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NGX Paid Three Directors N754 Million On Executive Compensation.

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For the year ended December 2021, the Nigerian Exchange Group (NGX), which operates the Nigerian Stock Exchange, paid its three executive directors a total of N754.8 million in executive compensation.

The amount paid this year is up 78.2 percent from the N423.1 million paid a year ago when the company only had two executive directors.

The salaries and benefits paid to executive management of multinationals and publicly traded companies are referred to as executive compensation. The figures are revealed in a company’s financial statement. The Chief Executive Officer and members of the Executive Director who are not Board members are included in the executive directors, according to the NGX.

Read also: On FCT Pedestrian Bridges, Constant Ambush and Rape

The NGX’s compensation package for directors includes a monthly basic salary, other allowances, performance incentives (paid annually in arrears), director fees (paid quarterly/annually in arrears), and sitting allowances, according to the company (after board and committee meetings).

Breakdown of NGX Executive Compensation
The company paid out a total of N811.6 million in remuneration to board members during the year, with sitting allowances and executive compensation accounting for N56.7 million and N754.8 million, respectively.
The Chairman of the Board of Directors was paid N6.6 million, up from N4.9 million the previous year.
The highest-paid board member, usually the MD/CEO, earned N160 million in executive compensation, up from N156.2 million a year ago.

When it comes to executive compensation, NGX is one of the highest-paying companies on the Nigerian Exchange.

For context, Zenith Bank paid out approximately N1 billion in executive compensation to its directors in 2021, according to recent reports. There are six executive directors at Zenith Bank. In 2021, GTB Holdings, one of Nigeria’s largest banks, paid executive compensation of N757.3 million.

Salary breakdown for NGX
The company also reported that it has 205 employees, down from 269 a year ago, after laying off 65 non-management employees.
Despite the decrease in headcount, total salaries paid to employees during the year were N3.2 billion, almost unchanged from the previous year.

Read also: The University of Niger, Spent N89 Million On Fence Construction.

According to our Reporter’s research, NGX employees earn around N16 million per year on average, making it one of the highest-paying companies on the NGX.
A closer examination of the report reveals that no employee earns less than N2 million per year. In fact, 79 employees, or 39% of the total workforce, earn more than N9.5 million per year. Over half of the employees earn more than N5 million per year.
For the year ended December 2021, Optics NGX reported a profit after tax of N2.2 billion, up 22% from the previous year.

However, profits from its associate companies CSCS and NG Clearing, in which it owns 31 percent and 27.7% respectively, accounted for a large portion of the profit (N2.1 billion).
It attributed profits of N2.1 billion and a loss of N38 million from CSCS and NGX, totaling N2.1 billion, which it recorded as profits in its books.
NGX’s profits would have been N281.8 million if not for profits from its associates.

On FCT Pedestrian Bridges, Constant Ambush and Rape

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Pedestrian bridges are constructed to prevent pedestrians from being killed when they are struck by fast-moving vehicles on major roads. It has also contributed to lowering the alarming number of road users who suffer permanent injuries as a result of the lack of pedestrian bridges. The bridges have also provided relief to wheelchair users who are used to sharing the road and battling vehicular traffic while attempting to cross it.

Though the Federal Capital Territory Administration (FCTA) does not build enough pedestrian bridges across major roads in city centers, money spent to build pedestrian bridges is significant to ensure that residents have a safe mode of transportation that does not interfere with other traffic on the road; unfortunately, most of them are now used for other purposes.

Most residents have stopped using the bridge, according to our reporter, and can be seen standing beneath the pedestrian bridge or a few meters away from the bridges, attempting to cross safely without using the pedestrian bridge.
“Ultimately, human life is sacred and valuable because the costs of not using a pedestrian bridge have been unimaginable,” said Gambo Dingyadi, a public affairs analyst, “the primary reason why the bridges were constructed beyond making the nation’s ‘gem city’ a lovely and safe ‘haven’ for many.”

Read also: Since We Took Power In 2015, I’Ve Never Had Problem With Buhari: Osinbajo

Obviously, as the seat of power, one would expect Abuja to be well policed to prevent crime, but that is not the case. The city, like many others across the country, has its share of bad neighborhoods.

When our Reporter asked some residents of the nation’s capital why they prefer to cross busy roads on foot rather than using pedestrian bridges, they cited the dangers of doing so at night.

At Kubwa Bridge, hoodlums took my phone from me under duress and at gunpoint. After several failed attempts to contact my bank’s customer service using my wife’s phone, I received a debit transaction alert via email late at night.

“I have no idea how the thieves got my pin or phone password.” Unfortunately, I just received my salary, and they used a POS to withdraw all of the money in my account. Even though I still cross the pedestrian bridge to avoid being hit by a moving vehicle, the memories of how I was robbed on this bridge will never be forgotten,’ he said.

Samuel Ugobo’s tragic story is told here. The 37-year-old Kubwa-based private security operative lost N42, 000 and his phone in a single night while crossing the pedestrian bridge safely. His family suffered for a month, surviving solely on the help of friends and relatives until he was paid the following month.

Ms Catherine Danladi, a resident and civil servant, said she stopped using the bridge because she saw a trail of blood in one of the bridges on her way to work in the morning. She stated that the bloodstain on the bridge was still fresh, implying that someone had been stabbed.

“I haven’t been able to get that trail of blood out of my mind since the day I saw it.” Even during the day, I no longer have the confidence in myself to cross pedestrian bridges safely. I’ve heard a number of heartbreaking accounts of people being attacked on pedestrian bridges at night in order to steal from them.

“I heard about a young lady who was nearly raped by hoodlums who stole her phone, money, and other valuables. She was about to be raped if it hadn’t been for the arrival of some police officers, who saved her from the hoodlums’ clutches. “However, she was not fortunate enough, as they took her valuables,” she explained.

Nosa, a student from Edo state who sells wares at the Nicon Junction pedestrian bridge, explained that they have received reports on several occasions of young ladies being victims of hoodlums on the bridge. He claims that the hoodlums prefer to attack women because they believe they lack the strength to defend themselves.

Nosa said he heard about two girls who were raped on Nicon Junction Bridge because they refused to give up their valuables and wanted to fight back. He claims that the hoodlums are usually in groups of more than three to ensure that the heinous operation is carried out successfully.

“When they want to operate, they sometimes come to us late on the bridge and tell us to leave because it is already late, so we should close.” If we try to reason with them, they will attack us with knives and even steal our belongings. If we see them, we usually have to close for the day. Their primary targets are women; even if a group of women is walking across the bridge at night, they will attack them and steal their cellphones, money, wristwatches, and other valuables.

“The truth is that the pedestrian bridges in the FCT are always dark at night, making it impossible for anyone to feel safe.” As you may be aware, evil thrives in the dark, which is why hoodlums take advantage of the darkness surrounding pedestrian bridges to commit crimes against innocent victims who are unable to cross the expressway. I’m not sure why the Minister of the FCT would build pedestrian bridges without installing electric lights to deter criminal activity at night.

Read also: Benue South Gives Reasons Why It Should Produce Governor In 2023

“I believe that having lightning on Abuja pedestrian bridges would help to reduce the number of crimes committed at night on the bridges.” In addition, uniformed police officers should be stationed at pedestrian bridges at night to deter hoodlums from committing crimes. Because they will be scared if they see uniform police around the bridges,” he explained.

Despite the security issues that exist on pedestrian bridges at night, most people regard some of them, particularly those near busy intersections, as large markets where people can buy and sell during the day.

Galadima bridge, along the Kubwa expressway, Dei-Dei junction bridge, and Mararaba bridge are some of the most popular pedestrian bridges turned markets. It has been overtaken by beggars of all kinds and pickpockets for the Mararaba bridge. On these bridges, a variety of household items are sold, including food, clothing, cheap mobile phones, phone accessories, and other items.

Pedestrians can only navigate through the narrow space left by traders who display their wares on a better part of the bridge due to the business activities on the bridges. To avoid the chaos, some pedestrians will choose to cross major roads rather than use bridges to avoid the crowds.

Residents in the nation’s capital are increasingly preferring to cross highways rather than use pedestrian bridges for a variety of reasons, one of which is the long distance required to reach the bridge or the fear of being attacked by hoodlums who use the bridges as a means of capturing their victims and robbing them of their valuables. The majority of the bridges in the FCT have been severely abused and are being used for purposes other than those for which they were built.

Our reporter also noticed that the majority of pedestrian bridges in the Federal Capital Territory lack an electrical power supply or are inadequately lit. Meanwhile, the few pedestrian bridges that have sections where people with disabilities (PLWDs) can use their wheelchair have been converted into public toilets, where users and beggars answer the call of nature when the buttons are pressed, making it impossible for PLWDs to use them.

According to reports, there have been numerous claims of hoodlums committing theft and rape on the bridges at night, but everything appears normal and natural during the day, with only a few pedestrians using some of the bridges, and little or no one anticipating any criminal act at that time of day.

Mrs. Salami Ephraim, one of the daily pedestrians who uses the bridge, said that the activities of traders on the bridge make it difficult for people to move freely, and she called on the FCT transport secretariat to intervene.

Mr. Godfrey Ikechuckwu, a social analyst, believes that the FCT authority can learn a lot from Lagos State when it comes to enforcement of pedestrian bridge maintenance and use.

“When you visit Lagos, you will see the Lagos State Traffic Management Agency (LASTMA) all over the place, ensuring that traffic laws are followed. Anyone who dares to break the law, whether by improper parking, crossing busy expressways, or selling on pedestrian bridges, must be prepared to pay hefty fines. That’s why in Lagos, they always say that fear of LASTMA is the beginning of wisdom,” he explained.

When contacted, DSP Adeh Josephine, the Public Relations Officer for the Federal Capital Territory Police Command, urged the public to report any cases of harassment or theft at pedestrian bridges.

According to Adeh, the Police Department requires this information in order to improve security and ensure that citizens are not harassed in their daily lives.

“I’ll immediately contact the DPOs whose locations are closed to pedestrian bridges to request that they beef up security around those areas.”

“Everyone has the right to go about their daily lives without fear of harassment or intimidation.

“Please assist me in urging residents of the FCT to report cases of harassment to the nearest police station as soon as possible.”

She went on to say that police do not work in isolation because they rely on information from the public to protect themselves and ensure that society is crime-free.

Since We Took Power In 2015, I’Ve Never Had Problem With Buhari: Osinbajo

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Despite their religious differences, Vice President Yemi Osinbajo claims that he and President Muhammadu Buhari have never had a disagreement since taking office in 2015.

“President Buhari is a devout Muslim, and I am a pastor; we’ve worked together for about seven years, and we haven’t had any issues,” Mr Osinbajo said in a statement released by his media aide, Laolu Akande.

Mr. Osinbajo delivered the charge during a visit to Sheikh Muhammadu Niass, the Grand Khalifa of the Tijjaniya Islamic Movement Worldwide, based in Senegal.

“We must use our faiths to promote peace and prosperity for our people,” he said. “We must work together to ensure that religion benefits our people.”

Read also:The University of Niger, Spent N89 Million On Fence Construction.

“In other parts of the world, religious leaders have used religion to improve people’s lives,” Mr Osinbajo added.

In 2019, it was reported that Messrs Buhari and Osinbajo had a falling out over the latter’s request to always seek the president’s approval before running agencies under his control.

There were also reports that the president fired at least 35 of Mr Osinbajo’s office’s over 80 aides.

Despite these reports, Vice President Biden described Mr Buhari as a model of leadership who respected people of various religious beliefs.

“The president has demonstrated great leadership; he has demonstrated that he wants a country where people of various faiths live in harmony and love for one another,” Mr Osinbajo said.

The vice president urged religious leaders to use their faith to promote peace, prosperity, and the development of societies.

Mr. Osinbajo was quoted as saying that, despite their differences, Africans must learn to sit together and communicate in order to avoid situations that cause division.

Despite Ongoing ASUU Strike, Nigerian Govt Pledges To Boost, Invest In Education To Improve Quality

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The federal government has pledged to improve the country’s educational quality by investing heavily in infrastructure and human resources.

On Saturday, the Minister of Education, Malam Adamu Adamu, delivered a message to the 33rd convocation ceremony of the Federal College of Education, Eha-Amufu, near Nsukka in Enugu State.

Mr Chukuemeka Nwajiuba, the Minister of State for Education, was his representative.

The institution awarded 1,611 students with National Certificates of Education (NCE) and 69 others with Professional Diplomas in Education (PDE).

Despite the Academic Staff Union of Universities’ ongoing strike, which began on February 14 over unpaid allowances under a 2009 agreement with the FG, Adamu’s assertion was made.

Read also: Give Me APC Ticket And I’ll Deliver Benue In 2023, Says – Gemade

As a result, the FG reassembled a team to renegotiate the union’s 2009 agreements.

During a press conference, Adamu emphasized the importance of resolving all outstanding issues in the 2009 agreements as soon as possible in order to achieve the desired industrial peace in the nation’s universities.

The Pro-Chancellor of Alex Ekwueme Federal University, Ndufu-Alike Ikwo, Prof. Emeritus Nimi Briggs, leads the reconstituted 2009 FGN/University-Based Unions Agreements Re-negotiation Team.

Nonetheless, during his remarks at Saturday’s convocation ceremony, the Minister claimed that the FG has always prioritized education, which he claimed informed the decision to raise the retirement age for teachers from 60 to 65 years.

“This administration makes significant investments in education to ensure high-quality instruction and learning.

“The government has ensured that all tertiary institutions in the country have received robust TetFund interventions to improve infrastructure,” he said.

Adamu also urged teachers to repay the government’s kindness by being committed to their jobs and serving as positive role models for students.

The University of Niger, Spent N89 Million On Fence Construction.

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The Federal University of Education in Kontagora, Niger, has spent N89 million to build a perimeter fence around the female hostel in order to improve security.

On Sunday, the university’s provost, Faruk Haruna, said the fund was part of the N557 million spent on capital projects over the previous two years.

Mr Haruna said that the construction of a botanical garden cost N82 million and the drilling of two motorised boreholes cost N17 million.

He explained that the procurement and installation of furniture and fittings at the Arts and Social Science building, as well as the General Education program, cost around N32 million.

Read also: Benue South Gives Reasons Why It Should Produce Governor In 2023

“We spent N44 million on furniture and equipment in the ICT building and N32 million on a 400-seater lecture hall for the Secondary School Education (Language) Programme,” he said.

According to the provost, N15 million was spent on the construction of the Chief Lecturers’ office, and N83 million was spent on the rehabilitation and expansion of the institution’s clinic.

He went on to say that N60 million was spent on renovating student hostels.
Mr Haruna stated, “We will continue to execute capital projects that will enhance academic excellence in the institution.”

Give Me APC Ticket And I’ll Deliver Benue In 2023, Says – Gemade

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Senator Barnabas Gemade, the former Minister of Works and Housing, has told the All Progressives Congress (APC) in Benue that if he is allowed to fly the party’s flag for the 2023 governorship elections, he will deliver the state to the party.

 

Gemade, a gubernatorial aspirant on the APC platform in Benue, revealed this during a visit to the party’s secretariat in Makurdi to inform party officials about his ambition.

 

In a statement signed by the party’s State Publicity Secretary, Daniel Ihomun, and made available to our Reporter in Makurdi on Sunday, Gemade stated that the APC must field credible candidates like him in order to win elections in 2023.

 

Gemade, a former National Chairman of the People’s Democratic Party (PDP), assured the party’s State Executive Committee that if he is chosen as the party’s candidate for the 2023 elections, he has the ability to win the governorship election.

 

He explained that he had many opportunities to become governor in the past, but he preferred to support younger candidates, adding that now was the time for him to take the helm and ensure the state’s development.

Read also: Benue South Gives Reasons Why It Should Produce Governor In 2023

As a result, Gemade has charged the APC in Benue leadership to ensure a level playing field during the party primaries, arguing that transparency in the process would ensure that those who lost in the primaries would band together in support of the party’s emerging candidates.

 

Comrade Austin Agada, the state APC Chairman, reiterated in his response that the party’s leadership would strictly adhere to the APC’s constitutional provisions in carrying out her responsibilities.

 

He assured Gemade that the party was fully prepared to usurp power in the state from the PDP administration in 2023.

 

Dr. Steven Tsav, State Deputy Chairman; Barr Vincent Uji, State Vice-Chairman Zone A; James Tor, State Vice-Chairman Zone B; and Pinot Ogbaji, his counterpart in Zone C, were also present at the meeting.

 

Others include Comrade Daniel Morgan Ihomun, State Publicity Secretary; Awuese Torhee, State Woman Leader; and Hon Hangeior Akaan, Financial Secretary.

Benue South Gives Reasons Why It Should Produce Governor In 2023

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MAKURDI – Stakeholders in the Benue South senatorial district (Zone ‘C’) have urged the state governor, Samuel Ortom, and other key players in the state’s political landscape to ensure that the state’s next governor emerges from the zone in 2023.

The stakeholders, led by the Benue Rebirth Movement (BRM), made the call last weekend when they marched peacefully to the state government house in Makurdi to press their demands.

The group, led by Air Vice Marshal (AVM) Monday Morgan, noted that Zone ‘C’ had yet to produce a governor 46 years after the state was established, necessitating the need to support someone from the region for the position.

“Nasarawa state rotates its governorship among the three senatorial zones; Plateau, Kogi, and Taraba state do the same, and all the adjoining North-Central states do the same,” Morgan said in delivering the Zone ‘C’ message to Governor Ortom. Why is it that the state of Benue refuses to abide by democratic norms?”

He went on to say that the people of the area were fighting for the job because “the time has come for our man from Zone ‘C’ to mount the instrument of power in Benue state beginning in 2023.”

“We know you (Ortom) as a man of conscience, a man who has the courage to do the unexpected to bring people together. We know you to be a person of integrity and fairness, and we believe that no matter how much pressure you face, you will not yield to forces that believe one tribe should rule in perpetuity.”

Governor Ortom, who was represented at the event by his deputy, Benson Abounu, responded by saying that the people’s wishes and aspirations were just, right, and proper.

“Your aspirations are just because Benue state will be a place where every citizen of the state will have a place that he can call his own under my watch,” he says.

Read also: Residents Flee as Ebubeagu Operatives Invade Imo Community, Kill Many, and Raze Market

“My administration, which is founded on God, has always sought fairness, equity, and justice, and it is in this regard that I have worked to make history on various fronts in Benue’s 46-year history.”

“One of them is the appointment of a female as the Head of Service (HoS) of Benue State, and she came from Zone ‘C’. It is in this spirit that I made history by appointing a person from Zone ‘C’ as Chief Judge of Benue State for the first time in the state’s history.

“And, for the first time, an Igede man was appointed as the Auditor General of Benue State, indicating that my administration values inclusivity; that everyone, including Zone ‘C,’ deserves a place of belonging.” As a result, when it comes to deciding who will be Governor in 2023, I will continue to advocate for fairness, equity, and justice.”

Governor Ortom reminded AVM Morgan that when he led members of BRM to him earlier, he told them that the process of electing a Governor is not solely his responsibility.

“There are factors to consider, and you must consult widely,” he said, “and there are two fronts to consult: one is the traditional kingdom, and the other is the political class.”

“You must meet with the political class; you must meet with the traditional kingdoms’ leadership, and you must recognize that this is not a one-man show, so you must continue to meet with these people, and one of these institutions is the ‘Ijir Tamen,’ Tiv land’s highest decision-making body.”

“In the name of fairness, equity, and justice,” Ortom said, “you must eat and allow your brother to eat; in Tiv language, it is known as ‘ya, na angbian.’

Read also: Buhari issues warning to APC leaders, as Nigeria’s ruling party splits

Earlier, the Chairman of the Central Planning Committee, Prince Onu, said that politics is a numbers game, and that the people of Benue North-East and Benue North-West senatorial districts have numerical strength.

In the interest of equity and fairness, he argued that the two senatorial districts should support Zone ‘C’ to produce the next governor, adding that the zone would not fail the state.

“Politics is a numbers game,” he says, “and our brothers in Zones ‘A’ and ‘B’ have the numerical advantage.” So, what are your expectations? Political ideology is based on numerical strength, which they possess.

“All we have to do now is negotiate for power; to extend hands of fellowship and friendship to them and ask for power, and we assure you that the people of Zone ‘C’ will not fail Benue state.”

Buhari issues warning to APC leaders, as Nigeria’s ruling party splits

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President Muhammadu Buhari has warned leaders of the All Progressives Congress (APC) to stop calling each other names and backstabbing each other.

The ruling party in Nigeria has been factionalized ahead of the March 26 Convention, with Yobe State Governor Mai Buni insisting on remaining the National Chairman.

Sani Bello, his Niger counterpart, now leads the APC, causing a schism among governors, lawmakers, other chieftains, and members.

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If the APC is to continue on its path of victory and dominance across the country, Buhari told the party’s warring factions to remain steadfast and united.

“Learn lessons in disunity, mismanagement, and corruption from the once-powerful Peoples Democratic Party (PDP), now enfeebled and adrift,” the leader told members.

In a statement, presidential spokesman Garba Shehu quoted his principal as saying, “They failed in 16 years in power and a failure as opposition.”

“Yes, we have a right to our own dissent and intra-party strife.” These are found in all political parties, both left and right, around the world.

“However, parties splintered by competing egos are doomed to suffer the worst possible outcome,” the President warned.

“As the country prepares for the long road to the 2023 presidential election, we all expect a robust debate on the issues that matter, and what’s going on in the APC should reflect that, not the infighting we’re seeing.”

Read Also:  Stop backstabbing your colleague, Buhari warns APC Governors

Buhari warned against more distractions in the run-up to the election of new leaders.

He went on to say that the APC did not begin on a note of power arrogance, but rather as a vehicle to bring development to all people without discrimination.

Residents Flee as Ebubeagu Operatives Invade Imo Community, Kill Many, and Raze Market

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Residents of Amankwo, in Imo State’s Orsu Local Government Area, have fled the community following an attack by members of the Ebubeagu security outfit, who killed an unknown number of people.

The governors of the South-East region unveiled Ebubeagu in April 2021 to aid in the fight against insecurity.

Read Also:  In Kaduna, bandits attack mosque, kidnap 24 people

On Monday, security personnel were said to have stormed the Amankwo community, shooting sporadically.

Local residents claim that local security operatives also set fire to a market in the Nkwo-Idemili community.

During the attack on the community, a couple was said to have been killed.

According to reports, the incident caused widespread panic, with residents fleeing to neighboring villages for safety.

“On Monday, Hope Uzodimma’s so-called Ebubeagu descended on my community’s market, torching and razing the market’s timber section.

“The attack lasted until last night (Thursday) and claimed the lives of a couple and many others. The town is now deserted.

Read Also:  Koshoedo, the PDP’s Deputy National Secretary, congratulates Gov. Makinde, Olubadan.

“This happens on a daily basis in all of my Orsu local government’s neighboring towns. Fear grips the entire population. Please join us in pleading with the government to end the siege and the senseless killings,” a local said.

I’m part of Umahi’s ordeal, we’ll make it to the Supreme Court: Wike

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Governor Nyesom Wike claims responsibility for David Umahi’s defection from the Peoples Democratic Party to the All Progressives Congress, which resulted in his dismissal as governor of Ebonyi state.

Mr Wike, who made the remarks at the commissioning of the 3.4-kilometer eastern bypass in Port Harcourt on Saturday, also promised to take the case to the Supreme Court if necessary.

“Be assured, Governor Umahi, that the PDP will take this matter all the way to the Supreme Court,” the Rivers state governor promised.
Mr Wike stressed that Mr Umahi’s political harlotry had consequences that would serve as a deterrent to other political office holders fond of defecting to other parties, noting that it was the first time the issue of defection would be contested in court.

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“This is the first time,” Mr Wike said, adding that “nobody has gone to court to seek interpretation of a governor who has defected from one party to the other.” As a result, people think it’s new, and they wonder if you can remove a governor.”

“It is better for the court to make a pronouncement,” the governor says. Everyone will need to be cautious.

“If you give someone an umbrella, the next day he will defect.” When the EFCC arrives, he will say, “Let me join them so the EFCC does not go against me.”

“You carry another party’s vote and join another party.” Is it possible to transfer votes? Leave the seat if you’re defecting.

“And this will checkmate the majority of these political harlots, who will never sit still, always looking for excuses.”

“You can’t take our property and tell us we have to shut up.” How can we keep our mouths shut? Those who are behind it say as much. We’re working on it.

“I’m involved if your friends don’t want to tell you.” As a result, no one should threaten us. You are not a friend of ours. You do not belong to our political party. Mr Wike said, “Leave what belongs to our party.”

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The governor and his deputy, Kelechi Igwe, were removed from office on Tuesday by Justice Inyang Ekwo of the Federal High Court’s Abuja division for defecting to the ruling APC.

Mr Umahi, on the other hand, asked the court on Thursday for a stay of execution, directing them to vacate their offices due to their defection.