All Posts in "Day: January 11, 2024"

Eti-Osa Council Boss Accused Of Diversion Of Funds

Mohammed Shosanya

The Chairman of Eti-Osa East Local Council Development Area, Hon. John Ogundare Campus, has been alleged of misappropriated huge amount of money from the council’s coffers.

The Legislators and Concern Tax-Payers of Eti-Osa East Development Council Area accused the Chairman of diverting funds earmarked for critical sectors, compromising healthcare services and the quality of education in the area,according to documents obtained by Premium News.

The alleged fraudulent activities were detailed in letters addressed to Rt. Hon. Mudasiru Obasa, the Speaker of the Lagos State House Assembly, and the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos.

The accusations highlighted various breaches which include:

Failure to pay running costs to respective departments per the 2023 Budget.
Neglecting balance payments to past political office holders against governmental advice.

Unauthorized project execution and contract awards without legislative approval.

Non-adherence to the 2023 budget for school and Primary Health Care (PHC) construction/renovation, among other grievances.

The lawmakers emphasized the Chairman’s non-compliance with legislative requests for income and expenditure records.

They further accused the Council Treasurer and Local Govt. Auditor of dereliction of duty by withholding financial details and full activities reports.

The Council’s legislative arm had earlier confronted the Chairman over the deficit in the 2023 budget, sparking a discord between the executive and legislative branches.

The Concern Tax-Payers of Eti-Osa East Development Council Area also expressed concern over the alleged concealment of financial misdeeds by influential political leaders and monarchs, urging authorities to investigate and prosecute if necessary.

Letters sent to the Lagos State House of Assembly and the EFCC, backed by leaked legislative reports, aimed to prompt action on the matter, with claims of undue influence to protect the accused Chairman.

No response was received from the Eti-Osa East Development Council Area’s Executive Chairman after multiple attempts were made to react to the allegations.

admin by — January 11, 2024 in News 0
Jim Swartz Is Chevron Nigeria’s New MD

Mohammed Shosanya

Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and CNL, has appointed Jim Swartz as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit.

The appointment takes effect on April 1, 2024,according to a statement on Wednesday.

Until his appointment, Swartz was Vice President, Capital Projects based in Houston, USA.

CNL’s General Manager, Policy, Government and Public Affairs, Esimaje Brikinn, in a statement said on Wednesday, January 10, said Swartz brings a wealth of experience in the upstream business and a proven ability to build effective partnerships with stakeholders.

A graduate of the University of Nebraska-Lincoln where he received a Bachelor of Science in Geology, Swartz also obtained a Master of Science in Geology from the University of Oklahoma.

He joined Chevron in 1990 as a Geologist in Louisiana and has since held positions of increasing responsibility in Angola and the United States.

He replaces Richard (Rick) Kennedy who has elected to retire after almost 40 years of service to the company.

Brikinn said as Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Rick’s thoughtful and collaborative leadership led to improved business outcomes. He made significant contributions to the Nigerian oil and gas industry as Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), during which he led industry engagements on the Petroleum Industry Act (PIA) and other industry initiatives.

admin by — January 11, 2024 in Next Level 0
Union, Keystone, Polaris Banks Get New CEOs

Mohammed Shosanya

The Central Bank of Nigeria (CBN) has appointed new chief executives and executive directors to oversee the affairs of the banks.

The action came few hours after the apex bank dissolved the board and management of the commercial banks.

The apex bank in a statement issued by the acting Director of Corporate Communications, Hakama Sidi Ali, on Thursday, explained that the appointment takes immediate effect.

According to the statement, Yetunde Oni, the first female CEO of the Standard Chartered bank in Sierra Leone, was appointed as the Chief Executive Officer of Union Bank, while Mannir Ubali Ringim was selected as the Executive Director of the tier-2 bank.

Hassan Imam was appointed as the Chief Executive Officer of Keystone Bank,while Chioma Mang got the position of Executive Director.

Besides,the bank appointed Lawal Mudathir Omokayode Akintola as the Chief Executive Officer of Polaris Bank and Chris Ofikulu as its Executive Director.

The CBN statement read, “Following the dissolution of the Board and Management of Union Bank, Keystone Bank and Polaris Bank on Wednesday, January 10, the CBN has appointed new executives to oversee the affairs of the banks;

“Union Bank: Yetunde Oni – Managing Director/Chief Executive Officer Mannir Ubali Ringim – Executive Director

“Keystone Bank: Hassan Imam – Managing Director/ Chief Executive Officer Chioma A. Mang – Executive Director

“Polaris Bank: Lawal Mudathir Omokayode Akintola – Managing Director/ Chief Executive Officer Chris Onyeka Ofikulu – Executive Director

admin by — January 11, 2024 in Politics 0
Chude Jideonwo:Why Rema Is The 2023 Culture Icon

It is impossible not to be inspired by Nigeria’s new Afrobeats generation. They have risen on the courage and chutzpah of the previous generation which includes the likes of 2face, Psquare, Freestyle (now Mista Styles), Sasha, Ruggedman, the Remedies, Bouqui and others, and they deserve credit for seizing the moment, casting out convention, and leaning in.

While major attention is fixed on the likes of Davido, the iconoclastic Burna Boy, the fearless Wizkid, and the brilliant Tems, I believe it is their younger sibling, Divine ‘Rema’ Ikubor, that fully captures the moment and its limitless potential and its range of possibilities.

People often think Nigerian creatives, especially its Afrobeats clan, need to be a certain way: gregarious, combative, other-focused. People think they have to surround themselves with activity and keep churning ‘content’. People expect them to stoke rivalries, rile up their base, and thump their chests.

However, Rema remained as himself: silent, focused and ferocious. I remember watching a raft of his interviews two years ago and thinking: This is the one who will remain, who will outlast and who will be unforgettable.

The major reason for his success is of course talent and hard work. But talent is not scarce in Nigeria, and, on average, everyone works work very hard. So I think the deeper reason for his success is his sense of inner-directedness. He doesn’t refer to anyone but himself. He is certain about who he is, what he is capable of and how far he can go.

His rise, as I have observed, is not driven by fear or competition. It is driven by a deep understanding that he has a unique contribution to the world, and he alone can make that contribution so there is no need to pay attention to what anyone else is doing.

It may seem odd to draw this comparison, but it’s not if you’ve been paying attention to him: Rema is what spiritual teacher Deepak Chopra referred to as ‘self-referential’ three decades ago. This is somewhat unusual because Rema is a staunch member of Gen Z.

Without judgment, it is a generation that is convinced that it must always be visible, always be heard and that the only game that counts is hustle and grind. Of course, the roots of this energy come from millennials, so no one should be too quick to get on their high horse.

But, remarkably, Rema has eschewed all of that to succeed in his own way, listen to his own voice, pay attention to his own spirit, and dance to his own tune, earning the African song with one billion streams on Spotify with “Calm Down.”

He is an icon and, almost inevitably, will end up becoming a legend. Because, you see, even Grammy-award-winning stars come and go, raves end, and trends expire, but legends? They matter for eternity. Those who have their eyes on the eternal and who see beyond the fickle here and now end up truly mattering. Rema teaches us that it never goes out of style to know oneself, to be oneself fully, and to walk one’s path, however lonely.

In this way, he is a voice – beyond the music – crying in the wilderness, a prophet speaking softly to his generation and age, telling them to calm down. In a time of great spiritual, emotional, and mental health crises, one can only hope that people will listen.

admin by — January 11, 2024 in Arts/Entertainment 0
Ramadan: Sugar Refineries Won’t Increase Price -FG

Mohammed Shosanya

Major sugar refineries across the country have pledged not to increase sugar prices during the Ramadan.

The pledge aligns with the Federal Government’s agenda for food security and economic stability,

The major sugar refineries made the pledge during the recent tour by Dr. Doris Uzoka-Anite, Minister of the Federal Ministry of Industry, Trade, and Investment.

During her visits to leading sugar producers such as Dangote Sugar Refinery Plc, BUA Sugar Refinery Ltd, Flour Mills Limited, Bestaf Ltd, Golden Sugar Company, and the Coca Cola Hellenic Bottling Company (CHBN), Dr. Uzoka-Anite observed a steadfast commitment to maintaining price stability.

A statement on Wednesday from the Federal Ministry of Industry, Trade and Investment, quoted the Minister as saying that “rest assured, there will be no increase in sugar prices, especially during Ramadan.”

The statement noted that the sugar refineries’ pledge was a clear demonstration of their alignment with the government’s efforts to bolster the agricultural sector and food security, key components of President Tinubu’s transformative agenda.

“I have witnessed their dedication to high-quality sugar production. While commendable, our collective goal demands a higher standard,” stated Dr. Uzoka-Anite, acknowledging the industry’s efforts while emphasising the need for continued excellence and efficiency in production.

Addressing performance concerns during her visit to Golden Sugar Company, the Minister stressed that sub-performance in the sugar master plan would not be acceptable.

The statement underscores the refineries’ commitment to not only maintaining prices during Ramadan but also to enhancing overall productivity and efficiency in line with the government’s vision.

“The sugar industry’s commitment to price stability during Ramadan exemplifies a synergistic relationship between the government and the private sector, working hand in hand to achieve common goals.

“This pledge by the sugar refineries, supported by the Federal Government’s resolve, is a reassuring step towards national development.

“The visit served as a strategic platform for the Minister to communicate the government’s unwavering stance on elevating performance standards within the sugar industry, harmonising with the strategic goals embedded in President Tinubu’s 8-Point Agenda,” the statement explained.

admin by — January 11, 2024 in Business 0
Makinde Gives 100 Vehicles To Police, Army, Other Security Agencies

Mohammed Shosanya

Oyo Governor, Seyi Makinde, on Wednesday, handed over 100 patrol vehicles to various security agencies in the state.

The benefitting agencies are the Police, Army, Customs, Correctional service, Immigration, joint security task force known as Operation Burst, state security network agency known as Amotekun, Nigeria Drug Law Enforcement Agency (NDLEA), and the state Road Traffic Management Authority (OYRTMA).

The governor said the state government’s commitment to enhancing the duties and operations of security agencies is in recognition of their interventions and efforts to keep the state secure.

Charging them to be resolute in their fishing out and dealing with criminals, Makinde tasked the security chiefs not to hesitate to also make known their welfare concerns for him to attend to.

Special Adviser to the Governor on Security, Mr Fatai Owoseni said the ‘humongous’ intervention of the Makinde administration in security continued to reduce response time of security agencies to criminalities and enhance their visibility across the state.

He tasked the service commanders to ensure their men efficiently utilise the security infrastructure continuously provided by the state government.

Speaking on behalf of security chiefs, state Commissioner of Police, Mr Adebola Hamzat said he was awed that the state government embarked on another distribution of vehicles to security agencies, not long after handing them pickup vans.

Hamzat assured that security agencies would make good use of the vehicles to guarantee security across the state.

admin by — January 11, 2024 in News 0
Mambilla Power Scam: Agunloye’s Detention Sinister, Alarming-Soyinka

Mohammed Shosanya

Nobel Laureate Professor Wole Soyinka,Wednesday expressed concern over the safety of former Minister Dr. Olu Agunloye, who has been remanded in Kuje Prison by the court over the Mambilla scam case.

Soyinka,who raised the alarm in a statement,described the remand of the former minister as “sinister and alarming.”

The statement, titled,”A pivotal witness and a custodial danger”, reads: “Dr. Olu Agunloye, we learn, was finally charged to court today.The case was adjourned, and the presiding judge, in his or her wisdom, proceeded to remand the accused in Kuje Prison, pending resumption of his case.

“I wish to alert the nation and the government that there exists a justifiable, high-level concern for his safety,” Soyinka stated.

He added:“His predecessor in office, the late Chief Bola Ige, was murdered in his bedroom by professional assassin even while his police protection detail took time off, all at the same time, to a nearby eatery. Till today, those mystery killers have yet to be identified, arrested, and tried.

“I have made it clear, even as recently as a few weeks ago, that Bola Ige’s murder was not unconnected with the Mambilla scam.Olu Agunloye worked closely with me, both within and outside routine police motions, to unmask Ige’s killers.

“It would therefore amount to unpardonable complacency to propose that there are no forces sufficiently desperate to accord him the same fate as Bola Ige. That goal is made easier by the abrupt decision to remand him in prison.

“I have called for an independent, non-partisan commission to probe at length and in-depth, in public sittings, this scandal of expanding dimensions that has crippled the energy needs of a nation of two hundred million citizens over the past two decades. The latest development is sinister and alarming.

“Let it be understood that if anything happens to this pivotal witness while in custody, the inference will be heard loud, clear, and unambiguous,” he said.

admin by — January 11, 2024 in News 0
Power Contractors Threaten Action Against Transcorp Over Alleged Award Of Contract To MD’s Cronies

Mohammed Shosanya

The Indigenous Contractors Association of Ughelli Power Station in Delta State has threatened a total showdown with the management of Transnational Corporation of Nigeria over the alleged award of contracts by the current Managing Director of the Ughelli Power Station to his cronies.

The contractors conveyed their feelings in a letter addressed to the Group Chairman of Transnational Corporation of Nigeria, Mr. Tony Elumelu, and signed on their behalf by F. U Togbe, Esq.

They stated that they had an agreement with the company to be given the right of first refusal in designated contracts to the exclusion of other vendors.

According to the letter, Transcorp Power Limited, via the Procurement Department, recently invited the contractors to submit bids for painting jobs and interlockings for the facelift of the power station in Ughelli.

After the bids were submitted, the indigenous contractors were informed that the needed brand of paints and scaffold required for the paintings would be supplied by the Transcorp head office in Lagos.

However, the contractors later discovered that the Managing Director (MD), Chief Technical Officer (CTO), Chief Financial Officer (CFO), and Community Liaison Officer (CLO) had indirectly arranged for the supply of the scaffolds through a contractor who is not a member of their association.

According to the letter, “In view of the aforementioned, we will, after seven days from the date of this publication, take matters into our own hands as our patience has been exhausted.

“It is evident that we cannot work harmoniously with the MD/CEO of Transcorp Power Station, Ughelli. With him at the helm of affairs, the power station might face serious issues due to his negative leadership style.”

admin by — January 11, 2024 in Power 0
Emefiele: CBN Sacks Boards Of Keystone,Polaris,Union & Titan Banks

Mohammed Shosanya

The Central Bank of Nigeria (CBN) has sacked the boards of Union Bank, Polaris Bank, Keystone Bank and Titan Trust Bank.

The apex bank in a statement signed by its Acting Director of Corporate Communications, Sidi Hakama, said “this action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.”

The banks infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.”

The apex bank also assured the public of the safety and security of depositors’ funds, saying it remained resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria.

According to the statement,the boards of directors and chief executives of the banks were invited to a meeting on Wednesday, January 10 where they were addressed for 30 minutes each by the apex bank’s Deputy Governor in charge of Financial System Stability, Phillip Ikeazor.

Three other governors formed the panel that addressed the bank executives. They include the Deputy Governor in charge of Operations, Emem Usoro, the Deputy Governor in charge of Economic Policy, Muhammad Abdullahi and the Deputy Governor in charge of Corporate Services, Bala Bello.

The panel reeled out issues of non-compliance and other infractions committed by the affected banks and then formally sacked the boards.

This followed the recent report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee.

Earlier, the special investigator appointed by President Bola Tinubu, invited the investors in Titan Trust Bank, but they reportedly refused to honour the invitation to a meeting with the Special Investigator.

admin by — January 11, 2024 in Banking&Finance 0
NNPCL Rakes In N2.5trn

Mohammed Shosanya

The Nigerian National Petroleum Company Ltd (NNPCL) has recorded its highest ever profit since its creation

The national oil firm disclosed that it made a profit of N2.5trn in 2022, describing it as the highest profit since the inception of the national oil firm.

In a document which shows a five-year period performance, the company said it posted a loss of N803 billion in 2018 and further down to N1.7 billion in 2019.

Nigeria’s state-owned oil asset, the NNPC which in 2022 adopted a limited liability company status, posted a post-tax profit in the sum of N674 billion for 2021, its audited earnings report issued shows, the biggest since inception four decades and a half ago.

Revenue leapt 72.5 per cent to N6.4 trillion with increased income from petroleum products sales to thank for it.

“Today I’m happy to announce that the Board of NNPC has approved 2021 audited fin. statements & NNPC has progressed to a new performance level from N287 billion profit in 2020 to N674 billion profit after tax in 2021, climbing higher by 134.8 percent YoY profit growth,” Mele Kyari, NNPC’s group Chief Executive Officer,said.

admin by — January 11, 2024 in Oil&Gas 0