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Inventory market closes constructive as banking shares see renewed curiosity

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March 11, 2024

Inventory market closes constructive as banking shares see renewed curiosity

The equity market opened the new week on a bullish note following renewed interest in banking stocks.

The financial services sector experienced a downturn in the past week on the Nigerian Exchange Limited due to retracement in the prices of key stocks such as Ecobank Transnational Incorporated, NEM Insurance, United Bank for Africa, FCMB Group and AIICO, not to mention investors’ appetite for stocks listed on the industrial goods index.

However, at the close of trading on Monday, sub-sector indices showed bullish results, with the banking index leading gainers with a two per cent increase, driven by buy pressure in Wema Bank, Zenith Bank, UBA, Access Holdings, and Fidelity Bank Plc.

The Insurance sector recorded a gain of 1.48 per cent, while the Consumer and Industrial Goods indexes saw mild gains of 1.09 per cent and 0.11 per cent, respectively. The Oil/Gas sector was the sole loser declining by 0.23 per cent, primarily due to sell sentiments in Eterna Plc.

At the close of trading, the benchmark index of the NGX rose by 0.70 per cent to reach 102,044.84 points, reflecting a year-to-date return of 36.47 per cent.

The positive trading propelled the market capitalisation to N57.6tn resulting in investors gaining about N404bn.

Market sentiments were also positive as 34 securities recorded gains compared to 16 losers.

The gainers include Honeywell Flourmill and NEM Insurance which gained 10 per cent each to close at N3.74 and N6.05. Dangote Sugar stocks also appreciated. It rose by 9.97 per cent to close at N61.20.

Conversely, Prestige Assurance, LASACO and UAC Nigeria lost 10 per cent, 9.83 per cent and 9.68 per cent to close at N0.54, N2.11 and N12.60 per unit, respectively.

Overall, trading activities across the stock market displayed positive sentiment.

With total deals and volume rising by 5.17 per cent and 22 per cent to 11,344 trades and 436.90 million units. However, the total value declined by 13.98 per cent to N17.10bn.

The shares of Guaranty Trust Holding Company emerged as the most traded security by volume, with 96.63 million units exchanged in 493 trades, while Transcorp Power which was listed last Monday emerged as the most traded security in terms of value totaling N5.93bn.

Police hunt kidnappers of Chinese language in Kwara

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March 11, 2024

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Police hunt kidnappers of Chinese language in Kwara

The Kwara State Police Command said that it has commenced an investigation into the abduction of a Chinese national identified as Williams Zang, who was allegedly kidnapped in a hotel on the outskirts of Ilorin, the state capital, on Sunday.

The foreigner, according to a credible source, was said to have been attacked by about six gunmen around 10pm on Sunday night at a guest house and taken into the bush.

The police command, while confirming the abduction, said the foreigner was taken to the bush on a motorcycle.

A statement by the state Police Public Relations Officer, Ejire-Adeyemi Toun, read, “On the night of March 10, 2024, at about 2200 hours, our attention was drawn to an unfortunate incident that occurred at Cherish Guest House, an isolated facility situated on the outskirts of Ilorin.

“A group of armed men, numbering six arrived at the guest house premises.

“The gunmen fired several shots into the air, causing panic among nearby residents. Our patrol team responded to the scene promptly and found the guest house securely locked.

“However, 30 minutes later, the manager of the guest house, Mr Idume David Joseph, 28 years old, reported at Eiyenkorin police station. He disclosed that six armed men had forcibly entered the guest house and abducted a Chinese national identified as Williams Zang.

“Williams, a former employee of Erkang Quarry, had been lodging at the guest house for over two months prior to the incident. The assailants utilised the manager’s vehicle, a black Toyota Venza with registration number Lagos FST 701 HG, to transport the victim.

“Subsequently, our tactical teams combed the entire area and its neighbourhoods, which led to the recovery of the aforementioned vehicle along Ilorin/Ogbomosho Road at about 0030 hours.

“It is suspected that the perpetrators employed a standby motorcycle to transport the victim further into the bush from the main road. At present, three suspects have been apprehended, and investigations are ongoing.

“The Commissioner of Police, Kwara State Command, CP Victor Olaiya, assures citizens of Kwara that our primary focus remains the safe rescue of the victim and apprehending the assailants as local vigilantes are working in synergy with the Command’s Tactical Teams assiduously,.”

In 2021, Switzerland confirmed that a Swiss national and his driver were kidnapped in Nigeria after authorities in the West African country said gunmen had opened fire on his police escort.

Also, the Oyo State Police Command said that its men were on the trail of two foreigners who were kidnapped by suspected hoodlums.

The two foreigners (names not given) were reportedly kidnapped in Ibadan, the Oyo State capital, at a pharmaceutical firm, close to the Toll Gate along the Lagos-Ibadan Expressway.

TCN restores energy provide after fireplace intestine Kano substation

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March 11, 2024

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TCN restores energy provide after fireplace intestine Kano substation

The Transmission Company of Nigeria on Monday confirmed that it has restored power supply to some of the areas supplied by the transformers affected by the Dan Agundi Substation fire incident, in Kano.

The electrical engineering team, according to a statement from the Company’s General Manager, Public Affairs, Ndidi Mbah, isolated the transformers impacted by the incident on Sunday, March 10.

The team, according to her reconfigured some cables to facilitate power supply to three of the feeders for Kano DisCo customers, while work is ongoing to ensure full restoration to the rest of the feeders.

Fire engulfed two 60MVA power transformers at the Kano transmission substation.

The fire was said to have been triggered by a sudden spark from the electrical oil pumping machine used to pump oil back into one of the 60MVA power transformers, which had just undergone maintenance in the substation.

The statement added that the remaining four feeders- Zaria, Club, CBN, and the second 15MVA power transformer- will resume bulk power supply before the end of Monday 11 March following repair works on a punctured cable initiated in the early hours of the morning.

The company, however, apologised to the affected customers for any inconvenience caused by the incident while also appreciating their patience.

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Fubara presents widow of slain policeman N20m

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March 11, 2024

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Fubara presents widow of slain policeman N20m

The Rivers State Government has commended the State Police Command for its efforts in fighting crime in the state.

The government said such efforts have produced tangible results like the neutralisation of a notorious cultist, David Okpara, popularly known as TuBaba, accused of killing the late Ahoada Divisional Police Officer, Bako Angbashim and causing harm to others.

The State Governor, Siminalayi Fubara, stated this when he paid a condolence visit to the Rivers State Commissioner of Police, Olatunji Disu at the Command Headquarters in Port Harcourt on Monday, over the murder of Inspector Monday Isah.

Isah was on stop-and-search duty at the Eliza axis of Port Harcourt, when some armed men ambushed and opened fire on him, though his colleagues engaged the assailants and neutralised one of them.

This was contained in a statement issued in Port Harcourt on Monday by Juliana Masi, Head of Press Unit, Office of the Secretary to the State Government.

The governor, who was represented by the Secretary to the State Government, Dr Tammy Danagogo, said he was at the command to extend his condolence directly to the widow and family of Inspector Isah and officers of the State Police Command.

He explained that the government and people of Rivers State, especially those who were directly affected by the actions of the gang were elated when Tubaba and his gang of criminals were eliminated.

He stated, “Rivers people are happy at your efforts to bring peace to the state. We are very grateful and commend your efforts.”

While presenting a cheque of N20 million to the widow of Inspector Issah, he clarified that the Rivers State Government takes it as a point of duty to relate with the officers who are making daily sacrifices to ensure peace in the State.

The governor admonished the widow to keep faith in God and be steadfast in the care of her children.

According to him, “The reason we are here is to share in your pain. I always say this token is nothing compared to life.

“What is key is to inform you that the Governor and people of Rivers State appreciate the effort of your husband and father and sincerely sympathize with you over the loss.

“I always say, when a man dies in the cause of serving God and man, God will never leave the people he left behind. Your husband did not die in luxury, but while serving the country to secure the safety of the state.

“Place your faith in God, for death is a necessary end for all humans irrespective of who we are or where we are.”

Continuing, he said, “If you place your faith in God and concentrate on this additional responsibility God has given you, which is to be both father and mother to your children, God will reward you. God is able to see you through this situation. ”

The Commissioner of Police, Olatunji Disu thanked the Governor for his magnanimity to the State Police Command.

CP Disu noted that the governor has again raised the hope of the bereaved family and members of the state police command as he affirmed that the sample of this goodwill will reinvigorate the spirit of all officers.

He stated, “The Inspector was a gallant officer and all officers of his team showed gallantry. They fought back and neutralised one of the murderers.

“We will go after everybody who kills a policeman or anyone for that matter and bring them to justice,” even as he promised to sustain the peace being enjoyed in the state.

Merchants displaced as Anambra demolishes over 2,000 retailers

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March 11, 2024

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Merchants displaced as Anambra demolishes over 2,000 retailers

Following the building collapse that occurred on Saturday, the Anambra State Government on Monday demolished no fewer than 2,000 shops in Onitsha.

The building collapse occurred on Basden Street, Fegge, in Onitsha, but on Monday, the state government demolished shops located on Niger Street in Fegge, Onitsha South Local Government Area, Anambra State.

The shops located by the bank of the River Niger were mostly owned by members of the Sand Miners Association of Anambra State, who use them as equipment and operational offices, while some are occupied by petty traders who serviced them.

The illegal structures were said to have been built by traders who allegedly got the approval of the National Inland Water Ways, but the state governor, Prof. Chukwuma Soludo, stated during a visit to the area last week that NIWA does not have the right to build or allocate spaces to traders on Anambra land.

Soludo, during the inspection of roads constructed by his administration, ordered the Onitsha South Local Government Chairman, Chief Emeka Orji, to demolish all the illegal structures, noting that the land belongs to Anambra State and not NIWA.

“The code or bye-laws establishing NIWA gave the organisation 100 metres from the banks of the River Niger as right of easement but what we are seeing here are illegal structures and should be demolished,” the governor said.

This development is coming as the state government has declared war on illegal structures following the collapse of a five-storey building at Fegge in the same community.

Our correspondent, who was at the scene of the demolition, observed that the exercise displaced over 4,000 people, and multimillion naira worth of goods were damaged in the exercise.

The Chairman of Onitsha South Local Government Area, Emeka Orji, who supervised the demolition, told journalists and the displaced victims that he was acting on the orders of the state governor following the incessant building collapse in the area.

Orji said, “A notice was issued as regards the demolition and it was followed by series of follow up notices but they disobeyed.

“Then last week, Mr Governor came here and told them that this place is not for shops or markets and ordered me to demolish the area but I gave them another one week notice which ended today.”

The area according to Orji, would be barricaded and cleared for the establishment of a Sea Side Resort which would have green park areas with umbrella trees for relaxation and amusement.

He said, “Most buildings currently under construction would be subjected to integrity test which includes material test, qualify test.

“Everywhere cannot be market in Onitsha and we have declared war on illegal structures and we shall ensure that the right thing is done about building collapse in Onitsha South local government area.”

While the demolition was going on, the affected victims were seen trying to salvage some of their equipment and goods, according to them, there was no prior information about the demolition.

One of the victims, Mrs Ekeoma Okafor, said, “We were not given any notice as regards the demolition. It is a vindictive one targeted at us because we refused to settle some government officials. We pay appropriate taxes and levies to the state government, and we don’t cut corners or pay to illegal revenue collectors or government agents who shortchange the state.”

Other displaced victims who spoke to journalists, described the exercise as “wicked,” wondering why a state government would embark on such an exercise during this period of economic uncertainty, without allowing people to remove their machines and goods.

The Manager of Lake Petroleum Limited, one of the owners of sand beaches and shops, Chief Okechukwu Okoye, said that they lost over 130 shops and equipment worth millions of naira, saying that there was no prior information over the demolition.

Okoye said, “We are law-abiding in everything we are doing here, we are properly licensed and registered with the Federal Ministry of Environment and National Inland Waterways Authority. We pay all the necessary taxes and levies to NIWA and Anambra State government; we have even paid the necessary 2025 levies and taxes to Anambra State government, and we don’t have any problems with NIWA, so we don’t know the reason for the demolition of our offices.

“We did not erect any illegal structures here; all the structures were legally registered and approved by the relevant government agencies and the appropriate payment made. It is therefore a surprise to us when they stormed the place and started demolishing without any prior notice.”

When contacted, the NIWA Area Manager, Suleiman Nicholas, said the state government cannot take action on the NIWA Right of Way without informing the agency.

Nicholas said, “If there is any illegal structure on NIWA Right of Way, the state government should write us and we will take action against any of our customers involved. But we did not receive any complaint from the state government about such obstruction and therefore, there is no reason for such demolition to take place.”

Akpabio inaugurates committee to probe Methods and Means below

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March 11, 2024

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Akpabio inaugurates committee to probe Methods and Means below

The Senate President, Godswill Akpabio, has urged the committee members investigating the payment of N30tn trillion “Ways and Means” secured from the Godwin Emefiele-led Central Bank of Nigeria, to leave no stone unturned stone unturned as they must go after those involved.

Speaking on Monday in Abuja while inaugurating the 17-member ad-hoc Committee probing the N30tn ‘Ways and Means’, which was released as a loan to the Federal Government during the former President Muhammadu Buhari’s administration, Akpabio charged the committee to spend six weeks in carrying out the exercise.

Akpabio further admonished the lawmakers to shun personal and partisan interests, focus on the task at hand and approach their responsibilities with utmost balance, devotion and impartiality.

Recognising the sensitivity of the investigation at hand, Akpabio reminded them to constantly engage with relevant stakeholders and consultants to provide invaluable insights while maintaining open lines of communication with the executive and the public, but disclosing no aspect of the report until the task is concluded.

Akpabio said, “Today, we gather here with a common purpose – to inaugurate a crucial Ad-Hoc Committee. This committee, which was constituted following the report of the Joint Committees on Banking, Insurance and Other Financial Institutions; Finance; National Planning; Agriculture; and Appropriations after interacting with the Federal Government’s Economic Management Team, holds great significance as it is charged with the investigation of the ways and means, including the Anchor Borrowers’ Programme.

“The constitution of this committee is a testament to the Senate’s unwavering commitment to transparency, accountability, and good governance. it reflects our dedication to addressing the concerns of the Nigerian people and upholding the principles of democracy.

“To the members of this esteemed committee, I implore you to approach your responsibilities with the utmost sense of patriotism, professionalism and integrity. Your investigation demands impartiality and fairness, always keeping the public interest and the welfare of our nation at the forefront. We must leave no stone unturned in our pursuit of the truth. Therefore, conduct thorough inquiries and dig out information that will assist the Senate in making laws for the betterment of our country.”

The Senate “The success of this Ad-Hoc committee hinges on collaboration, cooperation, and a steadfast commitment to the common good. Let us set aside personal and partisan interests, focusing solely on the task at hand. By working harmoniously, we can ensure that the Ways and Means in Nigeria are managed prudently, efficiently, and by the law.

“Moreover, confidentiality is paramount to your work. The information and data we gather during our investigations are sensitive and must be handled with the utmost care and discretion. Adhering to strict protocols will ensure the security and integrity of the information you uncover.

“In carrying out your mandate, it is imperative that you engage with relevant stakeholders, experts, and organizations. Their valuable insights and perspectives will strengthen the credibility and comprehensiveness of your findings and recommendations. I urge you to remain open to constructive inputs and feedback, harnessing the knowledge and expertise of others to achieve your collective goal.”

Akpabio further enjoined the lawmakers to maintain open lines of communication with the public as they go about the dispensation of their duties.

“The Nigerian people must be kept informed of your progress and findings, as their trust and confidence in your work are of utmost importance. You must demonstrate your dedication to serving our nation with distinction and honour.

“I urge you to remember the gravity of the task before you. The future of our nation rests upon your shoulders, and you must approach this task with grave seriousness and determination. Guided by the principles of justice, fairness, and the common good, work tirelessly to ensure the responsible management of Ways and Means in Nigeria.”

“Together, let us uphold the values of transparency, integrity, and accountability as we work towards the responsible management of Ways and Means in Nigeria,” The Senate President added.

Meanwhile, the chairman of the ad-hoc committee, Jibrin said that they would not fail Nigerians on this issue.

He said, “The Ways and Means and the Anchor borrowers programme have occupied the public space in the last few months.

“There have been various distortions; the ways and means have aroused various forms of discussions amongst individuals and groups looking for opinions and interpretations.”

Senator Jibrin added The implication of this is that Nigerians are waiting for the result of this investigation.

“I want to assure you that we are going to carry out this assignment expeditiously without any form of compromise.

“I want to plead with concerned parties to please make documents available when we request them to make our work easier for us.

“We are going to do the very best that Nigerians would be very proud of.”

The committee which is led by Senator Jibrin Isah, (APC, Kogi East), has its members as Senators Asuquo Ekpenyong (APC, Cross River South); Mohammed Tahir Monguno, (APC, Borno North); Victor Umeh, (LP, Anambra Central) and Olamilekan Adeola, (APC, Ogun West).

Others are Senators Sani Musa, (APC, Niger East); Aliyu Wadada, (SDP, Nasarawa); Abdul Ningi, (PDP, Bauchi Central) and Ipalibo Banigo Harry, (PDP, Rivers West).

The ‘Ways and Means’ is an overdraft taken directly from the Central Bank of Nigeria to solve contingency needs of the nation following approval and directive of the executive arm of government which would have to be ratified by the parliament.

Arsenal vs FC Porto Predictions: Betting Suggestions and Odds

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March 11, 2024

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Arsenal vs FC Porto Predictions: Betting Suggestions and Odds

Our betting expert brings you Arsenal vs Porto predictions as the teams go head-to-head in the Champions League round of 16 second leg.

Arsenal vs FC Porto Predictions & Tips

Arsenal to score 3+ goals @ 1.99 Bet9ja
1st half – over 1.5 goals @ 2.26 Bet9ja
GG @ 2.22 Bet9ja
Havertz to score @ 2.85
Saka to score @ 2.50 Bet9ja
1st half – Arsenal -1 handicap @ 3.35 Bet9ja
Arsenal to win 3-1 @ 11.50 Bet9ja

Arsenal should be expected to win this match against Porto 3-1.

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Arteta’s Attacking Arsenal

Arsenal suffered a shocking defeat in the first leg, where a late strike from Wenderson Galeno snatched the win for Porto. However, there is plenty of time to turn things around. Except for the first leg, Arteta’s men have been excellent recently. Therefore, the first of our Arsenal vs Porto predictions is for the home side to score at least three as they make amends for their only loss since January 7th.

The Gunners have been in fine-scoring form this calendar year. They have scored an average of 3.3 goals in their 10 matches across all competitions. Arteta’s men have scored three goals or more in three of their four matches at the Emirates. They know they need at least two to prevent the match from extending into extra time, so expect a classic display of attacking football.

Arsenal vs FC Porto Predictions Bet 1: Arsenal to score 3+ goals @ 1.99 Bet9ja

The Gunners are the Fast Starters

The second of our Arsenal vs Porto predictions is over 1.5 goals in the first half of the match with Bet9ja. The Gunners have been fast starters lately. Despite looking toothless in the first leg, they will be eager to make amends as quickly as possible.

There have been two goals or more in the first half in five of Arsenal’s last six matches in all competitions. Aterta’s men have scored two or more first-half goals in four of those games. The Gunners have been averaging three first-half goals per home game in the Champions League this season.

Bet 2: 1st half – over 1.5 goals @ 2.26 Bet9ja

Porto Won’t Roll Over

Arsenal have the best defensive record in England this season. Their xGA in 2024 is the lowest in the Premier League by a significant margin. However, their opponents have managed to grab goals in their more recent home matches. We are backing both teams to score once again at odds of 2.22 in Bet9ja’s GG market. This bet has won in Arsenal’s last three matches at the Emirates.

Although Porto are the clear underdogs, they are capable of posing a threat. They have been averaging 1.85 goals per away game this season. Sergio Conceicao’s side have also scored in all three of their away Champions League matches with an average of 2.67 goals.

Bet 3: GG @ 2.22 Bet9ja

Havertz Has the Answers

Kai Havertz scored the vital goal in Arsenal’s 2-1 win over Brentford at the weekend. The former Chelsea man didn’t enjoy a dream start at his new club. Yet, he has proven his value through his versatility, which offers Arteta great tactical flexibility.

Havertz has been deployed as the team’s starting striker in his recent matches. He also has the ability to drop deep and impact the game in midfield. Kai has thrived in this role and found the net in four of his last five matches. As a result, the last of our Arsenal vs Porto predictions is for the German to score at odds of 2.85 with Bet9ja.

Bet 4: Havertz to score @ 2.85

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22bet withdrawal – In depth information on withdraw from 22bet.

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March 11, 2024

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22bet withdrawal – In depth information on withdraw from 22bet.

Our expert has provided a detailed explanation of how to withdraw from 22bet Nigeria. 22bet is an online betting platform that is owned and operated by Arcadia Hospitality LTD. The bookmaker is licensed in Nigeria and regulated by the National Lottery Regulatory Commission. The platform operates a variety of withdrawal methods and options to cash out. This article will give you all the necessary information on the withdrawal processes available on the platform.

How to Make a Withdrawal from 22bet?

The bookmaker offers a convenient and seamless procedure and methods for withdrawing funds from your account. The step-by-step guide is listed below:

Sign up or sign in to your existing 22bet NG account
Click the account icon on the homepage and select ‘Withdraw Funds’
Choose your withdrawal method of choice
You can withdraw your earnings using direct bank transfer, or Internet banking.
If you go for the bank transfer payout, select your bank from the dropdown menu, and enter the account number, amount and name. Then click the ‘Confirm’ icon.
Your funds will be credited to your bank account or e-wallet based on the payout time.

What are the Withdrawal Methods at 22bet?

22bet Nigeria offers two major methods for cash-out purposes. There is a direct bank transfer and Internet banking, as well as bank transfers using Flutterwave.

The bank transfer has an extensive list of traditional banks in Nigeria including Microfinance banks, and payment switching and processing companies. The table below provides information on the minimum withdrawal, maximum payout, transaction fee as well as processing time.

Withdrawal Method	Minimum Payout	Maximum Payout	Transaction Fees	Processing Time
OPay	₦550	₦10,000,000	None	Instant
Flutterwave (bank transfer)	₦550	₦10,000,000	₦50	Up to 24 hours
Kuda	₦550	₦10,000,000	₦50	Up to 24 hours
United Bank for Africa (UBA)	₦550	₦10,000,000	₦50	Up to 24 hours
First Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Guaranty Trust Bank (GTB)	₦550	₦10,000,000	₦50	Up to 24 hours
Zenith Bank	₦550	₦10,000,000	₦50	Up to 24 hours
FCMB	₦550	₦10,000,000	₦50	Up to 24 hours
Fidelity Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Access Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Wema Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Polaris Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Citibank	₦550	₦10,000,000	₦50	Up to 24 hours
Providus Bank	₦550	₦10,000,000	₦50	Up to 24 hours
Globus Bank	₦550	₦10,000,000	₦50	Up to 24 hours

What are 22bet withdrawal rules?

Punters are advised to thoroughly read the rules and regulations on 22bet platform and ensure that you abide by them. Failure to follow these rules might lead to a withdrawal problem on the platform. The bookie requires that punters verify their accounts with required documents before they are able to make withdrawals.

The platform states that the withdrawal amount must be consistent with the amount of bets placed and must have odds of at least 1.1. Failure to meet up with this condition will result in your withdrawal request being declined.

Potential Issues With Withdrawing at 22bet

22bet maintains the operating standards of the National Lottery Regulatory Commission. The bookie therefore mandates that all stated guidelines for betting platforms are followed exactly. The players are strictly advised to follow all rules and recommendations by the platform to avoid any payout issues . Some of the issues punters are likely to encounter includes:

Declined withdrawal request. This may arise in instances where deposits are made via a different payment system from the one you want to withdraw with
Improper verification of betting accounts. If your account is not verified or is not properly verified with the required documents, you are likely to encounter issues
Misuse of betting accounts. If your account is flagged for any irregular practices, withdrawal will be declined until your account is verified again.

FAQ

How long does the 22bet withdrawal take?

Withdrawal time on 22bet may take up to 7 working days to fund your bank account depending on the withdrawal method.

What is the minimum withdrawal on 22bet?

The minimum withdrawal for bank transfers on 22bet is ₦550.

How to withdraw from 22bet via mpesa?

The platform does not offer withdrawal via Mpesa because it is not available in Nigeria.

How to withdraw money from 22bet using sms?

As at the time of this review, sms withdrawal is not available on 22bet

Does 22bet have cash out?

Yes. 22bet has cash out options on most of its games.

Emefiele, 9 others authorized contracts for ex-CBN gov’s spouse

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March 11, 2024

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Emefiele, 9 others authorized contracts for ex-CBN gov’s spouse

An investigator with the Independent Corrupt Practices and Other Related Offences Commission, Agboro Omowera, on Monday, told a Federal Capital Territory High Court in Maitama, Abuja that 10 officials of the Central Bank of Nigeria, including a former Governor, Godwin Emefiele, minuted on the documents for the award of multi-million contracts to April 1616 and Architekon Nigeria Limited.

The Economic and Financial Crimes Commission had accused Emefiele of using his position to confer a corrupt advantage on his wife, Margaret, and brother-in-law by approving the payment of the total sum of N97.9m in favour of Architekon Nigeria Ltd, where the duo are directors for the supply of office furniture to the CBN.

He was also accused of awarding a contract for the external of the CBN Governor’s residence in Lagos in the sum of N99.8m to the company.

The investigator, who is the seventh prosecution witness, while being cross-examined by the defendant’s counsel, Mathew Burkaa (SAN), stated that 10 persons acted on the documents with which the contracts were awarded.

But Omowera added that the buck stops on Emefiele’s table being the CBN governor at the time.

He said, “10 persons acted on the documents awarding these contracts.

“There are 10 minutes and one approval, so one person takes the responsibility.

“He (Emefiele) is the head of the CBN and the buck stops on his table.”

Burkaa, also asked the witness if Emefiele conferred a corrupt advantage on himself.

The witness said, “No. Why I said no is because we limited our investigation to his relatives and associates and not him.”

Earlier, Omowera while being led in evidence by the counsel for the EFCC, Rotimi Oyedepo (SAN), told the court that the findings of his investigations showed that Emefiele conferred a corrupt and unfair advantage on Architekon Nigeria Limited and April 1616.

According to him, Emefiele’s wife, Margaret Omoyile, is listed as a director of Archtekon Nigeria Limited.

He added that Emefiele’s wife used her maiden name to register the company.

Omowera also said that a staff member of the CBN, Sa’adatu Yaro, is listed as the Director of April 1616 Investment Limited.

According to him, the company was awarded several contracts for the supply of over 45 Toyota Hilux Vehicles ranging from N854,700,000 to N99,900,000.

He added that his investigative team comprising of different agencies including the Department of State Services, also found out that Yaro’s husband had other companies but they were not patronised by CBN except the one in which the wife was a director.

Omowera said, “In the second company, April 1616 Investment Limited, we also discovered that one of the directors of that company by name, Sahadatu Ramalan Yaro, was a director of April 1616 Investment.

“We discovered that the company was incorporated a few days after her employment with the CBN and she was posted to CBN Lagos office.

“In 2018, the company started to enjoy the patronage of the CBN in the procurement of particular vehicles, Toyota branded motors.

“During the period, this company was awarded about 45 different contracts

“My lord, we were curious as investigators, how it was possible for a company that has no track record to continually win bids against Toyota-accredited bids.

“We tried to confirm whether this company was accredited by Toyota and to our surprise, it was not among the accredited bidders.”

The trial judge, Hamza Muazu, subsequently adjourned the matter till April 25 for the continuation of the trial.

The According reports that on February 10, the EFCC declared Emefeile’s wife and three others wanted for allegedly conspiring with the former CBN governor to steal huge sums of money belonging to the Federal Government of Nigeria.

Olubadan celebrates second anniversary, seeks prayers for Nigeria

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March 11, 2024

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Olubadan celebrates second anniversary, seeks prayers for Nigeria

The Olubadan of Ibadanland, Oba Lekan Balogun, on Monday, thanked God for the grace and privilege to clock two years on the throne, just as he thanked members of his advisory council for their unflinching support so far.

Oba Balogun was presented staff of office by the Oyo State Governor, Seyi Makinde, as the 42nd Olubadan after the late Oba Saliu Adetunji, died.

Balogun, in a statement by his Personal Assistant on media, Oladele Ogunsola, in Ibadan, the state capital, said the second anniversary, which coincided with the commencement of this year’s Ramadan fast, was also used as an opportunity by the monarch to ask for prayers for the country by the Islamic faithful and expression of love for one another to make the period stress-free for the adherents.

The monarch said his clocking two years on the throne was a special grace by his creator and which he could not take for granted.

He said, “Two years just look like yesterday to me. But for those of you around me, I could not have imagined that two years have gone by just like that. I owe God every gratitude for the grace and privilege. I thank Him too for surrounding me with wonderful and loving people, who have made the reign seamless and peaceful.

“Of particular reference are my brothers and sister in the Advisory Council. They have been tremendously wonderful in terms of support and cooperation for which I cannot thank them enough. I can only pray that when it is their turn to occupy the seat, they won’t lack worthy people around them. I also thank the generality of the people of Ibadanland, both at home and in their diaspora for their unflinching loyalty and dependability.”

On Ramadan fast that began on Monday, Olubadan emphasized the need for prayers for the country during the period, taking into cognisance the current challenges confronting the country.

He said, “The month is very auspicious to offer prayers for the leaders to sail the ship of the country to a safe harbour.

“There’s no better time than now to engage in intense prayers for the country by bringing before Him our challenges and the honour assigned to the month of Ramadan would avail for us and our requests shall be granted. Again, this is also the best of times to be our brothers’ keepers by sharing with our neighbours out of the little or abundance we are blessed with.

“He loves a cheerful giver and our little help here and there for our neighbours could make a big difference and make the month a stress-free one. I pray for all that as we have all commenced the Ramadan Fast with Bismillah, we shall all end it with joyful Alhamudulilahi.”