Summit:Akpabio, 9 Ministers, Head To China With Buhari

President Muhammadu Buhari will Friday depart for China to participate in the 7th Summit of the Forum on China-Africa Cooperation (FOCAC) scheduled to hold September 3 – 4, 2018 in Beijing.

The President’s first engagement in Beijing will be an interactive session with the Nigerian Community in China at the Nigerian Embassy.

Before the formal opening of the FOCAC Summit, President Buhari in his capacity as current Chair of ECOWAS, is expected to deliver remarks at the High-Level Dialogue between Chinese and African leaders, business representatives and African entrepreneurs.The Nigerian President is scheduled to join President Jinping and other African leaders for the opening and roundtable sessions of the 2018 FOCAC Beijing Summit under the theme:“Towards an even Stronger China-Africa Community with a shared Future.”

After the FOCAC Summit, President Buhari will hold bilateral meetings with President Xi Jinping and Prime Minister Li Keqiang to discuss infrastructure financing for strategic projects in Nigeria and the upgrading of Nigeria-China relations “from strategic partnership to comprehensive strategic partnership.”

The President will also use the occasion of his audience with the Chinese leadership to assess the progress made so far in Chinese interventions in Nigeria’s key priority infrastructure projects, particularly on-going projects in the railway and power sectors.

It is noteworthy that since the last FOCAC VI Summit in Johannesburg, South Africa in December 2015 – the first attended by the Nigerian leader – and his successful State visit to China in April 2016, the current administration has pushed forward practical cooperation with China in the areas of infrastructure construction, trade, investments, finance, power, agriculture, education cooperation, among others.It would be recalled that President Buhari has consistently acknowledged Chinese support for infrastructure development in Nigeria.

In January 2018 while receiving the Board of Directors of the Nigeria Economic Summit Group, the President had said:

‘‘We send our gratitude to the Chinese for all their support to Nigeria. Since independence, no country has helped our country on infrastructural development like the Chinese. In some projects, the Chinese help us with 85 percent payment, and soft loans that span 20 years. No country has done that for us.’’President Buhari will be accompanied to Beijing by his wife, Aisha, who is scheduled to participate in a Spouses’ Programme on China-Africa at the Great Hall of the People, under the theme, ‘‘Joining Hands for a Future of AIDS.’’

Also on the President’s entourage are Governors Mohammed Abdullahi Abubakar, Akinwunmi Ambode, Mohammed Badaru Abubakar and Rochas Anayo Okorocha of Bauchi, Lagos, Jigawa and Imo States respectively.

Others are Senators Abdullahi Adamu, George Akume, Godswill Akpabio and Aliyu Wamakko representing Nasarawa, Benue, Akwa Ibom and Sokoto States respectively.Also accompanying the President are: the Minister of Foreign Affairs, Geoffrey Onyeama; Minister of Transport, Rotimi Amaechi; Minister of Power, Works and Housing, Babatunde Fashola; Minister of FCT, Muhammad Bello; Minister of Industry, Trade and Investment, Okechukwu Enelamah; Minister of Budget and National Planning, Udoma Udo Udoma; Minister of Water Resources, Suleiman Adamu; Minister of State, Petroleum Resources, Ibe Kachikwu, and Minister of State, Aviation, Hadi Sirika.

Others are the National Security Adviser, Babagana Monguno; the Director General, National Intelligence Agency, Ahmed Abubakar; and the Group Managing Director, NNPC, Maikanti Baru.

Why Lagos Top Flight Lady, Gail Fajembola Will Never Marry

You could be forgiven for mistaking Gail Fajembola for a goddess. When she speaks, her words leap from her lips to meld with the rosy glow of her face; then there is the ambrosial scent from her hair which enticingly complements her clinical dress sense and sophistication. She is in truth a goddess.

The halfcaste beauty runs an interior design company, Cynosure, in Lagos. And she has been around for quite some time. There is no gainsaying Gail Fajembo is ravishingly beautiful. She is lovable too. Gail’s business has been fluorishing and he has been pampering her with the best luxury that life has to offer. She lives big in a beautiful apartment in Banana Island, Ikoyi, Lagos, allegedly bought for her by a male friend.

Folk who are familiar with her beginnings and ascent in the business world earnestly attest to her industry. She worked hard to attain her current status and she is far removed from the contemporary alpha female stereotype that glorifies self-aggrandizement and narcissism above substance. The self-driven entrepreneur  comes across as an enviable Amazon and achiever in an area and era where everyone seems to understate the role and worth of a driven woman.

Yes, Gail is one of the most successful single women in Nigeria. They are many beautiful single women out there. Although society and culture consider their status a predicament, they do not see themselves as severely disadvantaged; rather they consider their inability to keep a husband and have a stable home a benefit of sort. Many of them would passionately argue that if they had stayed married, they wouldn’t have attained the fame and success they flaunt today.They have tasted marriage, it didn’t just work for them hence they dumped their husbands like a bad habit. Some of them still take care of their children, live large and flaunt fantastic jobs. They don’t want to remarry because they enjoy the freedom that comes with being single mothers. Ask Deola Sagoe, Aisha Babangida, Biola Okoya, Bimbo Arawole, Biola Thomas,  Funmi Omitowoju, Nike Animasahun, Eno Olafisoye and many more.

However, It is an open secret that besides the warmth she radiates, Gail who is 52,  flaunts an enticing persona that quite a number socialites, public officers and politicians would kill to be endowed with or invest unquantifiable resources to date her even for just one minute.

Now the big question: Will she ever marry? Who is she dating at the moment?

Source-Thecapitalng

Tonye Cole’s Sahara Energy in Trouble – Over N4.2 Billion Oil Subsidy

One of the foremost indigenous oil marketers Sahara Energy has found itself on the wrong side of a legal suit after being dragged before a federal high court. The complainant in the case, Eterna Oil, is accusing the company of failing to facilitate the payment of the oil subsidy sum of approximately ₦4.3 billion.

Standing as joint defendants in the suit filed before Justice Rilwan Aikawa are the trio of Petroleum Products Pricing Regulatory Agency (PPPRA), Federal Ministry of Finance of the Federal Republic of Nigeria, and the Attorney General of the Federation.

However, in a recent and surprising development, counsel for the plaintiff Oluwakemi Balogun, SAN has filed a notice of discontinuance on behalf of Eterna Oil, seeking to put an end to the suit. The court has fixed 3rd of October, 2018 for hearing.

Eterna had gone to court to compel Sahara Energy to carry out the necessary steps needed for the release of oil subsidy payment totalling ₦4.3 billion by PPPRA and the ministry of finance. The payment is the difference between the cost of importing Petroleum Motor Spirit and the selling price fixed by the federal government.

Eterna had alleged that it entered into a joint venture agreement with Sahara Energy for the delivery and sale of 15 000 metric tonnes of PMS after which the two parties carried our three further transactions of the same nature.

It claimed that because Sahara Energy has failed to pay the requisite Petroleum Equalization Fund PEF and PPPRA administration charges totalling around ₦246.7 million, the ministry of finance has refused to pay them the petroleum subsidy. Payment of both fees is a precondition for the issuance of requisite sovereign debt Note for payment of Petroleum Subsidy.Despite their complicity in the non-release of the subsidy funds, Eterna claimed, Sahara Energy wrote the company a letter titled “statutory demand for payment of outstanding sum of ₦2,685,855,939.19”. The mentioned sum represents Sahara Energy’s share of the subsidy payment under the joint venture agreement.

The company therefore sought among other reliefs a perpetual injunction restraining Sahara Energy and its agents from doing anything that can disrupt the smooth operation of Eterna Oil or submitting a winding up or related petitions against Eterna Oil in relation to the nonpayment of their share of the subsidy amount

-Source-The Capitalng

UBA Grows Gross Earnings By 16%, Delivers 17% Return on Average Equity

………..Sustains Interim Dividend

Africa’s leading financial institution, United Bank for Africa Plc has announced its audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries.

Despite declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as it recorded a 16 percent year-on-year rise in top-line to N258 billion, compared to N223 billion recorded in the corresponding period of 2017. This performance, according to analysts, underscores the capacity of the Group to deliver strong performance through economic cycles, even in achallenging business environment.

According to the report filed to the Nigerian Stock Exchange on Wednesday, UBA, reported strong growth in operating income at N168.5 billion, compared to N161.8 billion in the first half of 2017, an increase of 4.1 percent. Notwithstanding the inflation-induced cost pressure in the period, UBA finished the first half of the year strongly, with a Profit Before Tax of N58.1 billion. The Profit After Tax also improved to N43.8 billion, a 3.4 percent growth compared to N42.3 billion achieved in the corresponding period of 2017. The first half of the year profit, translated to pre-tax and post-tax return on average equity of 23% and 17% respectively.

UBA’s foreign operations continue to grow in importance, contributing 40% of the Group’s profit, which according to analysts attests to the benefit of UBA’s pan-African strategy and reinforces the Bank’s objective of achieving 50 percent earnings contribution from offshore subsidiaries.

In the first six months of the year, the Bank’s Total Assets grew 4.9% to N4.27 trillion and Customer Deposits rose by 6.1 per cent  to N2.90 trillion, compared to N2.73 trillion as at December 2017. This growth trajectory underlines UBA’s market share gain, as it increasingly wins customers through its re-engineered customer service and innovative digital offerings.  The Group’s Shareholders’ Funds remained strong at N496.3 billion, even as implementation of IFRS 9 impacted the total equity of the bank and its peers.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held on the qualification date – Wednesday, September 05, 2018.  

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said:  "Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies”

“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth. Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets. We won the highly coveted“Africa’s Best Digital Bank” Award by Euromoney, demonstrating our pioneering initiatives are being recognised with Leo, our digital banker having been name checked by Mark Zuckerberg ” Uzoka said.

“Our enhanced asset-liability management strategies improved asset yield and grew interest income by 21% despite prevailing yield environment. Our re-engineered sales structure provided the impetus for renewed retail deposit growth. I am particularly pleased by the 24% year-to-date growth in retail savings and current account deposits, underpining the increasing penetration of our digital offerings and the Group’s overarching goal of democratizing banking across Africa. We improved net interest margin to 7.4%in line with our 2018 target, notwithstanding strong competition for wholesale deposits and the impact of rising global interest rates on our foreign currency funding,” he concluded

Also speaking on UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh said; “We finished the first half of the year in a stronger position and we are optimistic on the future of our business. Amidst economic recovery and uncertainties in Nigeria, our largest market, we grew net interest income and operating income by 9.6% and 4.1% respectively. We doubled revenue from trade services and grew e-banking income by 24%, a testament to our market share gain, which is driven by innovative offerings. Our foreign operations contributed 40% of Group’s profit, underlining the benefit of our Pan-African strategy.

“We sustained our asset quality, with cost of risk at 0.8%. Whilst the loan book declined by 6.5% due to prepayments from some customers in Nigeria and Ghana, we grew the overall balance sheet by 5% in the first half of the year. The Group’s capital adequacy ratio of 23%Bank’s liquidity ratio of 48% and  loan-to-deposit ratio of 57% all reinforce our capacity to grow, with ample headroom for risk asset creation,” Nwaghodoh said.

In recognition of UBA’s dominance in Africa’s digital banking space, UBA emerged the Best Institution in Digital Banking across Africa, courtesy of Eurom

oney. Earlier in the year, UBA launched Leo, an e-chat service using artificial intelligence to help customers execute transactions on Facebook, the first of its kind in Africa. The Bank is set to replicate the success of Leo on WhatsApp on September 1^st, bringing convenience to its growing youthful customer base across Africa.

UBA is one of Africa’s leading banks with operations in 20 African countries. It also has presence in the global financial centres; London, New York and Paris.  UBA provides banking services to more than 15 million customers globally, through diverse channels.

. Dead On Arrival Projects by Gov. Udom: Did The Projects Ever Manifest in Akwa Ibom?

There is intense uproar about this issue in Akwa Ibom state, and it is becoming very contemplating in many circles.

The variables emanating from Governor Udom’s phantom projects are seemingly becoming the talk in town, and expediently need to be looked in to. In retrospect, what are the verifiable truths about Udom Emmanuel's nine industries for which he is substituting bold-face lies? Can we adjudge the following without being biased or judgmental?

Armoured Vehicle Assembly Plant in Itam

This has been DOA, dead on arrival. Misguided, misconceived, it has not gone beyond groundbreaking.

LED Lighting Factory in Itam

Equally misguided and misconceived. Equally is the DOA on ground-breaking.

Peacock Paints

Taking late Dr Clement Isong's achievement in vain, the purported revival of this iconic industry by Udom Emmanuel has been an excuse to plunder public funds. The so-called revival has not matched either in volume or range of output, what was achieved over *30 years ago. Even at that, the products are not in the market where even if it were, it would be competing, unfavourably we should add, with the output of over 300 local producers. A whole state government should do better but under Udom, it hasn't.

Toothpicks and Pencils Factory The less said about this disgraceful effort the better. Or perhaps more should be said to expose the abysmal incompetence of Udom Emmanuel. Fraudulently conceived and poorly executed, this factory is typical of Udom's so-called industrial development programme.  Inappropriate equipment was ordered without a thought to where it would be housed. On arrival, a warehouse was hurriedly borrowed without a proper lease agreement. The factory was commissioned and allegedly put into use only to be shut within a few months. Some 24 months later, the government is desultorily trying to put up a building for it in Itam. No prize for guessing: a failed project without any product in the market.

Syringe Factory

A mum and pop operation; probably a money laundering scheme, by Udom Emmanuel's Turkish business partners. For all the noise, this is a plastics company, pure and simple. Imported moulds are used to blow plastic resins for the plastic parts of the syringe. The hypodermic needles are imported and packaged for sale at higher than import prices. Even the packaging is brought in from out of state. Zero local content, limited employment generation. It is not doing well and may soon pack up shop.

Electricity Meter Factory

This nothing to do with Udom Emmanuel, as Godswill Akpabio set the stage for this investment by buying into Port Harcourt Distribution Company, during the privatisation of DISCOs. Owned by the operators of PHDC, the electricity distributors, this is an assembly operation, pure and simple. Not one component is manufactured in Nigeria. This is precisely the sort of industries we had before under our import substituting industrial programme in the 60s, 70s and 80s, that failed woefully. No self respecting leader should be advertising this sort of operation as an achievement. But that is Udom Emmanuel for you. Clueless.Tomato Industry

A farm or industry, nobody can say. If a farm, it will be a high cost one, given the kind of sums we have heard bandied about as the cost of the imported green houses, imported equipment and imported experts. If the products are in the market, only Udom's cook is using them. As for industrial processing, we'll believe that when we see them in operation. We can hazard the view now that the present green house operation will not produce enough to feed an economic-sized plant. If in doubt, ask Dangote. As for the much-ballyhooed AKEES, tomatoes business, well, nobody is talking about the millionaires allegedly created by that exercise in public deception, alternative facts or no.

Rice Mill

A scam, as reported by Dr Dele Sobowale in a widely circulated on-the-spot assessment a few weeks back.

*9. Fertiliser Blending Plant in Abak* The biggest alternative fact of all. And that is saying something. A packaging operation commissioned and passed off as a blending one. At the cost of $5million in bank guarantee that exposes all of us in Akwa Ibom. Besides,Udom Emmanuel didn't facilitate that investment, Godswill Akpabio did.

Coconut Oil Processing

Misplaced, misguided and misconceived. Nothing exposes the quality of thinking and vision that undergirds Udom Emmanuel's government than this misadventure. And as if to prove it, the coconut plants have stubbornly refused to grow.

Mexican Cattle Ranch in Uruan

Another stop in Udom Emmanuel's reenactment of Don Quixote's tilt at windmills mistaken for heathen enemies. Again, more evidence of thoughtlessness.

Unlike Udom Emmanuel, Akwa Ibom people live in the real world of his nonperformance. They pay the price, a very high price, for living in that world. They need a governor that comes from the world of reality; the reality of poverty and joblessness, a governor who will relief them of these real burdens by building real industries, by creating real conditions for the people to flourish. Udom Emmanuel and his world of alternative facts must be done away with and the deadline for doing so is but a few months away.

Kemi Nelson Invades Lagos APC Party Secretariat With Thugs, Attacks Okoya-Thoma

-Injures APC Women Leader’s PA

Hell was let loose on Monday 27 August, 2018 as the South West Women Leader of the All Progressives Congress (APC), and an Executive Director of National Social Insurance Trust Fund (NSITF), Chief (Mrs.) Kemi Nelson invaded the Lagos State secretariat of the party with thugs.

Sources revealed that some executive members of the party in the state were having a meeting in the office of the state Chairman of the party, Hon. Tunde Balogun, when Kemi Nelson stormed the secretariat with about six thugs led by one Ayo Ali Balogun.

We were informed that the thuggish Ayo Alli Balogun went straight to the State Women Leader of Party, Hon. Jumoke Okoya-Thomas at the party chairman’s office and warned her to behave herself, while trying to provoke her to a fight, but Okoya-Thomas kept her cool and did not utter a word, but rather left the meeting for her make-shift office in the secretariat.It was however gathered that Kemi Nelson and her hoodlums were still not satisfied.

"Ayo Alli-Balogun then went outside the office where she sighted the Personal Assistant of Hon. Jumoke Okoya-Thomas, Alhaja Abiodun and engaged her in a serious fight that caused the PA serious body injury to the extent that she lost a lot of blood in the process.

"Alhaja Abiodun had to be rushed to a nearby hospital or else she would have lost her life over unnecessary jealousy and envy. 

"Only God knows what Kemi Nelson wants after she has been elevated from the state Women Leader to the position of South West Women Leader of the party apart from being an appointee of President Muhammadu Buhari as a board member of NSITF," said a source.Investigation revealed that the crisis between Jumoke Okoya-Thomas and Kemi Nelson started shortly after Okoya-Thomas was sworn-in as the state Women Leader of the party.

We were informed that Kemi Nelson refused to hand over to Okoya-Thomas, and that she is yet to vacate her office in the state party Secretariat to the latter to the chagrin of watchers of events.

Sources revealed that all efforts made by the common friends of the duo to resolve the matter between them were rebuffed by Kemi Nelson, who has vowed to make things difficult for Okoya-Thomas.

Sources informed us that the office of the South West APC Women Leader was intentionally created for Kemi Nelson by the leaders of the party, who had pre-empted what is happening at the moment, and that Kemi Nelson is still not happy and that she has vowed to ensure that "Jumoke Okoya-Thomas does not succeed as the Lagos APC Women Leader no matter how hard she tries."

80 Customers to become millionaires in UBA Wise Savers Promo… N120 Million up for grabs

In line with its tradition of deepening the savings culture by rewarding and encouraging its loyal customers, UBA has launched a new savings promo, UBA Wise Savers Promo. The promo which is scheduled to run till September 30, 2019, will give 80 people a whooping N1.5 million  each across all participating regions.

The objective is intended to assist in growing the Bank's savings deposit. Participation is open to both existing and new customers.

To qualify for the Wise Savers Promo, new and existing customers of the bank are advised to make a N10,000 monthly deposit into their UBA savings account for 3 consecutive months before each draw date, or make a one-time deposit of at least N30,000 saved for 90 days before each draw date. Subsequently, 20 lucky customers will each win N1.5 million in the promo every quarter. Draws will take place every quarter until 80 customers win the N120 million up for grabs.

Speaking during the official launch of the Wise Savers Promo, Head Retail Liabilities, Tomiwa Sotiloye, explained that the Promo is consistent with the bank’s novel initiatives in proritising customers, adding that “we believe it is time we reward our customers who have been very loyal over the years. Without them, we could not have made the giant strides attained all these years and in recent times.Tomiwa also noted that: “Because our customers are invaluable to all that we do, we listen and give them nothing short of the best that they deserve, that is why we pioneered various products that have evidently shown that we always match our words with action – Leo Chat Banker is one out of the numerous examples that have won us several accolades and most recently a prestigious award from Euromoney which conferred us with the best digital bank in Africa”.

According to him, “We remain committed to consistently improving customer service and rewarding our loyal customers. As such, the Wise Savers Promo seeks to compliment current initiatives aimed at growing savings.”

Classic Arena, De Cabana Joins Lagos Night Life

A classically high profile lounge aims at providing a one-stop entertainment and relaxation activities will be taking a dramatic entrance into the Lagos night life.


What's in a name you would say, the new fun haven coming to town is bringing with it, a kind of experience akin to that in the Caribbean Island, a region known for the best in hospitality and entertainment business.


Christened, De Cabana Lounge, the upscale lounge is strategically positioned in the heart of Ogudu GRA to cater, not necessary for the rich but the upwardly mobile fun lovers of choice, "De Cabana Lounge is going to be a melting-point for the rich and the bourgeoisies of the society, its one lounge with no discrimination, the ultimate goal at De Cabana is free-flow network and unlimited fun in a convivial environment", the managers informed.

The kind of stress in Lagos and its environs, owing to the present situation is getting to a crescendo of sort and the need to always take time out each day to relax and renew body and soul is essential to living well.

And with its classic architectural design equipped with metropolitan plush furniture in a secured environment, De Cabana offers assortments of quality liquor, foods, affordable 4-star accommodation and above all, good acoustics, there's no doubt that fun seekers and revered audiences are assured of a comfortable and enjoyable experience.


The stylishly symphonic lounge which is located inside Nexus Suites on 36 Buari Street Off Ogudu Road, Ojota, Lagos will be opened officially on Friday, 14th of September, 2018.

The official launch which promises to be grand will have in attendance top flights celebrities such as notable actors and actresses, star musicians and other career personalities drawn from all walks of life.

Money Laundering Saga: EFCC Arrests Zenith Bank MD Over Governor Wike’s 117Billion Naira.

* First Bank, Heritage Bank, On EFCC watch list

· EFCC probe plunge banking czars in hysteria

· More shocking revelations to come as senior bank chiefs are found complicit

The sweet simplicity of the steep per cents attains bitterness and an unparalleled form of ugliness in the currency-activated halls and offices of Nigerian banks even as you read. Yes, bankers are like gnomes from a distance. At close quarters, they loom large like hideous ogres attuned to the art of passing currency from hand to hand, account to account, until it finally disappears. Perhaps it’s because bankers deal with too much money that they have become open to anything.

Consequently, too many bankers demean the profession that confers honour on them. There is no gainsaying the recent revelation on Zenith Bank’s complicity in the  Rivers State’s N117 billion scandal reveals the dishonesty of the country’s top bank chiefs.

Its often said, men toss away their conscience in pursuit of money. Eventually, they become beacons of dishonour by their pitch dark exploits. Like the proverbial turncoat that betrayed his people’s hopes soon after he was entrusted with the wheel of their collective destinies, some state governors  perpetuate the worst forms of treachery against their people.

However, the Managing Director of Zenith Bank, Peter Amangbo was arrested  by anti-graft investigators over a series of transactions his bank allegedly carried out on behalf of  Governor Wike of Rivers State.The Economic and Financial Crimes Commission is alleging that the transactions, at least N117 billion in value, are suspicious in nature but that Zenith failed to report them as demanded by law. According to insiders at the EFCC and Zenith Bank,  Amangbo was held to explain why his bank failed to document the withdrawals, allegedly done over a three-year period, as suspicious.

Mr Amangbo was first invited for questioning on August 23, sources said. But he was freed on administrative bail and asked to return on August 24 for further interrogation. He honoured the arrangement, turning himself in again at the EFCC headquarters in Abuja.

Our sources said the top banker was however not allowed to return home on Friday. “He was still being quizzed as at 4 p.m. on Sunday,” one source said. The suspects considered to be at large include Fubara Similari, whom investigators identified as the director of finance and account at the Government House in Port Harcourt. The Government House cashier is also said to be on the run.

An EFCC detective had narrated how the withdrawals were made. “The bulk of the money was collected by one official over the counter with as many as 45 to 50 cheques issued in one day,” he said.
“The records retrieved showed that on June 8, 2015, about N450million was cashed over the counter through 45 cheques with each cheque worth N10million,” he said.

“The same thing was done on June 9, 2015 when N500million was cashed in bit of N10million. There is no record of what the cash was used for. “There is a case of money laundering which we cannot gloss over. And it is good that the MD of Zenith Bank has admitted that the bank did not report the suspicion transactions. Our detectives are making progress and the nation will soon be briefed on the findings of the EFCC.”

In the wake of the Economic and Financial Crimes Commission (EFCC)’s arrest of Zenith Bank MD,  fresh facts reveal that the EFCC would be turning the heat on First Bank and Heritage Bank very soon.

ENDED; Akwa Ibom APC Post-congress Leadership Tussle ends

The leadership tussle that arose after the State Congress of the All Progressives Congress (APC) in Akwa Ibom State has ended.
The tussle ended on Saturday with members of the former APC state executive led by Dr Effiong Etok, the former state secretary and two former senatorial chairmen, Obong Kufre Inyangette and Obong Uko Umoh announcing the withdrawal of their court case against the APC state chairman, Hon Ini Okopido and other members of his executive.
Dr Effiong Etok, the former state secretary spoke on behalf of the former executive and said they refused to join Dr Udoma Ekarika, the man they supported to be state chairman, when he defected to PDP on Monday because of their love for APC and intervention of former Governor Godswill Akpabio.
“We have to move forward,” Etok said.
Chief Don Etiebet, the Chairman of APC state caucus thanked Dr Etok and other members of the old executive for allowing peace to reign.
“We have all sank our differences. All the leaders of the party have resolved to work together. Whatever were our misgivings, we believe what God said that you must love your neighbour as you love yourself. We are forgiving ourselves and we are working together for one purpose. This is the new APC moving forward.”

Senator Godswill Akpabio also thanked the members of the former executive for agreeing to withdraw their court case against the state congress that produced the present executive.

The former Senate Minority Leader said he intervened in the case because he did not want the party to be bogged down by legal tussle as it prepared for the 2019 elections.
Senator Akpabio thanked Obong Nsima Ekere, the Managing Director of Niger Delta Development Commission (NDDC), for strongly backing and enabling the reconciliation process.

Monumental Crisis Hits Unity Bank,Details Of Financial Institution With A Dying Philosophy Uncovered

    

The Tomi Somefun-led Unity Bank Plc has been tagged a financial institution without a banking philosophy.

Years ago, a Managing Director of Unity Bank Plc, Henry Semeniteri, was quoted saying that the financial institution was repositioning to have a South/Western outlook, as to be able to rub shoulders with its competitors in the nearest future.

The plan was a good one, as the bank which wanted to come mainstream had being labeled a northern financial institution. For this reason, it was being undermined in some business spheres. There was definitely no arguing it, Unity Bank Plc was a northern bank to a lot of people.Less than two years into the implementation of the plan that was to see Unity Bank Plc metamorphose for good, Semeniteri alongside his dreams were axed overnight. He was accused of not complying with in house policies of the bank, and so he had to go. Without a thoroughbred leader,  the bank remained what it was, a struggling one with little business strength.

Not only did the proposed reposition of the bank fail, since then, the bank has been operating on the peripheral lacking the ability to even pass for a third tier bank not to talk about rubbing shoulders with the top financial institutions in Nigeria. To aspire to be among the Systemically Important Banks was a wild goose chase.

Its inability to innovate and kickoff new business ideas soon became evident in the bank’s net income, as Unity Bank Plc slid by almost 54 percent to N2.18bn ($6.1m) in the 12 months through December 2016, with assets of N493bn, according to the company’s latest annual report.

Somefun, hinged the bad business result of the bank on “economic headwinds stifled business growth during the period accompanied by increased inflation and foreign exchange liquidity“. Unfortunately, she failed to reveal to her depositors that there were other in house problems bedeviling the bank.

Interest of the management put above those of its investors and depositors became too obvious,  as tales were abound of how investors were being turned away due to conflicting interests, despite the dare need to recapitalise.

A case in point was the withdrawal of Milost Global Inc., a New York-based private equity firm which announced its termination of its proposed $1billion investment in Unity Bank Plc, after receiving threats.In a statement released via GlobeNewswire , the equity firm said that termination of the deal came as a result of threat messages the company received from a ‘well connected’ politician since an initial announcement of the deal broke out.

“The said individual was very well informed about our dealings with Unity Bank such that he knew the audit group Milost had hired to carry out the final due diligence. He told Milost to tell the board of Unity Bank that the audit firm had instructed Milost that Unity Bank was a bad investment, failing which he would unleash the media on Milost using among other things accusations that would cause the government to send Milost packing. These threatening emails were shared with the CEO of Unity Bank and the then CFO Ebenezer Kawole.

Notorious Land Grabber, Baba Owoeye Invades Isoso Community, Sagamu Wth Over 200 Armed Thugs

Stops movements and business activities in the community
+ How his gang causes mayhem and raids houses in the neighborhood

The Ogun State Governor, Senator Ibikunle Amosun, lately signed a bill into law which prescribes 25 years imprisonment or death sentence for anyone found guilty of land grabbing.
He signed the bill 34 days after the state House of Assembly passed it. The law criminalises land grabbing or forceful takeover of landed property in the state.

The bill was passed on October 11, 2016. It is titled, “H.B. No. 03/2016 – A bill for a law to prohibit forcible entry and occupation of landed properties, violent and fraudulent conducts in relation to landed properties, armed robbery, kidnapping, cultism and allied matters and for other matters incidental thereto or connected therewith.”
According to the law, death sentence applies when a life is or lives are lost in such forceful takeover of land. Kidnappers also risk life sentence.

However, at the peaceful neighborhood of Isoso community, GRA Quarters, Sagamu, Ogun state; Land Grabbers has been drizzling terror on the dwellers of Sagamu and its vicinities; the community was disrupted some days ago by hoodlums, who stormed the area as thousand residents fled their homes.

The hooligans, who the residents described as land grabbers, aka ‘Omoniles,’ were said to have vandalised property worth millions of Naira.

The leader of the hoodlums, Chief Mutairu Owoeye aka (Baba Owoeye) who were said always using Special Anti-Robbery Squad (SARS) to perpetrate his forbidding land grabbing activities was boasting he is above the law and no government can halt his actions
We gathered that sometimes ago, two families had dispute over three hectares of land, and both headed to court. At the end, both families secured same Supreme Court judgment ceding the three hectares property for the two families that both must be in consent whenever any of them decides to sell out of the property.
We learnt that Mr Jimoh Olatunji the Agba Akin of Makun Kingdom in Sagamu cohort with Mr Onayemi, Mr Mutairu Owoeye AKA (Baba Owoeye) and one Olowo Ake led a 200 bandits harmed with sophisticated firearms, offensive weapons, malicious destruction/ demolition of houses and industries property, terrorizing the whole community whose their properties does not any way in jurisdiction of the three hectares of land belongs to the said families.
Visits to the community by our reporter, it was pull together that land grabbers were full in operation with dangerous weapons, ready for war and already creates panic in the community as people of Isoso GRA Quarters were forced to have a sleepless nights with horrified experience. Efforts to get more details and move around were prevented by these mobsters as our reporter was seriously threatens to be pierced with cutlass.

Presently, these lawbreakers is currently waylaying people in the community, raiding houses at the neighborhood, using the opportunity to perpetrate different kind of criminal activities. Shops and Offices closed down and no business doings because of the heavy presence of Land Grabbers exhibiting their malevolent movements in the community.
The elders of Isoso community in GRA Quarters, Sagamu, Ogun state have cries out to Ogun state Governor, Senator Ibikunle Amosun, Police IG and Security agencies to come to their rescue and deliver them from this broad day light horror. Also, different petitions has been written to Governor’s office and Inspector General of Police over the dreadful activities of this notorious land grabbers in Ogun state and its environs

Mercedes-Benz Global Releases Sales For July 2018

• Mercedes-Benz unit sales in the first seven months up by 2.3% to 1,356,350 passenger cars
• In July, 167,518 vehicles were sold worldwide (-7.9%)
• Asia-Pacific region sets record in July with over 73,000 passenger cars delivered
• S-Class Saloon with significant sales growth of 16.5% in July (4,906 units)
• New C-Class family: strongest selling series in European showrooms since July  

Stuttgart – Mercedes-Benz already sold 1,356,350 vehicles in the first seven months of this year, which is an increase of 2.3% and a new record. Last month was the second-best July in the history of the brand with the three-pointed star, with worldwide sales of 167,518 passenger cars, despite several factors that led to constraints in the availability of some models. Mercedes-Benz maintained its market leadership as the premium brand with the highest number of new registrations in the first seven months in markets including Germany, France, Switzerland, Portugal, USA, Canada, South Korea, Japan, Australia and Brazil.

“Never before have so many customers taken delivery of their new Mercedes-Benz in the first seven months of a year. Since the beginning of 2018, we have increased our unit sales by 2.3 percent to more than 1.35 million passenger cars sold,” stated Britta Seeger, Member of the Board of Management of Daimler AG responsible for Mercedes-Benz Cars Marketing and Sales. “Since the market launch of the C-Class Saloon and Estate, more than 9.5 million of these models have already been sold. Since July, our new models of the C-Class family have been in the showrooms of the European dealerships, with whom we intend to continue the success story of our bestselling series,” continued Seeger.

Mercedes-Benz unit sales by region and market
In Europe, Mercedes-Benz sold 65,568 vehicles in July (-13.9%). The brand with the three-pointed star anticipates further sales stimuli as the year progresses from the new C-Class family, whose market launch commenced in Europe last month. Sales of 542,358 units since January are slightly below the very high number sold in the prior-year period (-3.2%). In Germany, the domestic market, Mercedes-Benz handed over a total of 173,721 passenger cars to customers since the beginning of the year (-2.7%). More cars with the star were sold than ever before in that period in markets including France, Spain, Sweden, Poland and Denmark.

In the Asia-Pacific region, strong demand for Mercedes-Benz models in July led to a new best figure of 73,484 units sold (+4.6%). In the first seven months of the year, significant growth of 11.4% was posted. A total of 566,842 customers were delighted to receive their new car with the three-pointed star – more than ever before in this period. The biggest sales market last month was China with 52,616 passenger cars delivered and an increase of 8.3%. Since the beginning of the year, 392,780 units have been sold there, representing growth of 15.1%. Mercedes-Benz thus set a new sales record for the first seven months in China, as also in South Korea, Japan, India, Malaysia and Thailand.

In the NAFTA region, a total of 24,884 Mercedes-Benz cars were delivered to customers in July (-19.0%) and 216,133 since the beginning of the year (-3.6%). The brand with the three-pointed star sold 20,034 cars in the USA last month (-22.7%). From January to July Mercedes-Benz delivered a total amount of 178,882 cars in the USA (-4.8%) and maintained its market leadership in the premium segment. In Mexico, thanks to double-digit growth rates, Mercedes-Benz set new best-ever sales figures for a July and for the first seven months of a year.
Mercedes-Benz unit sales by model
Sales of the S-Class Saloon increased last month by 16.5% to 4,906 units. Unit sales doubled in Germany, one of the model’s biggest markets, and in Japan they actually more than quadrupled. From January to July, more than 48,000 units of the S-Class Saloon were sold (+26.3%). The Mercedes-Maybach S-Class achieved a new sales record since the beginning of the year.

The C-Class Saloon and Estate posted worldwide sales of 29,298 units in July (-9.9%). Although the market launch of the new models has not yet started in the Asia-Pacific region, the C-Class was particularly well received by customers in China. The C-Class Saloon and Estate models set new sales records there in July and in the first seven months of the year. The long-wheelbase version of the C-Class Saloon was especially popular with Chinese customers.

The SUVs have achieved best-ever unit sales since the beginning of the year. Worldwide, a total of 484,275 SUVs with the star were delivered, representing growth of 7.7%. This was primarily driven by the GLC and the GLC Coupé, both of which posted record unit sales in July as well as in the first seven months.
Overview of Mercedes-Benz Cars unit sales

	July 2018	Change in %	Jan.-July 2018	Change in %
Mercedes-Benz	167,518	-7.9	1,356,350	+2.3
smart	11,404	+11.1	77,064	-3.8
Mercedes-Benz Cars	178,922	-6.8	1,433,414	+1.9
Mercedes-Benz unit sales in the regions/markets
Europe	65,568	-13.9	542,358	-3.2
- thereof Germany	22,272	-16.5	173,721	-2.7
Asia-Pacific	73,484	+4.6	566,842	+11.4
- thereof China	52,616	+8.3	392,780	+15.1
NAFTA	24,884	-19.0	216,133	-3.6
- thereof USA	20,034	-22.7	178,882	-4.8