become a long standing yearly tradition we look forward to as a unifying factor and a tourist attraction. For over a century, the Festival has gone a long way to showcase, amplify and promote our cultural heritage.

FCMB has been a major supporter of the Ojude Oba Festival for more than a decade and it has been a mutually beneficial journey. As a socially responsible corporate citizen, we realise that globalisation, though essential, could also become a threat to the cultural identity of a people. We also recognise that celebrating the heritage and diversity of Nigeria is important in educating generations to come about the evolution of our country’’, Mr. Balogun emphasised

In the same vein, the Founder of FCMB Group who is also the the Olori Omo-Oba Akile Ijebu, Otunba (Dr) Michael Olasubomi Balogun, CON, in a goodwill message to the paramount ruler of Ijebuland expressed his gratitude to the Awujale, especially considering the paramount ruler’s selflessness in attending to the different requests and yearnings of the people of Ijebuland.

In a message delivered on his behalf by Mr. Olojo, the spokesman of FCMB, Otunba Balogun commended Oba Adetona for his, ‘’distinguished and exemplary leadership over the years which have continued to endear you to all of us’’.

While congratulating the entire indigenes of Ijebuland, the FCMB Founder also prayed that the monarch’s reign would, ‘’continue to bring joy, prosperity and robust health, all in abundance to the entire Ijebu race, at home and in the diaspora, in all that you endeavour to do for our people”.

Apart from the glitz and colours associated with the annual Ojude Oba Festival, the event provides an opportunity for the indigenes of Ijebuland, their associates and well-wishers to discuss pertinent issues that fast-track the development of the Ijebu nation. The Festival also boosts business activities, tourism and the general hospitality sector in the area, thereby contributing to socio-economic development.First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.

Diezani’s Bribery Money Saga: INEC Staffers Indicted

                    
All staff of the Independent National Electoral Commission (INEC) being investigated by the Economic and Financial Crimes Commission (EFCC) are still working and receiving salaries.
Findings revealed that all of the staff, who the EFCC accused of receiving various sums of money to influence the last general election in 2015, are still working with INEC.
INEC Chairman, Professor Yakubu Mahmoud, said recently that over 100 staff of the Commission are under investigation.
The INEC boss said: “So far, over a hundred staff of INEC have been invited. At a point, we toyed with the idea of speaking to the EFCC to see the weight of evidence they have so that we can take administrative action against our staff, but they are innocent until they are proven guilty. They have to be charged to court, but we have taken notice and we have a complete list.”
A total of N23.29b was disbursed under the poll bribery scam allegedly facilitated by the former Mnister of Petroleum Resources and chieftain of the Peoples Democratic Party, Mrs. Diezani Alison-Madueke.
The EFCC had indicted the Resident Electoral Commissioner in the 2015 election in Rivers State, Mrs. Gesila Khan, for allegedly collecting N185.8m from the money. She is still holding sway in her official capacity.
Just last week the anti-graft body was reported to have seized two choice shopping malls from her, allegedly acquired with money believed to be from her share of the bribe.
A sum of N49 million found in an bank account belonging to her was said to have also been frozen by the EFCC.One Fidelia Omoile, who was the INEC electoral officer in the Isoko-South Local Government Area of Delta State, allegedly got N112.4m.
Apart from tracing over N112m to her, the Commission also recovered some sensitive electoral materials during a search on her apartments in Edo and Delta States.
The Commission also arrested one Oluchi Brown, who was the INEC administrative Secretary in Delta State. She allegedly received over N111m.
Further investigations by detectives revealed that Brown had about $75,857 in an account and business outfit in the United States.
The anti-graft agency also arrested one Edem Effanga, who is a retired INEC official.
He was arrested alongside his alleged accomplice, Immaculata Asuquo, who is the Head, Voter Education, INEC, Akwa Ibom State.
He was alleged to have received over N241.1m, which he allegedly shared among INEC ad hoc workers during the last election.In Gombe too, 11 officials of the Commission were quizzed in connection with the receipt and sharing of N120m to compromise the election.
The bribe was allegedly negotiated and collected on behalf of the INEC staff by the electoral officers for Akko and and Gombe Local Government Councils, Ahmed Biu, and Mohammed Zannah from one Yunusa Ali Biri, a retired INEC official in the state, who acted as Gombe State coordinator for electoral officers during the poll.
According to the anti-graft agency’s finding, Biri was ingeniously designated and addressed as the “Coordinator of NGOs” in a bid to cover his identity for the dubious assignment.
The EFCC sources said: “The Electoral officers for Akko LGA and Gombe LG, Ahmed Ali Biu, and Mohammed.B.Zannah, admitted to have collected the bribe from one Yunusa Ali Biri, also a retired Electoral officer who acted as Gombe State coordinator of bribes for electoral officers in the State.”
The names of other electoral officers who reportedly collected the bribe, according to EFCC records were given as: Godwin Maiyaki Gambo, Balanga LGA, Bukar Alone Benisheik, Dukku LGA, Jibril. B. Muhammed,Billiri LGA, Dunguma Musa Dogona, Funakaye LGA, Mohammed. A. Wanka, Kaltungo LGA, Ishaku Yusuf, Kwami LGA, Suleiman Isawa, Nafada LGA, Babagana Malami, Shongom LGA, and Nuhu Samuel, Y/Deba LGA.
However, all of them are still in the payroll of the Commission, investigation revealed.
Civil Service Regulations Handbook, under Section B – Disciplinary Procedures: No. 9. Withholding Pay during Suspension: states: “Only in cases where there is strong prima facie evidence relating to the misappropriation of public funds or where a civil servant has been charged and remanded in custody awaiting trial, or the civil servant has been convicted of a criminal offence, should pay be withheld, in whole or in part, when suspension occurs under this paragraph…”
The question now arises has prima facie case not been established against these staff, whose houses have been seized and accounts frozen? What of those who have confessed to the crime?At INEC headquarters in Abuja, a source who did not want his name in print, told The Street Journal that the staff are still with the Commission.
He said until they are found guilty by the court punitive action cannot be taken against them.
When asked whether it was proper for them to still be receiving salaries and entitlements, considering the huge sums of money they were alleged to have got from the bribe, and if they ought not to go on suspension pending investigation and trial, he said it was matter of civil service rule.
Rotimi Oyekanmi, Chief Press Secretary to the Chairman of INEC, also confirmed that they are still staff of Commission.
He said the Commission is still studying the situation carefully before taking action.
“Yes, they are still staff of the Commission. There are other names still coming up. The EFCC too has kept coming up with new names. Over a 100 of them now are under investigation, until they are proven guilty there is nothing we can do about it now.
“It is administrative rule and again we don’t know yet the next because lots of things are coming up. We are studying the situation carefully before any action is taken,” he said.
Of those who already confessed to the crime and whose properties seized and account frozen, he said: “We cannot treat one case in isolation. As far the case is the same, we cannot for now isolate one. Don’t forget there is legal basis to it too, we don’t want to go against the law”, he summed.

BREAKING: Aero Contractors suspends scheduled services

                            
Aero Contractors Airlines, Nigeria’s second largest commercial carrier, has confirmed an exclusive report of The PUNCH by announcing the suspension of its scheduled services beginning from Thursday September 1, 2016.
On Monday, August 22, 2016, The PUNCH exclusively reported that the airline was set to lay off some of its workers due to its worsening financial crisis.
The report also noted that the carrier was in talks with aviation unions on how to cut down on the number of workers in its employ, after sources from the sector revealed that Aero was contemplating a suspension of its scheduled flight services.
Confirming this in a statement signed by the carrier’s management on Wednesday, Aero stated that the suspension was part of the strategic business realignment to reposition the airline and return it to profitability.
It stated that this “business decision”, which is a result of the current economic situation in the country, had forced some other airlines to suspend operations or pull out of Nigeria.
The management of the carrier said the airline had faced grave challenges in the past six months which impacted its business and by extension the scheduled services operations.
These factors, according to Aero, are both internal and external environmental factors that have made it difficult for it to continue its scheduled services.
It stated that during the period in review, Aero witnessed epileptic operations and services to the external public that were caused by non-alignment of fundamental issue of the business, which in some cases had been frustrating and embarrassing to all parties including staff, customers and indeed all stakeholders.
As part of its resolve to ensure the airline survived unlike most other carriers that experienced short life span in the country, AMCON had appointed Mr. Adeniyi Adegbomire SAN as Receiver Manager in February 6, 2016, with the aim of turning the airline around.
Since AMCON’s intervention in Aero Contractors in 2011, it had provided support for the airline to meet working capital requirements and fleet expansion.
These were to ensure the airline remains a going concern providing services to various clients and the general public.
But the airline noted that unfortunately, the operating environment within and outside the Aero had hindered any possible progress especially in the last six months when the naira depreciated against the dollar thus making it impossible for the airline to achieve its operational targets.
It started that with these realities coupled with protracted engagements with all relevant stakeholders, the management strenuously reviewed and assessed options and opportunities on ensuring viability, safety and sustainability of operations during the period with a lot of sacrifices.
The airline said, “The impact of the external environment has been very harsh on our operational performance, hence management decision to suspend scheduled services operations indefinitely effective September 1, 2016, pending when the external opportunities and a robust sustainable and viable plan is in place for Aero Contractors to recommence its scheduled services.
“The implication of the suspension of scheduled services operations extends to all staffs directly and indirectly involved in providing services as they are effectively to proceed on indefinite leave of absence during the period of non-services.
It added, “We are aware of the impact this will have on our staff and our highly esteemed customers, hence we have initiated moves to ensure that we are able to return back to operations within the shortest possible time, offering reliable, safe and secure operations, which the airline is known for.”
-The Punch

Nigeria officially in recession, GDP growth drops to -2.06%

                        
The National Bureau of Statistics on Wednesday released the much-awaited Gross Domestic Product figures for the second quarter of 2016 with the GDP growth rate sliding further from -0.36 per cent in the first quarter to -2.06 per cent year-on-year.
The negative growth rate recorded in the second quarter of this year is a confirmation of the predictions by the Federal Government and economists that the country was heading into recession.
A recession is defined as a significant decline in activities across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale retail trade.

In the GDP report released by the NBS, the bureau said, “In the second quarter of 2016, the nation’s Gross Domestic Product declined by -2.06 per cent (year-on- year) in real terms.“This was lower by 1.70 per cent points from the growth rate of –0.36 per cent recorded in the preceding quarter, and also lower by 4.41 per cent points from the growth rate of 2.35 per cent recorded in the corresponding quarter of 2015. Quarter on quarter, real GDP increased by 0.82 per cent.”

The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country’s GDP.

Facebook CEO,Zuckerberg, excited about technology drive

                         

Facebook’s Chief Executive Officer, Mark Zuckerberg, is currently in Nigeria to see how Facebook can better support technology development and entrepreneurship in the country and other African nations.

The Facebook CEO visited a ‘Summer of Code Camp’ at the Co-Creation Hub in Yaba, otherwise known as the Silicon Valley of Nigeria, as one of his first stops on the trip.

CcHub opened in 2011 and at the time did not have an office. Five years later, they have occupied three floors and the roof of a building. At the CcHub, people can learn how to code; developers can get help, launching their first products, and find mentors and funding. At CcHub, Zuckerberg met with developers such as Temi Giwa, who runs a platform called Life Bank that makes blood available when and where it is needed in Nigeria. Life Bank saves lives by mobilising blood donations, taking inventory of all blood available in the country, and delivering blood in the right condition to where it is needed.

After visiting CcHub, Zuckerberg said, “This is my first trip to sub-Saharan Africa. I’ll be meeting with developers and entrepreneurs, and learning about the startup ecosystem in Nigeria. The energy here is amazing and I’m excited to learn as much as I can.

“The first place I got to visit was the CcHuB in Yaba. I got to talk to kids at a summer coding camp and entrepreneurs who came to the CcHub to build and launch their apps. I’m looking forward to meeting more people in Nigeria.”

He then went to Andela, an engineering organisation that is building the next generation of developers and technical leaders in Africa.

Andela is a business that recruits the most talented technologists in Africa and shapes them into world-class developers through a four-year technical leadership programme. In the two years since it was founded, Andela has accepted just over 200 engineers from a pool of more than 40,000 applicants.

Andela developers spend six months mastering a technical stack and contributing to open source projects before being placed with global technology companies as full-time, distributed teammates, working out of Andela headquarters in Lagos and Nairobi.

Responding, the Director, Andela Lagos, Seni Sulyman, said, “We are excited and honoured to welcome Zuckerberg to Lagos. His visit reinforces not only his support of Andela’s mission, but his belief that indeed the next generation of great technology leaders will come out of Lagos, Nigeria and cities across Africa.”

Facebook founder, Mark Zuckerberg visits Nigeria

                             
Mark Zuckerberg, the founder of Facebook – the largest social media network – yesterday paid his first visit to sub-Saharan Africa. Nigeria, his destination, has the largest mobile and internet market on the continent.
The youthful American billionaire and Internet entrepreneur, who arrived in Lagos, is in the country to meet members of startup ecosystem – a large group of entrepreneurs and innovative young Nigerians. Zuckerberg announced the visit via his personal Facebook page, saying he was ready to interact with Nigerian innovators and learn about their business ideas.
Zuckerberg wrote on his wall: “Next stop: Lagos! This is my first trip to sub-Saharan Africa. I’ll be meeting with developers and entrepreneurs, and learning about the startup ecosystem in Nigeria. The energy here is amazing and I’m excited to learn as much as I can.”
Zuckerberg yesterday visited Co-creation Hub Nigeria (CcHUB), a multi- technological ecosystem based in Yaba, Lagos Mainland. He interacted with children on summer coding camp.
He wrote: “Our first stop is the Co-creation Hub Nigeria (CcHUB) in Yaba. I got to talk to kids at a summer coding camp and entrepreneurs who come to CcHub to build and launch their apps. I’m looking forward to meeting more people here!”
Zuckerberg’s visit generated online buzz and excitement among technology-savvy youths, who expressed views that the billionaire’s visit would give the nation’s youth entrepreneurship market a facelift.
Last night, the Facebook founder met with Ms Rosemary Njoku, initiator of Facebook Express Wi-Fi stand in Lagos.
Express Wi-Fi, Zuckerberg said, empowers entrepreneurs to build a business by providing their community with access to the internet. He said Facebook designed the technology, but local Internet providers provided the connectivity.
In less than 30 minutes after Zuckerberg shared the post announcing his Nigeria’s visit, more than 60,000 youths made comments, liked and shared the post. This was an indication of excitement among the youth to learn of the Facebook founder’s visit.
Before his visit, Zuckerberg had made positive comments about Nigeria’s entrepreneurs. He particularly mentioned founders of Jobberman, an online job market classified.
CNN quoted Zuckerberg to have said: “I’m excited to see what Nigerians build next.”
Facebook is in partnership with Airtel Africa to execute Internet.org, an initiative which will allow Nigerians access to news, health information and other services without having to pay for data on their mobile devices.

Rooney to end England career after 2018 World Cup

                       
England captain Wayne Rooney announced on Tuesday that the 2018 World Cup in Russia will be his final tournament as an international footballer.
“Realistically, I know myself that Russia will be my last opportunity to do anything with England,” Rooney told a press conference at St George’s Park in Burton, central England.
“My mind is made up. Russia will be my last tournament.”
New England manager Sam Allardyce announced on Monday that Manchester United striker Rooney, 30, will be kept on as captain for the World Cup qualifying campaign, which begins in Slovakia on Sunday.

All Set For The Big Francophone Ball In Lagos

                      

All is now set for the much anticipated 2016 edition of the prestigious Francophone dance event, expected to take place at the prestigious Lekki Coliseum, situated at the highbrow Lekki –Epe express way Lagos, come Saturday, 3 September 2016. The high class event is a brain child of the French connoisseur,  Jimi Sadare ONE OF Africa’s foremost promoters and CEO of Effrakata Entertainment, is expected to come out this time with all the trappings of a night armed with peak glitz and glamour.

In a position paper confirming the date of the event, Effrakata quoted Jimi Sadare the company CEO as saying authoritatively that: “After slight delay in confirming guest list, International Deejay timing and sponsorship and branding of the event, we have the pleasure of confirming to all and sundry that the event will now be taking place unfailingly on Saturday, 3rd September 2016 by 10 pm till fade”

The francophone night of bliss, a most special night that often sees Effrakata bringing under one roof, a most discerning Elite guests, made up of big captain of industry, politicians, government officials, diplomats and men from all works of life, come and unwind, will be totally unique this time around. It will be a one of its kind, a night of total pampering the top flight executives that hardly find time to unwind. The night will be infected with high voltage French/African brand of rare music, and as it is strictly a big boys night, we will not tolerate teenagers, as our goal is to make the big industry leaders unwind at the best setting and want to assure them of total security, already guaranteed “

25-year-old Nigerian breaks record at Ghana varsity

                         

A Nigerian, Fathia Kareem, has set a record at the School of Medical Sciences of the Kwame Nkrumah University of Science and Technology, Ghana, breaking its academic history.

For her feat, she received 12 out of 15 awards presented during the oath-swearing and induction ceremony for fresh doctors of the institution last Saturday.

Kareem, 25, is an alumnus of the Wesley Girls High School.

 It was a happy and proud moment for family and friends when she took several turns to receive the awards in the 55-year-old ivory tower.

When asked if she expected to get the number of awards, she said, “Yes and No. Yes because I worked hard by studying and no because I did not expect to receive so many awards.”Of late, many Nigerians have distinguished themselves in many overseas universities, with some of them emerging as valedictorians of their schools.

Tonto Dikeh picks 2016 Land Cruiser

                        

Nollywood actress, Tonto Dike-Churchill, is not just one of the tomboys in Nigeria’s film industry, she also knows her onions when it comes to acting.

Since she was delivered of a baby boy sometime in February 2016, the 31-year-old now has a new look, as she has added flesh in some places, such that is expected of a nursing mother. Meanwhile, whilst she was pregnant, her husband, Oladunni Churchill, bought her the 2016 edition of Toyota Land Cruiser Prado, an elegant sport utility vehicle that has earned a reputation for being both an extremely capable and reliable off-road and on-road vehicle.

She wrote on her Instagram account, “Thanks to my KingKong for blessing me with An Offical Car #ABrandNew #Prado2016 God bless you my guy aka #MrX #MrBigchurch #ChristmasPressie  #Happywifeyoumakeme.”

The Prado is an incredibly impressive vehicle that can travel kilometers, whether plain or rough surface, without fatiguing the driver or passengers. Thanks to its supportive and comfortable seats and its versatile interior and powerful four-wheel drive performance that meets the needs of modern drivers. What everyone will enjoy about the Prado is its comfort and quietness on even the worst roads.

The Prado is roomy, well finished and very user-friendly. All the switches and knobs are large and easy to identify, while the major controls are light and easy to use. It stands out when parked alongside other posh SUVs. Its stylish design is admirable and irresistible, given its stately grille, the muscular wheel arches, high placed taillights and familiar pare wheel on the rear door. The Prado has everything most people want; it is bold, self-assured and reliable.

Halogen headlamps and front fog lamps are fitted at no extra cost and its cabin is crafted from premium materials that provide a sense of luxury and elegance to contrast with the rugged exterior.

Performance

Juliet Ibrahim becomes Brand Ambassador of Fero Mobile

                              
It's another feather in the cap of Juliet Ibrahim, the Actress who is on the search for 'The Perfect Assistant' hinted this morning that she's snagged a deal with Fero Mobiles a brand focused on providing aesthetically beautiful devices with best-in-class features.

Eagles vs Tanzania: Justify your appointment, Onigbinde tells Rohr

                            

Former Super Eagles coach, Adegboye Onigbinde, has said new coach of the national team, Gernot Rohr, must justify his appointment when he leads the team against Tanzania in his first match on September 3.

The match is the last in the qualifiers for the 2017 Africa Cup of Nations, with both teams out of the competition, after Egypt picked the group’s sole ticket.

Rohr last week invited 23 players for the match against the Taifa Stars, which the Eagles are using as rehearsal for the 2018 World Cup qualifying series. Their first match in the Russia 2018 qualifiers comes up against Zambia in Ndola in October.

The German was named Eagles coach by the Nigeria Football Federation less than a month ago and will be seeking to impress in his first match in charge of the team.

Onigbinde said Rohr’s pedigree notwithstanding, the NFF had chosen him as the team’s coach, adding that the Tanzania match would serve as a test for the German to prove himself.

“The NFF believe that he (Rohr) is the right man for the job and he should prove himself starting with the match against Tanzania,” Onigbinde said.

“It is sad that Nigeria will not be featuring in any continental competition next year and that is the more reason why the coach should do what he has been employed to do.

“Nigerians are waiting to see what he will do when the 2018 World Cup qualifiers begin and that will be another disaster if the Eagles cannot qualify.

“The administrators should ask themselves a lot of questions on why we will not be competing across all levels of competitions next year. The answer they get will really move our football forward. But for now, the coach needs to ensure that he does the work he has to do.”

Also, former Eagles goalkeeper, Joseph Dosu, said Rohr should get his tactics right for the game, adding that the match would be an eye-opener into the German’s plans for the team.

“The first game for Rohr is not one that he will be under pressure to deliver. It is an avenue for him to relate with the players and unveil his plans for the team ahead of the more important 2018 World Cup qualifiers,” the Atlanta 1996 Olympic gold medallist said.

“The players will be the ones under pressure to impress the coach so that he can call them for other matches. The Tanzania match is just an avenue for the new coach to let Nigerians know that he has what it takes to do the job.

“We don’t know whether he will be coming with the German style of football or he will bring another style. The match will afford him the chance to do so.”

Grandma, 51, nabbed with heroin in Lagos

                          

The National Drug Law Enforcement Agency has arrested a grandmother, 51-year-old Monsurat Akinyemi at the Murtalla Muhammed International Airport, Lagos for being in possession of 180 grammes of heroin.

The suspect, a trader, was nabbed during an inward screening of passengers on an Ethiopian Airlines flight from Entebbe, Uganda. She had four parcels of the drug in her luggage.

According to a statement by NDLEA spokesperson, Mr. Mitchell Ofoyeju, the agency’s commander at the airport, Ahmadu Garba, said the suspect travelled to Uganda for one week and hid the drugs in her luggage on the way back.

She said, “I used to buy female clothes from India for sale. However, due to family problems and the economic situation, my business started to die. I wanted to expand my business. I was introduced to drug trafficking by a friend who invited me to Uganda. I invested my $3,000 in the deal and expected that I would get $6,000 from it. I am sad that things did not go as planned. I am not a criminal. I just want to survive. When the drug was discovered at the airport, I felt as if it was all over for me.”

Chairman of the NDLEA, Col. Mustapha Abdallah (retd.) said the agency would continue to fight the anti-narcotics war on all fronts.

“Uganda is not a source country for cocaine but drug cartels are unpredictable. They constantly change their mode of operation but we are prepared to counter all their tricks. We will remain vigilant in securing our country from the criminal activities of drug trafficking syndicates,” he said.

The NDLEA boss also called on members of the public to shun drug trafficking and protect their dignity.

“Investing $3,000 in drug trafficking when there are numerous legitimate businesses is ill-advised. People must look inwards and protect their family name,” Abdallah added.

The case is under investigation and will be charged to court soon,” Garba said.

Akinyemi, an Ogun State indigene, told investigators that all she needed was money to expand her business.

LIRS seals Protea Hotel over tax evasion

                       

 

The Lagos State Internal Revenue Service has sealed Protea Hotel, close to Kuramo Waters, over alleged failure to remit N11.07m personal income taxes deducted from workers’ salaries.

Mrs Ajibike Oshodi-Sholola, Head, Distrain Unit of LIRS, disclosed this during a statewide tax law enforcement exercise in Lagos on Wednesday.

The Protea Hotel was earlier sealed by the service over evasion of N148.88m consumption and hotel occupancy taxes on June 9.

The hotel broke the seal without LIRS’ consent, payment of the tax liabilities or due resolution of the issue.

She said, “Before LIRS gets court order to seal a company, it usually sends at least two letters of notice to the management of the affected firms reminding them of the tax liabilities.

“So, both the demand notice letter and letter of intention to distrain were sent to the management of the hotel, but they failed to act on them.”

Oshodi-Sholola, who led the enforcement team, said that it took the team over five hours to evacuate the management of the hotel out of the premises.

She said, “It was a difficult task before the management of the hotel, particularly its chairman, to leave the hotel for the team to properly seal it.”

Mr Ajibola Aribisala, the hotel Chairman, denied receiving any notice or letter from LIRS.

 Oshodi-Sholola said the tax liabilities were for 2012 tax audit year.

He said, We have not received any recent letter from LIRS in respect to the company’s staff personal income tax.

“I am ready to sue LIRS for this insult.”

UBA SUSTAINS STRONG ASSET QUALITY AND PROFITABILITY; PROPOSES N0.20 INTERIM DIVIDEND

                  

United Bank for Africa Plc (“UBA” or “the Bank”), announced its Audited 2016 Half Year Financial Results for the period ended 30 June 2016 showing the bank recorded gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion.

The bank also recorded a significant growth in total assets, rising 20% to N3.3 trillion, crossing the three trillion mark. Following the sterling performance, the bank’s Board recommended the payment of N0.20 interim dividend on every ordinary share of N0.50 each.

Speaking on the results, Kennedy Uzoka, the GMD/CEO, UBA Plc said; the results have been achieved amidst waning economic fundamentals.

“We delivered profit in excess of N40 billion and grew balance sheet by 20%, with our on-balance sheet total assets crossing the N3 trillion mark. Even as Naira depreciation and inflationary pressure increased the cost of doing business in Nigeria, we leveraged our economics of scale, enhanced operational efficiency and Group shared service structure to moderate our cost-to-income ratio by 90bps.”

UBA achieved several strong positives in its performance for the half year. The bank’s net loan position rose 29% to N1.29 trillion partially boosted by the depreciation in the value of the Naira. UBA also recorded a significant 16% growth in deposits to N2.41 trillion already surpassing the 15% target growth in deposits set at the beginning of the year. Another positive for UBA was a drop in cost to income ratio to 63% as at half year compared to 64% in same period of 2015. It is noteworthy that the bank maintained its strong asset quality, with non-performing loans ratio at 2.4%; well below the CBN set limit of 5% for the banking industry. Uzoka assured that; “UBA will sustain its culture of keeping a healthy balance sheet, with strong liquidity and capitalization, as reflected in the liquidity and BASEL II capital adequacy ratios of 45% and 18% respectively.” He further stated; “notwithstanding the current slowdown in economic activities, we see bright spots ahead, especially as we see strong prospect to grow market share across all chosen economies, through our enhanced dedication to customer service”.

Explaining the major drivers behind UBA’s strong performance, the Group CFO, Ugo Nwaghodoh said; “This impressive performance was driven by increased transaction volume, balance sheet growth and efficiency as well as a disciplined management of operating cost. We achieved a 60bps moderation in funding cost, despite the tighter interest rate environment, as we continue to improve our deposit mix, towards low cost savings and current accounts.”Nwaghodoh said that UBA’s performance in the period endorses the bank’s resilient ability to profitably grow its business from sustainable core banking offerings.

“Notwithstanding the challenging macro and regulatory environment, we achieved a 17.3% return on average equity in the period” even as the total equity of the Bank grew 23% to N407 billion.

He explained that the bank’s African subsidiaries continue to record significant milestones in their performance, as two erstwhile loss making subsidiaries are now profitable and having positive contribution to the bank’s bottom line.

“Overall, African subsidiaries, contributed a quarter of the Group’s profit, with an even stronger outlook, as we deepen our penetration of the respective markets, the Group CFO added.”

United Bank for Africa (UBA) Plc, is one of Africa's leading banking Groups with operations in 19 African countries and offices in three global financial centers: London, Paris and New York.

From a single country operation in Nigeria, Africa's largest economy, UBA has evolved into a pan-African provider of banking and related financial services, to more than 11 million customers, through over 1000 Business Offices and diverse channels globally.

 

 

 

Dodge Durango: A Family Vehicle with Attitude!

                 

The 2016 Dodge Durango is back with more aggressive styling than any other modern SUV. It packs a full-size punch with state-of-the art features that would make any home entertainment system jealous. This is the most technologically advanced SUV in its class. The Durango offers three rows of seating, a range of 3.6-Liter V6 24-Valve VVT and 5.7-Liter V8 HEMI® MDS VVT engines and a choice of rear-wheel drive or All-wheel drive. Over the years, the Durango has been known for its confident handling and composed, comfortable ride. Inside, the Durango offers an attractive and upscale design, with class-competitive quality and features. The second and third rows offer enough room for most families.

This seven-seater comes with more space than any other vehicle including the best-in-class UConnect info entertainment system. The available Uconnect® 8.4 features a Class-Exclusive 8.4-inch touchscreen, along with available Uconnect Access. A happy backseat makes everyone happy. Pop in an available Blu-ray™ disc for your backseat passengers with the available Class-Exclusive 9-inch dual-screen Blu-ray and DVD Entertainment System with High-Definition Media Interface (if requested). The Class-Exclusive Seven-inch Driver Information Digital Cluster Display and Uconnect® System, to the Speed Control feature and even your iPhone® mobile device and other compatible smartphones. The Keyless enter “n” go entry as well as the standard steering wheel-mounted paddle shifters give you complete control of the eight-speed automatic transmission.

The Durango features a Class-Exclusive LED racetrack tail lamp that consists of 192 individual LEDs blended to form one seamless ribbon of glowing red light. Projector headlamps with available LED daytime running lamps light up the road like a red carpet. Available auto-leveling technology adjusts the headlamp beams’ aim for slight changes in road surface elevation so you’ll know what’s coming. Available Automatic High-Beam Control Headlamps switch from high- to low-beams and back again when oncoming light is sensed, while available low-beam 3headlamps enhance nighttime visibility.

The Citadel trim adds mostly appearance-based features to the Limited, including larger alloy wheels, dual exhaust (which raises the V6’s output by two horsepower), and Nappa leather upholstery. A power sunroof and navigation are also standard. The performance-oriented R/T trim comes with a 360-horsepower V8 engine, a sport-tuned suspension, ventilated front seats, and perforated leather upholstery. A major standard feature for the Dodge Durango is the 18” aluminum wheels (with optional 20” wheels), fog lights, optional integrated roof rail crossbars as well as available heated side mirrors.

With over 60 safety and security features, the dodge Durango is a trusted bodyguard that’s always on duty. Some key features include the adaptive cruise control with stop function, forward collision warning with active brake assist, electronic stability control, optional blind spot monitoring, Parkview ™ Rear-Backup camera and park assist with stop function. Available options at Weststar Associates are the Dodge Durango Citadel and R/T. All maintenance and parts replacement services are offered at our authorized workshops.

Elumelu Tasks Nation's Policy Makers on Poverty Reduction at NIPSS, Kuru

                       
Tony O. Elumelu, Chairman of Heirs Holdings and UBA Plc. has advocated entrepreneurship as a veritable solution to achieving poverty reduction in the country. 

 Elumelu who is also the Founder of The Tony Elumelu Foundation delivered a paper themed: “Entrepreneurship, Corporate Social Responsibility and Africapitalism: The Role of The Private Sector In Fighting Poverty in Nigeria”, at the nation’s think-tank, the National Institute of Policy and Strategic Studies in Kuru, Plateau State.

 There, he addressed a distinguished guest list of 67 participants from top government constituencies including the police, the military, national planning, works, and the presidency, debating ways to move the country forward in light of the present economic challenges.

 

In his lecture, the chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, acknowledged the efforts of the Institute in constituting the gathering of think tanks, hailing it as a timely event in paving the way for engineering the country's socio-economic development. He expressed optimism that with the right policy reforms, Nigeria could be well on its way to rising above its present challenges. Tony Elumelu reiterated his long-term conviction on entrepreneurship as a solution to arresting the economic challenges facing the country. He stated that past governments had not been successful in eradicating poverty in Nigeria in spite of the various entrepreneurship schemes that have been introduced over the past 30 years.

  “Governments alone do not have the capacity to provide the basic daily needs or employment for the millions of young Nigerians entering the job market every year.  Therefore, the private sector must be an integral part of our national poverty eradication and development strategy,” the consummate entrepreneur stated. “If our entrepreneurs succeed, Nigeria succeeds” Elumelu stressed.

 An advocate of Africapitalism, Elumelu expressed that entrepreneurship and not philanthropy, is key to achieving poverty reduction and empowering Nigerians as we strive to solve our challenges without dependence on aid from outside the country.

 

“No one but us will save ourselves,” he said. “The development of Africa is up to Africans. Donors and partners can help, but the work of developing our nations is ours. Nigeria’s poverty and development challenges are great. But they do not exceed the capacity of our people to solve them. We welcome every initiative that helps in reducing poverty. More effort is required’ said Elumelu.

 

Expounding on the benefits of Africapitalism, he cited the achievements of the Tony Elumelu Foundation Entrepreneurship Programme as a case study of how Africans, and by extension Nigerians, can solve their own problems via entrepreneurship. The goal of the yearly programme is to invest $100 million over the next 10 years to identify, train, mentor and seed 10,000 African businesses with a view of creating 1 million new jobs and $10 billion in additional revenue for the continent by democratizing and institutionalizing the ‘luck. The second set of 1,000 entrepreneurs was announced a few months ago and boasted of representation from all thirty-six states of Nigeria and other African countries.“The programme and the forum will serve to empower, inspire and, most importantly, teach these young African Men and Women how to become fishermen. I am proud to tell you that in the Class of 2015, Nigerian entrepreneurs numbered 480, and all 36 states were represented. This year, Nigerians make up 601 (or 60%) of the top 1,000, bringing the total number of Nigerian entrepreneurs in our programme to 1,081,” he said as he tasked the participants to act in their various capacities to reduce poverty in Nigeria.

 The Acting Director General of the Institute, Ibrahim Lamorde, in full support of this in his vote of thanks, urged the participants in their respective workplaces to commit to creating a conducive environment for entrepreneurs to thrive.

 “All 67 participants and those of us who are also in other areas of responsibility will go out and ensure that between now and the end of the year, we promote just one policy that will drive change. I think this will go a long way in addressing the issue of poverty in this country.”

 He concluded by urging Elumelu to encourage and advise other wealthy entrepreneurs to emulate and support the good work he is doing in Nigeria and across the African continent.

 

Funke Akindele Picks New Hubby At 40th Birthday

                           
It was amidst loud celebrations the news of Funke Akindele’s marriage was accepted by her teeming fans today which also doubles as her birthday as the
 talented thespian celebrates her 40th birthday According to sources and rumours circulating the internet since the early hours of today that popular actress Funke Akindele is married as she took to her Instagram page to show off her weActress Funke Akindele now referred to as Funke Akindele Bello (FAB) is officially married to her Boo,singer Abdulrasheed Bello A.k.a JJC. The wedding took place Yesterday Tuesday August 23rd in London and thereafter a dinner was organised and guests were invited to celebrate with the couple..Amongst the guests were JJC’s sister and her son in law Tunde Babalola who attended with his wife and son.dding ring
Displaying Her Wedding Ring on Instagram 

It should be recalled that Funke once got married to Oloyede some years ago but the union eventually hit the rock over what the ex couple called irreconcilable differences

EFCC arrests Ayade’s brother for alleged N2.7bn fraud

                      

The Economic and Financial Crimes Commission has arrested Dr Frank Ayade, a younger brother of the Cross River State Governor, Prof. Ben Ayade.

The arrest, our correspondent gathered on Wednesday, was sequel to a petition filed by one Paul Ifere and other indigenes of the state.

The operatives were said to have arrested the younger Ayade after conducting a search on his Calabar residence at about 3pm on Tuesday.

The petition, titled, ‘The Fraud Called Calabar Garment Factory,’’ which was sent to the EFCC on May 12, 2016, accused the state government of spending N2.7bn on the factory through Frank Ayade, who had no defined public role in the administration of Governor Ayade.

An eyewitness living close to Ayade’s house in Calabar, Mr. Ekwe Samson, said, “The operatives were many in number. While some led Dr Frank into the house to conduct a search, others waited outside.

“The search lasted for about one hour before they drove off with Dr Frank again. We got information that the anti-graft agency would be visiting before they came.”

An EFCC official from the South-West, who is among the operatives investigating the matter in Port Harcourt, said, “The commission is investigating several petitions that have been written about shady transactions in relation to the Cross River Garment Factory and other matters in the state.”

The petition made available to The PUNCH, read in part, “Further to my avowed commitments to key into the President Muhammadu Buhari’s change mantra to liberate our country from the epidemic corruption virus, I wish to bring to your notice, knowledge and, indeed, that of the public, the monumental fraud encapsulated in the construction of the Cross River Garment Factory in Calabar by Governor Ben Ayade of Cross River State.

“It will interest you to note that from the facts available to me, Governor Ben Ayade’s government so far has spent, through his younger brother, Mr. Frank Ayade, who holds no defined public office, more than N2.7bn on the garment factory.”

Although Governor Ayade did not respond directly to the interrogation of his younger brother by the EFCC, at a press parley in Calabar on Wednesday, he noted that the Calabar Garment Factory was owned by the state government.

While dismissing the insinuations that the factory was privately owned, Ayade stated that there were verifiable documents to prove that there was no fraud involved.

Efforts to speak with the Chief Press Secretary to the Governor, Mr. Christian Ita, proved abortive as he did not respond to calls and text messages.

- PUNCH.   

Sanusi to Buhari: Retrace your steps

                     

The Emir of Kano, Alhaji Mohammadu Sanusi, says the President Muhammadu Buhari-led administration may end up like the immediate past President Jonathan’s administration if it fails to retrace its steps on some policies.

Buhari had defeated Jonathan at the 2015 presidential poll in what was described as a total rejection of the Jonathan-led administration by Nigerians.

Sanusi, who was the chairman of the 15th meeting of the Joint Planning Board and National Council on Development Planning in Kano State on Wednesday, argued that the failure of the Buhari-led government to create employment opportunities for “the over 80 million youths in the country,” made terrorism attractive to the unemployed.

The session was organised by the Kano State Government and the Federal Ministry of Budget and Planning.

The monarch, who titled his speech, ‘‘Nigeria in search of new growth model,’’ said some policies of the government were bad for the economy, adding that Buhari must retrace his steps.

He noted that there were times when the Federal Government tried to get it right, adding that it failed to follow up, which contributed to  the ongoing economic downturn.

He said, ‘‘I will neither change nor be political by telling people what they want to hear. The truth is that there is nothing we are facing today that we did not know would happen. We made mistakes, many of them deliberate; we ignored every single warning.

“If you take a brand-new car and hand it over to a driver who doesn’t have a licence to drive it and you are involved in an accident, you can’t say you are surprised, unless you are some kind of an idiot.

“We should not just keep blaming the previous administration; we also made some mistakes in the current administration

“They must retrace their steps. They have to retrace those steps all the way. We should not fall into the same trap we fell the last time when the government was always right. The bottom line is that if your policy is wrong, it means you must change it and nothing will make it right as it has to be changed.

“If this government continues to behave the way the last government behaved, it will end up where Jonathan ended.”

The monarch tasked the ministry of budget and planning with returning to the drawing board to expand the economy through wise investment for the “economic growth and development of the country.”

He said, “The Ministry of Budget and Planning is the most important ministry. The ministry needs to think beyond the Federal Government plans on the way forward.

“The country has not been able to attract investment. We need to move from our present mode of investment.

“Lagos is the story of what Nigeria can do with itself. The country should not be obsessed with oil.

‘‘Those who want to break up the country because of oil should stop. Oil will soon be nothing. The world is already developing alternative sources of power.”

While admitting that no system was perfect, Sanusi urged the incumbent administration to take the initiative to retrace its steps.

‘’The funny thing is that you did not stop borrowing; all you have to do is borrow the right amount and apply them to the right purposes. It doesn’t matter whether it is consumption spending or investment demand, the GDP will grow.

‘’Countries like Nigeria and Angola are among the lowest growing countries of the world, growing with the rate of Europe and Latin America. We are the worst performers in terms of investment.’’

‘’We can always talk of the policies of the previous administration and we talk of oil subsidy and how it turned people into oil millionaires. But we have created another set of millionaires since 2015 from foreign exchange.

‘‘The people telling the government that if you devalue people will suffer are the ones benefiting presently. They bought the dollar at N179 and price their goods at N300.The poor pay the price of a devalued currency, the rich take the profit.

 “You may not like it, but that is the truth. Any system that allows you, with one telephone call, to make N1bn without investing one kobo; the system is wrong,” Sanusi added.

Nigeria needs proactive solutions –Experts

Some experts commended Sanusi for his “timely” comment, saying Nigeria needed to be proactive and creative to solve its challenges.

An economic analyst and Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said the Federal Government and the economic management team had been reacting in silos to challenges facing the economy.

“We need to react in a more coordinated manner. We need to respond with a cocktail of solutions.

“It took us time to open up the economy to foreign investors. By the time we did, the foreign investors had moved on. The fuel subsidy that we removed was good, but it could have come with other actions that would have helped the economy.

“We need foreign borrowing in order to bring dollar liquidity back and stabilise the market. The President will need to set up an economic think tank that will come up with a detailed approach to tackle the problems.”

The Head, Research and Investment Advisory, SCM Capital, Mr. Sewa Suwu, said the current economic management team needed to move faster than the current pace.

He said, “The economic challenges are not peculiar to Nigeria, but all commodity exporting countries. The best way out of the current challenges is to spend our way out of it.

“We have a national problem and it is a time for all economists and experts to come up with ideas that can help us to get out of the challenges as a country. We need to come together as one and tackle the situation.”

The Director General, West African Institute for Financial and Economic Management, Prof. Akpan Ekpo, who noted that the government could not fix the country in one year, said, “What I will call a mistake is the delay in taking action; we call it lag structure in economics.

“For example, there was an unnecessary delay in passing the budget. There was an unnecessary delay in forming a cabinet. Those two major delays have been creating problem for the country.

“In February, some of us warned that we were on a tip of a recession with rising unemployment, rising inflation and declining productivity.

“If at that point, they had implemented the budget and released money – because you must spend out of a recession – we would have avoided the recession. A budget of 2016 was passed on May 6; even as we speak, we don’t know how far they have gone with the implementation.”

He also said there was a delay in fiscal policy.

“For a long time, monetary policy was the only thing people were talking about because we didn’t see any fiscal policy. When it started coming out, it was late.”

An expert in Financial Economics at the University of Uyo, Akwa Ibom State, Prof. Leo Ukpong, said the Buhari government made a lot of mistakes in the way the government handled the foreign exchange challenge.

He said, “The foreign exchange policy could be done such that it reduces the negative economic pressure. I think when they allowed the naira to be fixed for too long, for more than a year; it destroyed our ability to shore up manufacturing capacity.”

He stated that the government had not been aggressively pursuing industrialisation and had not been seen to have come up with serious economic plan to reduce unemployment in the country.

“Right now, what we need is to create jobs and keep people employed. I have not seen any clear-cut policy in that direction,” Ukpong added.

-PUNCH.       

CBN Re-admits UBA Into Foreign Exchange Market

                    
                         
The United Bank for Africa today has been re-admitted into Foreign Exchange Market following the Bank’s remittance of all NNPC/NLNG dollar deposits. In  Statement signed Charles Aigbe Charles Aigbe, the Divisional Head, Marketing and Corporate Relations of the Bank said; “Further to our press statement of yesterday, we are pleased to inform our valued customers, stakeholders and business partners ...

Volkswagen Group delivers 5.90 million vehicles in first seven months

                            

The Volkswagen Group grew deliveries in the first seven months of the year by 1.3 percent compared with the prior year: 5.90 million vehicles were handed over to customers worldwide from January to July. 787,300 vehicles were delivered in the month of July. “Deliveries by the Volkswagen Group in July almost matched the prior-year level and continued the positive trend for the first six months. The Group’s broad brand portfolio is proving to be a great strength”, said Fred Kappler, Head of Group Sales.

2.52 million vehicles were handed over to customers in Europe from January to July, an increase of 2.6 percent compared with the previous year. Group brands delivered 323,800 new vehicles in Europe in July (-4.7 percent). 2.14 million vehicles were handed over to customers in Western Europe in the first seven months of the year (+2.0 percent), while 377,900 (+6.6 percent) units were delivered in Central and Eastern Europe, with Poland and the Czech Republic reporting significant growth.

The company handed over 81,500 vehicles to customers in the North America region in July, slightly down (-0.3 percent) on the previous year. While there was strong growth momentum in Mexico, the downturn on the U.S. market continued in July (-5.1 percent). The macroeconomic situation in the South America region, particularly in Brazil, remained tense. 37,400 vehicles were delivered in the region in July – a decrease of 23.5 percent.

Solid growth in the Asia-Pacific region continued in July. Deliveries for that month increased by 11.6 percent compared with the previous year to 311,400 units, of which 285,900 (+16.0 percent) were handed over to customers on the Chinese market. 2.35 million vehicles were delivered in the Asia-Pacific region from January to July – an increase of 5.9 percent on the prior-year figure.

 

I’m not under Aguero pressure – Iheanacho

                           

Manchester City wonder kid  Kelechi Iheanacho has revealed he is learning from on-form Citizen striker Sergio Aguero.

Iheanacho, who  signed a new contract last week  tying him to the  Manchester club until 2021, scored 14 goals in 35  appearances for City last season.

The Nigeria forward, who was  the English giants’  third-highest scorer in all competitions, behind Aguero and Kevin de Bruyne last term, was a late substitute in City’s 2-1 opening day win over Sunderland. He came from the bench to help the Pep Guardiola’s beat Stoke 4-1 at the Britannia Stadium on Saturday.

And the 19-year-old has spoken of his admiration for Aguero, who has scored  four Premier League goals in  two fixtures, saying he enjoys playing alongside  the 28-year-old Argentina forward.

““I think Sergio is a great striker, everyone knows that,” the UAE 2013 FIFA Under-17 World Cup winner was quoted by  ESPN FC  as saying  on Tuesday ahead of their return leg   UEFA Champions League second leg fixture  against Steaua Bucharest at home  on Wednesday. City won the first   leg 5-0  in Romania last week.

“He has a great quality. I am learning from him as well, it’s not any pressure for me to play.

“I play alongside him. I will keep working, whenever I get my chance I will do my best for the team, work with the team. It’s not any pressure that he’s in good form this season because he always does very well.”

Iheanacho hailed the character in the team, saying Guadiola had brought a winning mentality to the side.

“Everyone is working together as a team. As a striker you need to defend as well so it’s not just about scoring goals,” he told the club’s official website.

He added, “I haven’t had any private discussions with Pep. He has the final decision on the team and I have to work hard to be in his team.

“We have a target as a team but we don’t have individual targets. We’re working hard together to achieve the team’s targets.

“I’m very happy to sign a new contract with the club. I’m ready to work hard. Pep brought his own style. It’s going to look easy on the pitch when you have lots of players to pass to.”

Iheanacho, who  has overtaken Ivory Coast’s Wilfried Bony in the pecking order at City,  is expected to make his first start of the season  as  Guardiola  is set to rotate his players.