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Oyo Govt Slams EFCC Over Arrest Of Accountant-General

The Oyo State Government has condemned the arrest of arrested the Accountant-General of the state, Alhaji Gafar Bello, by the Economic and Financial Crimes Commission (EFCC).
Naija News had reported that the anti-graft agency arrested Bello and a yet-to-be-identified politician last week Friday over his alleged involvement in N9billion money laundering.

It was learned that Bello was arrested over the deduction of N9billion from the local government funds to finance the upcoming elections in the state in 2023.

In a statement on Tuesday, the state Commissioner for Information, Culture and Tourism, Wasiu Olatubosun described Bello’s arrest as illegal and unacceptable.

The commissioner said the continued harassment and intimidation of officials of the state government by the EFCC is being contested in a court of competent jurisdiction.

He said officials of the agency have since last year been mounting pressure on the state and its officials to provide documents regarding disbursements and expenditure of some funds and security vote lawfully passed into law by the state House of Assembly.

The statement reads: “The continued harassment and intimidation of the Accountant General and other officials of the state government by the EFCC is totally unconstitutional and unacceptable and is being contested in a court of competent jurisdiction.

“The EFCC and its officials have, since last year been mounting pressure on Oyo State and its officials to provide documents regarding disbursements and expenditure of the Consolidated Revenue Fund, Contingencies Fund and Security Vote lawfully approved and passed into Appropriation Law of Oyo State by the Oyo State House of Assembly. This is despite the fact that the Supreme Court of Nigeria has decided in a long line of cases that the EFCC lacks the powers to prosecute issues that are not corruption cases.

“We would like to put it on record that by virtue of Section 128 (1) and (2) of the Constitution of the Federal Republic of Nigeria 1999, unless and until the Oyo State House of Assembly reports or exposes any corruption, inefficiency or waste in the execution or administration of laws within its legislative competence and in the disbursement or administration of funds appropriated by it to the Executive Governor of Oyo State and Commissioner for Finance, Section 6 (h) of the EFCC Establishment Act 2004 (as amended) cannot be triggered.

“The Oyo State House of Assembly has not made any such reports and thus the actions so far by the EFCC and the EFCC Chairman are unconstitutional and ultra-vires.

“In line with this conviction, the Oyo State Government had approached the Federal High Court, in the Ibadan Judicial Division on February 8, 2022, for declaratory reliefs and to among other things, issue an order of perpetual injunction restraining the Defendants (1. Attorney General of the Federation; 2. Economic and Financial Crimes Commission; 3. President of the Federal Republic Of Nigeria and 4. The Chairman EFCC) their functionaries or agencies or whosoever from interfering with the activities of any government officials in Oyo State (i.e. any public officer or functionary or officer or servant of the government of Oyo State) in the exercise of powers purported to be conferred by or under the provisions of the EFCC Act, 2004 with relation to the expenditure and or spending of the Oyo State Government or security votes as vested in the Governor of Oyo State.

“The EFCC had brazenly refused service of the processes at the Abuja Head Office for reasons unknown to the law but as of today, March 1, 2022, at the hearing in Ibadan, Hon Justice N. Agomoh directed the EFCC to accept service of the Oyo State Government originating processes and pending applications in the full glare of the Court. The Trial Judge also ordered that all forms of arrest and intimidation by the EFCC should cease. The case has been adjourned to March 9, 2022 for the hearing of all applications.

“The arrest of the Oyo State Accountant General on Friday, February 25, 2022, was a desperate and malicious attempt at thwarting a constitutional process that had already been instituted at the Federal High Court, Ibadan, with a hearing date of Monday, March 1, 2022.”

Transcorp Hotels Plc posts impressive performance as gross profit increases by 143% and revenue grows by 114% to end a record-breaking year at N21.74bn

Shareholders to receive about N717m dividend

Dupe Olusola, MD/CEO Transcorp Hotels Plc.

Transcorp Hotels Plc has announced its Audited Financial Statements for the full year ended December 31, 2021. The results published on the Nigerian Group Exchange showed a 114% growth in Revenue to N21.74bn from N10.16bn as of December 2020, while Gross Profit rose by 143 % to N16.23bn from N6.67bn.  

The Company’s results show an impressive growth in its performance signalling its strong recovery from the impact of the COVID- 19 pandemic in 2020. The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve an outstanding performance, breaking occupancy, and revenue records in 2021.

“We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy,” said Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand. We are on launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Mrs. Olusola added. “We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”

Mr. Emmanuel Nnorom Chairman Transcorp Hotels Plc. in his comments said he expects the hospitality industry to continue to recover in 2022.

“As the domestic leisure, business and the Bleisure segment — corporate travellers which also add leisure activities into their stay – continue to expand, even as international guests return, we expect the hospitality industry to continue its recovery,” Mr Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.

“Having steered the business out of the effects of the pandemic, and back to profitability, our management team has shown the resilience and potential of our business, as well as a sign of the bright future that lies ahead. Backed by a Board committed to corporate governance and organisational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns, “Mr Nnorom added.

The Nigerian Exchange Group (NGX) listed hospitality giant has continued to set the pace in the industry, reinforcing its position as a leading hospitality brand. In the second half of 2021, the Company launched Aura by Transcorp Hotels, an online booking platform that allows people to book accommodation (hotels and apartments), order food and book diverse kinds of experiences, including tours. Transcorp Hotels has continued to strengthen its business and invest for the future. The Company is developing a world-class event center at the Transcorp Hilton premises in Abuja. It is also working on a Lifestyle Center/Hotel in Lagos, one expected to rival the best of its kind globally.

The hospitality brand maintains that its activities are in furtherance of its mission to redefine hospitality standards in Africa through innovation and exceptional service, creating value for its customers and other stakeholders.

Transcorp Hotels Plc has proposed a final dividend of 7 Kobo per share, subject to appropriate withholding tax and shareholders’ approval.

ZENITH BANK REMAINS RESOLUTE, BEATS MARKET EXPECTATIONS WITH DOUBLE-DIGIT GROWTH IN GROSS EARNINGS

Zenith Bank Plc has announced an impressive result for the year ended December 31, 2021, recording a double-digit growth of 10% in gross earnings which rose to N765.6 billion from N696.5 billion reported in the previous year. This is despite a challenging macroeconomic environment aggravated by the coronavirus (COVID-19) pandemic.

According to the bank’s audited financial results for the 2021 financial year presented to the Nigeria Exchange Group (NGX), the Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.

Profit before tax also grew by 10% from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.

Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.

Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.

In 2022, the Group intends to consolidate on the gains achieved in the previous year in all business segments and combine leadership in the industry, innovation and technology to drive improved performance and deliver enhanced returns to all stakeholders.

As a testament to its commitment to its shareholders, the bank has announced a proposed final dividend payout of N2.80 per share, bringing the total dividend to N3.10 per share.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

2023: Ooni, Alaafin Meet Aregbesola Over Feud With Tinubu

The Ooni of Ife, Adeyeye Ogunwusi and the Alaafin of Oyo Oba Lamidi Adeyemi have met with the Minister of Interior, Ogbeni Rauf Aregbesola at his private residence with the aim of settling the rift between him and Bola Ahmed Tinubu.
Recall that Naija News earlier reported that highly placed sources had said that stakeholders in Yoruba land, the ruling All Progressives Congress (APC) party, and some influential leaders of thought in Nigeria are making efforts to bring the duo back together.

The reconciliation is said to be paramount for the success of the APC in the upcoming governorship election in Osun State and the 2023 general presidential election.

The source said: “I can say authoritatively that reconciliation efforts to close the rank between Asiwaju Bola Ahmed Tinubu and Ogbeni Rauf Aregbesola are underway, and already beginning to yield positive results. I am confident that sooner than expected, the two APC chieftains will embrace each other and continue to work together as brothers.”

New reports have emerged from the palace revealing that the reconciliation is moving foward smoothly and both parties have shown that they are interested in putting their differences aside, Vanguard reports.

The involvement of the monarchs in the situation has reportedly helped in making the situation between the duo better.

House Of Reps Rejects Life Pension For Senate President, Speaker, Others

The House of Representatives has rejected the proposal to grant constitutional life pension to the Senate President, Speaker of the House of Representatives and their deputies.
Naija News reports that 162 lawmakers voted to knock out the proposal, 28 members voted to grant them life pension while three lawmakers stayed away from the voting exercise.

After the voting exercise, a total of 193 votes by the members of the House of Representatives were recorded.

In a related development, the National Assembly has passed a bill for an Act mandating the President and Governors to submit nominees for Ministers and Commissioners within 30 days of swearing-in.

Ninety-two Senators voted in favour of the bill while one abstained.

In the Green chamber, twenty hundred and eighty-nine House of Representatives members voted in favour of the bill, which was passed.

NASS Rejects Special Seats For Women, Inclusion Of VAT On Exclusive List

The National Assembly on Tuesday voted against the provision of special seats for women in the legislature.
Members of the two chambers rejected the provision during voting on clause 68 being considered in the ongoing constitutional amendment.

The proposed Bill on VAT reads: “A Bill for an Act to Alter Part I of the Second Schedule to the Constitution of the Federal Republic of Nigeria, 1999 to include Value Added Tax on the Exclusive Legislative List; and for Related Matters”.

Naija News reports that both the Senate and the House of Representatives moved against moving Value Added Tax (VAT) to exclusive legislative list.

At the House of Representatives, 209 members voted against moving VAT while 208 members voted against the provision of special seats for women.

The Bill on Special seats for women reads: “A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Special Seat for Women in the National and State Houses of Assembly; and for Related Matters”.

41 Senators voted in favour of the proposed amendment, while 44 voted against, failing to meet the required two-third (73) membership.

Like the green chamber, the red chamber also voted against creating special legislative seats for women in the National and State assemblies.

The proposed amendment suffered set back after 30 senators voted in favour, while 58 voted against.

The bill seeks to create special seats for women in the Senate, House of Representatives and State Houses of Assembly by creating one special seat in each state of the Federation and the FCT reserved solely for women without prejudice to their eligibility to contest in the existing senatorial seats in each state and the FCT.

For the House of Representatives, it is two additional seats for each state and the FCT that is to be reserved for women without prejudice to their eligibility to contest for the other seats.

And finally for the Houses of Assembly of each state one additional seat from each of the three Senatorial District is reserved solely for women.

Also, a proposal to include at least 35 women in political party administration also failed to scale through.

34 senators voted in favour of the provision while 53 voted against it.

Complete Sports Founder, Emmanuel Ojeagbase Is Dead

The founder and executive chairman of Complete Communications Limited, publishers of Complete Sports newspapers, SuccessDigest and other online publications, Dr. Emmanuel Sunny Ojeagbase has died.
Naija News reports that his death was announced in a statement on Monday by Mr Julius Ojeagbase on behalf of his family.

Pastor Ojeagbase died on Saturday, 26 February, 2022 in Atlanta, United States of America (USA) after a brief illness.

Dr. Ojeagbase, who was 71 years, hailed from Uzebba, Iuleha in Owan West of Edo State.

Popularly known as Sunny Ojeagbase (or simply “S.O.”) before he added Emmanuel to his names, the late media entrepreneur broke into national consciousness as the pioneer publisher of sports news in Nigeria when he established Sports Souvenir weekly newspaper in 1984.

Before then, he was a retired soldier of the Nigerian Army who cut his teeth in sports journalism as a stringer at the Daily Times newspapers in the mid-1970s. Through sheer talent, determination and hard work, Ojeagbase blossomed very quickly and was appointed sports editor of Sunday Concord newspapers at inception in 1980 and sports editor of The Guardian newspapers also at inception in 1983. He resigned from The Guardian in 1984 to pursue his dream as an entrepreneur.

Between 1984 and 1994, Ojeagbase introduced several other pioneering sports titles including Complete Football magazine, Complete Football International (CFI) and International Soccer Review (ISR) into the Nigerian sports market. Remarkably, the Complete Football titles played very prominent roles in ensuring Nigeria’s first appearance at the FIFA World Cup at USA 1994 as well as the country’s football Gold medal win at the Atlanta ’96 Olympic Games also in the USA. Between those two historic events in Nigerians sports, Ojeagbase introduced Complete Sports as the Number One daily sports newspaper in Nigeria in 1995.

Also in 1994, Ojeagbase co-founded with his wife, Pastor (Mrs) Esther Ojeagbase, the Success Attitude Development Centre (SADC) with a vision and mission to teach young Nigerian entrepreneurs how to start, run and make a success of their businesses. SADC has gone on to produce and inspire thousands of successful entrepreneurs who are protégés of the Ojeagbase’s and many of whom are now employers of labour.

Pastor, Dr. Sunny Emmanuel Ojeagbase is survived by his wife, Pastor (Mrs) Esther Ojeagbase, his children both biological and adopted, as well as grandchildren and other relatives. He will also be sorely missed by friends, mentees and business associates.

BREAKING! Oba Saheed Elugushi’s Only Son Is Dead

The entire Ikateland and the Elegushi household have been thrown into deep mourning after Oba Saheed Elegushi, Ikusenla II, the Oba of Ikateland, lost his only son.

The young lad, who recently clocked a year and seven months old, is his first and only son from his second wife, Queen Hadiza Elegushi, nee Tanko.

The toddler who was born on August 21, 2020, in London, was the heir apparent to the Elegushi throne before his death.

More details later.

SOURCE : THE WILL

NURTW queries Oluomo over alleged insubordination, anti-union activities

The national body of the National Union of Road Transport Workers (NURTW) has queried the Lagos State Council Chairman, Alhaji Musiliu Akinsanya aka MC Oluomo, over alleged insubordination and anti-union activities

The letter dated February 14, signed by the General Secretary of the union, Alhaji Kabiru Ado Yau, accused Akinsanya of refusing to carry out directives given to him by the national body.

The letter reads: “Our attention has been drawn to the fact that despite the National Secretariat’s directives during a meeting with you and other members of the Lagos State Administrative Council (SAC) in Abuja on February 9, pertaining to the appointment of Alhaji Azeez Abiola as chairman, Lagos State NURTW Tricycle Operators, you have refused to comply. Instead, you have resorted to intimidation and assault on the newly appointed tricycle chairman.”

The national body added that Akinsanya refused to hand over the former NURTW Secretariat situated at Abule Egba to the tricycle caretaker committee in a bid to prevent them from using the office.

He was also accused of using thugs to forcefully take over branches of his perceived enemies.

“It is on record that you mobilised thugs to forcefully take over the operations of some local branches headed by perceived opponents. To avoid the wrath of the union, the national headquarters, directed M C Oluomo to within 48 hours hand over the former state council secretariat at Abule Egba to the newly appointed Lagos state Tricycle Committee; withdraw all those men you sent to take over the branches of your perceived opponents and submit a written apology to the national secretariat. Failure to comply with the foregoing directives will leave the National Secretariat with no option other than to take disciplinary action against you in line with the provisions of the union’s constitution,” the letter reads.

Speaking with The Nation yesterday, Akinsanya said the letter got to his office on February 25.

“I was not around when the letter was delivered. I will be in office tomorrow (today) to look at the content and respond appropriately. I will also avail you (The Nation) my response,”Akinsanya said.

Russia Invasion: 15 Countries Sending Arms To Ukraine (Full List)

Russia’s invasion of Ukraine has seen the likes of the United States, Canada and other European countries support Ukraine with military equipment.
According to reports, about fifteen countries have been sending military or humanitarian aid to Ukraine since the war started last Thursday.

See the fifteen countries that has been supporting Ukraine:

United States

Washington said Saturday it is sending an extra $350 million in military aid to Kyiv to bring its total support to more than a billion dollars over the last year.
“This package will include further lethal defensive assistance to help Ukraine address the armoured, airborne and other threats it is now facing,” Secretary of State Antony Blinken said.

On Sunday, Blinken announced $54 million in new humanitarian aid to be spent through NGOs.

Canada

Canada is sending lethal military weaponry to Ukraine and loaning Kyiv half a billion Canadian dollars ($394 million) to help it defend itself.

Germany

Berlin has broken a longstanding taboo of not exporting arms to conflict zones in vowing to send Ukraine 1,000 anti-tank weapons, 500 “Stinger” surface-to-air missiles and nine howitzers.

It is also donating 14 armoured vehicles and 10,000 tonnes of fuel.

Sweden

Stockholm is also breaking its historic neutral stance to send 5,000 anti-tank rockets to Ukraine as well as field rations and body armour.

It is the first time Sweden has sent weapons to a country in armed conflict since the Soviet Union invaded neighbouring Finland in 1939.

France

France, which has already sent help, is dispatching more military equipment as well as fuel.

Paris says it has acted on earlier Ukrainian requests for defensive anti-aircraft and digital weapons.

Britain

Prime Minister Boris Johnson says he is committed to “provide further UK support to Ukraine in the coming days”, without specifying what it might be.

Belgium

Belgium says it will supply Ukraine with 3,000 more automatic rifles and 200 anti-tank weapons, as well as 3,800 tons of fuel.

Netherlands

The Dutch defence ministry says it is sending “200 Stinger missiles as soon as possible”, after a shipment Saturday of sniper rifles and helmets.

It adds to the 20 million euros ($22 million) of humanitarian aid it has already promised.

Czech Republic

Prague said Saturday it is sending 4,000 mortars “in the next few hours” as well as an arsenal of 30,000 pistols, 7,000 assault rifles, 3,000 machine guns as well as scores of sniper rifles and a million bullets.

The Czechs had already promised Kyiv 4,000 mortars worth 1.5 million euros ($1.6 million) which have yet to be delivered.

Italy

Rome has sent 110 million euros ($123 million) in immediate aid to the Ukrainian government as “a concrete sign of our support,” Foreign Minister Luigi Di Maio tweeted.

Portugal

Portugal is giving Ukraine night vision goggles, bulletproof vest, helmets, grenades, ammunition and automatic G3 rifles.

Greece

Greece, which has a large community in Ukraine — 10 of whom have been killed with many more in the firing line — is sending “defence equipment” as well as humanitarian aid.

Romania

Bucharest – which shares a border with Ukraine – is offering to treat the wounded in its 11 military hospitals as well as sending fuel, bulletproof vests, helmets and other “military material” worth three million euros ($3.3 million).

Spain

Madrid has promised to send 20 tonnes of aid to Ukraine, mostly medical and defensive equipment such as bulletproof vests.

Israel

Israel says it is sending 100 tonnes of humanitarian aid such as medical equipment, water purifiers, tents and sleeping bags.