Zenith Bank Shareholders Approves N94.19b Total Dividend

Shareholders of Zenith Bank Plc, approved proposed final dividend of N2.70 per share, bringing  total dividend  for the 2020 financial year to N3 per share, totalling  N94.19 billion.
 Pofit before tax rose by five per cent to N255.9 billion from N243.3 billion reported in 2019, in spite of a challenging macro-economic environment exacerbated by the COVID 19 pandemic.
 Chairman of the Bank, Mr Jim Ovia, in a statement explained that : “The increase arose from a mixture of growth in the topline and a significant reduction in interest expense from N148.5 billion in 2019 to N121.1 billion in 2020. significantly increasing the net interest income from N267.0 billion in 2019 to N299.7 billion in 2020.
“The group recorded a growth in gross earnings of five per cent from N662.3 billion in the previous year to N696.5 billion.
“The group recorded eight per cent growth in non-interest income from N232.1 billion in 2019 to N251.7 billion in 2020 and one per cent increase in interest income from N415.6 billion in 2019 to N420.8 billion in 2020.
“The group’s increased retail activities translated to a corresponding increase in retail deposits and loans.
“Thus, retail deposits grew by N612.7 billion from N1.11 trillion to N1.72 trillion year-on-year (YoY), while savings balances significantly grew by 88 per cent YoY and closed at NGN1.16 trillion,” he said.
He further said that retail drive, coupled with the low-interest yield environment, reduced the cost of funding from 3.0 per cent to 2.1per cent and reduced interest expense.
He, however, said that the low-interest environment also affected the net interest margin, which declined to 7.9 per cent from 8.2 per cent in the current year due to the re-pricing of interest-bearing assets.
“Operating costs grew by 10 per cent YoY but are still tracking well below inflation which at the end of the year stood at 15.75 per cent.
“Although returns on equity and assets also reduced from 23.8 per cent to 22.4 per cent and from 3.4 per cent to 3.1 per cent, respectively.
“The group still delivered improved Earnings per Share, which grew 10 per cent from N6.65 to N7.34 in the current year.
“The group equally increased corporate customer deposits, which alongside the growth in retail deposits, delivered total deposit growth of 25 per cent, to close at N5.34 trillion, driving growth in market share,” he said.
Family Of Ogun Late Monarch Sues  Traditionalists Over Corpse

Family sues Ogun traditionalists over monarch's corpse, demands N50bn -  Punch Newspapers
The family of the late Oba Rauf Adebayo Raji – Suleimon,  Alaye – Aba of Aba Ayepe has sued members of the Osugbo society in Ijebuland  for allegedly hijacking and taking into custody, the corpse of the traditional ruler who died in January this year.
In a suit filed  before a Federal High Court  in Abeokuta,the family said  that the remains of their father, who they claim was a practicing Muslim before his demise, was hijacked and forcefully removed from the custody of his family by the Osugbo society.
They  described the act as an infringement of their constitutional and fundamental rights “to dignity to accord their father a dignified burial and funeral rites in accordance with Islamic injunctions.”
The suit marked FHC/Ab/FHR/20/21 was filed (for and on behalf of children and family of the monarch respectively by Mrs Aderonke Egunjimi, Mrs Tiwalade Abass and Mrs Adeyemi Joseph.
The applicants said the action of the traditionalists constituted “a practice that is unconstitutional, illegal, vexatious, barbaric, obnoxious, immoral and repugnant to the dictates of civil order as enshrined in the constitution of the Federal Republic of Nigeria 1999 (as amended).”
They sought for an order of mandatory injunction compelling the respondents to return forthwith the corpse of the late monarch to the custody of the applicants at the applicants’ family home.
The applicants also sought for an order directing the respondents to pay N50 billion being damages to the applicants for the infringement of the fundamental and constitutional rights of the applicants and the late monarch.
They prayed for an order of injunction restraining the 1st to 15th Respondents whether by themselves or conducting any rites or rituals or taking any steps or doing any act with respect to the body or corpse of the late monarch.
They also sought for an order of mandatory injunction compelling the 1st to 15th respondents to return forthwith the corpse of the late monarch to the custody of the applicants at the applicants’ family home.
“An order directing the 1st to 15th respondents to pay forthwith to the applicants the sum of N50 billion being damages for the infringement of the fundamental and constitutional rights of the applicants and the late monarch.”
APC Deceiving Nigerians About Job Creation-PDP

NBS report shows APC govt lying about employment, job creation ― PDP |  Tribune Online
The Peoples Democratic Party (PDP) has said that the report by the National Bureau of Statistics (NBS) on escalated 33.3 percent unemployment rate in the country, showed that All Progressives Congress (APC) government is lying about employment and job creation.
The PDP also said that the report is a direct confirmation that the much-orchestrated claims of massive job creation by the Buhari Presidency and the APC are mere statistic hoax being used to deceive Nigerians.
The party’s spokesman, Kola Ologbondiyan said the report by the NBS that no fewer than 21.7 million Nigerians have lost their jobs and means of livelihood while many more have become underemployed under the APC misrule, further shows the despairing and despondent situation that APC and its administration has brought the nation.
“The rise in unemployment from the alarming 27.1 percent in Q2, 2020 to 33.3 percent in Q4 2020, despite the bogus claims of the APC administration, confirms that indeed, there is no hope in sight under the Buhari Presidency and the APC.
“It is clear that the direct cause of the escalating unemployment is the incompetence as well as the widespread corruption and treasury looting in the Buhari administration, where APC leaders are reported to have looted over N15 trillion, which should have been used to create wealth, develop our country and provide jobs for our citizens
“It is rather distressing that, as shown in the NBS report, that unemployment rate among young and very enterprising Nigerians, within the age of 15 to 34 years, had risen to 42.5 percent; a revelation that put a lie to claims by the Buhari administration, of mass employment, job opportunities and economic empowerment of our youths.
“It is now obvious that under President Buhari and the APC, the federal government created  jobs only in their fake statistics while in reality, they are taking no concrete steps to empower our hard working citizens,” the party said.
The party lamented that APC and its administration “have promoted a huge racket where Nigerians are deceived to pay for non-existent jobs in ministries, department and agencies at alarming costs, ranging between N2 million to 6 million, depending on the agency.
“The APC administration, in its corruption, is allowing such evil enterprise, while millions of Nigerians are weeping on the streets after being defrauded of their hard-earned money, life saving and pensions of aged parents by job fraudsters in official circles.”
The PDP said that the only achievement by the APC administration is the impoverishing of Nigerians and turning the nation of hitherto very happy and prosperous people, into world’s poverty capital.
We Are  Still In Charge Of Stamp Duties Collection-FIRS

We're still in charge of stamp duty collection –FIRS
The Federal Inland Revenue Service (FIRS) says it is still the bonafide agency vested with the collection of stamp duty in the country.
The Finance Act 2020 did not  strip FIRS  iof stamp duty collection functions on behalf of the Federal Government,its Director, Communications and Liaison,Abdullahi Ismaila Ahmad, claimed.
“The attention of the Federal Inland Revenue Service (FIRS) has been drawn to false publications in some newspapers and electronic/social media platforms misquoting a recent speech by the Honourable Minister for Communications and Digital Economy on the administration of Stamp Duties in the country.
 “For the avoidance of confusion arising from such publications, the FIRS hereby informs the general public, especially taxpayers, that the Honourable Minister was misquoted as saying that the administration of Stamp Duty was granted to NIPOST by the Finance Act 2020. The speech attributed to the Honourable Minister was definitely, and unfortunately, quoted out of context.
 “For the record, the Honourable Minister merely stated that NIPOST would henceforth produce the Adhesive Stamps   required by FIRS to denote Stamp Duties. This position is in line with Section 2 of the Stamp Duties Act (as amended by Section 46 of the Finance Act 2020).
“The FIRS, therefore, urges taxpayers, tax practitioners and the general public to ignore this unfortunate attempt to cause confusion by twisting the Honourable Minister’s speech. The Honourable Minister for Communications and Digital Economy, Dr. Isa Pantami, is a patriot with unarguable passion for the rule of law and stability of the country.
Makinde Woos Investors To Oyo

Oyo govt. woos investors - Maritime First Newspaper
Oyo State Governor,Engr. Seyi Makinde,has urged investors to come and tap into business opportunity in the state,saying it is well secured and accommodating for all Nigerians.
The governor,who spoke  at the  56th Annual International Conference and Exhibitions of the Nigerian Mining and Geoscience Society (NMGS), maintained that the state is blessed with over twenty mineral resources waiting for exploration and exploitation.
He said: “Considering the fact that no business thrives in an environment that is prone to security challenges, we have put in place an effective security architecture that will attract prospective buyers investors across the globe into Oyo State as well as ensure that those currently operating within the state make good returns on their investment.
“In this regard, we would like to use the occasion of this year’s conference to invite members of NMGS to join us in our efforts to harness the significant contributions that the solid mineral oil industry could make towards the transformation of the economy of Oyo State from poverty to prosperity”
In his remarks, Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah,expressed the readiness  of  the Federal Government  to diversify the nation economic from oil and gas to mine and agriculture.
Abe Urges Ogonis To Close Ranks, Support HYPREP

Ogoni cleanup: Sen. Abe hails Buhari, Minister over new HYPREP Board - The  NEWS
Former representative of the Rivers South-East Senatorial District at the National Assembly, Senator Magnus Ngei Abe  has urged the Ogonis in the Niger Delta to close ranks and support the  Hydrocarbon Pollution and Remediation Project (HYPREP).
He also congratulated the Minister of Environment and Chairman Governing Council, Alhaji Muhammad Mahmood, Chairman, Board of Trustees of the Hydrocarbon Pollution and Remediation Project (HYPREP), Dr. Mike Nwielaghi, and all members of the governing council and board of trustees on their  appointments.
Abe described the Minister of Environment as a true Nigerian patriot, and a friend of Ogoni with a heart of gold.
He said what is happening in HYPREP today is a clear testimony of what can happen in Nigeria when public officials elevate the good of the society above personal and other considerations.
According to him, by appointing a crop of competent Ogonis into the governing structures and elevating an Ogoni son to chair the Board of Trustees, the Minister of Environment has demonstrated that he has nothing to hide and no other motive than the success of the clean-up project.
Abe said: “It is now our responsibility as Ogoni people to downplay our differences, and give full support to this unique project.I urge the Movement for the Survival of Ogoni People (MOSOP), to put its house in order and immediately step up to claim its seat on the governing council without delay.
“History will hold us all in contempt if we fail to take advantage of this great opportunity secured for our people by the sacrifices of the Ogoni martyrs.
“I urge the Minister of Environment to consider competent and qualified Ogoni sons and daughters in the search for a Project Coordinator in other to improve and synergize with the community in the actual implementation of the project.”
Senator Abe commended President Muhammadu Buhari for the restructuring of HYPREP and  his commitment to the success of the Ogoni clean-up project.
“Mr. President has done well by responding to the public outcry over the slow and unsatisfactory pace of the clean-up exercise”.
Abe further said: “Our common commitment should be to ensure that at the end of the clean-up, Ogoni will be transformed environmentally and economically into a more prosperous and peaceful community.This will be a befitting legacy of the Ogoni struggle that we can proudly bequeath to future generations.
FG Explains Interest In Modular Refineries,New Vision For Niger Delta

FG promoting modular refineries, new vision for Niger Delta — Osinbajo
Vice President Yemi Osinbajo, SAN,has said that the integration of artisanal and modular refinery operators into mainstream oil and gas sector promotes the inclusion of more local content in the industry and advance the use of home-grown technology in the refining of petroleum products.
Prof. Osinbajo stated this  in an address delivered virtually at a National Summit on the Integration of Artisanal and Modular Refinery Operations in Nigeria.
He expressed optimism that the integration of artisanal and modular refinery operations into the oil and gas sector will not only promote the inclusion of more local content in the industry,will  also advance the use of home-grown technology in the refining of petroleum products and also curtail illegal oil activities in the Niger Delta region.”
Speaking on how to resolve the issue, the Vice President noted that “these artisanal refiners will be seen as investors and considered for strategic equity partnerships with technical and financial partners.
“This vision is hinged on the commitment of this present administration to develop the region and ensure that the people of the region benefit maximally from the wealth of their land. Indeed, the New Vision speaks to a progressive partnership between the federal government, state government, private sector, and the local communities.”
He explained  the Federal Government’s position on the adoption of a viable model, Prof. Osinbajo saying:“the transition from artisanal refineries to modular refineries has been delayed because of the operators’ expectation that this process will be fully underwritten by government.However, what this framework envisages is a private sector-led partnership with equity participation from the state government or its agencies, registered local cooperative societies and the integration of regional refinery stakeholders, with the private investor having majority equity.”
While calling on stakeholders at the summit to fashion a workable and viable blueprint that will guide and facilitate the integration of artisanal and modular refinery operators, the Vice President said the gains of a seamless integration are enormous.
“We are confident that the integration of artisanal and modular refinery operations into the oil and gas sector will curtail illegal oil activities in the Niger Delta regions.
“It will also promote the availability of petroleum products, stabilize prices, eliminate shipping costs and provide employment opportunities for the youths in the region and Nigeria in general,” Prof. Osinbajo stated.
In addition, the Vice President said “we recognize that with enough artisanal and modular refineries in the country, we should be able to conserve foreign exchange now utilized for the importation of petroleum products and promote socio-economic development.
“The resultant proliferation of employment opportunities will also have the effect of curbing youth restiveness which is largely driven by a dearth of socioeconomic opportunity. With most of the youth engaged in productive endeavours, the region will be able to turn a new page in its history.”
More Trouble For Nigerians As Inflation Hits 17.33%

Nigeria’s inflation rose by 86bps to 17.33% y/y in February 2021 (January: 16.47% y/y), the highest level since February 2017 (17.78% y/y),according to the National Bureau of Statistics.
The outturn is 18bps higher than analyst’s estimate of 17.15% y/y, with the largest variance coming from the food basket. On a month-on-month basis, headline inflation increased marginally by 5bps to 1.54%.
Food inflation rose faster by 122bps to 21.79% y/y in February 2021 (January: 20.57% y/y),the bureau said
The highest price increases were recorded in Bread and cereals, Potatoes, Yam and other tubers, Meat, Food products n.e.c, Fruits, Vegetables, Fish and Oils and Fats. On a month-on-month basis, food inflation rose by 1.89% (January: 1.83%).
Similarly, core inflation was up by 53bps to 12.38% y/y. Pressures were most significant in the prices of Passenger transport by air, medical services, miscellaneous services relating to the dwelling, hospital services, passenger transport by road, pharmaceutical products, paramedical services, repair of furniture, vehicle spare parts, maintenance and repair of personal transport equipment, motor cars, dental services and hairdressing salons and personal grooming establishment.
Stiffer Sanction Awaits  Promoters Of Child Labour-Senate 

Senate Seeks 1% VAT to Compensate Riot-ravaged StatesTHISDAYLIVE
The  Senate has  commenced moves  to review the Labour Act to provide stiffer penalties not only for modern slavery, but also child labour and discrimination against women at work place.
The “Labour Act Amendment Bill 2020”,which was sponsored by  Senator Ezenwa Francis Onyewuchi and  sought to introduce stiffer penalties to punish employers who deny female employees maternity protection and discriminate against women during employment to fill positions in underground work or mines.
He said the  bill seeks to amend the present fines for his offences in the Labour Act which are now obsolete and bring them in line with modern realities.”
He added: “the present fines for offenses in the Nigerian Labour Act are obsolete in context and content. The sanction, penalty and interest payable under the Act are ridiculously low and do not reflect current economic realities.
“These current provisions cannot provide the needed protection for workers in the labour market. There is therefore a need to review these penalties/fines upwards in order to achieve fair and harmonious employee relations.”
 The bill  scaled second reading on the floor during plenary session on Tuesday.
 Specifically Section 21 of the bill proposed a fine of N500,000 and N1,000,000 from the present fine of N800 and N500 for first and second offences relating to “Breach of terms and conditions of employment”, as it relates to the wage hour, nature of employment, leave, contracts of employment, among others.
The amendment bill in Section 46 also proposed a new fine in the sum of N500,000 as against N500 for neglect or ill treatment of workers by employers; N500,000 and N1,000,000 for recruitment of employees without an employee’s permit or recruiters license in the new Section 47, as against the present Fine of N200 for first offence and N2000 for second or subsequent offences.
On the other hand, Section 53 in the amendment bill sought an increase in fine from N500 for first offence and N200 for second or subsequent offences to N300,000 and N200,000 for inducement of apprentice to leave service of employment.
In another upward review of penalties, Section 58 proposed the sum of N200,000 and N100,000 for Denial of maternity protection and employment of women in underground work or mines in contrast with the Present Fine of N200 for first offence and N100 for second or subsequent offences.
Besides,Section 64 was reviewed by proposing a stiffer fine of N200,000 as against the present N100 for  employment of young persons in unreasonable circumstances .
The  legislation was amended in Sections 67 and 68 by proposing a fine of N250,000 as against N1,500 for breach of regulations of the Minister as they relate to Labour health areas and registration of employers.
In addition, the amendment bill in Section 72 reviewed the fines for offenses committed by persons with intent to deceive in the employment of labour from N1000 for first offence and N500 for second or subsequent offences to N300,000 and N200,000, respectively.
The bill proposed stiffer penalties to Section 73 to address forced labour by reviewing upward the present fine of N1000 for first offence and N200 for second or subsequent offences to N300,000 and N200,000.