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Jaiz Bank targets N70bn capital base December

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Jaiz Bank is set to increase its capital base to N70 billion by the end of 2024.

This was as the bank restated its commitment to become the centre of Islamic banking in Africa.

This disclosure was made by the Chairman of the Board of Directors, Mustapha Bintube, during a send-off ceremony held in Abuja for 11 retired board members, including the bank’s pioneer chairman, Alhaji Umar Abdul Mutallab.

Jaiz Bank operating since 2012 is a pioneering non-interest bank in Nigeria, providing ethical services to individuals, and corporate and government entities.

In a statement on Monday, Bintube highlighted the bank’s financial performance and its new banking system, offering people alternatives in banking operations.

He noted that Jaiz Bank achieved a profit of N11 billion in 2023.

He revealed that as of June 30, 2024, the bank had already surpassed this profit figure, indicating robust growth and operational success.

With the recapitalisation exercise, We have banks sourcing funds, but today Jaiz already met up that minimum recapitalisation and we plan to hit N70bn capital base by year-end.”

Jaiz Bank and other non-interest banks hoping to achieve national status have till 31st March, 2026 to record N20bn capital base as directed by the Central Bank of Nigeria under its ongoing banking system recapitalisation.

However, the bank currently has a paid-up capital base of N18.6bn which falls short by N1.4bn.

Bintube also revealed the bank’s expansion plans from its initial three branches in Abuja, Kaduna, and Kano to a current total of 54 branches, with plans to reach 60 branches by year-end.

“Our major dream is to expand our presence globally,” Bintube stated, reflecting on the bank’s humble beginnings in 2012 with an initial capital of N6bn.

He attributed the bank’s success to its dedicated team and strategic partnerships, which have enabled it to grow and thrive in the competitive financial sector.

Former Chairman Dr. Umar Abdul Mutallab, in his address, expressed his pride in Jaiz Bank’s achievements as Nigeria’s first non-interest Islamic bank. He commended the efforts of various institutions, particularly the Islamic Development Bank, which played a crucial role in the bank’s establishment.

Dr Mutallab recounted the challenging early days when Jaiz Bank’s promoters had only N4 billion, and it was the timely intervention of Africa’s richest man, Alhaji Aliko Dangote, who provided N1bn to meet the N5bn required for registration, that saved the venture from collapse.

Dr. Mutallab also praised the former Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi, for his encouragement and support in realizing the dream of Jaiz Bank.

He took the occasion to acknowledge and appreciate the contributions of other individuals and institutions, both living and deceased, who have supported the bank’s journey.

“Jaiz Bank sees itself as a major Islamic bank in Nigeria,” Mutallab asserted, urging the current management to continue striving for excellence and expansion. He expressed confidence in the bank’s future, emphasizing the importance of perseverance and strategic vision in achieving its goals.

“Jaiz Bank’s commitment to non-interest banking principles and its focus on ethical financial services have positioned it as a trailblazer in Nigeria’s banking sector.

“As the bank looks forward to reaching new heights, it remains dedicated to serving its customers with integrity and innovation,” the statement concluded.

Hardship: Southeast youths will not protest against Tinubu – Gov Uzodinma

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Governor Hope Uzodinma of Imo State has assured that Southeast youths will shun the intending national protest against President Bola Tinubu.
Uzodinma said those behind the planned protest are enemies of Nigeria who wants to destabilise the national government.
He spoke in Abakaliki, the capital of Ebonyi State during the grand finale of the campaign for local government election by the All Progressive Congress, APC.
According to Uzodinma: “To the youths of Southeast, because we are on the path of growth, our enemies are trying to disorganise national government.
“This government is our government, the government of President Bola Tinubu is our government. So nobody from Southeast will protest. We are not aggrieved, we have hope.
“Whatever they say, this government is barely one year in office. Yes, we are aware of the hardship, we are aware things are hard, but I promise you that the president is working so hard to release money to the people, to deliver infrastructure to the people and to release and increase food security to the people. Follow your leaders, work with your leaders.”
Hardship: Southeast youths will not protest against Tinubu – Gov Uzodinma

NLC making itself a meddlesome interloper

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The Labour Party, on Monday, warned the Nigeria Labour Congress to desist from dragging the party and its leadership in the mud to appease their alleged sponsors.

This was even as the opposition party reiterated that former Anambra State Governor, Peter Obi, and Julius Abure, remain their presidential flagbearer and national chairman, respectively.

The warning was issued in Abuja by the Director General of the LP Directorate on Mobilisation and Integration, Marcel Ngogbehei.

Ngogbehei was reacting to a statement credited to the NLC National Transition Committee, which allegedly referred to Abure as a former LP national chairman.

The statement further directed party stakeholders to boycott the planned congress by the LP in Anambra, Imo, Delta and the Federal Capital Territory.

But in its reaction on Monday, the LP directorate on mobilisation described the circular as childish, malicious and misleading, stressing that the NLC has no authority to set up any transition committee for any party in Nigeria.

Ngogbehei further urged the NLC to act responsibly by respecting the reconciliation move initiated by Obi or seek legal redress if they feel the need to do so.

He said, “The transition committee has become a destructive agent, seemingly working for the government to eliminate any perceived opposition structures in the country. The citizens are groaning under government policies that have left the Nigerian workers poorer.

“Rather than the current NLC to learn from Oshiomhole’s years of courageous leadership and engage the government to protect the interests of Nigerian workers and the citizens at large, they are busy meddling into political party affairs, attempting to de-market the only true opposition party in the country.

“To the discerning minds, the NLC is making itself a meddlesome interloper and has no place in law. If they do, it’s more responsible to approach the court than carry out destructive actions that would benefit the current government.”

Court dismisses Imasuagbon’s suit challenging Akpata’s candidacy

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The Federal High Court sitting in Benin, the Edo State capital, on Monday, dismissed a lawsuit filed by Kenneth Imasuagbon challenging the candidacy of the Labour Party’s governorship candidate, Olumide Akpata for the 2024 governorship race in the state.

Justice Babatunde Quadri ruled that the court lacked the jurisdiction to entertain the suit which lacked merit and was based on speculation.

The court also claimed that Imasuagbon failed to exhaust the internal dispute resolution mechanisms within the Labour Party before seeking legal action.

The court further held that Imasuagbon’s claim of Akpata not signing the indemnity form was statute-barred and, therefore, lacked jurisdiction.

In its judgment, the court also declared the lawsuit as premature and without substantial evidence to support its claims.

The judge said, “This court lacks jurisdiction to entertain the suit. It lacks merit and it is based on speculation. The claimant failed to exhaust the internal dispute resolution of the party before seeking legal action hence robbing the court of jurisdiction.

“The claim that Akpata did not sign the indemnity form is status-barred and, therefore, the court lacks jurisdiction.”

The ruling, therefore, upheld Akpata as the LP candidate in the forthcoming state governorship election.

Before now, Imasuangbon had approached the FHC in the Federal Capital Territory, Abuja, challenging Akpata’s nomination as the party’s candidate because the LP did not follow the electoral guidelines in the primaries, among other grounds.

He also alleged that the conduct of the LP primaries was marred with over voting which is contrary to the party’s constitution.

Akpata was declared winner of the primary election conducted by the Julius Abure faction of the LP, after he defeated Imasuagbon and four others on February 23.

However, the Lamidi Apapa faction had on February 22, 2024, written to the Independent National Electoral Commission that Anderson Asemota and Monday Mawah were the LP governorship candidate and running mate respectively in the state.

Taraba gov unveils advisory committee on LG autonomy

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Taraba Governor, Agbu Kefas on Monday, inaugurated an advisory committee to guide the state government on the implementation of the Supreme Court’s judgement affirming financial autonomy for local government councils in the country.

Inaugurating the committee at the Exco chambers of the Taraba Government House in Jalingo, Kefas tasked the committee to come up with a roadmap for the implementation of the judgement.

Kefas noted that the event marked a milestone in the journey towards a more democratic, accountable and efficient governance system in the state, adding that the judgement aligns with his commitment to decentralisation and local empowerment.

The governor said he had since in April told the state Bureau for Local Government, Traditional and Chieftaincy Affairs that local government chairpersons should take full responsibility for the management of the joint account and other administrative affairs of their areas.

“This directive is not just a policy change. It is a profound shift towards true autonomy and self-governance for our local governments. It also empowers them to make decisions that directly affect the welfare of our constituents, ensuring that resources are utilised efficiently and effectively to meet local demands.

“The establishment of this advisory committee is a clear demonstration of our determined commitment to strengthening local governments in Taraba State.

“I have no doubt that with the combined effort of this committee, the Bureau for Local Government, Traditional and Chieftaincy Affairs and all stakeholders, we will achieve our vision of decentralised, empowered and prosperous Taraba,” he said.

A former Speaker of the State House of Assembly and present Chairman, House Committee on Local Government and Traditional Affairs, Abel Diah is to chair the committee, with Ezekiel Polycarp as secretary.

Other members are the Secretary to the Government of the State, Timothy Kataps, the state chairperson of the Association of Local Governments of Nigeria, Hassan Aminu, the State attorney-general and commissioner for justice, Yakubu Maikasuwa, Lilian Jonathan and Bala Hussein.

Oyebanji orders integrity test on Ekiti NYSC camp buildings

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Ekiti State Governor, Mr Biodun Oyebanji has directed the state’s Bureau of Special Projects to conduct an integrity test on all buildings in the National Youth Service Corps Orientation Camp at Ise/Orun Emure Ekiti.

Oyebanji gave the directive in Ado Ekiti on Monday, during a meeting with members of the Governing Council of the NYSC led by Ekiti State Commissioner for Youth Development, Mr Gold Adedayo.

The order, which followed the collapse of the wall of a bathroom which injured two corps members on Friday, is to determine how safe the buildings are for NYSC members.

Recall that following the collapse, the governor directed the construction of 45 units of toilets and bathrooms in the camp, which construction work began on Monday morning. Oyebanji also directed the state electricity board to provide solar-powered electricity at the camp.

The governor said, “The first thing we have to do is to conduct an integrity test on all the buildings in that camp. The outcome of the integrity test will guide the government’s further actions on the camp facilities in a bid to improve the overall living conditions within the camp.

“The integrity test would involve a thorough inspection of the camp’s structures to assess their durability and safety standard”.

Oyebanji highlighted the need for urgent improvement in the infrastructure of the NYSC camp, assuring the corps members of his administration’s continued support and recognition for their efforts.

He said, “My response to your request, there are some that we will do immediately, the issue of solar light, I will ask the people in charge of electricity to go there and see how we can put solar light, that will be done immediately”.

Earlier in his remark, the NYSC State Coordinator, Alhaji Riko Shuaibu, thanked the governor for his commitment to the safety and welfare of the youth corps and for the approval for the construction of 45 units of modern toilets and bathrooms.

Shuaibu said the purpose of the visit was to inform the governor of the challenges of the NYSC camp and solicit the state government’s intervention.

We’ll prioritise agriculture in 2025 budget- Fubara

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Rivers State Governor, Siminalayi Fubara, has tasked Rivers people, especially women, to venture into agriculture in order to mitigate the impact of the high cost of living and feed the State.

Fubara maintained that agriculture will be accorded top priority in the 2025 budget to achieve the agriculture policies of the government for the people of the state.

He disclosed this when he received the state women under the aegis of Women in Farming and Agro-Allied Support Network on a solidarity visit at Government House, Port Harcourt on Monday.

This was contained in a statement issued by the Chief Press Secretary to the governor, Nelson Chukwudi, and sent to newsmen.

The governor represented by the state Head of Service, George Nweake, said his administration’s agricultural policies were geared towards ameliorating the plight of the citizens who are waiting for implementation.

He noted that the agriculture policies are fashioned in a way to be accorded top priority, as it abhors portfolio recognition. The agriculture policies of the government have already been perfected, waiting for the time of execution and implementation.

“The Governor has said that is the main target of next year’s budget: agriculture. But we will not give it to people who don’t have farms. We will not deal with portfolio farmers. Those that will come with jackets are not the farmers we are looking for.

“We will not throw it in the air for the fastest person to catch it. No. If the best person in farming is a lame person, he will get it. Even if a sprinter is there, the sprinter will not be able to reach it. We are going to do things that will have a human face,” the statement stated.

The governor, who recalled the enormous agricultural potential and produce that abound in the state, and how they are being neglected, sued for a change of heart among the people by keying into farming to catch up with the reality of the times and ensure food security.

This, he noted, is also in line with the wife of the President of the Federal Republic of Nigeria, Senator Oluremi Tinubu’s Renewed Hope Initiative pet projects: “Agricultural Support Programme” and “Every Home a Garden”, aimed at supporting women farmers nationwide to strengthen the agricultural sector of the economy.

He said, “Before now, this place, Rivers and Bayelsa, we were known for oil palm production, which is rooted in agriculture. Every part of Rivers State supports that and each of us had palm fruits in our places, and that has been neglected over the years.

“We also have different agricultural products which thrive very well in Rivers State. If you talk of fishing, I think almost every local government area has rivers where they fish. We also have every farm produce and livestock which, over the years, we have neglected.

“Again, there was research done about ‘Rivers State Without Petroleum’, and we see that the Abua and Ahoada-West areas are noted for fruits. We have fruits everywhere, but their fruits are unique. You talk of plantain: Etche and Omoku are noted for plantain, but they are not in the market.”

He added, “So, I am happy that you have come to understand that the way forward is for us to first take agriculture seriously, and then, the rest will be history; Rivers State will be transformed.

“Imagine a situation where every person here can produce one bag of garri. The impact it will have on our nation will be huge.

“You are all aware that there is even a project by the Federal Government, the pet project of Her Excellency, the Wife of the President of the Federal Republic of Nigeria, Senator Oluremi Tinubu geared towards women having their own gardens to support women farmers nationwide to strengthen the agriculture sector of the economy. I urge you to key into the initiative.”

He commended members of the organisation for their resolve to venture into farming and ensure food sufficiency in the State, urging them to put their houses in order and reach out to the Ministry of Agriculture to incorporate them into the government’s agriculture initiative.

Also speaking, the State Commissioner for Agriculture, Engr Victor Kii, thanked members of the organization for the visit, noting that it demonstrates their commitment and dedication to the welfare of the State.

Kii, who noted that the governor is working assiduously to ensure the development of the State’s agricultural sector, hinted that it is for this reason that the governor recently approved the state’s participation in the special Agro Processing Zone Project, which will commence soon.

He asserted, “A lot of you are aware of the policy plan of His Excellency, and in terms of agriculture, at different fora, he has continuously insisted that agriculture is one of his focus areas.

“His Excellency is working tirelessly to ensure that the agriculture sector is developed. A lot of you are aware that quite recently, His Excellency approved that the State should participate in the special Agro Processing Zone Project which is going to kick off very soon.

“And you know that the delegation from the African Development Bank and the Federal Government had been in the States to access the project site. So, it shows that this is a government that has the interest of the people at heart in terms of agriculture,” he said.

The State Commissioner for Women Affairs, Roseline Uranta, noted the concerns of the Governor, his Deputy and the wife of the governor to the plight of Rivers people, emphasising that it is against this backdrop that the Governor has prioritized agriculture as well as health and education in his administration.

Uranta noted the concerns of the women over the high cost of living as critical stakeholders in the family, urging them to always put the Governor and his administration in their prayers to enable him to succeed.

In her remarks, National Coordinator of Women in Farming and Agro-Allied Support Network, Glory Coker, said their visit is to inform the Governor of their desire to go into mechanized farming to ensure food sufficiency in the State.

Coker said the move will in no small measure reduce the cost of living experienced in the State, and solicited government assistance to achieve set goals.

She said, “We are already farmers, but we want to go into mechanized farming in the State to make sure that if the egg is N5,000 in the market, we want to bring it down to N2,500. If garri is N5,000 in the market, we want to bring it down to N1,200. So, we want to go into farming, and with the support of the government, we know that Rivers women are going to make it.

“We want the Governor to support us. If it is garri, we want him to give us a garri processing machine. We need fertilizer. We need seedlings,” she added.

Also speaking, the State Coordinator of the Women in Farming and Agro-Allied Support Network Ihuoma Eze, explained that the state chapter of the organization will be launched on Saturday, July 20, 2024, and solicited logistics support to ensure the success of the programme.

Armed robbers invade A/Ibom newspaper outfit, kill security guard

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Fear has gripped residents of Information Drive, in Uyo, Akwa Ibom State, as armed robbers on Friday night invaded the State newspaper company, publishers of the Pioneer Newspaper, and killed one of the security guards, Mr Edet Obot.

Our Correspondent reports that the hoodlums who stormed the premises of the newspaper at around 12 pm, also carted away other valuables, including a generator set, televisions and wire cables.

Though the General Manager of the newspaper, Mr Umoette Umoette, could not pick up his calls to comment on the development, a source within the newspaper corporation confirmed the development while speaking on condition of anonymity with the Punch Metro in Uyo on Monday.

The source expressed sadness over the death of the security guard, adding that it seems the robbers had help from within

“It’s a very sad development to all of us here, and most unfortunate is that the security officer who was shot dead by the criminals was not even a staff of a newspaper corporation, this cannot happen without an insider’s collaboration”, the source said.

The Police Public Relations Officer of the Akwa Ibom State Command, ASP Timfon John, when contacted, confirmed the incident, adding that the command is aware of the development

The PPRO said, “We are aware of it and on top of the situation.”

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Ndume has rights to criticise Tinubu, says northern group

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The Arewa Youth Consultative Forum has faulted an attempt by the Coalition of North-East Elders Forum to stifle the right of Senator Ali Ndume from criticizing the President Bola Tinubu-led administration.

The According reports that the Chief Whip of the Senate, Ali Ndume (APC, Borno South), had claimed that President Bola Tinubu was unaware of the current situation outside the Presidential Villa.

Ndume alleged that the President has been fenced off and caged by certain forces.

To this end, the Coalition of North-East Elders Forum had questioned the rationale behind Senator Ndume’s persistent outburst against the Bola Tinubu-led government, warning Ndume to stop attacking the president or lose the election in 2027.

But the AYCF kicked against the action of the North-East Elders Forum, accusing the Forum of attempting to suppress Senator Ndume’s freedom of expression as enshrined in both national and international conventions.

A statement released by AYCF President-General, Yerima Shettima, in Kaduna on Monday, noted that the senator representing Borno South at the National Assembly was covered by law as such, his views must be respected and not to be suppressed.

Shettima said, “The attack from CNEF against Senator Ndume is vindictive, unwarranted, and an unacceptable affront to democratic principles of freedom and fair play.

“It is a brutal encroachment on his right to freedom of expression, safeguarded by various international treaties and conventions to which Nigeria is a signatory.”

The AYCF leader also expressed concern over growing speculation Senator Ndume might be relieved of his position as the Chief Whip of the Senate.

He warned that any further attempts to breach Senator Ndume’s fundamental right to hold differing views would be vehemently resisted.

“Any government that cannot be criticized is a liability,” he stated while urging the North-East elders to desist from unnecessary attacks on the person Senator Ndume.

While the AYCF boss clarified that the Forum was against protests of any nature, he noted that the lawmaker was on point when he was quoted on the current hardship in the country.

Shettima urged the government to heed the observations made by the senator for the benefit of Nigerian citizens while warning the North East elders against manipulating and politicizing security issues for their own gain.

“The observations raised by Senator Ndume should be heeded by the government, as they reflect the collective concerns of many Nigerians facing hardships,” he added.