Zenith Bank Dismisses Report on GMD’s Arrest, Says Onyeagwu on Duty
Zenith Bank PLC, one of Nigeria’s leading financial institutions, has dismissed as entirely untrue reports on the purported arrest of its Group Managing Director, Dr. Ebenezer Onyeagwu, in a section of the media.
The reports had claimed Dr Onyeagwu was arrested by the EFCC in connection with alleged fraud at the Ministry of Humanitarian Affairs.
The foremost lender however clarified that the GMD was neither arrested nor detained by the EFCC or any other anti-graft agency, adding that he is currently fulfilling his duties and responsibilities as the Group Managing Director of Zenith Bank Plc.
This was contained in a statement issued by the bank in Lagos on Wednesday and signed by Rich El O. Otu, its Company Secretary/General Counsel.
The statement added that the bank will continue to maintain the highest standards of integrity, accountability, and transparency and remains committed to providing exceptional banking and financial services to customers.
“We have become aware of inaccurate reports circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.
“We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.
“We are issuing this public statement to dispel the misinformation and ensure that the public and our stakeholders are accurately informed.
“Zenith Bank remains dedicated to upholding the highest standards of banking and financial services,” the statement read.
NNPCL Recorded N2.5 trillion Profit in 2022 Unaudited, Report Highest in 45 years
The Nigerian National Petroleum Company Limited (NNPCL) has announced its highest profit in 45 years, recording N2.548 trillion for the year 2022.
The national oil company, in its 2022 Financial Performance Report published online, emphasized that the profit recorded was the highest since its founding in 1977.
Breakdown of the Financial Report
According to the financial report, losses amounted to N803 billion in 2018 and increased to N1.7 billion in 2019.
In 2020, the report highlights a profit of N287 billion, denoted as the ‘Turning Point,’ and in 2021, the company’s profit grew to N674.1 billion, named ‘Assurance.’
According to the report, the profit continued its upward trend, reaching N2.548 trillion in 2022.
In October alone, a few months after the removal of the subsidy, the Chief Executive Officer of NNPC Ltd, Mele Kyari, said the company remitted N4.5 trillion as revenue to the federation account in October.
He made this disclosure while appearing before the Senate Committee on Finance to defend the company’s budget for the 2024 fiscal year.
“I am glad to inform you, Mr. Chairman and distinguished senators that as of October we can deliver N4.5 trillion into the federation account as a company to this country In 2023,” Mr Kyari said.
Meanwhile, NNPCL is yet to be audited by an independent financial auditing firm, as demanded by most stakeholders in the industry.
Oil Theft as Impediments for Growth
In addition, the national oil company still battles with myriads of oil theft incidents across the country, thus impeding the growth and revenue potential of the sector at large
For instance, last week, authorities reported the discovery and destruction of 52 illegal refineries in Abia, Imo, Rivers, and Bayelsa states. Additionally, 32 illegal connections were uncovered in various locations across the Niger Delta.
NNPC Ltd also announced that it had between December 30, 2023, and January 5, 2024, recorded 157 incidents of crude oil theft from seven incident sources and arrested 17 suspects.
However, the company affirmed its unwavering commitment to eliminate the oil theft menace, emphasizing that there would be no retreat until it was completely eradicated.
What you should know
The NNPCL has faced criticism from industry participants and stakeholders for its failure to disclose financial performance for public scrutiny.
In its 46-year history, the NNPC opened its books for the fourth consecutive time during the 2021 financial year.
Meanwhile, in November, NNPCL forecasted a revenue increase to N4.5 trillion by the end of 2023, citing the commencement of operations at the Port Harcourt Refining Company.
Emefiele: CBN sacks boards of Union, Titan, Keystone, Polaris banks
The Central Bank of Nigeria (CBN) has, with immediate effect, sacked the entire Board of Directors of Polaris, Titan, Union and Keystone Banks.
CBN sources say the decision was taken in a meeting led by the apex bank’s governor, Yemi Cardoso, on Wednesday in Abuja.
The source, who spoke on condition of anonymity, hinted that an official statement dissolving the board of directors will be released shortly.
The source said, “In the next hour, there is going to be official communication from the bank. We are working on it and an official statement will be sent soon.”
The action follows the recommendation of the Special Investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023, to probe the activities of the CBN and other relevant establishments.
The report of the special investigation into the activities of the CBN had accused the immediate past governor of the apex bank, Godwin Emefiele, of acquiring banks for himself through proxies.
The report stated that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
As a result, it recommended that the Federal Government reverse the sale of the banks and take them over.
Nigerian banks, FinTechs to launch cNGN Stablecoin February 27
A consortium of Nigerian financial institutions, fintechs, and blockchain experts, the Africa Stablecoin Consortium (ASC) is set to launch a compliant Nigeria Naira (cNGN) stablecoin on February 27, 2024.
Nairametrics had first reported that Nigerian banks and FinTechs are collaborating to develop and manage the cNGN. Similar to well-known stablecoins like USDT and USDC, the cNGN will be compatible with multiple public blockchains, enabling straightforward international transfers and expanding its use globally.
The consortium disclosed this in a statement issued on Friday. The launch of the cNGN is riding on the back of the Regulatory Sandbox recently released by the Central Bank of Nigeria (CBN).
According to the consortium, the cNGN stablecoin would revolutionize financial transactions. Through the project, the consortium said it is committed to enhancing secure and compliant financial interactions, revolutionizing the way people transact and engage with their money securely and seamlessly.
While noting that the stablecoin will transform the Nigerian Naira into a currency for global settlements, the ASC said:
“This (the cNGN) ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology. Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade and investment.
More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost. This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”
According to the consortium, the cNGN stablecoin will allow users to explore the World and experience a seamless and cost-effective way to engage with a global marketplace, with the familiarity of your Naira.
cNGN extends your financial reach far beyond Nigeria’s borders and acts as a global bridge, so you can pay for anything, anywhere, and at any time– all with a seamless tap. Shop the World, Pay in Naira without the traditional challenges of currency conversion and hefty international transaction fees.
Giving further insights into the use cases of the cNGN, the consortium said:
“Sending money home feels like sending a text message, effortless and instant: No more agonizing days waiting for remittances to clear. With cNGN, supporting your loved ones back home becomes as simple as a quick tap on your phone. No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts.
“Trade Like a Pro, Cost-Effectively. Cut out the red tape and sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national & international partners in any stablecoin currency, fueling economic growth and global success.
“Get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork. Receive payments from clients across the globe, directly deposited into your cNGN wallet in minutes.
Mirroring the functionality of major stablecoins, the cNGN boasts interoperability with other public blockchains. This feature enables seamless global transfers, extending its utility beyond Nigerian borders.
The cNGN is a compliant and regulated consortium-driven stablecoin, pegged to the Naira in the Reserve Bank account. Unlike the eNaira, which is developed solely by the apex bank, the cNGN is managed by a consortium.
Testimony Jaga: Winning Souls for God with Music, Charity
As far as gospel music goes, Testimony Jaga, one of that genre’s contemporary torchbearers, is a non-conformist. All over the world, gospel music is about the pure and the holy, sublime, soothing, spiritual, and soul-stirring. But away from the old, predictable style of gospel music, Jaga has taken the road never travelled to be the purveyor of feel-good and spirit-filled gospel music while imprinting his name in the sands of time.
A multiple-awards winning singer, instrumentalist, and producer, Jaga’s infusion of Fuji, otherwise considered backstreet music, to his craft caught on like wildfire and has turned him into a bona fide music star with a rich repertoire including the very popular ‘Biggie Biggie,’ ‘Not Normal ft Akpororo,’ ‘My Style,’ ‘My Evidence ft Frank Edwards,’ and ‘Power in my praise’ among many others.
The Ogun State native whose real name is Salau Aliu describes his style of music as Fuji-pop. His debut Extended Play record titled ‘Jesus is Here, Jaga is Here,’ is a seven-tracker that underscores his versatility as he seamlessly blended Fuji, afro beats, R n B, highlife, and dancehall to give Christendom an invaluable musical gift. The EP, a reflection of his life’s journey delivered via uplifting lyrics, features collaborations with other gospel singers like Adeyinka Alaseyori, Henrisoul, and Neon Adejo.
Finding Christ at a most vulnerable time in his life, Jaga, a street-savvy boxing buff, has now gone back to the streets but this time as the founder of Street Gospel Movement, an evangelical outreach that employs the twin forces of music and social welfare to win souls for God. According to him, so much is hidden in poverty and that for any man to even want to listen to the gospel; he must have quenched raging hunger.
Also, the convener of the One Jesus, One Church, One Hallelujah, Jaga, a protégé of Pastor Chris Oyakhilome of Christ Embassy, had been stomping Lagos streets under the auspices of what he terms Radical Prayer through which he reaches out to the unemployed, youths, and widows. Jaga added, “I am passionate about impacting the lives of as many people as possible. The essence of Christianity is actually to spread love, which are the principles I live by. Spreading the gospel to the streets and the ‘unchurched’ (people who don’t attend churches) through my Street Gospel Movement.”
Jaga said he is motivated to do all that he does because he is a product of the streets and had experienced bare-faced poverty growing up. “When people come to our program, we feed them with soul-lifting music, the word of God, and empower them. I believe in making an impact in people’s lives. So far, we have reached out to over 20,000 people since we started. Apart from giving out interest-free cash grants ranging from N100,000 to N250,000, we have given out cars, tricycles, and mini-buses among others,” he said.
Last Christmas, with support from Pastor Oyakhilome, Jaga gifted food items including rice, eggs, and chickens to hundreds of Lagos residents. On January 12, 2024, he will hold his annual mega outreach in the Alagbado area of Lagos, and he said there would be so much more to empower people with while encouraging them to accept Jesus as their Lord and saviour.
No plan to hike fuel price, NNPCL assures Nigerians
The Nigerian National Petroleum Company Limited (NNPCL), on Wednesday, declared that there was no plan to increase the pump price of Premium Motor Spirit, popularly called petrol.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, said in a statement that Nigerians should disregard rumours of a possible hike in petrol price.
The oil firm further urged motorists not to be involved in panic buying, as it stressed that the company had no plan to raise the cost of the product.
The statement read, “NNPC Ltd assures the public that there is no imminent increase in the cost of Premium Motor Spirit, commonly known as petrol.
“NNPC Ltd urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”
Some Nigerians had expressed fear following the revelation by oil marketers that the cost of petrol should be around N1,200/litre if it was not being subsidised, considering the cost of the commodity in other climes.
But the NNPCL insisted that there was no more subsidy on the product, stressing that it was now recovering its full cost on the importation of PMS into Nigeria. NNPCL is the sole importer of petrol into Nigeria.
Trains to Commence Night Operations in Nigeria – NRC
The Nigeria Railway Corporation (NRC) has concluded plans to launch night operations before the second quarter of 2024.
The Managing Director of NRC, Fidet Okhiria, disclosed this during an interview with the News Agency of Nigeria on Monday.
He started, “What is limiting us is the night operations, and that is not the way trains should operate. The train is meant to operate at all times. People may like to travel in the evening, but because of the security situation in the country, we limit ourselves to the daytime.
“We intend to bring back passenger and freight trains from Port-Harcourt to Aba, Lagos to Kano, and Kaduna because of the dry ports,” Okhiria said.
According to the NRC DG, this simply means that the corporation will begin six train trips daily on the standard gauge train across the board.
He said, “We are going to increase the number of train trips to six on Lagos-Ibadan, Warri-Itakpe, and Abuja-Kaduna, which means the trips will be three times to and three times fro, making six trips in a day.
“The trips will commence before the second quarter of 2024. Right now, they are running four trips—two up and two down across the board.
How Standard Chartered Bank Ineptitude Operations Cost Customer Multibillion Business Deal
An innocent customer of a frontline Nigerian bank, Standard Chartered Bank has been dealt severe blows by the otherwise prestigious bank.
According to a statement released to our reporter by Strict Attorneys, the legal counsel to the of Chief Hakeem Adebayo Shobande, a client of the bank who was denied a visa for a trip to Italy by reason of the bank’s ineptitude.
The information made available was that the bank denied the existence of Hakeem Adebayo Shobande account upon request from them by the Italian embassy in Nigeria via email dated 10th October 2023 and thereby costing him a time based appointment in Italy where he had committed a substantial non refundable amount.
All on the premise of the bank’s gaffe where his existence was bluntly when the Italian embassy contacted them about the duly signed account statement he collected from the bank which was presented as part of required documents for his traveling process.
With the damage and loss he incurred because of the denied visa Chief Hakeem Adebayo Shobande because of the bank claimed ignorance which made the embassy to initiated a criminal investigation against the honest businessman thereby occasioning the confiscation of his International Passport by the Nigerian Police Special Fraud Unit. By extension, he could not get entry visas for other countries that were ready to issue same to him, thereby scuttling his business and leisure travel plans.
According to Mr Taiwo Onayinka, a partner in the law firm of Strict Attorneys, Chief Shobande has instructed his lawyers to seek redress for the bank’s wrong doing in a competent court of law.
Just In: Ondo State Gov. Arakunrin Rotimi Akeredolu is Dead
The 67 years old Ondo State Governor, Arakunrin Rotimi Akeredolu, is dead.
Recall that Akeredolu had applied on December 12 to go on another medical leave as a follow-up to his medical treatment.
A chieftain of the ruling All Progressives Congress in the state said arrangements were being concluded to swear in his deputy, Lucky Aiyedatiwa.
The state government has yet to speak on the matter.
Though there has been no official confirmation from the state, a top government official disclosed that the state is still waiting for an official statement from the family of the governor.
Another official from the state, disclosed that some top officials who travelled to Germany yesterday night are heading toward the hospital to confirm the development.
He said” We are expecting the report from the people any moment from now.
When contacted, the Chief Press Secretary to the governor, Mr. Richard Olabode, did not take his calls nor respond to text messages sent to his phone by one of our correspondents.
Also, the state Commissioner for Information and Orientation, Mrs Bamidele Ademola-Olateju, did not take her calls when contacted her on the matter.
AAS CEO Jesam Michael Praise President Tinubu for Lifting Ban on Cryptocurrency… Advise Nigerians to Embrace AAS Token
Leading Fintech expert in Nigeria, Jesam Micheal has applauded the President Tinubu Led government for the official lifting of the ban by the CBN on Cryptocurrency in Nigeria and charged the Nigerians generally and the youths, in particular, to take advantage of this and buy into the Afriq Arbitrage System which is the leading global cryptocurrency platform in Nigeria.
Interestingly, Like a financial prophet, Jesam has been at the forefront of the push for the Nigerian government to embrace cryptocurrency which is the trending financial system in the world. While receiving an award presentation from the Nigeria Media Masters a week ago as the Fintech Expert Of the Year,, he said God’s kind of money and government paper kind of money is no longer in vogue but the people’s kind of money which is crypto is the most viable form of financial empowerment everyone should embrace now.
He reiterated this stance when the Presidency of NANS inducted him into the Hall of Fame and also awarded him the Icon of Hope. He charged the youths and the Nigerian government to embrace cryptocurrency which is the antidote to global economic inflation.
Interestingly, the Nigerian government listened to his voice as the Central Bank of Nigeria changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.
This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa.
The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’
The apex bank stated that current trends globally have shown the need for crypto regulation.
It said, “The CBN, in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and consumer protection measures.
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs) which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPS to be regulated to prevent misuse of virtual assets for ML/TF/PF.
“Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution.
“In addition, the Securities and Exchange Commission in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.
“Given the preceding, the CBN hereby issues this guideline to guide to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. “
The apex bank noted that this new guideline supersedes its old ones referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017, and BSD/DIR/PUB/LAB/014/001 of February 5, 2021 on the subject.
It also affirmed that banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.
It added that all banks and other financial institutions must immediately comply with its new guidelines.
In its circular with reference number BSD/DIR/PUB/LAB/014/001, dated February 5, 2021, the apex bank reminded banks that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges was prohibited.
At the time, it asked banks to identify persons or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that their accounts were closed.
It would be recalled that in Nigeria’s financial landscape, a transformative force is quietly reshaping the investment horizon. Afriq Arbitrage System (AAS) led by the visionary CEO Jesam Michael, a beacon of innovation in the country’s investment space, wielding tokenized digital currency with profound impact.
Michael’s vision for AAS speaks to a modernized approach to investments. “Our platform embodies the marriage of technology and finance, offering an accessible avenue for a broader spectrum of individuals to participate in the crypto investment market,” shares Jesam Michael. “The utilization of smart contracts and blockchain technology empowers our users to engage in a decentralized and secure ecosystem that transcends boundaries.”
Underpinning AAS’s prowess is its automated and sophisticated trading system, incorporating advanced AI algorithms. “Our system,” Michael explains, “is designed to navigate the complex landscape of crypto exchanges globally, seamlessly executing trades with precision and efficiency. The deployment of high-frequency trading algorithms ensures optimal execution, minimizing risks and maximizing potential gains for our users.”
Furthermore, the platform’s low entry threshold underscores its commitment to inclusivity. “With a starting point as low as $20,” says Michael, “AAS positions itself as a welcoming space for novices and seasoned investors alike. Our aim is to democratize the investment space, making sophisticated digital currency trading accessible to a broader demographic.”
The impact of AAS extends far beyond Nigeria’s borders. Its global presence, spanning over 200 countries, underscores a commitment to facilitating international trade and investments. Michael envisions a future where AAS evolves into a significant global player. “We’re laying the groundwork for an autonomous token and blockchain,” he notes. “This strategic move will not only redefine the landscape in Nigeria but also make our mark on the global stage.
“The prelaunch of the AAS Token is scheduled to commence between late November and early December 2023. This prelaunch phase offers an exclusive opportunity for early adopters and investors to acquire the AAS Token at a discounted rate, ensuring a strategic advantage in the evolving digital currency landscape,” Michael elucidated.
AAS’s innovative blend of technology and finance signals a paradigm shift in investment landscapes. The platform’s focus on blockchain technology and tokenized digital currency represents a secure and potentially lucrative avenue for investors, navigating a space rife with volatility and uncertainty.
The evolving investment narrative in Nigeria finds its mettle in the rise of tokenized digital currency, pioneered by AAS and guided by Jesam Michael’s forward-thinking strategies. As the platform continues to grow and expand, it represents a compelling vision for the future of investments in Nigeria and globally.
