Author: Abimbola Daniels

A DISPATCH rider, Monday Osazuwa, has testified before a Lagos High court sitting in Ikeja that the former Governor of the Central Bank, Godwin Emefiele, instructed him not to keep any record of the monies he allegedly collected on Emefiele’s behalf. Osazuwa, who is the first prosecution witness in the trial of Emefiele, took the witness box again on Monday following an application granted by Justice Rahman Oshodi for his recall. Emefiele is standing trial over alleged abuse of office and money laundering to the tune of $4.5bn and N2.8bn. At the resumed hearing of the case on Monday, Osazuwa,…

TONY Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), and the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, at the upcoming eighth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia. Themed “Infinite Horizons”, FII will gather some of the world’s most influential leaders, to demonstrate how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity. Elumelu brings his perspective as both a business leader and catalytic philanthropist. Africa will take centre stage, shaping the discussions at…

PBT Up By 20% To N603 Billion RIDING on its recently released half-year financials, the United Bank for Africa (UBA) Plc has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded a 149 per cent net interest income. As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398tn up from N1.308tn recorded in September last year, while its net Interest income which stood at N443.0bn at the end of the third quarter in 2023, rose by 149 per cent to N1.103tn…

UBA Foundation, the Corporate Social Responsibility (CSR) arm of the United Bank for Africa (UBA) Plc, has launched the 2024 edition of its prestigious National Essay Competition (NEC), unveiling a significant 100% increase in the educational grants for top winners. Now in its 14th year, the NEC is an initiative designed to foster literacy, critical thinking, and healthy competition among secondary school students, while providing future leaders with the financial support needed to pursue higher education. This year’s competition invites senior secondary school students to submit essays on the topic: *”The Impact of Carbon Emission on Climate in Nigeria: Discuss…

TRANSCORP Power Plc, one of the power subsidiaries of Transcorp Group, has announced its financial results for the third quarter of the year ending September 30, 2024, demonstrating remarkable growth across the business. In its Q3 2024 unaudited results filed with the Nigerian Exchange (NGX), Transcorp Power reported revenue of N223.6 billion, representing a significant 153% growth year-on-year, over N88.4 billion in Q3 2023, Highlighting operational efficiency, profit before tax for the period surged by 198%, recording N81.1 billion, compared to N27.3 billion in September 2023. Key Financial Highlights: • Revenue Growth: Achieved N223.6 billion in Q3 2024, a 153%…

PAY-TV operator, Multichoice Group, has rebranded its SuperSport variety channels on both DStv and GOtv platforms. In a statement on Thursday by the Executive Head of Marketing at MultiChoice West Africa, Tope Oshunkeye, MultiChoice announced that the changes took effect from Wednesday, October 9, 2024. Changes on DStv, GOtv As part of the rebranding, the current SuperSport Select Channel has been renamed SuperSport Africa. A new channel, SuperSport Action, has also been introduced, featuring a broader range of sports content, including UFC matches and additional Champions League games. GOtv packages will see the following changes: On the GOtv Jinja and…

ALHAJI Aliko Dangote, the President of Dangote Group, on Tuesday, said that the Dangote Refinery was constructed without any government incentives. Dangote made this known during his keynote address at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme, ”Making Nigeria a Net Exporter of Petroleum Products.”. Dangote, who was represented by Mr Ahmed Mansur OF Dangote Group, said there was need for investor incentives to realise country’s vision of becoming a refining hub. He stressed the importance of ensuring sufficient feedstock availability, while calling for an end to mortgaging crude oil.…

AT least 21 passengers are feared drowned in a boat accident that occurred on Monday at Imore town in the Amuwo-Odofin Local Government Area of Lagos State. Tragedy struck when two boats, each ferrying 16 passengers, collided and capsized in the middle of the lagoon. The spokesperson for the Lagos State Police Command, Benjamin Hundeyin, stated in a press release on Tuesday that the incident was reported to the Ilashe police division at about 7 pm. According to him, emergency responders, including marine police and local divers, were swiftly mobilised to the scene and rescued 11 passengers who sustained injuries.…

THE Federal Government is set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote refinery under its naira-for-crude agreement, a report by Bloomberg stated on Monday. It said this significant development is expected to take place over the next two months, amounting to 24 million barrels of Nigerian supply between October and November 2024. This increase in processing capacity could have substantial implications for both the refinery’s operations and the local oil industry, transforming the region’s import and export markets. This new development follows the announcement by the Federal Government that the naira-for-crude deal has…

THE Group Managing Director, United Bank for Africa (UBA) Group, Mr Oliver Alawuba, has announced that commitment to the principles of enterprise, excellence, and execution, as well as technology and data analytics, contributed to the impressive first half of 2024 performance. During the bank’s Investors’ Conference held on Thursday, Alawuba stated that despite global economic challenges, including high inflation and political instability across some regions in Sub-Saharan Africa, UBA achieved double-digit growth, strengthening its position in the banking industry. During the conference, Alawuba highlighted the economic environment, both globally and regionally, and the strategic execution that has driven the bank’s…

FOR the first time in two years, an Emirates flight landed at the Murtala Muhammed International Airport (MMIA) in Lagos on Tuesday. The United Arab Emirates (UAE) flag carrier resumed operations after suspending flights in 2021 due to unresolved issues, including the airline’s trapped funds in Nigeria. Flight EK 783, a Boeing 777-300ER, touched down at the old terminal of MMIA at 3:32 PM. However, the flight arrived with several empty seats, reflecting a subdued return to operations. While the exact number of passengers on board could not be confirmed, passengers who spoke with our correspondent reported that the flight…

Total Assets Up By 37.2% To N28.3 trillion As Customer Deposits Hits N23.2 trillion, Climbs 34% Makes Profit Before Tax Of N401.6bn AFRICA’S Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators. The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit growth in its gross earnings and operating incomes. At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as…

THE Electricity Consumer Protection Advocacy Centre has expressed strong opposition to the Ministry of Power’s assertion that over 40 per cent of Nigerians now enjoy up to 20 hours of daily power supply. The claim, made by Minister of Power, Chief Adebayo Adelabu, on Sunday has been met with skepticism from consumer advocates who argue that the data lacks transparency and accuracy. In a statement issued on Sunday, Adelabu announced significant improvements in Nigeria’s electricity supply, attributing this progress to various reforms initiated under the administration of President Bola Tinubu. “The major achievement is the fact that today we generate…

DUPE Olusola has announced the launch of the Next Generation Foundation, a philanthropic fund dedicated to improving the lives of underserved and vulnerable children through education. With this foundation, Olusola, the Managing Director/CEO of Transcorp Hotels Plc, is extending her lifelong commitment to empowering others, driven by a deep belief in the transformative power of education. The foundation’s vision is for every child to have access to quality education, and a chance at a better life. Reflecting on her motivation to create the foundation, Olusola shared: “Education changes lives—it opens doors to a future filled with opportunities, particularly for children…

NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking. These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank. Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional…

WITH the right interventions by the Federal Government, the pump price of petrol produced by the Dangote Petroleum Refinery may crash below N600/litre, crude oil refiners have said. The Publicity Secretary of the Crude Oil Refiners Association of Nigeria, Eche Idoko, told this newspaper in an interview that the association still has a strong belief that local refineries like Dangote and others can bring down the cost of petrol. Idoko said the N898/litre claimed by the Nigerian National Petroleum Company Limited as the price it bought petrol from Dangote reflected the rising exchange rate. He explained that the N898 would…

FORMER President Olusegun Obasanjo on Tuesday congratulated the immediate past Editor of The PUNCH, Dayo Oketola, during the public presentation of his book titled ‘The Catalyst: Nigerian ICT Evolution Through a Journalist’s Lens.’ The book was unveiled at the Muson Centre, Onikan, Lagos, with several dignitaries and media stakeholders gracing the occasion and pouring encomiums on the former PUNCH Editor. Oketola bowed out as The PUNCH Editor in June this year after nearly two decades as an accomplished journalist with multiple awards nationally and internationally. While speaking, Obasanjo, who unveiled the book, discussed the need for Nigeria to enable a…

AVIATION workers in Nigeria have suspended their planned protest slated for September 18, 2024, over 50% deductions of the revenue of aviation agencies. Last week, aviation unions in the country blamed the Federal Government for its refusal to reverse its 50 per cent deduction policy from the internally generated revenues of agencies in the aviation sector. The agencies are the Nigeria Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN), the Nigeria College of Aviation Technology (NCAT), the Nigerian Meteorological Agency (NiMet), and the Nigerian Safety Investigation Bureau (NSIB). However, in a statement dated September 17, 2024 and…

THE Federal Government earned approximately $1.2bn in telecom license fees from major operators, including MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile), during the inception of mobile technology in Nigeria. These license fees played a vital role in establishing the telecom industry in 2000, a sector crucial to Nigeria’s economy. Former President Olusegun Obasanjo revealed this at the book launch and exaugural lecture of former Editor of The PUNCH, Dayo Oketola, in Lagos on Tuesday. He revealed that his administration rejected attempts to sell telecom licenses for a mere $3m, instead ensuring they were sold at their true value…

THE 2023 presidential candidate of the African Action Congress (AAC), Omoyele Sowore, on Sunday said he was briefly detained at the Murtala Muhammed International Airport in Lagos. He disclosed this in a post on his X handle (formerly Twitter) upon his arrival to Nigeria from the United States. Sowore, the convener of #RevolutionNow protest, said officials of the Nigerian Immigration Service seized his passport and told him that they had orders to detain him. “I had just arrived in Nigeria from the USA to the MMIA in Lagos; upon reaching Nigerian Immigration, my passport was seized, and they told me…