National Insurance Commission (NIC), has issued a word of advice to drivers to desist from doing business with unlicensed insurance agents who sell insurance premiums to them on the market.

Mrs Emma Ocran, Director of Legal Service, NIC speaking at a public education forum for drivers at cape coast in the central region has said, drivers must beware of people who posed as insurance agents without licence and sell fake policies.

“NIC certifies both the insurance company and their agents, so anytime you are buying an insurance policy from an agent, request for his/her NIC identification to be sure that he is not a fake operator or an imposter,” she said.

She also advised drivers to make sure that their documents such as drivers as well as insurance certification licence are always accurate because it is highly impossible to process their claim without them.

The central regional chairman of the Ghana Private Road Transport Union (GPRTU), Ignatius Mensah, issued profound appreciation to the NIC for the education offered them and further called for the creation of a NIC office at the Central Region.

“Now, I know better and I will encourage all of you my colleague drivers in the union to be abreast with insurance agents and policies before purchasing them because these policies would determine the claims we make,” he said.

Mrs Ocran added that, the insurance certificate which most drivers fail to return for was more important than the insurance stickers that was pasted on their cars hence they should always endeavour to go back for their insurance certificate.

“the cover notes given to you when you insure your vehicles are only temporal and you must return for your certificates. The cover note is only valid for 30 days,” she concluded.

Source: thebftonline.com

United Bank for Africa, (UBA) says it is very comfortable with the Bank of Ghana’s new capital requirement which has to be met by December this year.

On the deadline for meeting the new minimum capital requirement for the banks, Chief Executive of UBA West Africa and immediate past MD for UBA Ghana, Abiola Bawuah, says UBA has been ready since the announcement by the Central Bank and supports every step that strengthens the banking industry.

She believes the move will help commercial banks to take up bigger projects and also be able to lend to the private sector.

“We at UBA have said the decision by the Bank of Ghana is a welcome one and have always prepared to meet any rate they settle on. The bank has a strong liquidity position and therefore no cause for alarm in meeting the Ghc400 million capital requirement” she noted.

She hinted the Bank may in the future consider listing part of its shares on the Ghana Stock Exchange to offer an opportunity for Ghanaian investors to own part of the bank.

UBA is one of the biggest Nigerian banks operating in Ghana with a strong financial position of more than Ghc100 million as at the end of last year.

Source: Myjoyonline.com

Managing Director of Zenith Bank, Henry Oroh

As commercial banks race to meet the Bank of Ghana’s December 31, 2018 minimum capital requirement deadline, Zenith Bank has become apparently the first bank in the country to officially meet the GH¢400 million benchmark.

According to the central bank, banks can either move funds from their income surplus or seek fresh capital injection or a combination of both sources to meet the new requirement which was raised from GH¢120 million.

Zenith Bank’s published 2017 audited financial results showed that the bank had an income surplus of more than GH¢459 million in addition to its stated capital which was slightly above GH¢122 million. However, the bank’s published unaudited 2018 first quarter results showed that it had moved funds from its income surplus – now boasting of a minimum requirement of GH¢400 million as at March 31.

This achievement by Zenith Bank makes it the first bank to have actually met the BoG requirement – demonstrating it in its unaudited 2018 first quarter financial results. This feat is consistent with a publication made by the B&FT last year which put Zenith Bank among three banks at the time in pole position to meet the stated capital requirement without external capital injection.

The bank’s success follows an incredible 2017 performance which had the bank recording a profit before tax of more than GH¢250 million – more than 23 percent over the outturn for 2016. The bank in the year under review further grew its total assets by more than GH¢1.27 billion to over GH¢4.67 billion.

Despite 2018 being only a quarter old, the bank has continued its strong performance with its total assets further shooting to GH¢5.85 billion. The move by the bank to shore up its minimum stated capital using funds from its income surplus did not decrease significantly the bank’s retained earnings kitty – boasting of more than GH¢221 million as at March 31, 2018.

Bigger banks

The GH¢400 million minimum capital requirement is a 233 percent increase over the previous GH¢120 million benchmark which has been in place since 2012.

One of the key reasons ascribed by the central bank for increasing the stated capital in September last year was to create stronger banks that can drive the country’s economic growth by undertaking big ticket transactions.

The Governor of the Bank of Ghana, Dr. Ernest Addison in the aftermath of the increase explained that: “Having a financial sector or banks that can mobilise adequate resources and finance big-ticket transactions is crucial in being able to deliver that [economic] transformation, and this is why we are emphasizing the strength of the capital of the banks.”

Banks like Zenith Bank which has just met the new capital requirement are in a better position to partner government in its industrialization agenda particularly the one district -one factory initiative which seeks to put a factory in each of the country’s 216 districts.

Beyond supporting government’s agenda, an increased capital base means Zenith Bank can increase advances to the private sector – forging a stronger partnership in the process.

Source: thebftonline.com

April 16, 2018/FSDH Research

Nigerian banks have been allocating higher credits to different sectors of the economy in Q1 2018. The Credit Condition Survey Report (CCSR) of the Central Bank of Nigeria (CBN) showed that there was an increase in availability of secured credit to households and corporates in Q1 2018. The CCSR serves as an input into the CBN’s monetary policy document, which helps it to assess the latest trends in credit creation in the Nigerian economy. The results are based on lenders’ responses to the survey.

The CCSR indicated that the availability of secured credit to households was higher in Q1 2018, compared with Q4 2017. The benign economic outlook and higher risk tolerance were the major factors for the increase. The survey added that secured credit is expected to grow higher in Q2 2018, from favourable liquidity positions and higher appetite for risk. In addition, lenders reported that the overall spreads on secured lending rates to households relative to Monetary Policy Rate (MPR) narrowed in Q1 2018 and expected to further narrow in Q2 2018. Furthermore, the availability of unsecured credit provided to households rose in Q1 2018 and is expected to rise further in Q2 2018.

Similarly, the CCSR showed that the overall availability of credit to the corporate sector increased in Q1 2018 and anticipated to increase further in Q2 2018. This was also driven by brighter economic outlook, changing sector-specific risks, changing appetite for risk, tight wholesale funding conditions and market share objectives. The survey also indicated that the changes in spreads between bank rates and MPR on approved new loan applications for all business sizes widened in Q1 2018, and is expected to widen further for all business sizes except for small businesses in Q2 2018.

Meanwhile, the inflation rate dropped to 13.34% in March 2018, from 14.33% recorded in February. FSDH Research expects the inflation rate to drop to single digit in July 2018. The major risks to the attainment of a single digit inflation rate in 2018 are: increase in the electricity tariff, increase in the premium motor spirit (PMS) pump price and the rising social unrest in some parts of the country.

FSDH Research believes the CBN may soon deploy measures that will inject additional funds to the financial system that will enable banks to increase credit creation in the economy to stimulate growth.

April 16, 2018/LSETF

In a bid to ensure a smooth application process for its loans and as well provide adequate financing for Lagos businesses, the Lagos State Employment Trust Fund (LSETF) has launched an upgraded online portal embedded with loan tracking capabilities for improved application experience for applicants of its loan programmes. In addition, the website (www.lsetf.ng) has a more visually appealing look and feel as well as easier navigation for a better user experience.

In like manner, the portal has also been redesigned to aid easier online loan application process that is now trackable to the point of disbursement to the beneficiaries. There is also improved information sharing, communications and transparency on the loan programmes and other programmes being implemented by the LSETF.

Commenting on the development, the Executive Secretary of LSETF, Akin Oyebode said; “the revamped LSETF portal goes beyond enhanced visual appeal; it is rather a comprehensive enhancement that further deepens our commitment to transparency and actualisation of our merit-based processes for applicants of the LSETF loans or any other party seeking to engage with us. In line with advancements in online capabilities that have greatly improved user experience, I am pleased that every applicant to the LSETF loan programmes can now easily track the progress of their applications within the comfort of their offices or homes.

“We have also included new features that will make the portal a repository of useful educative resources for our stakeholders. Visitors will benefit from the up-to-date information and trainings to guide them in making better business decisions. The resources to be hosted on the site will include guides on business regulations in Lagos which include local government taxes and levies and advert rates by Lagos State Signage & Advertisement Agency (LASAA). Most importantly, Lagos residents are to experience improved access to our customer service team, who give immediate response to their queries within 24 hours. The newly improved site is in an expression of our commitment to serve Lagos residents better.”

April 16, 2018/NSE

FCMB Group Plc hereby announce the retirement of Dr. Jonathan Long from the Board of the Company following several years of meritorious service and subsequent acceptance of his retirement by the Board, through a written resolution dated April 11, 2018.

Dr. Long started his career in FCMB in 1985 when he joined First City Merchant Bank Limited (now First City Monument Bank Limited (the Bank)) as Deputy Managing Director.

He became the Managing Director and Chief Operating Officer in 1987 and subsequently served as the Chairman of the Bank. Dr. Long retired from the Board of the Bank in 2013 upon the adoption of the Holding Company structure by FCMB. He thereafter served as the Chairman of FCMB Group Plc from 2013 to March 8, 2018.

While on the Board of FCMB, his invaluable contributions and wealth of experience impacted the growth ofthe Group. His dedication to the Board is greatly appreciated.

Mr. Oladipupo Jadesimi succeeds Dr. Jonathan Long as Chairman of the Board

April 16, 2018/Afrinvest

Last week, performance in the Treasury bills (“T-Bills“) market maintained its bullish trend for the third consecutive week this month as investors continue to take positions across all tenors.

Consequently, average yield across all tenors declined 56bps W-o-W to close at 13.78 % on Friday. It is worthy of note that the 26-Apr-18 maturity gained 64bps W-o-W to close at 12.96% from 12.33% the previous week while the 10-May-18 maturity declined 214bps to close at 12.25% from 14.39%.

Please see available rates for today below:

Maturity Rate (%) p.a. Tenor (Days)
31-May-18 8.50 45
21-Jun-18 11.20 66
19-Jul-18 10.00 94
09-Aug-18 9.80 115
06-Sep-18 10.30 143
25-Oct-18 10.50 192
06-Dec-18 12.50 234
OMO Auction 13.00 200-300
Please note that rates are valid till 1:30pm today (16-Apr-18)
This week, a Primary Market Auction is slated to hold on Wednesday with the CBN offering N58.4bn (vs. N116.9bn maturing) following the Federal Government’s plan to reduce the amount being rolled over in a bid to reduce its domestic debt.

On the back of this, we anticipate a bullish performance at the auction particularly the 364-day tenor as investors take position to hedge against further rate decline. Please see stop rates for the last auction below:

Tenor (Days) Stop Rate (%)
91 11.75
182 12.70
364 13.04
The T-bills market is currently volatile on the back of an expected improved system liquidity as OMO maturity of N272.1bn and T-bills maturity of N73.1bn are expected to hit the system on Thursday. However, we expect rates to moderate higher towards the end of the week as the Apex bank mops up excess system liquidity via an OMO auction.

April 16, 2018/FirstBank of Nigeria

In partnership with Verve International, First Bank of Nigeria Limited has announced a promotion to reward its customers for using their FirstBank Verve card to purchase petrol at selected Oando filling stations in Lagos.

FirstBank Verve Card holders would receive free extra litres of petrol each time they use their FirstBank verve cards to purchase a minimum of N3,000.00 worth of petrol, The selected Oando petrol stations where the promo will run are the Maryland, Marina, Alapere and Ojodu Berger stations.

The promo which will run from Thursday to Monday every week between 8 a.m. and 8 p.m. will end on Monday, May 21, 2018.

Verve Card is a secure debit card which allows the card-holder to conveniently meet day to day financial needs like the payment for goods and services, airtime recharge, bill payments, funds transfer amongst others. It is accepted at all ATMs, POS/Web/Mobile Channels, Firstmonie Agent Kiosks, and Bank branches connected to the Interswitch network in Nigeria.

Walk into any FirstBank branch today and pick up your Verve card to get rewarded.

The Peoples Democratic Party (PDP) implores President Muhammadu Buhari
to show leadership and stop allowing his re-election interest to further de-market the nation and blocking Nigeria’s chances of accessing international help in critical sectors.

Only yesterday, our dear nation was burdened with yet another integrity
issue following claims by President Buhari before British Prime
Minister, Theresa May, that he is not preoccupied with the 2019 general election, when the world is already aware that he has since kicked off his campaign.

All over the world, well-meaning leaders relegate their personal
interests, accept responsibility in the face of failure and use every
opportunity to seek help and remedy a bad situation.

Nigerians are therefore miffed that instead of presenting the true state
of affairs in our country under his watch, particularly, the comatose
economy and worsened insecurity, President Buhari, obviously in a bid to give an impression of performance, chose to understate the challenges, thereby jeopardizing the chances of securing much needed international
support for the country.

We are shocked that rather that engaging his international hosts on ways to pull our economy from the biting recession, President Buhari opted for self-praise, brandishing unsubstantiated record of achievements, thus stalling possible beneficial bilateral discussions and engagements in that area.

Is it not a disservice that President Buhari is sounding brass in London
instead of seeking solution for the woes the poor policies of his
administration have plunged our nation into?

In the last three years, under his watch, there have been little or no
direct foreign investments; critical infrastructures have collapsed,
with multinational companies relocating to other countries. Nigeria is no longer among the first ten investment destinations in Africa, leading to mass closure of businesses, massive job losses and biting poverty in the country.

Furthermore, is it not preposterous that President Buhari told the
British Prime Minister that his administration is achieving food
security when in truth, we are facing a major food crisis in Nigeria,
with prices of staple food, particularly rice, now beyond the reach of the citizens?

Additionally, we are sure that the British Prime Minister will be
pleasantly amazed over President Buhari’s success claims on security as the international community is aware that security concerns have
worsened under his watch, with daily bloodletting and marauding of
communities turning our nation into a large killing field.

We are therefore surprised that our dear President failed to seize the
moment to open serious bilateral talks on practical strategies to end
the scourge and ensure the safety for Nigerians, especially given his
recent declaration that the marauders were deserters from Libya.

In spite of his belief to the contrary, it is obvious that President
Buhari is completely preoccupied with his 2019 re-election ambition for which governance and the welfare of Nigerians have completely taken the back seat.

Finally, we hope that President Buhari would have the opportunity to address the Commonwealth Heads of Government Meeting (CHOGM) and we implore him to use the august occasion to present the true state of affairs in our dear country and seek help, so that Nigeria will access the necessary assistance from the international community.

Some lawmakers in the Senate are calling for the sack of the Service Chiefs in the country.

The lawmakers made their views known during a debate on the persistent killings across the country by alleged herdsmen.

A point raised by Senator Suleiman Adokwe at plenary on Tuesday, informing the Senate of the killing of over 32 people in his constituency allegedly by herdsmen.

Some other lawmakers have expressed their concern over the recent killings in the country.

According to them, measures have to be put in place to protect the common man and those in possessions of illegal weapons have to be withdrawn.

They also commiserated with the families of those that lost their lives in the recent herdsmen attack.

While another Senator, Senator Solomon Olamilekun, has called for the sack of all the Service Chiefs noting that they have failed in their responsibility to protect the lives and properties of Nigerians.

Over the months there has been series of killings in the country, especially from the northeast and central.

The latest killings were in Taraba and Benue where several persons were feared killed following fresh violence that broke in the two states.

Also in Zamfara State about 22 people were killed in Kuru-Kuru and Yar’ Kuka villages of Anka Local Government Area of the state.

The lawmakers are therefore calling on the President to find a way to stop these incessant killings across the country.

Source Channels Television

The Senate has summoned the Minister of Defence Mansur Dan Ali, Governor of the Central Bank of Nigeria, Godwin Emefiele and the Minister of Finance, Kemi Adeosun to appear before the Committee on Appropriation.

Adeosun and her colleagues were on Tuesday summoned before the Upper Chamber to explain why 462 million dollars was released for the purchase of helicopters by the Federal Government without its approval.

They are to appear to before the committee which has been given a one-week deadline to present their findings to the Senate.

The summon is coming after a lawmaker Senator Samuel Anyanwu, at plenary drew the attention of the Senate to the alleged expenditure of 462 million dollars by the Federal Government for the purchase of helicopters.

Source Channels Television

There was panic among Abuja residents as police officers on Tuesday dispersed suspected Shiites protesters in the Federal Capital Territory.

Members of the Islamic movement had assembled at Wuse area in Abuja and were processing towards the Berger junction area when they were intercepted by the police and dispersed.

They reportedly managed to regroup at the Berger junction, where police swooped down on them, firing water cannon and teargas forcing the protesters to disperse.

Residents, however, said the police vehicles were seen chasing the protesters who in turn hurled stones and other objects at them.

Tuesday’s incident follows the arrest of 115 Shiites on Monday after police and Shiite protesters clashed near Unity Park and Transcorp Hilton Hotel on Monday.

The Police said order has since been restored to parts of Maitama, following the violent protest on Monday.

The Islamic movement has been agitating for the release of their leader Sheik Ibrahim El-Zakzaky who has been in detention since December 2016.

‘We Want To Defy Dictatorship’
The protesters in Abuja continued their protest at the nation’s capital on Tuesday claiming that they want to defy dictatorship.

“We’ve come under serious attack today,” said Deji Adeyanju of Concerned Nigerians, a civil society group involved in the demonstration.

“The more they attack the more (we) come out,” Deji said. “We want to defy tyranny and a dictatorship.”

The police did not immediately comment.

Zakzaky, head of the Islamic Movement of Nigeria (IMN), has been in government custody since troops clashed with his followers in the northern city of Zaria in December 2015 despite court orders that he should be freed.

More than 350 IMN followers were killed in the 2015 clashes. Zakzaky was shot and injured leaving him partly paralysed and blind in one eye.

The Shiite leader has repeatedly been imprisoned for alleged incitement and subversion.

IMN has been in conflict with the Nigerian government for years, seeking to foment an Iranian-style Islamic revolution in the country’s Sunni Muslim-majority north.

Zakzaky’s followers on Monday had clashed with the police in Abuja’s Maitama area and police made at least 115 arrests.

AFP

The Nigeria Military on Tuesday said four armed herdsmen have been killed and about 20 other suspects arrested in Benue State.

Director Army Public Relations, Brigadier General, Texas Chukwu in a statement on Tuesday said the troops of special forces arrested the armed herdsmen during a patrol at Teguma village.

“Troops of 72 Special Forces Battalion on April 16, 2018, on Operation MESA at Yogbo in Guma Local Government Area of Benue State encountered about 20 militia herdsmen at Teguma village while on patrol.

“Four of the militia herdsmen were neutralised during the encounter while others fled following superior gun power,” the statement read in part.

Items recovered from the suspects include four AK 47 rifles, five 7.62mm rounds of ammunition and 28 rounds of 7.62 police special ammunition.

The Nigerian army also recently killed one herdsman in Benue.

Benue State has been a hotbed of herdsmen-farmers crisis which has led to several attacks that have since sent many Benue residents to their early graves, most notably on New Year’s Day. This resulted in military intervention in the Benue and the commencement of military operation tagged Operation Cat Race.

Troops deployed in Army Exercise Ayem Akpatuma, also known as Cat Race on Wednesday, April 4, killed the herdsman and two persons after intercepting a large number of armed herdsmen on Tuesday, April 4, in Asom village, Guma Local Government Area of the state.

Lingering Attacks
The attacks in Benue took a surprising turn recently when some gunmen laid ambush on police officers in the state.

Four police officers were killed and about 11 others are still missing after the gunmen, on Sunday, laid an ambush on police officers in Benue State.

The attack occurred when the police officers were on a patrol from Anyibe to Ayilamo in Logo Local Government Area of the state.

Source Channels Television

Police in Borno State on Monday arrested a female suicide bomber near an Internally Displaced Persons (IDP) camp in Bakassi, Maiduguri.

The Police in a statement on Tuesday identified the female suicide bomber as Zara Idriss.

The statement, which was signed by the Police Public Relations Officer (PPRO), Edet Okon, explained further that suspect was successfully arrested before detonating the bomb near the IDP camp and is currently in police custody.

“On sighting the bomber, conventional policemen alongside their EOD counterparts swung into action and cordoned off the area to prevent escape of the bomber into the city.

As a result, the suspect, one Zara Idriss was rendered safe, arrested and is now held in custody,” the statement read in part.

The Commissioner of Police in Borno State, therefore, asked members of the public to go about their activities without fear and to promptly report any suspicious movement around them to the police or other security agencies.

A village on the outskirts of Maiduguri, the Borno State capital was recently attacked by suicide bombers.

The attack, which occurred last month, saw four attackers infiltrating Muna Zawiya village in Mafa Local Government before detonating their explosives. One person was killed and injuring 18 others were injured in the attack.

A frequent target for the suicide bombers in Borno State home is noted to be IDPs – home to many people displaced by the violence.

In January, at least 12 people were killed and 48 others injured at the Muna Garage in Maiduguri, when two suicide bombers attacked it.

Tony O. Elumelu, Chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation
April 17, 2018/Heirs Holdings

Chairman, Heirs Holdings and Founder, The Tony Elumelu Foundation, Tony O. Elumelu will join Jim Yong Kim, President, World Bank Group and Jeff Weiner, LinkedIn CEO at the opening debate of the ‘Digital Economy for Africa’ Forum in Washington, D.C organised by the World Bank Group.

The event, which will hold on April 19, 2018, at the World Bank Group Main complex, will also serve to launch the World Bank Group’s Digital Economy for Africa initiative in collaboration with the IFC as an important effort to realise Africa’s digital potential.

Follow Heirs Holdings on social media to join the real-time conversation.

L-R: Chairman, United Bank for Africa, Mr. Tony Elumelu; CEO, Nigerian Stock Exchange, Mr. Oscar Onyeama and Group Managing Director/CEO, United Bank for Africa, Mr. Kennedy Uzoka, during the official ceremony to announce the migration of United Bank for Africa Plc and three other companies to the Premium Board of the Nigerian Stock Exchange on Monday
April 17, 2018/UBA Plc

The Nigerian Stock Exchange on Monday migrated the ordinary shares of United Bank for Africa (UBA) Plc to its Premium Board, in what capital market analysts describe as an attestation to the Bank’s strong adherence to international best practices on corporate governance.

The Premium Board is the newly created platform for elite companies that meet the most stringent corporate governance and listing standards of the Exchange.

According to the CEO of Nigerian Stock Exchange, Oscar Onyema, UBA Plc, Seplat Petroleum Development Company Plc, Lafarge Africa Plc and Access Bank Plc were admitted on this elite platform, having fulfilled all the stringent listing requirements for the Premium Board of the Nigerian Stock Exchange. It is a platform for showcasing sector leaders, with sound corporate governance.

“Premium Board features companies that adhere to international best practices on corporate governance and meet the Exchange’s highest standards of capitalisation and liquidity,” Onyema said.

According to Onyema, UBA Plc, Lafarge Africa, Seplat and Access Bank have all passed the Corporate Governance Rating System and have market capitalization of N374.48bn, N391.37bn N378.60bn and N347.12bn respectively.

Onyema added, “companies on the Board are well-run corporates with sound governance, which is part of the requisite qualification for listing on the Premium Board. These stocks which currently have strong visibility on the Exchange will further appeal to investors, seeking to invest in companies with the highest standards of corporate governance. From inception to date, the Premium Board Index continues to outperform the benchmark NSE ASI with the Premium Board recording a total return of 85% per cent, compared to the NSE ASI’s return of 42% over the same period.

UBA, Seplat, Lafarge and Access would join Dangote Cement Plc, FBN Holdings Plc, and Zenith International Bank Plc on the Premium Board, bringing the total number of companies on this elite platform to seven.

Speaking at the event, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka noted; “the migration of UBA shares to the Premium Board of the Nigerian Stock Exchange (NSE) is well deserved. It is instructive to bring back memories of our pioneer Initial Public Offer (IPO) in the Nigerian banking sector, following our listing on the NSE in 1970. Since then, we have remained committed to the development of the NSE and the broader capital market, through our equity and debt listings as well as strategic partnerships with the leaderships of the Nigerian capital market.

More so, this premium listing of UBA shares is a further attestation of our size and the liquidity of the stock on the Exchange. It is also reinforcing of our continuously evolving sound corporate governance, which is a pre-requisite for companies to be listed on the Premium Board of the NSE. In expectation that this premium listing will further enhance the visibility of our stock on the Nigerian Bourse, we believe our decision to migrate UBA shares to this new Board will deepen value creation for our shareholders. It is pertinent to reiterate our commitment to sustainable and superior wealth creation for all shareholders, as we duly appreciate and place significant premium on everyone’s investment in UBA Group, Kennedy added”.

Also speaking at the ceremony, the Chairman of UBA Plc, Tony O. Elumelu said that “the migration of UBA shares to the newly created Premium Board of the Exchange is a deserving recognition of the size, liquidity and sound corporate governance of the Group. I congratulate the Management and Staff of UBA Group on this positive recognition.”

He added: “I laud the leadership of the NSE for Premium Board initiative, which I consider to be a progressive classification, as it should provide relevant visibility for prime stocks listed on the NSE and perhaps help discerning investors in their stock selection and broader investment decision process. I expect stocks listed on the Premium Board to attract the justified premium valuation, which they truly deserve, as large-cap companies with proven record of sound corporate governance and stock liquidity. I would expect the NSE or any of the major brokerage houses to develop an index around the Premium Board, as this my further deepen the market and create the much-needed products and liquidity for the Nigerian equity market.”

UBA PLC, is a leading Pan- African financial institution, offering banking services to more than fourteen million customers, across 1,000 business offices and customer touch points in 19 African countries. UBA is connecting people and businesses across Africa with presence in the United States of America, the United Kingdom and France

April 17, 2018/NSE

Please, this is to inform you that Dangote Sugar Refinery PIc. (the Company), has appointed Mrs. Adebola Falade, the Chief Finance Officer (CFO) of the Company. She assumed duty on 33″d day of April, 2018.

All Progressives Congress (APC) National Leader, Asiwaju Bola Tinubu, has once again blamed past civilian administrations for the nation’s economic woes.

He stated this in his address as the special guest of honour at the 35th annual Aminu Kano Memorial Symposium, held in Kano, on Tuesday.

Tinubu, who was represented by the Governor of Oyo State, Senator Abiola Ajimobi, described the ex-President Goodluck Jonathan-led administration as the worst culprit in the pillaging of the nation’s resources.

Speakers at the event, Publisher of Premium Times, Mr. Dapo Olorunyomi; and a stalwart of the APC, Dr. Usman Bugaje, examined the “Democratic governance in Nigeria and the imperatives of party ideology and supremacy.”

Tinubu attributed the country’s current infrastructural deficit to the billions stolen by the past governments.

He said the APC government had in the past three years been labouring hard to clean the rot and give the people a new lease of life.

The APC leader stated: “The APC government may, at times, be imperfect in fulfilling the spirit of Aminu Kano but we are far from the PDP (Peoples Democratic Party), which has perfected the malign craft of giving selfish ambition primacy over the public good.

“Consequently, the Buhari government has spent inordinate time cleaning the rot and plugging the holes in the corrupt system the others had institutionalised as their strategic policy and national direction.

“The APC has been working to steer our national ship from this awful direction in order that we may bring the people and their welfare into safe harbor.

“Had the billions of dollars and trillions of naira that were stolen by past governments been used for the people, the nation would have been able to acquire the infrastructure and implement the programs that bring greater development and economic justice to all.

“Instead, the select few ate more than their bellies could contain. Distorting the cause of justice and hijacking the means of national welfare, they wildly enriched themselves and left the average Nigerian to dine on the passing wind.”

Due to the drop in oil prices, he said that the ruling government had had less resources at his disposal than its predecessors, but had done more with the less.

Tinubu said the theme of the symposium was apt and timely.

He commended the Aminu Kano Center for Democratic Research and Training and Bayero University for the initiative.

Tinubu described Aminu Kano as a “great man that could have lived an easy life by exploiting, for selfish objectives, all the opportunities opened to a man of his great abilities and social station.”

He added: “Instead, he (Aminu Kano) devoted himself to the welfare of the people. He took the harder path because it was the true and correct one. As Aminu Kano did, we must do!

“The spirit of this great man must guide more than our deliberations here today. That spirit must direct our political intercourse and actions.”

In his paper, Bugaje raised a few posers such as the difference between power and authority, legality and legitimacy, as well as eligibility and sustainability.

He argued that it was possible to have power without having authority, adding that it was also possible to be eligible, but not suitable for a given position or office.

In order to succeed, he said a leader must be knowledgeable, courageous and selfless; while adding that a leader must be like a shepherd who leads his cattle to a place of pasture and a good place where they can graze.

In his own presentation, Olorunyomi stressed the need for the country to be in accord and be united in purpose.

In spite of the challenges that Rwanda recently went through, he said that the country was able to bounce back into a unified entity where law and order reigned because of unity of purpose.

Embattled Senator Ovie Omo-Agege has been arrested by the police in Abuja.
He was arrested by the FCT Police Commissioner and the National Assembly Police Post Divisional Police Officer (DPO) shortly after the Executive Session by the Upper Chamber.

Details shortly…,

The Peoples Democratic Party (PDP) condemns the invasion of the National Assembly and decries the seizure of the Senate mace as a direct assault on the legislature and bold attempt to truncate Nigeria’s democracy.

We note that this offensive has been emboldened by series of
interferences and direct attacks by the All Progressives Congress (APC) and the Buhari Presidency on the institution of the National Assembly, particularly the Senate.

The APC has foisted on our nation an irredeemable autocracy, which has in three years of governance, gone beyond limits to force Nigerians to accept a government that has no respect for freedom and the ideals of democracy, particularly the constitutional separation of powers.

Is it not strange that a legislative day appointed to further deliberate
on the re-ordering of sequence of election will be the day that strange
elements would invade the National Assembly, particularly, the hallowed
chambers of the Senate, to disrupt legislative proceeding and seize the
mace?

Equally strange is the compromising of security in the National Assembly paving the way for the invasion.

The parliament, all over the world, is the bastion of democracy, without
which government becomes autocratic and totalitarian.

We urge Nigerians to pause and reflect on the series of assaults on our legislature under the current dispensation; the persecution and
harassment of the leaders and members of the Senate on trumped-up charges, including declaring a serving senator wanted by the Police.

We therefore charge the National Assembly to bring forth every
legislative instrument to protect itself from external aggressions as
well as unravelling every persons, offices and institutions that played
any form of roles in this wild attempt to scuttle our hard earned
democracy.

Our nation has accepted democracy as the best form of governance. Those whose adrenaline cannot accommodate democracy and its constitutionally guaranteed tenets should either shape in or be forced to conform with the best ideals of democracy.