Tajudeen Abass: A Symbol Of Parliamentary Stability By Toby Prince

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.

Toby wrote this piece from Abuja.

Access Holdings  Vests  23.8 million Units of Shares on Senior Executives

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.

ZENITH BANK’S LANDMARK N125.59 BILLION DIVIDEND PAYOUT EXCITES SHAREHOLDERS 

ZENITH BANK’S LANDMARK N125.59 BILLION DIVIDEND PAYOUT EXCITES SHAREHOLDERS 

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

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

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.

State Police: Your Position Unacceptable, Lagos Assembly Tells IGP Egbetokun

State Police: Your Position Unacceptable, Lagos Assembly Tells IGP Egbetokun

 

Rt. Hon. Obasa, Speaker Lagos State House of Assembly

The Lagos State House of Assembly has kicked against the position of the Inspector-General of Police, IGP, Olukayode Egbetokun, that Nigeria is not ripe for the establishment of state police.

Speaker of the House, Rt. Hon. Mudashiru Obasa, directed the Clerk of the House, Barr. Olalekan Onafeko, to write the Inspector-General and the National Assembly stating that the state lawmakers reject Egbetokun’s position.

Recall that the IGP, represented at a recently held one-day dialogue on state policing, themed, ‘Pathways to Peace: Reimagining Policing in Nigeria’, opposed the establishment of state police, arguing that it would increase ethnic tension and cause divided loyalty in states of the federation.

The IGP also suggested that the Federal Road Safety Corps and the Nigeria Security and Civil Defence Corps be merged with the police force.

However, speaking at plenary on Monday, Dr. Obasa, who noted that the FRSC and the NSCDC have not been able to solve the problems of accidents on roads and pipeline vandalism respectively, wondered how effective they would be if they are merged with the police force.

“In Lagos State, we have the Security Trust Fund through which successive administrations starting from that of Asiwaju Bola Ahmed Tinubu have provided enormous support to the police command in Lagos State. Yet, crime of different dimensions has continued.

“This shows that no matter what Egbetokun has proffered as solution, such won’t solve our problem. The position of the IGP is unacceptable.

“We strongly believe that if we have state police, we would be able to solve the issues of crime in our nation or reduce it to the minimum.

“As we have seen in other climes, the United Kingdom has different levels of policing just like the United States of America. So why should ours be different?

“The lives of our people are very important and we must do everything possible to make sure we protect lives and property. We want to state categorically that we believe in state police and we want to urge the National Assembly to continue with its intendment to establish state police through the process of constitutional amendment,” Obasa said while praising President Tinubu for his resolve to end insecurity in the country.

Commending the Speaker for his stand on the issue of state police, the lawmaker representing Badagry Constituency 1, argued that with its current structure, it would be difficult for the Nigeria Police Force to effectively secure the country.

Also declaring his support for state police, another lawmaker, Hon. Sa’ad Olumoh (Ajeromi/Ifelodun 1), said each Nigerian state currently has a local security outfit in the semblance of state police.

“Today, which state does not have state police one way or the other? This is a cause that should be supported. For the IG to come out and say state police is not in the interest of Nigeria shows he is not considering the reality of insecurity on Nigerians,” he said.

ZENITH BANK, AfCFTA JOIN FORCES TO REVOLUTIONIZE AFRICAN TRADE

ZENITH BANK, AfCFTA JOIN FORCES TO REVOLUTIONIZE AFRICAN TRADE

 

Zenpay Limited, a wholly owned subsidiary of Zenith Bank Plc, has signed an Agreement with the African Continental Free Trade Area (AfCFTA) Secretariat for the development and deployment of the SMARTAfCFTA Portal to facilitate trade within the African continent. 

 

The agreement which was signed by the Chairman of Zenpay Limited, Dr. Ebenezer Onyeagwu and the Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, at Zenith Bank Headquarters, Ajose Adeogun Street, Victoria Island, Lagos on Friday, May 3, 2024 comes as a follow-up to the Memorandum of Understanding (MoU) which was previously signed by both parties during the 8th Annual Edition of Zenith Bank’s International Trade Seminar on Non-Oil Export which was held on Wednesday, August 8, 2023.

 

During the agreement signing, Dr. Ebenezer Onyeagwu, Chairman of Zenpay Limited, expressed his enthusiasm for the collaboration with the AfCFTA Secretariat, highlighting its significance given the current understanding of trade flows in Africa. Dr. Onyeagwu noted, “In Africa, intra-African trade constitutes only about 20% of total trade, with the rest going overseas, despite Africans making up 18% of the world population but contributing less than 5% to global GDP. By trading within Africa, we anticipate building prosperity across the continent.”

 

He further stated, “This initiative is not driven by profit but by the need to support the African Continental Free Trade Area. It aims to create a unified African market, enhancing economic integration and standardising customs and practices. As we advance this agenda, we expect tosee significant growth and improvement in intra-Africa trade.”

 

Also speaking during the agreement signing, His Excellency, Wamkele Mene, Secretary-General of the AfCFTA Secretariat, shared his delight over the partnership with Zenpay Limited in developing SMARTAfCFTA. He appreciated Jim Ovia, CFR, Founder and Chairman of Zenith Bank Plc, for his commitment to the project. According to him, “Four years ago, we discussed and envisioned SMARTAfCFTA as a digital platform to empower SMEs and young entrepreneurs in Africa, facilitating their inclusion in trade and boosting intra-African trade. This platform will serve as a repository for crucial trade data, offering insights on rules of origin and market intelligence, thus playing a pivotal role in implementing the AfCFTA agreement. Today is a testament that working together with our African partners in this case, Zenith bank, shows that their commitment goes beyond their progit margins to their stakeholders, but are motivated by our shared duty towards the Continent.”

 

Speaking about the Pan-African Payment and Settlement System (PAPSS) alongside the SMARTAfCFTA portal,  H.E. Mene described PAPSS as “Africa’s payment highway.” He clarified that, unlike PAPSS, SMARTAfCFTA is not a payment platform itself but will be interoperable with PAPSS, allowing functionalities that facilitate easy payments. He emphasised that these platforms complement each other; they are not in competition. “We promote and encourage only one payment platform—PAPSS. Our goal is to integrate the digital ecosystem we are developing into PAPSS. We are committed to fostering innovation within this framework, ensuring it supports a seamless continental payment system without creating competition among platforms.”

 

SMARTAfCFTA is a digital platform designed to facilitate international trade by providing the necessary information and tools to the African private and public sectors. The Portal aims to streamline and unlock vast opportunities for trade across the African continent, and has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, Rules of Origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa.

 

About ZENPAY Ltd 

Zenpay Ltd is a private limited liability company duly incorporated under the laws of the Federal Republic of Nigeria as a wholly owned subsidiary of Zenith Bank Plc. The company. It is a one-stop revolutionary financial technology (Fintech) company responsible for digital innovation and payments.

 

UNVEILING THE MASTERY: BOMA FEMI JULIUS – A JOURNEY THROUGH SKILLS BY CHINEDU NSOFOR

UNVEILING THE MASTERY: BOMA FEMI JULIUS – A JOURNEY THROUGH SKILLS

BY
CHINEDU NSOFOR

Boma Femi Julius is one luminary whose name echoes through the corridors of the drilling fluids Industry. With an illustrious career spanning over 18 years, Boma has carved a niche for himself as a drilling fluids specialist par excellence, traversing the landscapes of both onshore and offshore rigs with unparalleled finesse.

Armed with a multifaceted arsenal of skills honed over years of diligent practice and unwavering dedication, Boma stands as a testament to the power of perseverance and the pursuit of excellence. His journey, adorned with myriad accomplishments and milestones, serves as an inspiration to aspiring professionals and seasoned veterans alike.

Master of the Trade

At the heart of Boma’s expertise lies a profound understanding of drilling engineering, cultivated through years of hands-on experience and academic rigor. Armed with a Master of Science in Drilling and Well Engineering from Robert Gordon University, coupled with a Bachelor’s degree in Polymer and Textile Engineering from the Federal University of Technology Owerri Nigeria, Boma embodies the perfect amalgamation of theoretical knowledge and practical acumen.

His educational odyssey, enriched by a Mini MBA in Business Administration and Management from Tekedia Institute, serves as a testament to his commitment to holistic growth and professional development. But beyond the confines of academia, it is Boma’s relentless pursuit of excellence that sets him apart in a sea of mediocrity.

Fluid Dynamics Virtuoso

As a drilling fluids specialist, Boma’s proficiency knows no bounds. From conducting physical and chemical analysis tests to crafting intricate mud programs tailored to each unique rig environment, his mastery of fluid systems is nothing short of extraordinary. Whether navigating the complexities of onshore drilling or braving the unforgiving tides of offshore rigs, Boma’s expertise remains unwavering, a beacon of reliability amidst the tempest of uncertainty.

His contributions to the field extend far beyond the confines of traditional expertise, as evidenced by his role in establishing a drilling fluids training school. Through this noble endeavor, Boma seeks to empower the next generation of industry trailblazers, imparting upon them the wisdom gleaned from years of firsthand experience.

A Linguistic Virtuoso

Fluent in both English and French, Boma epitomizes the essence of international professionalism. As a bilingual communicator, he effortlessly bridges cultural divides and fosters meaningful connections across linguistic barriers. His ability to seamlessly navigate diverse environments speaks volumes about his adaptability and cultural fluency, qualities that have undoubtedly served him well in his global endeavors.

Beyond the Rig: A Renaissance Man

Yet, Boma’s expertise transcends the confines of the drilling rig, as evidenced by his prowess as a karate coach, a Second Dan Black Belt graded by the Karate Union of Great Britain (KUBG). Through the ancient art of martial prowess, he imparts upon his students the virtues of discipline, focus, and resilience, echoing the same principles that have guided him on his professional journey.

In the annals of drilling fluids mastery, Boma Femi Julius stands as a towering figure, a paragon of excellence whose indelible mark on the industry shall endure for generations to come. With each passing day, he continues to inspire and innovate, embodying the very essence of what it means to be a true master of the craft.

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Transcorp Group delivers impressive Q1 2024 performance; sustains revenue growth of 173% and PBT of N45 billion

Transnational Corporation Plc (“Transcorp” or the “Group”), Nigeria’s leading, listed conglomerate with investment in the Power, Hospitality, and Energy sectors, has announced impressive Q1 financial results for the period ended March 31, 2024.

In its Q1 2024 unaudited results, Transcorp reported significant year-on-year growth, with revenue rising to N88.6 billion from N32.4 billion in 2023, representing a 173% increase.

The impressive results are largely driven by a remarkable 209% year-on-year revenue growth within the power business, highlighting significant strategic progress as part of Transcorp Group’s implementation of its integrated power strategy.

The hospitality business recorded a 68% year-on-year growth in revenue, driven by an increase in occupancy rate from 75% to 82% compared to the previous year.

The results show substantial growth across all financial indicators, reinforcing its market leadership and strategic positioning.

Highlight of Transcorp Group Results:

  • Q1 2024 Revenue was N88.6 billion, a significant increase of 173%, compared to Q1 2023.
  • Operating income increased by 479%, from N8.5 billion in Q1 2023 to N49.1 billion in Q1 2024.
  • Operating expenses saw an increase of 40% year on year to N8.2 billion in Q1 2024, reflecting the impact of inflation and cost of operations.
  • Net finance cost increased by 14% to N3.7 billion in 2024 from N3.2 billion in 2023 due to a slightly higher interest rate review in line with MPR.
  • Profit before tax from ordinary business of the Group  surged by 1110%, amounting to N34.7 billion in Q1 2024, compared to N2.9 billion in Q1 2023 in the same period last year.
  • Profit before tax inclusive of extra ordinary income was N45.7 billion in 2024 compared to N2.9 billion in 2023.
  • The Group recorded extra ordinary income of N11 billion during the period from the realised gain from the sale of shares.
  • Profit after Tax including the extra ordinary income improved 1832% year-on-year to N35.9 billion in Q1 2024, compared to N1.9 billion in Q1 2023 in the same period last year.
  • Earnings per share of the Group was N61.12k in Q1 2024, compared to N2.58k in Q1 2023.
  • On the balance sheet, total assets grew by 8.3%, from N530 billion in December 2023 to N574 billion in Q1 2024 due to the increase in operational activities.
  • Shareholders’ funds increased by 20% from N187billion in December 2023 to N224 billion at the end of Q1 2024 due to profit accreted to retained earnings.

In response to the results, Dr. Owen D. Omogiafo, President/Group Chief Executive Officer of Transcorp, commented, “Our Q1 2024 results demonstrates Transcorp Group’s resilience and commitment to excellence. Despite the challenges, we achieved growth across all major indices, focusing on operational efficiency at both our power plants, and maximising opportunities within our hospitality business, showing our ability to adapt and succeed in changing markets. We will continue to deliver sustainable growth, operational efficiency, and value for our shareholders.”

This robust achievement is a further demonstration of the Group’s strategic focus and effective executionTranscorp is dedicated to its transformation agenda, emphasising sustained growth and a relentless pursuit of long-term value for shareholders.

Dwellers of Coastal and Waterways Communities Appeal for Peace and Security in Rivers

Dwellers of Coastal and Waterways Communities Appeal for Peace and Security in Rivers

A group of Nigerians living around the waterways in Nigeria has appealed to the President of the Federal Republic of Nigeria to help maintain peace and security in Rivers State, in the release signed by Tom Inko-Tariah and titled “URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT” where they seek the intervention of the president. Below is the release;

PUBLIC NOTICE: URGENT APPEAL FOR PEACE AND SECURITY IN RIVERS STATE: A CALL TO ACTION FOR THE PRESIDENT

As concerned citizens and representatives of the Dwellers of Coastal and Waterways Communities of Africa (DCWCA), our hearts weigh heavy with concern for the safety and security of our beloved nation, particularly in Rivers State. Recent developments have seen allover the internet news online a troubling plot that threatens to undermine the peace and stability painstakingly built by our coastal communities.

We are gravely disturbed by reports indicating a sinister scheme aimed at disrupting the commendable efforts of Royal Fouchee Security Limited, spearheaded by the esteemed Alhaji Mujahid Dokubo Asari. It pains us deeply to learn that the very guardians of our security, the Nigeria Security Agencies, are allegedly orchestrating an assault on the dedicated workers of Royal Fouchee Security Agency and other private security entities in Rivers State.

In this hour of uncertainty, we turn our eyes to the highest office of the land, the esteemed President of Nigeria, with an impassioned plea for intervention. Mr. President, we beseech you to heed our call and use your authority to halt any actions that may endanger the lives and well-being of our coastal citizens. Your decisive action is imperative in preventing further escalation of tensions and preserving the peace that is the lifeblood of our coastal communities.

While we cannot definitively prove the political undertones behind these alarming developments, the whispers of suspicion linger in the air. It is incumbent upon our leaders to rise above partisan interests and prioritize the safety and security of every Nigerian, particularly those in our coastal regions who are vulnerable to various challenges.

Let us not forget the lessons of our past, where political differences were allowed to sow seeds of discord and division among our coastal brethren. Instead, let us unite in solidarity, transcending political boundaries to safeguard the sanctity of our democracy and the welfare of our coastal people.

Mr. President, we implore you to intervene swiftly and decisively, sending a clear message that the security and well-being of every coastal Nigerian is non-negotiable. Your actions today will shape the destiny of our nation and reaffirm our collective commitment to peace, unity, and progress.

With unwavering hope and trust in your leadership,

Dwellers of Coastal and Waterways Communities of Africa (DCWCA)
Tom Inko-Tariah ACI arb
President/CEO]

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