2023 - Page 12 of 19 - SocietyGazette.com

All you Need to know about NNPCL’s $3billion Emergency Crude Repayment Loan from Afrexim Bank

The current economic situation of things in the country especially the planned increase of the fuel price was due to the deep in value of the Naira against the dollar, just yesterday a dollar was exchanged for 972 naira at the parallel market, giving serious need for the government to formulate policy that will help the Naira rally against the dollar and it was this that necessitate the NNPCL to approach the Afrexim Bank to obtain the Emergency Crude Repayment loan and the result seems to be coming in as the Naira appreciated strongly against the dollar as at close of work to the naira gained over 200 naira to close at 752 against the 970 of yesterday morning.

This is an attempt by the president’s aide on New Media O’tega Ogra to answer some questions that might be begging for answers from the public

What is the $3 billion loan about?

The NNPC Ltd. secured an emergency $3 billion crude oil repayment loan from AFREXIM Bank. This is not a crude-for-refined products swap but an upfront cash loan against proceeds from a limited amount of future crude oil production.

Is this loan risky for NNPC Ltd. or the Nigerian Treasury?

No. The exposure for NNPC Ltd. is very limited, covering just a fraction of their entitlements. Additionally, there are no sovereign guarantees tied to this loan.

What’s the benefit of this loan to Nigeria?

The loan will assist NNPC Ltd. in settling taxes and royalties in advance. It will also equip the Federal Government with the necessary dollar liquidity to stabilize the Naira, with limited risk.

How will the loan be disbursed?

The funds will be released in stages or tranches based on the specific needs and requirements of the Federal Government.

Will this affect fuel prices?

A strengthened Naira as a result of this initiative will lead to a reduction in fuel costs. This means that if the Naira appreciates in value, the cost of fuel will drop and further increases will be halted.

What about subsidies? Are they coming back?

No. A stronger Naira will result in lower prices from the current level, making subsidies unnecessary. The deregulation policy remains unchanged.

How will the loan be repaid?

The loan will be repaid against a fraction of proceeds from future crude oil production. It’s a strategic move that ensures a balance between our current economic needs and future production capabilities.

What is the difference between this and previous swap deals?

This is not a crude for refined products agreement where the government does not earn any proceeds from the swap.

Calabar Varsity Female Law Students Protest Sexual Harrassment by Dean

The Law Faculty of the University of Calabar yesterday witnessed an uncommon protest where scores of female students thronged roads on the campus against the dean.

Platforms Africa reports that the female law students are accusing Professor Cyril Ndifon, their dean, of sexual assault.

They brandished all kinds of unprintable phrases and clauses on placards to make their point like;

““Prof Ndifon, let the girls with big breasts breathe, stop suffocating us!!!,”

“We are tired of sucking dicks,” was another boldly scribbled in black ink on a white placard which the students held to express their grievances against Ndifon, according to a video shared on X, formerly known as Twitter, on Monday.

“Law girls are not bonanza Prof Ndifon should stop grabbing us” reads another placard which a female student waved.

The disgruntled students, majority of whom were female and dressed in the signature white shirts on black skirts, had gathered in front of a storey building presumed to be the law faculty, chanting “go”.

Some staff of the university were seen looking at the students through their windows but it was unclear if the aggrieved students were later addressed.

Ndifon was not a stranger to sexual assault charges as he had previously been suspended by the school management in 2016 for allegedly raping a 20-year-old student in his office, according to a report by Peoples Gazette.

Accompanied by a few of their male counterparts, the female law students said they were not “bonanzas” and that the law faculty was not a “brothel” for Mr Ndifon to keep “grabbing” them.

They insisted that “professor Ndifon must go” for their “sanity.”

https://www.societygazetteng.com/wp-content/uploads/2023/08/petal_20230815_222240.mp4?_=1

Liverpool Owner Allegedly Vow to Report Chelsea to Premier League for Over-Spending

John Henry and other members of FSG were in attendance as Liverpool drew 1-1 against Chelsea on Sunday.

Tribuna’s Felix Johnston reports that the Americans didn’t just fly in to watch the game as they are also set to report some crucial information to the Premier League about Chelsea and their extravagant spending since Todd Boehly’s takeover.

“Liverpool‘s Owners flew in for talks with the Premier League, for clarification Chelsea are being closely looked at with their spending,” reported Johnston.

“Liverpool do not believe Chelsea’s ~£800m spend over the last 3 windows can comply with PL rules.

“Liverpool have prepared information to officially report Chelsea to the Premier League if they get confidence from talks.”

LAGOS ASSEMBLY DRILLS 20 SANWO-OLU CABINET NOMINEES

Twenty out of the 39 nominees whose names were recently sent by Governor Babajide Sanwo-Olu to the Lagos State House of Assembly have so far been screened by a committee of the House which began sitting on Sunday.

It is expected that all the cabinet nominees would have been screened by Wednesday when the exercise is expected to end.

On Monday, the committee grilled Mrs. Adetoke Benson- Awoyinka, immediate past Special Adviser to Governor Sanwo-Olu on Housing, and Mrs Bola Olumegbon Lawal, a former Executive Secretary of Yaba Local Council Development Area (LCDA).

Others screened are Yakoob Ekundayo Alebiosu, Idris Aregbe, Abdul-Kabir Opeyemi Ogungbo, Dr. Oreoluwa finnih- Awokoya, Eng. Abiola Okanlawon Moshood Olowu, Dr. Adekunle Olayinka, Mosopefolu George, and Eng. Aramide Adeyoye.

Earlier on Sunday, the committee led by Hon. Mojeed Fatai, Chief Whip of the House, screened Mobolaji Abubakre Ogunlende, Dr. Olamide Abiodun Babatunde, Lawal Pedro, and Afolabi Waheed Ayantayo, immediate past Special Adviser to the Governor on Parastatals Monitoring.

Others include Mr. Jamiu Tolani Adedeji Alli-Balogun, Olugbenga Olanrewaju Olaniyi, Ogunwuyi Rotimi Ekundayo, Hon. Ibrahim Olanrewaju Layode, immediate past lawmaker of the State from Badagry, Adetokunbo Wahab and
Olakunle O Rotimi-Akodu.

The Speaker of the House, Rt. Hon. Mudashiru Obasa, had recently constituted the 12-man ad-hoc committee for the exercise.

The committee is to make a report to the House when it reconvenes.

At the commencement of the screening, Hon. Fatai had noted that the task before the lawmakers was in line with a provision of the 1999 Constitution.

“The House of Assembly has the mandate to screen and confirm the nominees for the position of commissioners and Special Advisers.

“Recall that on July 28, 2023, the Executive Governor of Lagos State submitted a total of 39 commissioners and Special Adviser nominees,” he said adding that the recommendation of the committee would be presented to the House.

Members of the committee include Hon. Adedamola Kasumu, Hon. Ajomale Oladipo, Hon. Saheed Babafemi, Hon. Nureni Akinsanya, and Hon. Ajani Owolabi.

The others are Hon. Sa’ad Olumo, Hon. Sanni Okanlawon, Hon. Adewale Temitope, Hon.Ajayi Oladele, Hon. Abdulkareem Jubril and Hon. Orekoya Abiodun.

Eromosele Ebhomele
Media Assistant to the Speaker of the Lagos State House of Assembly

Niger Coup: Protesters Wanted to Attack the Embassy – Nigerian Ambassador to Niger

Nigerien protesters tried to attack the Nigerian embassy in Niamey but were repelled by the Nigerien military, an official has said.

The attempted attack happened on Sunday, 30 July, four days after presidential guards toppled the democratically elected government of President Mohamed Bazoum who has since remained in detention with his family.

Nigeria’s Ambassador to Niger, Mohamed Usman, stated this in a Friday statement signed by a staff of the embassy Liti Auwalu, following a video shared on social media of a building being set ablaze which many claimed is the Nigerian embassy.

“At the moment, the Embassy is well guarded by the Nigerien Military and other Security Authorities,” the statement said, reiterating that the videos are fake and should be disregarded.

Nigeria has continued to operate its embassy in Niger despite the coup there and the strong response of ECOWAS.

Presidential guards led by General Abdourahamane Tchiani on Wednesday, 26 July, arrested Mr Bazoum, dissolved the government and assumed leadership of the country.

In response, ECOWAS imposed sanctions on Niger in a bid to have them reinstate Mr Bazoum. It also gave a seven days ultimatum to the putschists which they ignored.

The bloc held another meeting last Thursday where it ordered the activation and deployment of its standby force to restore constitutional order in Niger.

Just In: Anthony Joshua Record First Win in 3 Fights…Knockout Opponent in the Seventh Round

Anthony Joshua took out Robert Helenius inside seven rounds at the O2 Arena in London on Saturday.

Helenius surprised when he took Joshua into the second half of their contest but then with a single shot, a huge right cross to the jaw, Joshua extinguished his efforts, dropping him heavily at 1-27 of the seventh round.

Joshua was due to renew hostilities with old rival Dillan Whyte on this show. But that bout had to be cancelled after Whyte returned adverse analytic findings in the pre-fight anti-doping protocols.

It left Joshua looking for a replacement opponent at just a week’s notice and Helenius, moments after he had taken a three-round victory over Mika Mielonen last weekend in Finland made himself available for this fight.

After being knocked out in the first round by Deontay Wilder, Helenius was seizing an opportunity to return to action at the top tier of the heavyweight division. He began with spirit too, rushing out in the first round to cuff punches at Joshua’s guard.

Joshua, a former unified champion, is determined to reclaim a title and for him Helenius was just another step on the road back.

He was patient, he softened Helenius up with the occasional combination and then delivered a brutal ending.

By the second round Joshua was taking control. He lunged in with a left hook to catch Helenius. His jab thumped into the body but he wouldn’t rush himself.

Joshua might gradually have been taking the measure of this short-notice opponent, having a close look at him. But that wasn’t what the crowd wanted to see. They wanted more action.

As early as the third round boos began to ring out from some quarters of the arena, a demand for urgency.

Joshua answered that call though and launched a right cross flush into Helenius’ jaw. It connected and a cursory glance at Helenius showed it was a hurtful punch.

But the Finn collected himself. He withstood a charge in the next round and boxed through it. In the fifth, with Helenius backed into the ropes, Joshua smacked in a right that struck so hard the thud was audible.

The pace leaked out of the contest in the sixth round and if Joshua was affronted to see Helenius still in with him in the latter half of the contest, he finished matters with a sudden burst of speed.

His jab flicked out, distracting Helenius and the right carved a path through to hit the Finn cleanly to the jaw.

The blasting shot dropped him heavily, ending the contest at once.

The result, and the manner of the finish, clearly delighted Joshua. He even left the ring to celebrate before returning to have his hand formally raised by the referee.

He took his time but eventually Joshua got exactly the ending he wanted.

Fake News: Blogger Who Published Lies Against Former Lagos Gov. Fashola begs Netizens for Help

Fake news is a disaster currently ravaging the Nigerian information space and the fact that many affected are not pressing charges seems to be emboldening the propagators. This is responsible for the current dilemma a blogger currently find himself when one of the victims of the lies in the person of Babatunde Raji Fashola, the immediate former Minister of Works and Housing refused to allow it fly by seeking the intervention of the security agencies.

The situation which started last week Saturday, when the Nigeria twitter space was awashed with unfounded stories of how armed Army personnel are allegedly guarding the estate where the former Minister resides in the FCT allegedly because the Senior Advocate is at that time writing the judgement that the justices currently overseeing the Presidential Election Petition Tribunal (PEPT) will be reading as their submission, whereas the former Minister was at that moment in Lagos, where he’s attending the wedding ceremony of the son of a former Senator.

Findings also shows that the allegations is a mischievous imagination of the carrier as there is no military or even police presence in the mentioned estate. The perpetrators who felt they will go scot-free really got it wrong as the minister who is a lawyer decided to take scapegoats on the issue of the rising proliferation of the fake news as he asked his lawyers to petition all security agencies about the matter.

One of those whose names or organizations was listed in the petition, one Ibezim Nnamdi, known as Iruefi on Twitter is currently soliciting for help and public sympathy on the X app, as the men of the Department of State Services (DSS) about two days ago visited his house and met his absence but met his brother who they invited to their office for questioning to aid their investigations into the matter.

Ibezim who runs a blog had been warned against fake news by many Netizens in the past, but will rather abuse them, though he claimed he was never invited before the visit but since the visit he has been in hiding, while his brother is fielding questions from the DSS.

Below are his tweets and explanations;

https://twitter.com/IruefiNG/status/1690331681595564034?t=jrP4VozUfWVPIwABcFZNwQ&s=19

FIRSTBANK ANNOUNCES CALL FOR APPLICATION IN THE SECOND EDITION OF ITS FIRSTBANK TECHNOLOGY ACADEMY

FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider has announced the call for participation in the second edition of its FirstBank Technology Academy.

Interested participants are to visit the website https://hdbc.fa.em2.oraclecloud.com/hcmUI/CandidateExperience/en/sites/CX/job/877 and complete the online application form.

The application, which closes on Friday, 11 August 2023, is open to individuals in Nigeria and the Bank’s subsidiaries in Africa – FirstBank in The Gambia, FirstBank in Sierra-Leone, FirstBank in the Republic of Congo, FirstBank in Guinea, FBNBank in Ghana, FBNBank in Senegal.

Shortlisted candidates will be invited for interviews and assessments to gain entry into the Technology Academy in the coming weeks.

FirstBank Technology Academy targets young and recent graduates with a STEM (Science, Technology, Engineering, and Mathematics) background. These tech enthusiasts will undergo a comprehensive and practical programme that will expose them to a wide array of cutting-edge technologies – including: IT Fundamentals, Application Support & Development, Cybersecurity & Infrastructure and Data Science – which will strengthen their hands-on experience in the field of digital technology.

According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank “As a digitally led financial services institution in Africa, we recognise the impact of technology in shaping the world in all spheres of human endeavours, including the global financial services industry. Technology is indeed the gateway to unlocking endless possibilities in the banking industry.”

“We invite young graduates with a passion for innovation and a strong desire to create a positive impact on the banking landscape to join us on this transformative journey as we collectively contribute to leaving no stone unturned in plugging FirstBank to being the Bank of first choice in the continent,” she concluded.

95% of customer-induced transactions on FirstBank’s digital channels are enjoyed by 22 million of its digital product users. The Bank processes over 12% of the industry payment volume in Nigeria.

FirstBank Technology Academy is one of the many ways the Bank reinvents itself to leave no stone unturned in exposing its customers to state of the art and leading digital banking experience in the the continent.

ALAT by Wema Unveils Exciting Summer Internship Programme

ALAT by Wema, a trailblazing digital bank, has announced the launch of its eagerly anticipated Summer Internship Program which will not only serve as a remarkable learning opportunity for young talents but also highlights Wema Bank as an exceptional place to work.

The initiative, according to the Divisional Head, Brands, People and Culture, Ololade Ogungbenro, is designed with a commitment to nurturing future leaders, offering hands-on experience that bridges the gap between academia and the corporate world.

She says participants will gain invaluable insights into the dynamic banking industry while contributing to real-time projects that impact the country.

“The summer internship program isn’t just about professional development; it’s a testament to Wema Bank’s dedication to fostering a vibrant and collaborative work environment. Participants will have the chance to interact with seasoned professionals, immerse themselves in innovative projects, and truly experience the bank’s unique culture.” Ogungbenro adds.

The ALAT Summer Internship Program is open to undergraduates between the ages of 15 and 22. Selected participants will undergo a comprehensive orientation and mentorship, working side by side with seasoned professionals across various departments.

Wema Bank continues to be at the forefront of digital transformation in the banking industry, and the ALAT Summer Internship Program is a reflection of its commitment to fostering a culture of innovation, learning, and growth.

FIRSTBANK GRADUATES THE FOURTH SET OF PARTICIPANTS IN ITS SENIOR MANAGEMENT DEVELOPMENT PROGRAMME (SMDP)

The SMDP is an intensive skill development programme structured to enhance core leadership and business competencies of selected senior management staff within the Bank and 20 successful participants were graduated in the recently concluded fourth edition.

SMDP is one of the three core leadership programmes aimed at internally identifying and developing high-potential talents positioned to take up the mantle of the next generation of the Bank’s leaders. Leadership Acceleration Programme (LAP) and FirstBank Management Associate Programme (FMAP) are the others.

First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has announced the graduation of 20 successful participants in the fourth edition of its Senior Management Development Programme (SMDP) at an event held recently at Oriental Hotel, Lagos.

Before the 2023 graduation, the SMDP had produced 52 graduates. The Bank successfully graduated 23 participants in its inaugural edition, held in 2018; 17 in 2019 and 12 in 2020.

The Senior Management Development Programme (SMDP) is FirstBank’s intensive modular programme for a select group of senior managers to principal managers who are proven leaders in their respective functions and identified as central to the Bank’s succession plan.

The SMDP is an intensive skill development programme structured to enhance core leadership and business competencies of elite senior management staff within the Bank. It consists of three instructor-led modular periods adopting a blend of classroom lectures, experiential activities, flipped learning strategies and peer-to-peer discussions to develop the desired talent pool.

“This programme is one of FirstBank’s key initiatives designed to create a dependable pool of highly skilled, favourably competitive, and globally minded Senior Managers. It is also aimed at accelerating their journey through the very demanding process of becoming outstanding leaders and management executives,” said Dr. Adesola Adeduntan, CEO of FirstBank Group.

“FirstBank is widely acclaimed for sound corporate governance and this programme is further proof of our commitment to grooming and development. Through the Senior Management Development Programme, we emphasise sound leadership as the ethos and language of Bankwide conversations; this provides an empirical means of guaranteeing the Bank’s leadership bench strength both for now and the future,” he concluded.

The Senior Management Development Programme (SMDP) is among the three core leadership programmes and strategic approaches designed to sustain performance, build capacity and promote the empowerment of employees from the lower cadres to the upper levels. The other programmes are Leadership Acceleration Programme and FirstBank Management Associate Programme (FMAP).

These programmes aim at internally identifying and developing high-potential talents who could take up the mantle of being the next generation of the Bank’s leaders, thereby building on its over 129 years of heritage since its founding.