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Sterling Bank partners SPPG on credentials verification with blockchain

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Sterling Bank partners SPPG on credentials verification with blockchain

Sterling Bank has partnered with the School of Politics, Policy, and Governance to address the gap in the verification of credentials through the adoption of blockchain technology.

This was disclosed in a statement issued by the bank on Tuesday revealing that the collaboration marked a milestone in enhancing the efficiency, security, and accessibility of academic credentials in Nigeria.

The bank said that the partnership involved support for the implementation of a blockchain-based digital certification programme delivered by VX Technologies.

“We are thrilled to partner with VX Technologies and SPPG to introduce this game-changing initiative. We believe in the power of innovation to drive progress and transform lives at Sterling Bank. By supporting the adoption of blockchain technology in education, we are not only revolutionising credential verification but also advancing our H.E.A.R.T strategy for Education, which prioritises Access and Equity,” said the Chief Growth Officer of Sterling Bank, Obinna Ukachukwu.

According to the bank, by leveraging blockchain technology, graduates from SPPG will now have access to secure, tamper-proof digital certificates, ensuring the integrity and authenticity of their academic achievements.

SPPG is an unconventional school designed to attract, develop and produce a new generation of political leaders.

Speaking on the role of the bank in the programme, the Director of Operations, VX Technologies, Ryan Hawkos, said, “We are pleased to acknowledge the impactful generosity of Sterling Bank, who has provided the funding necessary for the initial phase of this project. This support ensures that thousands of SPPG alumni can access their digital certificates, with the first one thousand certificates being provided at no cost.”

According to the Chief Executive Officer of SPPG, Alero Ayida-Otobo, Sterling Bank has demonstrated its commitment to quality and positive educational experiences for people through this initiative.

“We are one of the first institutions in Nigeria to embrace blockchain for academic credential management, and we look forward to a near future where this is the norm across Nigeria,” Ayida-Otobo added.

Sterling Bank has often highlighted its investments in five sectors of the economy represented in its HEART strategy representing Health, Education, Agriculture, Renewable Energy and Transportation.

8,651 jobless workers withdrew N14bn from pension savings

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8,651 jobless workers withdrew N14bn from pension savings

About 8,651 Retirement Saving Account holders withdrew N14.20bn in the first quarter of 2024 due to temporary job loss.

This was disclosed in the first quarter report 2024 published by the National Pension Commission recently.

In the report, PenCom said that it received 8,702 requests from RSA holders seeking to access 25 per cent of their RSA balances due to temporary loss of employment.

Out of that, 8,651 RSA holders’ requests were approved, while 51 requests were rejected because their ages were above 50 years.

A breakdown of the request showed that a majority of the request came from the private sector at 8,167 while the remaining 484 were from the public sector.

Following the hike in the Monetary Policy Rate in the quarter by the Central Bank of Nigeria, members of the private sector and economists had said that the decision would lead to fresh job losses and possibly recession.

CBN has been increasing the MPR at its recent meetings in a bid to fight stubborn inflation.

PenCom in its report indicated that it approved N14.20bn for the 8,651 RSA holders under the age of 50 years.

As of the end of 2023, the commission received 510,148 requests for withdrawal of 25 per cent of the RSA balance, approved 493,156 and rejected 16,992 requests.

Following a similar pattern, most of the requests came from the private sector. The amount approved stood at N223.99bn as of December 2023.

In terms of En Bloc’s payment of retirement benefits in the quarter, PenCom received 4,042 requests from retirees for En Bloc payments during the quarter under review.

“Out of that, 3,936 retirees’ requests were approved as their RSA balances could not provide a monthly pension of at least one-third of the prevailing minimum wage (N30,000), while 106 were rejected because of incorrect Annual Total Emolument. Out of the 3,936 retirees whose benefits were approved, 3,691 were from the private sector, while the remaining 245 were from the public sector. The sum of N2.56bn was approved for the 3,936 retirees,” it stated.

During the quarter, the commission revealed that it processed and issued 17,317

PCCs to organisations that met the requirements and N69.82bn was remitted into the RSAs of 197,040 employees of the 17,317 organisations issued PCCs.

Also, the commission in the quarter under review recovered N2.194bn comprising principal contributions (N751.51m) and penalties (N1.443bn) from 31 defaulting employers.

Meanwhile, the commission’s Secretariat/Legal Advisory Services Department had been requested to take legal action against three defaulting employers.

Police deny receiving Bayero’s request for security

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Police deny receiving Bayero’s request for security

The Kano State Police Command, on Wednesday,  denied receipt of a letter from the 15th Emir, Alhaji (Dr) Aminu Ado Bayero, seeking permission to organise Sallah durbar during the forthcoming Eid-el-Kabir festivities.

However, the palace confirmed the receipt of an acknowledgement letter by the police, through the Deputy Commissioner of Police, Department of Operations, Ahmed Umar Chuso, on behalf of the Commissioner of Police, Kano State Command.

According to the palace, the letter, dated June 11, 2024, was addressed to the Private Secretary to the deposed emir.

Bayero was deposed as the Emir of Kano on May 23, 2024, following the repeal of the Kano Emirate Council Law 2019, which split the Kano emirate into five.

The Kano State House of Assembly  repealed the 2019 law, thus scrapping the five emirates created under former governor, Abdullahi Ganduje.

Acting on the newly passed Kano State Emirate Council Law 2024, Governor Abba Yusuf sacked the five emirs and reinstated Lamido Sanusi, who was deposed in 2020 by Ganduje, as the 16th Emir of Kano.

The 15th Emir of Kano, Ado Bayero, however, rejected his dethronement and continued to lay claim to the ancient stool while operating from a mini palace at Nasarawa.

On Tuesday, Bayero issued a letter inviting district heads for the annual durbar as part of events marking Sallah celebration.

On Wednesday, his palace said they had got assurance of police protection for the durbar.

An aide to the Kano Emirate Council, who spoke on condition of anonymity, confirmed that the police were served with the letter on the planned durbar and other Sallah festivities, as well as a request for special security arrangements for the events.

The letter, with the heading: “Letter of Appreciation and Request for Special Security Arrangements for Sallah Festivities in Kano,” dated 10th June 2024, a copy of which was made available to The According, was addressed to the Commissioner of Police, Bompai, Kano State.

“I am directed by His Highness, the Emir of Kano, Alhaji Aminu Ado Bayero CFR, CNOL, JP, based on case Number FHC/KN/CS/182/2004 in which the court ordered that the status quo be maintained.

“I hereby write to convey his (Bayero’s) sincere gratitude for your contribution and facilitation of peace and stability in Kano State during the period of Emirate crisis. His Highness and the people of Kano are very grateful, indeed.

“Similarly, His Highness instructed me to request special security arrangements for the conduct of Sallah festivities in Kano, which commences on Sunday, 16th June 2024 to Thursday, 20th June 2024.

“All activities will emanate from Nassarawa mini palace in Kano,” the letter written by the Private Secretary to the deposed Emir added.

The State Police Commissioner, Usaini Gumel, in a reaction to the matter through a text message to The According, on Wednesday, said the command had yet to receive the letter.

“The police have yet to be served neither do any of the security agencies in the state. Kindly extend the investigation to the purported kingmaker that signed the letter, as it could be a mere propaganda tool,” Gumel said in the text message.

In an acknowledgement letter sighted by The According, the police, however, invited the committee on durbar to come forward for a joint meeting.

The letter was addressed to the Private Secretary of the deposed emir through the Deputy Commissioner of Police, Department of Operations, Ahmed Umar Chuso, on behalf of the Commissioner of Police, Kano State Command.

“While the command is looking into it (the letter), the durbar committee is hereby requested to come forward for a joint meeting and to conduct an assessment of the situation as it is the normal practice in all previous Sallah festivities.

“While awaiting your response, accept our esteem regards of the Commissioner of Police, please,” the acknowledgement letter read.

Banking sector remains safe, CIBN assures customers

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Banking sector remains safe, CIBN assures customers

The Chartered Institute of Bankers of Nigeria has reassured the bank customers of the safety and soundness of the Nigerian banking sector.

The reassurance, contained in a statement signed by the President/Chairman of the CIBN Council, Prof. Pius Olanrewaju, on Wednesday, came on the heels of claims that the Central Bank of Nigeria was set to revoke more banking licences after that of Heritage Bank.

CBN had denied this claim and reiterated that the Nigerian financial sector was sound and safe.

In a statement denying the claims, the apex bank said, it “unequivocally states that these allegations are false and intended to trigger panic in the financial system”.

“The Nigerian financial system remains safe, sound, and resilient. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness,” CBN stressed.

Echoing the stance of the CBN, the CIBN stated, “We would like to allay the fears of bank customers and the generality of the public that the assertion is false and misleading even as the Central Bank of Nigeria which is the only body best suited to assess the health of financial institutions in Nigeria has debunked the claim.

“It is important to note that the Nigerian banking system is built on strong foundations, with rigorous regulatory frameworks and supervision aimed at safeguarding the interests of stakeholders and maintaining financial system stability.

“Consequently, we urge the public to continue to conduct their regular banking activities without hesitation or apprehension, bearing in mind that banks have commenced the process of implementation of the banking sector recapitalisation programme in compliance with CBN directive which will help to enhance their capital

The institute added that it was working with the regulators (CBN and Nigeria Deposit Insurance Corporation) and other stakeholders in the ecosystem to promote best practices and ensure that the banking sector remained resilient and sound.

One of the banks mentioned as likely to have its licence withdrawn had petitioned the security official and threatened legal action against the perpetrators of the falsehood.

School should mould students for better future – Commissioner

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School should mould students for better future – Commissioner

The Lagos State Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, says school is not just about teaching and learning in classrooms, but also about positively impacting humanity.

Alli-Balogun made the remark at the opening of a two-day capacity-building seminar in Lagos, according to a statement by the Deputy Director, Public Affairs, Lagos State Examinations Board, Bakare Fatai, on Wednesday.

The News Agency of Nigeria reports that the seminar was organised by the Lagos State Examinations Board for tutors, heads of schools and other education stakeholders.

The commissioner said, “School is not for teaching and learning in the classroom alone, but also for moulding the totality of the lives of students for a better tomorrow.”

The commissioner emphasised the need to observe an additional hour in school.

He said that the extra hour to the normal closing time was meant for reading and extracurricular activities by students.

He urged teachers to take cognizance of the three domains of education  –  cognitive,  affective and psychomotor.

“These are a variety of methods in professional development aimed at promoting mindsets and behaviours that enhance the learning process and create a culture of career and readiness for every student.

“The importance of having a mutual and friendly relationship between teachers and students cannot be overemphasised, because such a relationship gives students a sense of belonging,” Alli-Balogun said.

The commissioner charged teachers to improve their attitudes and be friendly with members of their immediate communities.

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Lawyers weigh in on crisis rocking Body of Benchers

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Lawyers weigh in on crisis rocking Body of Benchers

DEBORAH MUSA writes on lawyers’ reactions to the crisis rocking the Body of Benchers which is regarded as a body of practitioners of the highest distinction in the country’s legal profession

Given its membership and the reasons behind its formation some years ago, one would think that the Body of Benchers, Nigeria’s legal body housing legal practitioners of the highest distinction in the profession, will operate devoid of crisis. But recent events occasioned by a superiority battle between the Chairman of the body, Asiwaju Adegboyega Awomolo, and Chairman of the Appointments Committee of the Body of Benchers, Austin Alegeh (SAN), have left much to be desired.

The battle between the duo came after Awomolo’s controversial move upon assuming the BOB chairmanship, where he allegedly unilaterally dissolved all committees and reconstituted them without consulting the larger body.

Alegeh wrote a protest letter dated May 2, 2024, to the Secretary of the Body, complaining about the illegality of Awolomo’s steps and demanding a reversal but the chairman allegedly ignored the letter and recently warned Alegeh not to disrupt the operations of the appointments committee.

Peeved by the development, Alegeh approached a Federal High Court in Lagos to stop Awomolo from effecting his plan.

Last week, the court issued an interim injunction restraining Awomolo from removing Alegeh as Chairman of the BOB Committee on Appointments.

The ruling, delivered by Justice Lewis Allagoa, came in response to a 50-paragraph affidavit submitted by Alegeh.

Justice Allagoa granted Alegeh’s request to prevent Awomolo from making any changes to the leadership of the appointments committee.

The development has attracted different reactions from legal luminaries in the country.

A lawyer, Olatunji Salawu, noted that if the chairman has the power to constitute the committee then it wouldn’t be out of place for him to reconstitute the same committee, unless otherwise.

Explaining his understanding of the crisis, he said, “There is a change in leadership in the Body of Benchers which is a tenure of one year. As a new chairman, Chief Awomolo reconstituted the existing committee they have in the BOB. This is a committee that was constituted towards the tail end of the tenure of the immediate past chairman, Justice Mary Odili.

“Alegeh and the others are aggrieved that they were reconstituted and have a tenure of three years and the three years have not expired; hence Awomolo cannot reconstitute.

“Now, the aggrieved are challenging whether he has the power to reconstitute.

“I am not a member of BOB, so I cannot tell how it completely works there and I am not familiar with their rules or if the chairman has the power to constitute but my opinion is if he has the power to constitute, then he can also reconstitute.

Continued on www.punchng.com

“He can choose to reconstitute a committee to those he can work with or those who can make the tenure effective.

“If the committee was constituted by the vice chairman, it means the chairman can reconstitute it. He can choose to rejig it if he doesn’t think the committee is strong enough but if there is a written down rule on it or the committee’s tenure, then he cannot. He has to follow the written down rule.”

Also speaking on the crisis, Emeka Ngige (SAN) urged the parties involved in the disagreement to let peace reign.

He said “We pray for peace to reign. We don’t need a crisis in the Body of Benchers because we will be sending the wrong signal to lawyers and law students. The BOB is a body of lawyers with the highest distinction. This is strange and it has never happened before.

My advice is that the combatants should sheathe their swords and let peace reign.”

Another Senior Advocate of Nigeria, Lekan Ojo, said, “It is unfortunate. We are hoping that the elders of the profession will have the crisis resolved.”

One of the aggrieved in the matter, Augustine Alegeh, noted that the matter is already in court. He said, “It is a matter that can be resolved easily.”

Residents urge LAWMA to evacuate refuse heaps on streets

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Residents urge LAWMA to evacuate refuse heaps on streets

Some Lagos residents on Wednesday decried the heaps of refuse on some major roads around the state without prompt evacuation by the Lagos State Waste Management Authority.

In separate interviews with the News Agency of Nigeria, the residents lamented the indiscriminate dumping of refuse on the roads by some Lagosians.

NAN reports that indiscriminate waste disposal is a common issue in many cities, including Lagos. It can lead to environmental pollution, health hazards, and other negative impacts.

A businesswoman, Ibukun Cole, while speaking to NAN, said residents could avoid littering by disposing of their wastes properly.

“I think we really need to be more enlightened on the dangers of improper waste disposal. It will interest you to know that some people even dispose of waste in the gutters especially when it rains.

“I feel there should be a form of community clean-up and awareness programmes in every area to ensure people know the dangers of indiscriminate refuse dump,” Cole said.

A resident in Agege area of Lagos, Shina Ibrahim, told NAN that LAWMA was not doing enough in evacuating the heaps of refuse in the area.

“Refuse dumps are being scattered all over the area and even in our homes. LAWMA does not come regularly as they should. We need them to regularly show up so that there won’t be heaps of refuse,” he said.

Another resident who lives in the Igando area of the state, Tosin Ogundairo, said residents should take advantage of waste management services and designated bin collection points rather than indiscriminately dumping refuse.

Reacting, the National President of the Association of Waste Managers of Nigeria, Olugbenga Adebola, encouraged Nigerians, particularly Lagosians, to patronise PSP operators assigned to their areas for seamless waste evacuation.

Adebola said, “Many tenements don’t pay for their wastes thus cultivating the habit of indiscriminate waste disposal and this is posing great environmental danger to the environment. If you pay, then you can call the attention of the government or your PSP operators directly to say ‘I have not seen my PSP, and because many people do not pay, that is why they are dodging, that is why they will continue to litter the area, and it is only through enforcement that they come alive to their duty.”

Tinubu’s Renewed Hope mantra aligns with MKO’s vision – Sanwo-Olu

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Tinubu’s Renewed Hope mantra aligns with MKO’s vision – Sanwo-Olu

The Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, said the Renewed Hope Agenda of President Bola Tinubu aligned with the vision of the late MKO Abiola,  the adjudged winner of the June 12, 1993 presidential election.

Sanwo-Olu added that former President Muhammadu Buhari deserved commendation for naming June 12 as Nigeria’s Democracy Day in recognition of Abiola’s struggle for democracy.

Represented by his deputy, Dr Obafemi Hamzat, the governor spoke at a programme held at Abiola Crescent, Ikeja, Lagos, to honour the memory of Abiola.

The event was organised by the Committee for the Defence of Human Rights, the Centre for Anti-Corruption and Open Leadership and the Moshood Abiola Mandate Movement.

While speaking, Hamzat said the June 12 event made many persons lose faith in Nigeria, “but we must appreciate (former President) Muhammadu Buhari, who officially recognised that election; who recognised June 12 and gave our father (Abiola) the title of the Grand Commander of the Order of the Federal Republic, which is the highest honour that this country can bestow upon someone.”

Hamzat said, “We do this every year. Some of us were not too young when the election was held, and it was regarded as the freest and fairest election. At that time, a lot of us lost faith in our country. We wondered what was going on with Nigeria. Is it that we’re cursed? Why can’t we do this? A great election, why will the military stop it?

“We must also thank President Bola Tinubu who was part of the process; that is why the appellation ‘Renewed Hope’ makes sense. The Renewed Hope was targeted at MKO Abiola’s mantra.”

Abiola’s first daughter, Lola Abiola-Edewor, said the ‘Renewed Hope’ mantra of President Tinubu, aligned with that of her father’s.

Edewor said it was significant that Tinubu chose the mantra, which, she said, aligned with the Hope ‘93 slogan used by Abiola during his presidential campaign in 1993.

“This day in particular is very memorable. If we recall, the mantra of this present government is Renewed Hope. Remember also that the mantra of MKO Abiola during his campaign was Hope ‘93. It’s very significant in my opinion that our President chose his mantra to be Renewed Hope,” she told the audience in the hall filled with government officials, Abiola’s family, pressmen and members of the public.

She said, “He (Tinubu) knows; when we say Renewed Hope, he knew where he took over from the past government. He’s a grassroots politician, he has been through this political work for a long time and he’s very close to the people. So, for him to have chosen the mantra Renewed Hope, he knew that Nigerians were beginning to lose hope, and he made many promises to us. I have confidence that those promises will come to pass.”

Governor Sanwo-Olu’s Chief of Staff, Tayo Ayinde, and the Lagos State Commissioner for Information, Gbenga Omotoso, were also at the event alongside the Managing Director of the Lagos Metropolitan Area Transport Authority, Abimbola Akinajo.

Nigerians observed Democracy Day on Wednesday in commemoration of the June 12 1993 event. However, protests were held by civil society organisations and other Nigerians in Lagos, Oyo, Osun and Abuja among others.

Nigeria’s oil production drops to 1.25mbpd, says OPEC

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Nigeria’s oil production drops to 1.25mbpd, says OPEC

Nigeria’s daily oil production dipped further to 1.25 million barrels per day in May, a report by the Organisation of the Petroleum Exporting Countries has said.

This is despite the claim by the Federal Government and the Nigerian National Petroleum Company Limited that the country’s oil production has risen to 1.7mbpd.

OPEC data showed that Nigeria lost 30,000bpd as crude production dropped from 1.28mbpd in April to 1.25mpd in April.

Recently in May, the NNPC Group Chief Executive Officer, Mele Kyari, stated that crude production was nearing 1.7mbpd at the time.

Kyari, who spoke during a stakeholders engagement between the Nigerian Association of Petroleum Explorationists and the NNPCL held in Lagos, said,  “As of today’s data, we’re inching to 1.7mbpd. We won’t celebrate this. On 17th of April 2020, our production, without doing anything, without drilling new wells, shot to 2.2mbpd. The difference was COVID-19. The thieves, the vandals, everybody went to sleep.”

But in its Monthly Oil Market Oil Report for May 2024, OPEC said it gathered from direct communication with the OPEC member country that Nigeria’s oil production had further gone down, though the figure stood at 1.42mbpd from data gathered from secondary sources.

The According reported earlier that Nigeria’s dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28mbpd, according to OPEC.

OPEC said Nigeria’s oil production added 50,000 barrels daily in April after it fell in recent times.

The nation’s crude production fell from 1.32 million barrels per day in February to 1.23 million barrels per day in March.

Production dropped from 1.427mbpd in January to 1.322mbpd, according to direct sources.

The continuous drop in production came amid stakeholders’ concerns over the loss of revenue due to the failure of the government to ramp up production.

Recently, the Chairman of the Petroleum Technology Association of Nigeria, Wole Ogunsanya, said the country was losing a lot of revenue daily due to its inability to tackle dwindling oil production.

According to Ogunsanya, if Nigeria could retain between 60 and 70 per cent of the oil and gas value chain in the country, it stands a better chance of being among the top 20 economies in the world.

He pointed out that the country was underproducing to the tune of at least 500,000 barrels per day, which was a huge loss to the country.

But the Federal Government said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.

It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, claimed that the drop in production was due to issues encountered on the Trans Niger Pipeline.

“In response to recent concerns regarding a shortfall in oil production in Nigeria during the first quarter of 2024, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, assures (Nigerians) that measures are being taken to address the situation to, not only restore production to previous levels but to also increase it.

“The minister clarifies that the reported production shortfall was primarily due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in Nigeria.

“The minister is also pleased to announce that the issues have been adequately addressed, and production is expected to return to its previous levels in the coming days,” a statement by Lokpobiri’s spokesman, Nneamaka Okafor, said in April.

At a meeting with stakeholders in Lagos recently, Lokpobiri emphasised that idle oil wells and licences would be revoked and handed over to individuals with proven capacity to produce.

The NNPC GCEO has on different occasions blamed energy theft and vandalism for the falling oil output, saying this was no one was investing in the sector.

Meanwhile, the Federal Government said it is ready to attract investors to the oil and gas sector by reducing front entry barriers, one of which is the reduction of signature bonus from around $200m to $10m.

PTAD clears 4,443 deceased pensioners’ next-of-kin for payment

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PTAD clears 4,443 deceased pensioners’ next-of-kin for payment

The Pension Transitional Arrangement Directorate has processed 4,443 files of next-of-kins of deceased pensioners, with complaints of non-payment of death benefits and gratuity, as of May 17, 2024.

According to PTAD’s “Expended Nok & Gratuity Project Progress Report”, about 842 NoKs have been found and verified as paid, and PTAD will communicate this development to the affected pensioners.

However, 1,147 NoKs require additional documents, and the project’s correspondence team has contacted 540 NoKs and pensioners to request the required documents.

Unfortunately, less than 50 per cent of those contacted have provided the necessary documents.

The report also stated that 607 beneficiaries could not be reached via the provided phone numbers, and PTAD has resolved to write to the pension unions and MDAs where the principal worked for further action.

Furthermore, benefits belonging to 535 NoKs and pensioners have been computed, with 125 beneficiaries paid a total of N245,834,813 after meeting the statutory documentary requirements. The remaining 409 beneficiaries await the provision of secondary document requirements.

PTAD is working with the High Courts of Justice to validate the Letters of Administration  in favor of NoKs, and the project will continue to work towards resolving the issues.

The report read in part, “The project’s dedicated correspondence team were able to place calls and emails through to about 540 Noks and pensioners requesting for the required documents. It will be worthy to mention that less than 50 per cent of those contacted were able to provide the required documents.”

 Additionally, “About 607 beneficiaries could not be reached via the phone numbers provided during verification. As efforts to communicate the requirement have failed and as such, the Directorate has resolved to write to the pension unions and MDAs where the principal worked for further action.”

PTAD has assured that it will continue to work towards resolving the issues, stating, “On a final note, the Project will continue to walk the talk as it has been the tradition of PTAD.”

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