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 FCMB Manager, Two Others Docked For N1.2bn Fraud

A Lagos High Court,Wednesday docked the Ikeja GRA branch manager of First City Monument Bank (FCMB), Tope Munis,  for allegedly aiding N1.2 billion fraud.
He was arraigned on 15 counts amended charge alongside Dare Osamo and Ayoola Bisola who had earlier been arraigned over the alleged fraud .
During yesterday’s proceedings,the Director, Lagos State Department of Public Prosecution, Dr. Jide Martins, told Justice Oyindamola Ogala informed that the state had an amended charge to include the branch manager who allegedly connived with Dare Osamo to dupe  Star Orient owned by a businessman, Otunba Babatunde Akanbi Babalola.
Munis on the 15th day of February, 2016, while acting as Branch Manager, First City Monument Bank Plc. situated at No 48, Isaac John Street, Government Residential Area (G R.A) Branch, allegedly committed the offence,according to the amended charge.
Besides,Munis and Osamo, allegedly demonstrated intention to defrauding and without lawful authority or excuses approved the opening of a new account for Star Orient Nig. Ltd when there were no SCUML (i.e Special Control Unit against Money Laundering) certificate number on the account opening form.
The amended charge also   stated that Munis and Osamo, allegedly ran contrary to banking rules when they opened the account without full details of the directors of Star Orient Nigeria Limited, no means of identification or BVN (Bank Verification Numbers) of the directors of Star Orient Nigeria Limited and upon a forged resolution purportedly signed by Dare Osamo as sole signatory when there are two directors who are signatories to Star Orient Nigeria Limited’s account.
Martins told  the court  about the existence of the amended charge and prayed it  to take his plea over the allegations leveled against the branch manager.
Munis pleaded not guilty to four-count charges relating to him out of the fifteen amended count charges
The state prosecutor, thereafter, asked the court for a trial date and a remand order pending the determination of his bail application.
 J.O. Olushade, counsel to the branch manager, informed the court of his bail application in liberal terms.
He prayed the court to admit the defendant to bail on the ground that the offences allegedly committed  by his client and other defendants are bailable.
But the state DPP said asked the court to ignore the request of the defendants on the strength  of the  severity of the offences.
In her ruling on the bail application, Justice Ogala granted the 3rd defendant bail in the sum of N20 million with two sureties.
The sureties must be resident in the state and have title to landed property,she said,adding that they must provide evidence of tax payment to state government as well as their residential address, which must be verified.
Main Admin by — March 31, 2022 in Crime/Metro 0
Lagos Retirees Get N1.52bn

Lagos State Government has paid N1.52bn to 515 retirees in the state.
The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle,
made the  payment during the 92nd retirement bond certificate presentation ceremony to retirees of the Lagos State Public Service on Wednesday.
She said:“Furthermore, the sum of N1.52bn only has been credited into the Retirement Savings Accounts of 515 retirees this month, alongside their monthly contributions.”
According to her,over N38bn as accrued pension rights to 9,865 retirees in the mainstream, local government, state Universal Basic Board, Teaching Service Commission, and other parastatals of the state government from May 2019 to date.
The state government ,she said,recognises the plight of its workers who served in the Lagos State Public Service and the need to safeguard their financial security after service.
She added:“This administration has continually prioritised the prompt payment of the government’s pension obligations within the available limited resources”
Speaking,the Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said Lagos State had implemented the Contributory Pension Scheme since its inception in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007 now amended.
He added,:“The state government in a bid to secure the future of its greatest asset, the public service, has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS.
Main Admin by — March 31, 2022 in News 0
Olu Of Warri Sees Oil Discovery In Ogun

Ogun State would soon join the oil-producing states, as oil and other petrol-carbon products would be discovered in the state,Olu of Warri, Ogiame Atuwatse, has said.
Ogun state,he said,has the potential to be an oil-producing state, like the states in the Niger Delta.
He disclosed this when he visited   Governor Dapo Abiodun at the Presidential Lodge, in Abeokuta, Ogun State.
He said:“When our forefathers left the waterside to where we are now, they scooped the water and, when they got to Warri, they dropped the water there.When they came back to the waterside, they also scooped water from Warri and dropped it at the waterside, and since we have oil in Warri, I am sure oil is also here.
“I want to predict that very soon, the oil will be discovered in this state and you will also join us in that club. When this happens, I will be here to celebrate with you.”
He said the purpose of his visit was to identify with the Yoruba people, as Warri people regard themselves as part of the Yoruba stock.
He said: “We are looking forward to building the history that exists between our people and the people of Yoruba Nation. Now more than ever, Nigerians need to go back, understand, appreciate their roots, history and where they came from and, in doing that, Nigerians will find that truly we are so intertwined and interwoven”
Speaking, the Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo,  said Nigerians are one and same people no matter their origin.
He emphasized the need for all Nigerians to promote their culture and work towards a united country.
Governor Abiodun implored Nigerians to see themselves as people with common ancestry, history and therefore work towards a peaceful and united country.
The governor said: “We are from the same ancestry. We have a lot of things in common and are closely related to deep cultural affiliation. A Warri man speaks like a typical Yoruba man and this shows that despite the distance between us, we are the same person.
“Even though people moved and settled in different parts of the country, we are connected one way or the other, and this should be the essence of our unity.”
Main Admin by — March 31, 2022 in News 0
CBN  Stops  Credit Guarantee Companies From Accepting Deposits

The Central Bank of Nigeria (CBN) has barred Credit Guarantee Companies (CGCs) from accepting deposits in the country.
This was contained in its guidelines for regulation and supervision of CGCs in Nigeria.
The apex bank explained that its efforts to stimulate lending to Micro, Small and Medium Enterprises (MSMEs) facilitated the development of guidelines for the establishment and operation of CGCs in Nigeria.
According to the guidelines: “On non-permissible activities, a CGC shall not carry out the following: Provision of guarantee to entities outside Nigeria; Provision of guarantee to entities within its holding company structure and to connected entities; guarantee loans of any institution it is indebted to; acceptance of demand, savings and time deposits or any other deposits; provision of credit to customers; and management of pension funds or schemes.”
On permissible activities it stated: “A CGC may provide guarantee for risk assets of participating financial institutions; Render advisory services for financial and business development; Invest surplus funds in government securities; Partake in other investments as may be approved by the CBN; Provide technical assistance to lenders and borrowers on credit and business Development; Maintain and operate various types of accounts with banks in Nigeria; and Other activities as may be prescribed by the CBN from time to time.”
The bank disclosed  that the objectives of the credit guarantee scheme include to improve access to credit for MSMEs; reduce credit risk in lending by providing guarantees to Participating Financial Institutions (PFIs); stimulate lower interest rates on loans; promote flexible collateral requirements by PFIs.
Others are to encourage new business formation, development and expansion; accelerate economic growth and decrease unemployment; foster sustainable and inclusive growth, and improve risk management in the financial system.
Main Admin by — March 31, 2022 in Banking&Finance 0
Bribery: World Bank Suspends Nigerian Company, Boss

A Nigerian information technology solutions company, SoftTech IT Solutions and Services Limited and its Managing Director, Mr Isah Kantigi, has been sanctioned by the World Bank for alleged corrupt practices.
The firm  involved in the National Social Safety Nets Project.
It  was sanctioned for 50 months while the managing director was sanctioned for 60 months,the bank said in a statement published on its website .
According to the World Bank, the firm and the managing director were sanctioned for improper payments made to certain project officials.
The statement  said: “The World Bank Group today announced the 50-month debarment of SoftTech IT Solutions and Services Ltd., an information technology solutions company based in Nigeria, and the 60-month debarment of its managing director, in connection with corrupt practices as part of the National Social Safety Nets Project in Nigeria.
“The debarments make SoftTech and Mr Isah Kantigi, a Nigerian national, ineligible to participate in projects and operations financed by the World Bank Group
Main Admin by — March 31, 2022 in News 0
Terrorism: Travel Agencies Urge FG To Profile Aviation Workers

The National Association of Nigerian Travel Agencies (NANTA) has urged  the Federal Government to to carry out background checks on all aviation workers in order to reduce  terrorism act in the sector.
Mrs. Susan Akporiaye, President, NANTA, said that it was necessary for the government to be proactive in tackling insecurity in the country, especially in the aviation sector, which was being targeted by terrorists.
She advised that the process should be supported by the  best global security intelligence architecture, which would nip such negative intentions and breaches in the bud.
She said: “It’s certainly strange to wait to be attacked before we can respond. So, we must advice that relevant government security agencies in charge of the critical aviation systems be put on the highest level of alert at the airports and the vicinities.”
Akporiaye  advocated the need for all operators and workers in the sector should be profiled daily, while access to the cargo and passengers areas be limited and put under effective surveillance at both local and international aerodromes in the country.
Main Admin by — March 31, 2022 in Aviation 0
NIMASA, Barge Operators  Move To Free Port Access Roads From Gridlolock

The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has said  that a well-regulated barge operating industry in the maritime sector is critical to ending gridlocks on ports access roads in Nigeria.
The NIMASA DG stated this when he played host to the Barge Operators Association of Nigeria (BOAN).
  Hon. Bunmi Olumekun, BOAN president led the team to  the head office of NIMASA in Lagos.
“Barge operations have helped to reduce gridlocks in Apapa, as they are involved with the transportation of container goods from one point to another within the inland waters, thereby putting less pressure on our roads, while also contributing their quota to national economic development”, Jamoh remarked.
He urged the operators to invest in modern state of the art barges that can enable them compete favourably with their foreign counterparts, as this will help them remain in business and protect them from foreigners taking over their jobs.
Assuring them that the agency will do all it can to promote barge operations as an alternative means of transportation, he enjoined them to brace up in the aspect of training of their members, as this will help them meet up with modern day realities and encourage professionalism in the discharge of their duties.
”Capacity development is good for the industry players in order to remain relevant, while being able to compete favourably with operators in other climes. The business of shipping is evolving with increase in technological advancement, hence training cannot be toiled with, in order to remain valuable in the shipping market,” Jamoh averred.
He disclosed that the agency has commenced  the wreck removal exercise across the country, in line with the directive and approval of the Federal Executive Council (FEC) in order to ensure the channels are free for navigation, while also avoiding accidents on the waterways. “This is the first time the Agency has undertaken a holistic approach to wreck removal, cutting across all the zones from Lagos, Port Harcourt among other areas all geared towards safety of navigation.”
Earlier in his address, the President of the association, Hon. Bunmi Olumekun acknowledged the efforts of the agency in carrying out its mandate for the growth and development of the Nigerian maritime sector,
Main Admin by — March 31, 2022 in Business 0
Nigeria Needs National Carrier, FG  Insists

The Federal Government says it is pushing for a rebirth of national carrier for the country on the strength of  geographical location and the massive population of Nigeria .
 Sen. Hadi Sirika, the Minister of Aviation,disclosed at the WBS Dubai Expo 2020 in Dubai, which was moderated by Richard Quest.
He expressed  that it was necessary for Nigeria to have a national carrier to further boost its economy and enhance connectivity between it and other countries.
According to him, the planned national carrier would be private sector driven with government owning only 5 per cent, while the other 95 per cent would be owned by both foreign and local investors.
He added: “Nigeria is situated at the centre of Africa, equidistant from all locations in Africa with 30.4 million square kilometres miles, 1.5 billion people and very green land. If Central and Eastern Africa is the belt of the continent, then Nigeria is the buckle. 200 million people and rising middle class, propensity to fly is high. Nigeria is a candidate for National Carrier.”
He said:“The airline will be private. Yes. 5 per cent government; and no government stepping right in that company, no government control, no membership of government on board. Totally private and committed.”
Sirika further that the government has been very consistent with its promises for the sector since 2015, stressing that Nigeria is the right place for business development.
Speaking,Mr. Tim Clark, the Chief Executive Officer (CEO), Emirates Airlines said that the airline would be willing to partner with the Federal Government in landing a new national carrier for Nigeria.
He described Nigeria as a power house in Africa, which every country would be willing to partner with.
“Is there a Business Case for the carrier? Of course there is. There is enormous Business Case to it. Nigerians are seeking to travel all over the world. Nigeria is a power house of Africa. We are over-interested in flying there because it is a rich nation in terms of demand for services.
“If the minister needs some assistance on how it can go about practising a blueprint, we are very happy to help. The government clearly understands what it is doing and they are doing it and probably in the next year they will have a very good carrier flying and please come to Dubai because there is so much demand.” he said.
Main Admin by — March 31, 2022 in Aviation 0
Senate Moves Against Tariff Hike In Pay-Tv 

The   Senate has constituted a seven-man ad-hoc committee to carry out a comprehensive investigation on the new tariff imposed on Nigerian subscribers by
Pay-TV service provider,DSTV
The committee will also carry out investigation on how other countries are billed by pay-tv service providers.
President of the Senate, Ahmad Lawan, while announcing the composition of the ad-hoc committee, tasked the panel to ensure an immediate downward review of bouquet prices in tandem with the prevailing reality of economic situation in Nigeria.
The Senate decision was sequel to  a motion titled, “Nigerians dumbfounded, outraged over Pay-Tv Tariff Hikes, demand for Pay-Per-View subscription model”, sponsored by Senator Abba Moro (Benue South).
 Senator Moro noted with concern the uproar within the public over tariff hikes, price increases by Pay-tv service providers on their bouquets;
He stated that the leading pay-tv service provider in Nigeria, (MultiChoice Nigeria) informed all DStv compact subscribers on August, 22 2020, to expect a 13.3% price increase to N7,900 up from N6, 975 commencing from September 1, 2020.
He lamented the hike in subscription fee for DStv compact plus by 9.8 percent from N10,925 to N12,000, and DStv premium from N16, 200 to N18,400 indicating a 13.6% hike.
He said:“MultiChoice Nigeria willfully and perpetually increases the cost of its bundles because there is no regulation whatsoever in the area of fixing rates.”
“Notes further that as usual, without recourse to the economic situation of the country MultiChoice has again raised the cost of its DStv and GOtv bundles stating them as follows, DStv Premium (#21,000), Compact (#14,250), Compact (#9, 000), Confam (#5, 300), Yanga (#2, 950), Padi (#2, 150), Business(#2, 669), Xtraview PVR access fee (2, 900).
“Those of GOtv are as follows; GOtv Max (4,150), GOtv Jolli (#2, 6669), GOtv Jinja (#1, 900), GOtv Lite (#900)”, he said.
He expressed concern that thousands of pay-tv subscribers in Nigeria have bitterly reacted to the development on different social media platforms, ranging from deep shock to pure outrage with many asking the Nigerian government to checkmate the activities of pay-tv service providers in Nigeria especially in the area of fixing prices.
He added that among the bitter complaints of Nigerian subscribers of pay-tv services is the poor network service experienced as a result of bad weather/ epileptic electricity supply, which sometimes makes a whole month subscription wasteful without the subscriber watching anything before the expiration.
Moro said that Nigerians are demanding that, rather than paying fixed rates for packages monthly, pay-tv service providers should introduce a subscription model which allows subscribers pay per-view to enable them match their TV consumption to subscription as it is the case with electricity metering and mobile telephony.
He explained that the pay-per-view that Nigerian subscribers are demanding for, is a flexible model plan of subscription which allows subscribers of pay-tv to pay-per watch, to avoid Paying for services which they do not consume.
Earlier, the Senate while deliberating on the motion kicked against the increase in tariffs by Multi-Choice Nigeria.
It urged the Federal Ministry of Communications and Digital Economy, and the Nigerian Communications Commission to direct all pay-tv providers to introduce a pay-per-view model of subscription as against the month to month prepaid model presently in place.
The chamber also directed all pay-tv service providers in Nigeria to immediately review their bouquet prices downwards in tandem with the prevailing reality of the economic situation in the country.
It also resolved to set up an adhoc committee to embark on full scale investigation on the pricing activities of DStv (MultiChoice Nigeria) in Nigeria to bring it in line with international practice.
Main Admin by — March 31, 2022 in News 0
CIG, Polaris Bank  In Auto Financing Deal

CIG Motors, has entered into a partnership agreement with Polaris Bank to make vehicle acquisition and ownership affordable to Nigerians.
The scheme: ‘Easy Buy,’ the two companies said is open to all automobile enthusiasts across the country.
At a press conference,the bank and the auto company,said that with improved incentives that would afford customers and prospects the opportunity to acquire affordable   brand new vehicles.
Chief Diana Chen, the chairman, CIG advised prospective auto patrons to acquire brand new automobiles that can stand the test of time.
She explained the scheme is launched because “we want more and more people to buy new cars in Nigeria and this will benefit the owners, the industry and the country.”
Speaking,Mr. Segun Opeke, Polaris Bank’s Executive Director, Lagos Business, who signed the Easy Buy scheme Memorandum of Understanding (MoU) between Polaris Bank and CIG Motors, expressed delight at the partnership with the auto company, which he observed would make brand new vehicle acquisition, and ownership seamless for Nigerians.
“We appreciate management of CIG Motors for this Partnership, as we reiterate that Polaris Bank Easy Buy Scheme offers the most valuable and seamless auto finance opportunity for those who wish to acquire and own brand new cars effortlessly”, Mr. Opeke enthused.
Mrs. Adebimpe Ihekuna, Polaris Bank’s Group Head, Products and Market Development said: “The Easy Buy scheme is a seamless plan for desiring customers – Individual and SMEs. Leveraging our technology capability, processing time is swift, less than 24 hours”
She noted that the ‘Easy Buy’ scheme is to give Polaris Bank customers the opportunity to secure low-interest bank credit for the procurement of at a hugely-discounted CIG Motors’ GAC range of vehicles. “You can now walk into any Polaris Bank branch to apply for credit to buy your choice GAC cars and thereafter, pay conveniently,” she affirmed.
The General Manager, Sales, CIG Motors, said, “The partnership with Polaris Bank is in line with our strategy and direction of making vehicle acquisition, a seamless experience for Nigerians and essentially to assist prospective customers to buy brand new vehicles.
“The Polaris Bank/CIG Motors partnership is intended to ease vehicle acquisition and assist customers to take advantage of the offer. What we are simply doing, is to help prospective buyers eliminate the burden of sourcing funds in one fell-swoop to buy a new car,” he added.
Main Admin by — March 31, 2022 in Motoring 0