Author: Abimbola Daniels

THE Supreme Court on Friday dismissed all three appeals to overturn Sheriff Oborevwori’s election as governor of Delta State. The Independent National Electoral Commission (INEC) declared Oborevwori of the Peoples Democratic Party (PDP) as the winner of the March 18 governorship election. But unsatisfied, the three parties headed to the court. While Oborevwori was victorious in the tribunal and at the appeal court, the parties pushed the matter to the Supreme Court. When the case came up at the apex court, it upheld the earlier judgments and upheld Oborevwori’s win in the Delta governorship. The court first dismissed Ovie Omo-Agege’s…

FITCH Ratings has placed Union Bank of Nigeria Plc’s (UBN) Issuer Default Ratings (IDRs), Viability Rating (VR) and National Ratings on Rating Watch Negative (RWN). The RWN follows the Central Bank of Nigeria’s (CBN) announcement on 10 January that it had dissolved the board and management of three Nigerian banks, including CBN, as a result of regulatory non-compliance, corporate governance failure, disregarding the conditions under which banking licenses were granted and involvement in activities that pose a threat to financial stability, among other infractions. The CBN has since appointed new executives, including chief executive officers, to oversee the affairs of…

NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, has announced a substantial increase in staff salaries, effective November 1, 2023.    The increase in salary by up to 50% across all staff categories by the Board of Directors is a strategic move which shows a resounding display of commitment to its workforce and comes few months after the Bank announced the approval of its shareholders to transition into a commercial bank, marking a new era. According to the Bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and…

AFRICAN Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). An initial disbursement of US$2.25 million has been made. A second tranche of US$1.05 million is expected to be disbursed subsequently. United Bank for Africa Plc (UBA) acted as the Local Arranger and Onshore Account Bank for the transaction, which is expected to ease the foreign exchange illiquidity and stabilise the Nigerian currency market. The transaction is seen as a significant further step in unleashing Nigeria’s economic potential. This landmark financing is Nigeria’s largest crude oil…

UNITED Bank for Africa (UBA) Plc, on Monday joined the elite group of companies with market capitalisation of over N1tn just as its share price value hits N29.90 per share. At the close of trading on Monday, the Bank’s market capitalization hit N1,022,562,698,843, making it the 3rd most capitalized financial institution in Nigeria, a remarkable lift from N283.8bn at the beginning of the 2023. The Bank has 34,199,421,366 shares in issue. UBA’s N1tn market capitalisation mark comes amidst the bank’s share being named as the highest performing stock in the banking sector in 2023, which underscores the bank’s robust growth…

OPERATIVES of the Economic and Financial Crimes Commission (EFCC) have reportedly stormed the head office of Dangote Group and 51 others where they are currently probing forex allocation to the companies during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria. Workers at the office reportedly confirmed the development to our source on Thursday. According to the unnamed workers who were quoted by our sources, the EFCC officials are conducting a search on forex allocations to the company during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN). The EFCC spokesman,…

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…

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…