NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, has announced that it is set to begin its conversion to full Commercial Banking Business following its recent requisition of the national commercial banking license from the relevant authorities. To this end, the Bank has appointed Mr. Adebowale Oyedeji, as the new Managing Director and Chief Executive Officer to effectively stir its operations and deliver on its new mandate. His appointment which takes effect from January 2, 2024, has been approved by the Central Bank of Nigeria (CBN). Wale Oyedeji is coming on board with several years of experience at…
Author: Abimbola Daniels
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PRESIDENT Bola Tinubu and his wife/First Lady Remi Tinubu on Thursday received Super Falcons’ Asisat Oshoala in Lagos and saluted the achievements of Nigerian women in the sports circle. They congratulated the Barcelona Femeni star for winning a record-extending Women’s Africa Player of the Year, saying the feat and others are an indication that the country’s ladies can match the records created by their male counterparts, according to a Thursday statement from presidential spokesman Ajuri Ngelale. “Nigerian women will always have a pride of place in the world. What our ladies have achieved in football, our women are achieving in…
THE Acting Governor of Ondo State, Lucky Aiyedatiwa, has arrived at the Governor’s office for the swearing-in ceremony as the state governor. Aiyedatiwa will be sworn in as Governor of Ondo State following the demise of Governor Oluwarotimi Akeredolu earlier on Wednesday. Aiyedatiwa’s walk to becoming the governor of Ondo State was a long one that lasted one year since Akeredolu suffered health challenges before he eventually succumbed to the claws of death on Wednesday in faraway Germany where he was being treated for prostate cancer. Aiyedatiwa survived an impeachment plot by Akeredolu’s allies in the Ondo State House of…
THE Special CBN Investigator, Jim Obazee, has summoned the Chairman of Titan Trust Bank, Babatunde Lemo, in connection with the acquisition of Union Bank of Nigeria Plc by TTB. The TTB chairman, a former deputy governor of the Central Bank of Nigeria, was directed to report at the Department of Force Intelligence opposite the Force headquarters, Shehu Shagari Way, Abuja on Thursday, where he is expected to be questioned over the UBN acquisition. Lemo was further instructed to come along with the promoters of TTB, Messrs Cornelius Vink and Mr Rahul Savara, to meet with the team of special Investigators.…
PRESIDENT Bola Tinubu, assured citizens on Friday that last Wednesday’s approval of a 50 per cent cut in inter-state land transportation fares nationwide is meant to alleviate their burden this festive season. He mentioned that the payment of N-Power beneficiaries’ backlog of allowances, among other reliefs, are all geared towards the same ends, with much more to be expected in the new year. Tinubu, who is on a brief Christmas holiday in Lagos, said this when he joined the Muslim Ummah to observe the Jumaat prayers at the Ansar-Ud-Deen Central Mosque in Surulere, Lagos. According to a statement signed by…
A TWO-STOREY building along Herbert Macaulay Way, Ebute Metta, Lagos, has collapsed, trapping at least a woman. It was learnt that the incident occurred around 9.30am on Friday. The woman was said to be an illegal occupant of the building as the residents had been reportedly issued an evacuation notice by the Lagos Building Control Agency (LASBCA). The Territorial Head of the National Emergency Management Agency (NEMA) in Lagos, Ibrahim Farinloye, confirmed the building collapse, adding that a rescue operation was ongoing. He said, “A two-storey building with a pent house collapsed at about 0930 hours along Herbert Macaulay way,…
PRESIDENT Bola Tinubu on Thursday arrived in Lagos State for the Yuletide. The president’s plane touched down at the Presidential Wing of the Muritala Muhammad Airport in Lagos at 3.55 pm. He was received at the airport by Lagos State Governor Babajide Sanwo-Olu, other members of his cabinet, and a crowd of supporters, before boarding a chopper to Dodan Barracks in Ikoyi. The Nigerian leader will be joining the Christian faithful to mark the Christmas celebration.
THE Supreme Court on Tuesday reserved judgment in the appeals by the Labour Party and the Peoples Democratic Party challenging the victory of the Lagos State Governor, Babajide Sanwo-Olu. The apex court adjourned the matter for judgment after counsel in the matter adopted their briefs. Sanwo-Olu of the All Progressives Congress defeated the candidates of the LP, Gbadebo Rhodes-Vivour, and PDP’s Azeez Adediran, to win the governorship election. Displeased with the outcome of the election, the LP and PDP candidates challenged Sanwo-Olu’s victory at the tribunal. The tribunal dismissed their petitions for lacking in merit. Challenging the decision at the…
THE Lagos State Governor, Babajide Sanwo-Olu has approved payment of wage award and 50% of basic salary as a December bonus for all civil servants in the State. The Head of Service, Bode Agoro, disclosed this in a circular titled, ‘2023 End of Year Bonus and Implementation of Wage Awards,’ and dated 14 December 2023. Sanwo-Olu also approved the payment of 50% of basic salary as an end-of-year bonus for all political appointees and public servants, including employees of Local Governments and Local Council Development Areas, Lagos State Universal Basic Education Board (LASUBEB) and the Lagos Neighborhood Safety Corps (LNSC).…
THE Nigeria Deposit Insurance Corporation said it has paid an insured sum of over N1.7 billion to customers, following the revocation of licences of Microfinance Banks and four Primary Mortgage Banks. The Managing Director/Chief Executive Officer, NDIC, Mr. Bello Hassan, said this at the 2023 NDIC Editors Forum on Saturday in Lagos State. This newspaper reports that the meeting had the theme, ‘Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future.’ Hassan said, “Recall earlier this year that the Central Bank of Nigeria revoked the licences of 183 institutions comprising Microfinance Banks and Primary…
THE Lagos State Governor Babajide Sanwo-Olu says the state recorded zero bank robbery in four years, the longest period over the past 20 years. Sanwo-Olu said this on Tuesday at the 17th Town Hall Meeting on security organised by the Lagos State Security Trust Fund (LSSTF), linking the development to the continuous review of the State’s security architecture and surveillance measures, according to a statement by his chief press secretary Gboyega Akosile. “Celebrating a milestone in security as Lagos achieves four consecutive years of zero bank robberies, marking a significant improvement in safety across the state. “Our relentless efforts in…
DANGOTE Oil Refining Company says its plant is awaiting the second shipment of barrels of crude in three weeks after it received its maiden one million barrels on Friday. The company, in a statement, said the STASCO vessel sailed to the refinery’s single-point mooring, where it was discharged into the refinery’s crude oil from the Shell International Trading and Shipping Company Limited. This newspaper reports that the first crude feedstock for Dangote’s 650,000 b/d refinery has arrived in the country, according to SP Global quoting market sources and tanker tracking data. The analytical firm said the development indicated that fuel…
THE Lagos High Court sitting in Ikeja has sentenced Wahab Hammed, a ward Leader of the All Progressive Congress (APC) in the Surulere Local Government Area of the state, to a one-year jail term or in the alternative a fine of N1m. Justice Ismail Ijelu sentenced the defendant after convicting him on a two-count charge of conspiracy and bribery. At his arraignment on Wednesday, the EFCC Prosecutor, Samuel Daji, told the court that on February 25, 2023, the defendant conspired with one Segun Ijitola (who is still at large), to corruptly pay bribe to voters during the 2023 Presidential and…
THE withdrawal of the management of pilotage from Integrated Logistics Services Nigeria Limited has cost the Federal Government $161m, Nigerian Ports Authority has disclosed. The NPA, in a statement on Sunday, said that the monies were lost due to the constraint of not having the requisite technology to monitor the operations. “After the expiration of the service boat management agreement, the authority took over the performance of the service through various departments and divisions. However, due to the constraint of not having the requisite technology to monitor the operations, the expected revenue dwindled and it resulted in the drastic reduction…
UBA, a leading pan-African financial institution, has won nine prestigious awards at The Bankers Awards 2023, solidifying its position as the leading financial institution on the continent. The awards were presented to the bank at a ceremony in London, United Kingdom, on Thursday. UBA was named the Bank of the Year Africa 2023, and its subsidiaries also emerged as the Bank of the Year in eight of the 20 countries where it operates in Africa. This is the second time in the past three years that UBA has won the regional award as the Best Bank in Africa. UBA’s Group…
THE Lagos High Court sitting in Ikeja has summoned the acting Director-General, National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr Adejare Nurudeen Adegbenro, to appear before it following his failure to liquidate an alleged judgment debt. According to the summons, Adegbenro is the 3rd judgment debtor in an N2,016228,442.95 debt owed to the Judgment Creditor, Fundquest Financial Services Ltd. Justice Akinkunmi Idowu issued the summons in a November 8 ruling following an application by Fundquest Financial Services through its lawyer, Adetunji Adedoyin-Adeniyi of AAA Chambers. The judge adjourned till Monday, December 4 for further…
THE Economic and Financial Crimes Commission (EFCC) has withdrawn the money laundering charge filed against a former Attorney-General of Lagos State, Olasupo Shasore. Shasore was arraigned alongside his company, Middlesex Investments Ltd, on a 14-count charge of money laundering before Justice Inyang Ekwo, in November 2022. At the day’s proceedings, counsel for the EFCC, Bala Sanga, told the judge that the Attorney-General of the Federation, Lateef Fagbemi, has directed the anti-graft agency via a letter, to withdraw the charge. Counsel to Shasore, Olawale Akoni, did not oppose the application. Justice Ekwo subsequently granted the application and discharged the defendants. The…
THE Lagos State Police Command has arrested one Benjamin Ezeukwe for organising a fake sales promo reducing the price of Dangote cement and defrauding Nigerians. This was disclosed in a statement issued by the state’s Public Relations Officer, Benjamin Hundeyin on Sunday. According to the statement, millions of Naira were lost by several customers who fell for the scam. Thus far, the investigation has shown that the suspect has committed multiple additional scams of a similar nature. After weeks of extensive investigation by officers of Region A Command of the State Command, Benjamin was taken into custody on October 19,…
THE Chairman, Board of Directors of Access Holdings Plc, Bababode Osunkoya, has died at the age of 61. According to a statement filed with the Nigerian Exchange Limited on Thursday night, Osunkoya died after a brief illness on Tuesday. The statement signed by the Company Secretary, Sunday Ekwochi, said, “Consequent upon the tragic event, the company now has a nine-member board comprising of six non-executive directors (two of whom are independent) and three executive Directors inclusive of the group chief executive officer.” The financial institution revealed that the board will announce Osunkoya’s successor subsequently. Osunkoya was on the board of…
LAGOS State Governor, Babajide Sanwo-Olu, on Tuesday, said officers in the state have come out to show that there could be mistakes on some items in the records released by the Lagos State Public Procurement Agency (PPA). Sanwo-Olu spoke when he commissioned a newly built operational headquarters of the Lagos State Building Control Agency (LASBCA) in Ikeja, the state capital. Recently, the Sanwo-Olu administration has faced criticisms over the spending of the government with the Deputy Governor, Obafemi Hamzat, refuting online reports that his office got over N2 billion for the supply of rechargeable fans and lights as well as…