Rivers: APC-PDP Youth Forum Commends Court Judgement Nullifying Amendment of LG Law
The APC-PDP Youth Forum has welcomed the court judgement invalidating the amended Local Government Law proposed by the Martins Amaewhule faction of the Rivers State House of Assembly.
In a statement signed by its chairman, Comrade Nwogu Benjamin, the group which comprises leaders from the political parties, described the ruling as sound, impartial and outstanding.
The judgement was delivered in a suit numbered PHC/1320/CS/2024 which challenged the extension of tenure for LG chairmen for six months after the expiration of their term.
Justice D.G. Kio, presiding over the case, declared the amendment invalid, citing its inconsistency with the 1999 Constitution and Section 9(1) of the Rivers State Local Government law No. 5 of 2018.
Benjamin said the court has done justice to the spirit of the Constitution of the Federal Republic of Nigeria, thus saving the nation from the stranglehold of anarchists, emperors and saboteurs who mean no well for our democracy.
“We warmly commend the judiciary for its courageous and landmark judgment invalidating the amended local government law in Rivers State. This decision is a triumph of justice and a testament to the independence and integrity of our judicial system,” the group said.
“By this judgement, the proposed extension of the tenure of local government chairmen by six months after the expiration of their term has been declared invalid. Also, the governor still has the power to suspend local government council chairmen and appoint caretaker committees.
“By striking down the amended law, the court has upheld the principles of democracy, rule of law, and good governance. This judgment is a victory for the people of Rivers State and a reminder that the judiciary remains a bastion of hope for justice and accountability.
“We applaud the judges for their bravery and commitment to upholding the constitution and the law. Their decision demonstrates that the judiciary is willing to stand up for what is right, even in the face of adversity.
“We urge all stakeholders to respect the judgment and work towards entrenching democratic values and the rule of law in Rivers State. This judgment is a step forward in our quest for a more just and equitable society.”
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has lost his father.
Pa Suleimon Atanda Obasa, a businessman, passed on at the early hours of Tuesday at the age of 83.
Baba Obasa, a loving family man and community leader in his lifetime, was a successful businessman in the oil and gas and in the transportation sectors owning filling stations.
He was also reputed for his success in farming, through which many citizens have always been empowered.
A devoted Muslim, Pa Obasa dedicated his life to the service of Allah and mankind taking care of the needy and the less privileged.
He is survived by his wives, children and grandchildren among whom is the Speaker of the Lagos State House of Assembly.
His remains would be interred at 4pm in the Agege (Old Abeokuta Motor Road) area of Lagos State, according to Islamic rites.
NASRE Media Foundation Partners with Leadway Assurance and Presidency To Deliver Health, Education Support To Ailing and Deceased Journalists’ Families
NASRE Media Foundation, the humanitarian arm of the Nigerian Association of Social and Resourceful Editors (NASRE), extended support to media practitioners facing health or financial challenges, as well as the families of bereaved journalists, on Tuesday, May 14, 2024.
Ably supported by Leadway Assurance, one of Nigeria’s leading insurance companies specializing in life-business coverage and prompt claims payment, and the office of the Special Assistant to the President on Community Engagements, South West, the Foundation provided cash and grains to selected beneficiaries in the first phase.
Mr. Omodele Adigun, a former Deputy Business Editor at The Sun Newspaper, who is currently battling partial stroke, received cash and grains for health support. Mrs. Esther Peter Thomas, wife of the late Peter Thomas, a renowned entertainment editor and publicist for the former Mo’Hits Records, also received cash and grains support.
Similarly, Mrs. Adewole, the widow of the late Qudus Adewole, publisher of Ebony Media who passed away in 2021, received educational support and grains on behalf of their daughter, Yesmee, who was born shortly after Adewole’s death. In the same vein, Mr. Bolu received equivalent support on behalf of Peter, the only surviving son of the late Foluso Samuel, who worked with Encomium Magazine but passed away in 2015. Foluso Samuel’s wife and two of their three children have also died, leaving Peter, a JSS student, in Mr. Bolu’s care.
In a unanimous voice, the recipients prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the Presidency.
With discernible emotions and tears in their eyes, Mr. Adigun, Mrs. Esther Peter Thomas, Mrs. Adewole, and Mr. Bolu described NASRE as a dynamic group of experienced media professionals whose efforts are highly commendable. They prayed for the continued success of NASRE Media Foundation, Leadway Assurance, and the office of the Special Assistant to the President on Community Engagements, South West.
In an earlier remark, the President of NASRE and NASRE Media Foundation, Comrade Femi Oyewale, assured the recipients of continued support within available resources. He noted that NASRE Media Foundation was initiated to support media practitioners facing challenges. Stressing the need for support, Oyewale called on corporate organizations, public and private institutions, and individuals to support NASRE Media Foundation in whatever way possible.
“Media work is hazardous. We take the highest form of risks. We are on the road even in the middle of the night, ensuring that governments and institutions’ actions are anchored in truth for the overall benefit of citizens and taxpayers. The risks we embrace daily take a toll on our health, and when most of us are either deceased or down with ailments, nobody cares for us. These are part of the reasons we set up this Foundation to provide hope for colleagues in the face of hopelessness,” he explained.
Oyewale emphasized that the support extended to the four beneficiaries is just a small step given the large number of media practitioners on NASRE Media Foundation’s list who have truly pathetic cases and need support. “We are not going to rest on our oars. We have a long list of journalists and families of late journalists who need help. Some of the cases are really pathetic. We are committed to this noble cause. This is just the first phase,” Oyewale assured.
“I thank NASRE members for their commitment and dedication. I thank Leadway Assurance Plc and the office of the Special Assistant to the President on Community Engagements in South West for their support. We couldn’t have done this without you,” he appreciated.
“I call on corporate organizations, public and private institutions, and individuals to team up with NASRE Media Foundation in supporting journalists facing challenges to minimize the suffering associated with the job,” Oyewale, who was represented at the event by Idumonza Isidahomhen, Vice President of NASRE, requested.
Lagos Assembly Plans Geographic Information Law
– bill will create comprehensive database of Lagos state
– will curb issues involved in land ownership
A new bill that seeks to harmonise all geographic information service projects of Lagos is under consideration at the State House of Assembly.
The Lagos Geographic Information Service bill, which had stakeholders making contributions on Friday, is also aimed at establishing a computerised central database for all information relating to geospatial matters and related issues.
Section 4(2) of the bill says the agency’s responsibilities include introducing, implementing and sustaining best practices for all Geographic Information Systems (GIS) in the state as well as “develop and maintain an online platform that will contain all information and statistics on geospatial-related matters.”
Speaker of the House, Rt. Hon. Mudashiru Obasa, said the bill, when passed, would help in improving governance and boosting professionalism.
“It is targeted at integrating governance with advancements in technology. This is something we hope to always take advantage of so that our state can continue to be ahead in the area of development,” Dr. Obasa, represented by Hon. Stephen Ogundipe, a member of the House, said adding that the Assembly will always make the residents of the state its focal point.
Chairman of the House Committee on Physical Planning and Urban Development, Hon. Ogunkelu Sylvester, said the bill “shows a commitment and sincere
sense of duty on the part of the legislators of the state to put people’s interest at heart.
“Today’s public hearing means a lot to the improvement of
information technology and computerised central database in Lagos State.”
Ogunkelu, who represents Epe Constituency 2 at the House, described it as a bill that will cover the database of Lagos just as he commended the Speaker for his passion for the progress of the State.
“The bill will guide the government to have a database of everything concerning Lagos and in this case, you could be in your house and apply for a certificate of ownership on your property and have it without even visiting the Ministry.
“It will also cut sharp practices and curb fraudulent sales of land. For land, the database will have details of owners including their photographs,” he said.
Rasheed Makinde, a former lawmaker, commended the House for its proactiveness while some of the stakeholders suggested the involvement of professional bodies in the proposed law.
Tajudeen Abass: A Symbol Of Parliamentary Stability
By Toby Prince
To whom much is given, much is expected, so they say. But if much is given to you and you’re empty, you will dash the expectations of the waiting public.
For Rt. Hon Tajudeen Abbas, much was given to him and daily, he has continued to surpass all expectations. The number of votes he garnered to emerge Speaker of the 10th Assembly and the 15th Speaker of the Nigerian House of Representatives, 353 out of 359, speaks volumes about his personality and his acceptability by his colleagues. He left his other two challengers with only six votes to share among themselves to preserve their dignity.
For every election circle in the last 13 years, of which we have had 4 of them, Hon Abbas has been consistently elected by the people of Zaria Federal Constituency to represent them in the Green Chamber. Coming from the Zazzau Emirate in Kaduna State that boasts of so many intellectuals and electable materials, the confidence reposed in him by his people is a testament to his strength of character and expertise in the management of human resources and relations.
Rt. Hon Abbas was first elected in 2011 on the platform of the Congress for Progressive Change (CPC) at a time when the ruling Party in Kaduna State was PDP and one of their son and former Governor of the State, Arc. Namadi Sambo was the Vice President of Nigeria and running mate of the PDP presidential candidate in that year’s election.
A crown prince of the Zazzau Emirate otherwise known as Zaria, with the traditional title of Iyan Zazzau, Hon Abbas’ organic relationship with his people which he has now deployed in managing the House of Representatives can not be divorced from the career path he chose for himself after school. With all the opportunities available for a prince like him, he waved the privileges and went back to his roots to share the little knowledge he had acquired with the future generation by becoming a primary school teacher. He moved from there to become a lecturer at the Nuhu Bamali Polytechnic otherwise known as the Kaduna State Polytechnic and later moved to the Kaduna State University where he taught between 1993 to 2001. Today, there’s no facet of life in his community where you will not find one of his former students. That’s how to lay a solid and lasting foundation.
With a Bachelor’s and Master’s Degree in Business Administration from Ahmadu Bello University Zaria and a Doctorate Degree in Business Management from the Usman Danfodio University Sokoto, Rt. Hon Abbas is the first Doctorate Degree holder to be elected Speaker of the Nigerian House of Representatives. Coming from the Northern region believed to be backwards educationally, this is indeed a commendable feat.
Before venturing into politics in 2010, Hon Abbas had a brief stint in the private sector as he worked as a Marketing Manager at the Nigerian Tobacco Company, now known as the British-American Tobacco Company of Nigeria. His vast experience as a classroom teacher saddled with the responsibility of managing pupils and moulding their character and future, and his marketing skills in selling products prepared him adequately for the position he occupies today and the maturity he brings to the job is glaring for all to see.
Of his activities in parliament, between 2015 and 2019, Dr. Abbas is reported to have sponsored the highest number of bills in the 8th Assembly. Coming to the 9th Assembly between 2019 and 2023, he broke the glass ceiling by sponsoring a total of 74 bills out of which 21 were approved by the two chambers of the National Assembly, forwarded to the then President, Muhammadu Buhari for his assent and were signed into law. This is a new record for a legislator in any parliament across the continent of Africa.
He also served in different committees in the House between 2011 and 2023 and has an in-depth knowledge of the workings and functions of every committee in the House. He was the chairman of the House Standing Committee on Land Transport in the 9th Assembly, his last position before emerging as Speaker of the House. As Speaker, he saw the need to create monitoring and evaluation committees to help the House follow the implementation of projects to its logical conclusions which has given the House a handle on their oversight responsibilities.
Considering the amount of peace and tranquillity brought to the House by the Rt. Hon. Femi Gbajabiamila’s tenure as Speaker of the 9th Assembly, which was a sharp departure from what was obtainable in the 8th Assembly headed by Hon. Yakubu Dogara, Dr Abbas was stepping into a big shoe that many would have thought was oversized for him. But as gentle as a dove, he has raised the bar of leadership by being inclusive and embarking on extensive consultation with his colleagues before making decisions that impact everyone.
Hon Abbas sees himself as primus inter pares. He knows he’s first a representative of a federal constituency like all his other colleagues and his position as Speaker is as a result of the trust of his colleagues. In less than one year into the life of this parliamentary assembly populated by many freshers, Hon Abbas knows every one of the other 359 members by name, thereby giving every member a sense of belonging. This indeed can only be the hallmark of a teacher. As an experienced parliamentarian, the Speaker know exactly what his new colleagues need to know to excel in their legislative and oversight responsibilities and has continued to organise seminars, conferences and workshops for them to acquire these needed skills.
Considering the aloofness of the Executive arm of government to the immediate and peculiar needs of the different constituencies, the honourable speaker insists that constituency projects will continue to be part of the budgeting process. In his words, “By tailoring projects to the local context, we ensure that development is not just a concept discussed in the halls of the legislature but a reality experienced in the streets, villages and towns in Nigeria”. He made this statement at the inauguration of some constituency projects attracted by his predecessor and current Chief of Staff to the president, Rt. Hon Femi Gbajabiamila in Lagos. He derided critics of the scheme and promised to revive the ”Constituency Development Fund Bill” to institutionalise the scheme. This indeed gladdens the heart of his colleagues who know that without the Zonal Intervention Projects otherwise known as constituency projects, government presence will never be felt in their various communities that are not very visible on the national map.
At the presentation of the 2024 budget to the joint session of the National Assembly which was President Tinubu’s first since assuming office, Hon Abbas emphasised the importance of a peaceful working relationship between the executive and legislative arms of government. He promised that “the national assembly will support the government’s policies and programmes targeted at alleviating poverty, economic restructuring and diversification, as well as general social sector reform and development”.
But in working with the executive, Mr Speaker knows that the ultimate goal is the people and that’s why he informed the president and his entourage that “while we’ll give the budget accelerated consideration, we will diligently scrutinize it alongside Nigerians to ensure that when it is passed, it will be a budget that best addresses the most critical needs of our people”.
To the delight of his colleagues, Rt Hon Abbas has pushed over 50% of votes allocated to his office as Speaker to his fellow members and has continued to dip into his reserves to intervene on behalf of any member in critical or urgent need of a project. The Speaker considers the constituents of his colleagues as his and goes the extra mile to put smiles on the faces of Nigerians.
As we approach the first anniversary of this stable and inclusive session, members of the 10th Assembly could not have asked for a better leader than what they have got. With Rt Hon Tajudeen Abbas as Speaker, Members are guaranteed a memorable tenure as the focus of his leadership is to help his colleagues achieve their set goals.
With Rt Hon. Abbas as Speaker, Nigerians are assured of progress, peace and prosperity. The nation will continue the trajectory of transformation and consolidation. All we can do as citizens is to pray and support this God-sent leader.
Access Holdings Vests 23.8 million Units of Shares on Senior Executives
In line with the disclosure requirements of the Securities and Exchange Commission and the Nigerian Exchange Limited, Access Holdings Plc , Africa’s leading financial services group, has announced the award of 23.8 million ordinary shares to some of its senior executives and executives of Access Bank, its flagship subsidiary. This is in pursuant of the terms of its shareholders approved Employees Performance Share Plan.
Bolaji Agbede, the Acting Group Chief Executive Officer of Access Holdings, Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, and six others were vested with 23,883,790 units of the Group’s shares, worth a combined N427.13 million.
This was disclosed via notices duly filed with the Nigerian Exchange Limited on Tuesday.
According to the filings, Ogbonna got the highest amount of shares totalling 12,345,679 units and worth N220.37 million, having been traded at N17.85 per share.
Agbede was vested with 2,216,992 units of shares, valued at N39.795 million.
Other directors, who had shares vested include Seyi Kumapayi, Executive Director, African Subsidiaries, Access Bank, with 1,234,568 worth N22.16 million; Iyabo Soji-Okusanya, Executive Director, Commercial and Investment Banking Division, Access Bank, with 1,691,308 at N17.95 per share. Her vested shares are valued at N30.36 million, and Chizoma Okoli, Access Bank’s Deputy Managing Director, Retail South, who got 1,728,395 units valued at N30.85 million.
Dr Gregory Jobome, Executive Director, Risk Management, and Hadiza Ambursa, Executive Director, Commercial Banking, were each vested with 1,728,395 valued at N30.85 and N31.02m respectively. Access Holdings’ Company Secretary, Sunday Ekwochi, was vested with 1,210,058 units of the Group’s shares worth N21.72m.
The shares were vested on May 3rd and May 6th.
The vesting of the shares is not a purchase or sale transaction in the context of the Exchange’s Rules.
Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing Director/Chief Executive, Dr. Ebenezer Onyeagwu (Left) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Right) during the 33rd Annual General Meeting (AGM) of the bank held at The Civic Centre, Victoria Island, Lagos yesterday.
Shareholders of Zenith Bank Plc, at the 33rd Annual General Meeting (AGM) held at the Civic Centre, Victoria Island, Lagos, on Wednesday, 8 May 2024, approved the proposed final dividend payment of NGN3.50 per share, bringing the total dividend for the 2023 financial year to NGN4.00 per share, with a total value of NGN125.59 billion, which is the highest dividend payout by any bank.
In his opening statement at the Annual General Meeting, Dr. Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, thanked the shareholders for their unflinching support and loyalty to the Zenith brand which has been instrumental to the bank’s consistent superior performance.
The Group Managing Director/Chief Executive Officer, Dr. Ebenezer Onyeagwu, thanked the Founder and Chairman, Jim Ovia, CFR, for his mentorship, which has been instrumental to his success in the last five years as CEO, and for providing the pedestal for the bank’s continued superior performance. In his words, “As I prepare to pass the baton to Dame (Dr) Adaora Umeoji, OON, I am confident in the bank’s trajectory under her leadership. I would like to express my profound gratitude to our Founder and Chairman, Dr Jim Ovia, CFR, and to the board, shareholders, customers, and staff for their steadfast support throughout my tenure. I earnestly request that you extend the same level of support to my successor. It has been a remarkable journey, and I am immensely proud of what we have accomplished together. As I commence the mandatory regulatory cooling-off period, I am filled with optimism for Zenith Bank’s future, assured that we are on the path to even greater success.”
Speaking on the dividend payout, Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, expressed her delight in the exceptional performance of the bank, as evidenced by the numerous awards received during the 2023 financial year. She remarked, “We shareholders are very pleased today to receive a final dividend of N3.50 kobo from Zenith Bank. Following an interim dividend of 50 kobo paid last December, the total dividend for the 2023 Annual General Meeting amounts to N4.00— the highest in the banking sector to date. We truly appreciate this and are optimistic that the transition to a Holding Company will bring even greater returns. Zenith Bank’s numerous accolades this year clearly position it as the leading bank in the country. We anticipate that the 2024 AGM, marking the first year as a Holding Company, will be even more promising for Zenith.”
At the AGM, Dr. Faruk Umar, President of the Association of the Rights of Nigerian Shareholders (AARNS), expressed his gratitude to the Chairman for facilitating a seamless succession plan. He stated, “The bank has performed exceptionally well, particularly in terms of succession planning. It’s encouraging to see the new Managing Director promoted from within, reinforcing our belief in the bank’s leadership development. This internal promotion strategy motivates our staff, giving them confidence that they can aspire to the highest levels within the bank.”
Chief Timothy Adesiyan, President of the Shareholders Solidarity Association of Nigeria, praised the Chairman and Management of Zenith Bank for their consistent delivery of value to shareholders. He noted, “The bank’s rapid growth can be attributed to the diligent oversight by our Founder, who is also a core investor and actively monitors all operations. This growth is further supported by our adherence to strict corporate governance principles. The bank’s performance metrics are clearly delineated and managed by dedicated committees, ensuring accountability and responsiveness. As a stakeholder, I am very pleased with their performance and attentive response to any concerns raised.”
In spite of challenging macroeconomic conditions coupled with economic headwinds, Zenith Bank Group achieved a remarkable triple-digit growth of 125% in gross earnings, from NGN945.6 billion in the previous year to NGN2.132 trillion in 2023. This was driven by a 112% YoY growth in interest income and a 141% YoY growth in non-interest income. Customer deposits grew by 69%, reflecting the bank’s market leadership and customers’ trust. Operating expenses grew by 32% YoY.Total assets rose by 66%, largely due to growth in total deposits and the revaluation of foreign currency deposits
In 2024, Zenith Bank Group plans to expand its reach following its restructuring into a holding company structure, adding new verticals to its businesses and pursuing growth in all chosen markets, locally and internationally.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Best Bank in Nigeria, for the fourth time in five years, from 2020 to 2022 and in 2024, in the Global Finance World’s Best Banks Awards; the Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023, being listed in the World Finance Top 100 Global Companies in 2023; being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS
Lagos Socialite Engr. Omotosho Accuses TRAME Executives of Calumny and Blackmail
The feud between Lagos socialite Engr. Omotosho and The Residents Association Maplewood Estate (TRAME) Executives has escalated, with accusations flying back and forth in a battle of words and allegations.
In response to allegations from The Residents Association Maplewood Estate (TRAME) Executives, Lagos socialite Engr. Omotosho has fired back, dismissing the claims as a “campaign of calumny” and decrying the accusers as “blackmailers.”
Engr. Omotosho strongly refutes the accusations, labeling them as baseless attempts to tarnish his reputation. The TRAME Executives had levied criticism against him, but he is standing firm in his denial.
In a petition addressed to Governor Babajide Sanwoolu by the TRAME Executives, titled ‘Request for Urgent Intervention by Mr. Governor on the Threat to Peace, Livability, Stability, and Security at the Maplewood Estate Oko-Oba Agege, Lagos,’ the representatives expressed their concerns regarding the behavior of Mr. Omotosho, citing issues such as refusal to pay estate security dues and operating a school in disregard of the estate’s development plan.
Engr. Omotosho has vehemently denied the claims made against him by the TRAME Executives, labeling them as a “campaign of calumny” and accusing his accusers of being “blackmailers.” The TRAME Executives, on the other hand, have presented a petition to Governor Babajide Sanwoolu, detailing their grievances and requesting urgent intervention to address the threats to peace, livability, stability, and security at Maplewood Estate in Agege, Lagos.
According to the TRAME Executives, Engr. Omotosho has been a constant source of disruption within the estate, allegedly flouting rules and regulations set by the Residents Association. They claim that he has refused to pay estate security dues and electricity development levy, operated a school against the estate’s development plan, damaged security barriers, defied court judgments, and illegally occupied land designated for a recreation ground.
Meanwhile, Engr Omotosho has already filed a petition with the commissioner of police. The commissioner has ordered a police investigation into the matter. Part of his grievance is the flooding of the school premises and unauthorized incursions into his land. He also raised concerns about the re-channeling of the drainage system, among other issues.
The ongoing conflict has divided the community and raised concerns about the future of Maplewood Estate. Residents are left grappling with the implications of the accusations and counter-accusations between Engr. Omotosho and the TRAME Executives.
As the situation continues to unfold, residents are hopeful that a resolution can be reached to restore peace and harmony within the estate. The spotlight remains on Engr. Omotosho and the TRAME Executives as they navigate this contentious dispute in Maplewood Estate.
Gas Explosion: Lagos Lawmakers Demand Better Enforcement Of Safety Law
Following a recent gas explosion in the Ajeromi/Ifelodun area of Lagos that resulted in fatalities, the state House of Assembly has called on concerned ministries, departments and agencies of government to step up enforcement of safety laws to protect lives and property.
The House, at plenary presided over by Rt. Hon. Mudashiru Obasa on Monday, tasked two ministries – Physical Planning and Urban Development as well as Special Duties – to up their responsibilities to ensure that lives are protected against sales of combustible substances in residential areas.
The House frowned against the proliferation of gas shops across the state and asked the Lagos State Safety Agency not to compromise on enforcement of laws regulating the activities of such outlets, a statement by Eromosele Ebhomele, Chief Press Secretary to the Speaker, said.
A recent gas explosion had led to the death of 15 residents with at least 35 others sustaining injuries according to their representative at the Lagos Assembly, Hon. Sabur Oluwa (Ajeromi Ifelodun 2).
The House urged the government to support the victims in the form of relief materials.
Before the lawmakers observed a minute silence for the victims of the explosion, Speaker Obasa sympathised with the affected constituents and emphasised the need to address the issue.
He acknowledged that gas regulation falls under the ‘exclusive list’, but urged the state to find a way around it to prevent further tragedies.
“Having gas shops and outlets within the community without proper regulations must be looked into. It calls for concern and we must look for a way out,” Dr. Obasa said as he directed the Clerk, Barr. Olalekan Onafeko, to communicate the resolution of the House to the appropriate authorities.
Meanwhile, the Assembly has commended the Lagos State University Teaching Hospital (LASUTH) and the Gbagada General Hospital for their swift handling of emergency cases brought to the facilities.
Hon. Desmond Elliot (Surulere 1) said he witnessed how medical personnel at the two hospitals battled to save the lives of fire accident victims recently.
“Our health sector should be commended,” he said while acknowledging the collaboration between arms of government resulting in elevated healthcare standards in the state.
“The commitment and dedication I witnessed in the handling of fire victims at LASUTH and the Gbagada General Hospital are encouraging, reflecting a system where all hands were indeed on deck.
“When I got to the wards, I met over nine doctors and nurses attending to the victims at the LASUTH. I saw the same thing at the Gbagada General hospital,” he said.
Speaker Obasa, who emphasised the role of the legislative body in recognising and supporting such commendable endeavours, added: “This is exactly what the House is expected to do at all times.
“We will always commend the MDAs for a job well-done, and anywhere they falter, we will always point such out.”
He, thereafter, directed the Clerk to forward letters of commendation to the management of LASUTH, Gbagada General Hospital and the Commissioner of Health, Prof. Akin Abayomi.
ZENITH BANK ON TRACK TO SURPASS 2023 RESULTS WITH 189% GROWTH IN Q1 EARNINGS
Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2024, with an impressive triple-digit growth of 189% in Gross Earnings, from ₦270 billion reported in Q1 2023 to ₦781 billion in Q1 2024. This is despite the challenging operating environment and tightening monetary policy stance.
From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Friday, 3rd May 2024, this impressive growth in the topline also enhanced the bottom line, as profit before tax (PBT) rose to ₦320 billion in Q1 2024, representing an increase of 270% from the ₦87 billion reported in Q1 2023. Profit after tax (PAT) equally grew significantly by 291% from the ₦66 billion reported in Q1 2023 to ₦258 billion in the current period.
Interest and non-interest income contributed significantly to the growth in gross earnings. Interest income grew by 155% from the ₦192 billion reported in the quarter ended March 2023 to ₦489 billion in the period to 31 March 2024. The growth in interest income is due to the repricing of risk assets, owing to the increase in the central bank’s Monetary Policy Rate (MPR), which currently stands at 24.75%. The growth in net interest income is primarily due to the increase in fees and commissions as well as trading grains.
The Group reported an impairment charge of ₦56 billion for Q1 2024, up from ₦8 billion recorded in Q1 2023. This is attributable to significant growth in risk assets, primarily driven by the revaluation of its USD loans, which necessitated additional impairment on the bank’s foreign currency-denominated loans.
The cost of funds grew by 48% from 2.7% in Q1 2023 to 4% in Q1 2024 due to the high-interest rate environment, while interest expense increased by 157% from ₦71 billion reported in Q1 2023 to ₦182 billion in the period to March 2024. Notwithstanding the year-on-year (YoY) increase in interest expense, net interest margin (NIM) grew by 20% from 6.9% in the 3 months ended March 2023 to 8.3% in the current period ending 31 March 2024. Return on Average Equity (ROAE) and Return on Average Assets (ROAA) increased year-on-year (YoY) by 114% and 119%, respectively, due to improved profitability.
Gross loans, which are largely funded by customer deposits, grew by 30% from ₦7.1 trillion in December 2023 to ₦9.2 trillion in March 2024. Customer deposits also grew by 11% from ₦15.2 trillion in December 2023 to ₦16.8 trillion in March 2024, underpinning continued customer confidence in the Zenith brand. Total assets increased by 19% to ₦24 trillion within the same period.
The Group has consistently maintained all prudential ratios well above the minimum regulatory requirement. At the end of Q1 2024, Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 20% and 67%, respectively, demonstrating the Group’s ability to maintain a strong and liquid balance sheet.
The Group is making progress on the planned capital raise to support future growth and is very optimistic about meeting the new minimum capital requirements in line with the CBN’s recapitalisation directive. As the Group accelerates migration to its new technology architecture and also transitions into a holding company, it remains poised to maximise value for all stakeholders.
