Chevron has reported a loss of $588 million in the fourth quarter of 2015, compared with earnings of $3.5 billion in the 2014 fourth quarter (Q4).
A statement from the oil giant said that foreign currency effects increased earnings in the 2015 quarter by $46 million, compared with an increase of $432 million a year earlier.
It said that full-year 2015 earnings were $4.6 billion compared with $19.2 billion in 2014 and sales and other operating revenues in Q4 2015 were $28 billion, compared to $42 billion in the year-ago period. [myad]
Managing Director of Dadin Kowa Microfinance Bank Limited, Mr. Irmiya Jatau and the Bishop of Maranatha Church, Jonas Katung have been charged to court for defrauding 64,000 customers of the Bank of the total sum of N11.5 Billion.
Joined with them in the charge which is being heard by a Federal High Court in Jos, capital of Plateau State, are one Okewole Dayo and Dadin Kowa Microfinance Bank Limited.
The Economic and Financial Crime Commission (EFCC) which took them to curt read out 24 counts before Justice Musa Kurya.
The EFCC alleged that the defendants conspired to defraud over 64,000 customers of the defunct Covenant Fadama Cooperative Society to the tune of N11.5 bn.
In one of the counts, the EFCC alleged that sometime in 2012, they “did conspire with yourselves to commit money laundering contrary to Section 18 (a )of the Money Laundering (Prohibition) Act 2011, as amended by the Money Laundering (Prohibition) Act 2012 and punishable under Section 15 (3) of the same Act.”
They were also accused of transferring the sum of N50 million from Covenant Fadama Cooperative Society account to a First Bank account, with number 2003050001625, into the Dadin Kowa Microfinance, First Bank account Number-2016452671.
This sum, the count said, represented proceeds of unlawful acts and amounted to an offence contrary to Section 15 (25) of the Money Laundering (Prohibition) Act, 2011, as amended by the Money Laundering amendment (Prohibition) Act 2012 and punishable under Section 54 of the same Act, among others.
But when the charges were read to them, all the accused persons pleaded not guilty, except Bishop Katung, who pleaded guilty to one of the counts before he suddenly changed his mind and pleaded not guilty like others.
Katung had earlier on December 9, 2015, been granted bail before the case was adjourned till Wednesday.
The EFCC prosecutor, Mr. L. P. Asor, said Jatau was not covered by the bail application earlier granted to the accused persons because no charge was preferred against him as of the time the bail application was granted to the bishop who is the first accused person in the charge.
According to the EFCC, the charges against the bank MD were only filed two days before.
However, while opposing the bail application, the prosecuting counsel argued that the bail granted to the first accused person should also apply to the bank MD since he is one of the co-accused persons in the entire case.
After hearing the argument from the defence and prosecution counsel, the presiding judge ruled in favour of the prosecution and ordered that the bank MD be remanded in prison pending when his bail application would be filed and considered by the court.
The case was adjourned to March 7 for further hearing. [myad]
Information reaching us has indicated that the Publisher of ThisDay Newspaper, Mr. Nduka Obaigbena, has returned the sum of N350 Million to the Economic and Financial Crimes Commission (EFCC).
A top operative of the commission told news men that Obaigbena returned the money to the commission on Tuesday and that he is expected pay an outstanding N200 Million before Wednesday next week.
The Special Task Force of the EFCC investigating the issue of arms procurement under the Goodluck Jonathan administration, had quizzed Obaigbena on January 29, 2016 for allegedly receiving N670m from the immediate past National Security Adviser, Col. Sambo Dasuki (retd.).
The commission released him after 24 hours following a request by him and signed agreement that he would refund the money in two weeks. The 14-day period of grace, given to the ThisDay Publisher to repay the money he collected from Dasuki’s office expires on Tuesday next week.
The source confirmed: “the Publisher of ThisDay Newspaper, Mr. Nduka Obaigbena, has returned N350m out of the N670m he received from the ONSA,” the source in the anti-graft agency told one of our correspondents on Wednesday.
“The Publisher is expected to return the rest N200m next week. You know that he signed an undertaking to return the money before they released him. That undertaking expires on Tuesday next week.’’
Obaigbena had admitted receiving N670 Million from the Office of National Security Adviser in a response to the EFCC investigation. He explained that N120 Million of the money was given to the Newspaper Proprietors’ Association of Nigeria as compensation for losses incurred during the military clampdown on newspaper houses in 2015.
Several media houses, which received the compensation, have returned the money. [myad]
Foremost African financial institution, Guaranty Trust Bank plc, has been listed among the top 500 global banking brands. This is contained in a study conducted by Brand Finance, one of the world’s leading brand valuation consultancy. In the report, which is due to be published in the February edition of the Banker, GTbank rose to 389th in the league table of the world’s biggest banks, 28 places from last year’s 417th position. It is one of only four Nigerian banks and tops in the country as the bank with the highest year-on-year brand value increase; from $213 million in 2015 to $243 million in 2016. In his comment, the Managing Director/CEO of GTBank. Segun Agbaje, said: “we are excited to be named among the biggest banking brands in the world. “Our continued rise in the league of the world’s biggest banks is made possible by the passion and unwavering commitment of every member of staff, the management and the board to building a solid financial institution reputable for innovation, integrity, good corporate governance standards, and excellence in service delivery.” Banks from five African countries made the ranking of which those from Nigeria cumulatively had the highest brand value increase of $249 million. Egypt came second with a brand increase of $239 million, followed by Togo at $134 million, while South Africa and Morocco both recorded brand decreases of $878 million and $213 million respectively. GTBank has consistently played a leading role in Africa’s banking industry. The Bank operates from over 230 branches in Nigeria and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom. Reputed for its superior financial performance and best in-class product and service delivery, the bank has received numerous awards from industry watchers and analysts, among which are the “Best Banking Group of 2015 in Nigeria,” by the World Finance Magazine and the 2015 Bank of the Year by leading international investment and communications group, Africa Investor (Ai). [myad]
Senate President, Bukola Saraki has made it clear that he would not engage in public discussion on what he called the legitimate points former President Olusegun Obasanjo raised in his letter to the National Assembly.
Senator Saraki, who denied ever speaking to news men on the issues raised by Obasanjo in his letter, admitted that mistakes have been made “by all of us in the past” and it was a reference to all stakeholders like political office holders, the media, civil society, professional and business groups, among others.
“Dr. Saraki will like to maintain his earlier position that he will only write a formal letter to President Obasanjo to explain all the efforts the Eight Senate is making to address some of the issues the former President raised in his letter to him. The Senate President will not use any public event or the media to give any direct or indirect response to the legitimate points raised by the elder statesman and father of the nation.
“The Senate President further urged the media to refrain from sensationalism which leads to twisting and misrepresentation of the position of public officers and therefore further create unnecessary tension in the polity. The urge to sell newspapers should not override the need for ethical standard and accuracy in presentation of news to be maintained. The media should equally be sensitive to other people’s feelings.”
The statement which was issued today by Special Adviser on Media and Publicity, Yusuph Olaniyonu, quoted Saraki as describing the report in which he was said to have replied President Obasanjo as mere mischief as “misrepresentation and undue sensationalism.” [myad]
The Independent National Electoral Commission (INEC) has announced that it will conduct eighty court-ordered elections in 16 states of the federation before March 19 this year.
A Decision Extract of the Commission shows that the elections will take place across sixteen states, ranging from Senatorial, Federal House of Representatives to House of Assembly elections.
A statement from the Commission today said that states in which the elections are scheduled to hold are Abia, Adamawa, Akwa Ibom, Anambra, Bayelsa, Benue, Cross River, Gombe, Imo, Kaduna, Kogi, Nasarawa, Niger, Plateau, Rivers and Taraba.
It said that a breakdown of the elections shows that ten will be for Senatorial Districts: seventeen for Federal House of Representatives; and fifty three for State Houses of Assembly.
A summary of the dates for the re-run elections is as follows:
Gombe state, 27th January 2016; 2. Adamawa state, 13th February 2016; Benue state, 20th February 2016; Kaduna state, 20th February 2016; Plateau state, 20th February 2016; Niger state, 20th February 2016; Nasarawa state, 20th February 2016; Kogi state, 20th February 2016; Taraba state, 20th February 2016; Imo state, 20th February 2016; Anambra state, 5th March 2016; Bayelsa state, 5th March 2016; Akwa Ibom state, 12 March 2016; Cross River state, 12th March 2016; and Rivers state 19th March 2016.
The re-run elections, the statement said, can also be categorized into two: supplementary/partial and whole, adding that there will be seventeen supplementary/partial re-run elections made up of one Senatorial, two Federal Constituencies and 14 State Constituency.
“There will be sixty three (63) whole elections to be conducted as follows: 8 Senatorial; 15 Federal Constituency and 40 State Constituency.
“The states affected by the re-run elections can be grouped into six (6), namely: Gombe state, 27th January 2016; Adamawa, 13th February 2016; Kaduna, Plateau, Niger, Benue, Nasarawa, Kogi, Taraba and Imo, 20th February 2016; Abia, Anambra and Bayelsa, 5th March 2016; Akwa Ibom and Cross Rivers, 12th March and River 19th March 2016.
In a Public Notice issued and signed by the Secretary to the Commission, Mrs. Augusta C. Ogakwu, INEC said that consequent upon the judgments of the Court, the Commission will conduct the elections in 69 (sixty nine) of the said Constituencies with the same Political Parties and their respective candidates who participated in the annulled elections
The Commission further gave a list of the eleven other Constituencies, the Political Parties and Candidates who were entitled to participate.
President Muhammadu Buhari has assured the European Union in Strasbourg, France that his government would use minimum force in the fight against Boko Haram insurgents. “Our aim is to use minimum force necessary in our fight against terrorists.” President Buhari who spoke to members of the parliament and the European Union Commission said that his administration is doing its utmost best to protect the fundamental human rights of persons in the theatre of operations against Boko Haram. He told a special session of the parliament that his government shared the European Union’s commitment to peace and security, respect for human rights, democracy and good governance, equality and tolerance, as ways of developing prosperous and strong societies. “For our part, we have updated our rules of engagement in fighting terrorism and pay very close attention during operations to the treatment of captured terrorists, civilians caught up in the conflict and in general, safeguarding property. “Our aim is to use minimum force necessary in our fight against terrorists,” President Buhari assured members of the parliament and the European Union Commission. The President also spoke of Nigeria’s concerns about the Economic Partnership Agreement between the European Union, African, Caribbean and Pacific Group of States (ACP), collectively endorsed by the Economic Community of West African States. He said that Nigeria is yet to sign the agreement because pertinent technical issues raised by the Federal Government have not been satisfactorily addressed. “Giving due consideration to the mismatch of the two regions (Europe-ECOWAS) in terms of technology and manufacturing experience, the Manufacturers Association of Nigeria and Associated Trade Unions raised concerns over the negative impact of the agreement on Nigeria’s industrialisation programme. “Nigeria is working towards addressing her own side of the issues and I therefore urge our European Union partners to also address our own concerns to allow for an Economic Partnership Agreement that is mutually beneficial and can contribute to the prosperity of our people, in the context of our shared values and interest at promoting cordial bilateral trade relations.” President Buhari sought greater support from the European Union for Nigeria’s efforts to curb the theft of its crude oil and corruption in its oil and gas sector. “Nigeria is facing the challenges of oil-theft and illegal bunkering in the Niger Delta as well as recovery of illicit funds. In this regard, Nigeria solicits the cooperation of the European Parliament to support the efforts aimed at stemming these vices. “Our attempt to restore security, curb corruption and fight crime will result not only in improving social stability in Nigeria but will re-open the doors for full economic relations with Europe and the rest of the world. “Those who wish to invest in our country have immense opportunities and we intend to guarantee the security of people and investments brought to Nigeria.” President Buhari assured the parliament that Nigeria will collaborate with the European Union to address illegal migration to Europe. “Our Government is making concerted efforts to address the push-factor that propel migration, especially from Nigeria, as both destination and transit country. “In this year’s budget, the Government has provided for over Five-Hundred Thousand graduate employment in the teaching profession alone. We are equally collaborating with the States and Local Governments, to strengthen Skills Acquisition Centres, in order to train the teeming youth in various vocational skills, so that they can be self-employed, and eventually, become employers of labour. “We are also making efforts to diversify the economy, giving impetus to agriculture and solid minerals exploitation, to create wealth and employments. “Nigeria welcomes the outcome of the Valletta EU-Africa Summit on Migration, including the launching of 1.8 billion Euros Emergency Trust Fund to address the root causes of migration from Africa to Europe. “Nigeria will work with the countries of the Sahel and Central Africa, to submit to the Board of the Emergency Trust Fund, our identified projects for funding in due course. “The Common Agenda on Migration and Mobility (CAMM), which Nigeria was the first African country to sign on 12th March 2015, is a demonstration of the positive spirit of our cooperation with the European Union in the field of migration and development. “It is in the light of this understanding that I wish to propose the reciprocal visa waivers for holders of Nigerian Diplomatic and Official Passports attending official Meetings and Conferences in Europe.” [myad]
The presidency is angry with the leaders of the Centre for Democracy and Development (CDD) over the falsification of President Muhammadu Buhari’s Change Agenda Scorecard. The Presidency specifically advised the Centre to rise above petty partisanship and stop misleading Nigerians “with blatantly false propaganda and misinformation to serve ulterior motives.” Reacting to an article entitled: “Seven Months After, President’s Change Agenda Scorecard written by Idayat Hassan,” the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, said it is very mischievous to attribute to the President, promises he didn’t make during the campaign, and now hold him accountable for them. According to Garba Shehu, any honest advocacy for democracy should not include distortion of facts and a misrepresentation of what President Buhari had promised to deal with during the campaigns. He explained that it is misleading to invent issues to suit one’s political bias and prejudice, and blame the President for not attending to those issues within one’s mischievous and chimerical deadline in order to play down the significant aspects of what the President has accomplished within those seven tough months. Malam Shehu said the CDD leaders cannot objectively serve the cause of democracy if they are primarily preoccupied with negativity and cynicism, constantly looking for something to condemn rather than appreciating the areas of progress made by the President within those seven months. According to the Presidential spokesman, anybody or any group that focuses on negativity at the expense of objectivity would never see any good in the appreciable and significant progress made by the President. He said that no sincere and fair-minded Nigerians would refuse to recognise the courage of the President to take on corruption in a country where impunity was once celebrated. According to him, within seven months, President Buhari has successfully blocked the leakages for corruption, saying that as a result of these efforts, the Nigerian Customs Service has quadrupled its revenue base to incredible level within seven months, something they didn’t achieve in years. “Doesn’t the President deserve credit for this and other efforts to confront the monster of corruption?”, Shehu asked rhetorically. On the economy, Malam Shehu said that it is wrong to blame President Buhari for the falling oil prices in the world market, a challenge which has made the President lay greater emphasis and priority on economic diversification. He recalled that President Obama of the United States had inherited an economy in crisis, something he didn’t bargain for, and that it would be unfair to blame him for not fixing it in seven months. Malam Shehu explained that President Buhari’s experience is a double whammy because he inherited an economy in crisis on account of declining oil revenues and an economy that was also ravaged by incredible and large-scale corruption. Garba Shehu said that the President is making good strides towards improving governance, by tackling corruption. “To-date, a good number of persons believed to have collectively stolen billions from the taxpayers have been arrested, and are facing the courts; we are working with our allies across the World – from Britain and America to France and Germany to China and UAE to source, locate and repatriate misappropriated funds. So far, an escrow account has been opened for money that is being returned. This is only the start: the return of stolen funds is important, but it is just as critical to ensure those who seek to steal realise that no longer will there be such impunity in Nigeria. Only by ending belief in such licence we can we fully institute the rule of law. “A few hours from now, the President will address the European Parliament upon their request, as the Italian Prime Minister said a few days ago at the Aso Rock Villa, Abuja. “President Buhari’s war against corruption and terrorism has become a template for Africa and the rest of the world. “It is amazing to see here at home, some individuals are not prepared to give these successes the recognition they deserve.” Garba Shehu said that the latest CDD episode is a shocking reminder to their failed attempt to hold the President to “one hundred promises in one hundred days” which disastrously crashed on the head of the proponents. “The elevation of the act to a new high of 220 promises is a knee-jerk reaction that seeks to play to the galleries and score cheap points against the President. This is a clear case of solution looking for problem.” [myad]
The Economic and Financial Crime Commission (EFCC), today, began a chat with the former chief of Defence Staff, Air Chief Marshall Alex Badeh over his role in the arms deal scandal as recently directed by President Muhammadu Buhari. The EFCC asked the former Chief of Defence Staff was asked to return on Monday for the continuation of the interactions. Badeh arrived the office of the EFCC at exactly 10.00am in honour of the invitation the anti graft body extended to him but was adjournment by the panel of investigators to enable the commission meet up some logistic requirements. Badeh was spotted at the headquarters of the EFCC earlier today, where he had gone to make clarifications on alleged improper procurements made under his watch as Chief of Defence Staff, but was asked to return on Monday. The former CDS was accompanied to the EFCC by two of his associates and some aides, Badeh was ushered into the waiting room, where he interacted briefly with officers before the adjournment. [myad]
The American University of Nigeria with the US Agency for International Development (USAID) has officially launched the “Year of Literacy – Technology Enhanced Learning for All” (TELA). The project was formally launched in Yola by AUN Founder, former Vice President Atiku Abubakar, and Adamawa State Governor, Mohammed Umaru Jibrilla at an occasion witnessed by members of the AUN community and other distinguished guests, including the Adamawa state commissioners of education and health, Professor Kaletpwa Farauta and Dr. Fatima Atiku and Mr. Linus T. Wajiati of the State Agency for Mass Education. TELA is sponsored by the USAID, which has given AUN a grant to improve literacy and numeracy in Adamawa State. A statement by the chief spokesman of the AUN, Daniel Okereke said that the programme is being targeted at an estimated 22,000 vulnerable children, at-risk youths, orphans, displaced children, and adolescent boys and girls. Okereke quoted the President of AUN, Ensign as saying that the US government gave $801,000 to fund the project even as AUN is tasked to prove that this pilot scheme is scalable, adding that if it succeeds, it will be replicated across Nigeria. The statement said that the AUN-API has identified 22,000 vulnerable children around the community which it said is 2,000 more than the grant to fund it as AUN will cover the costs of the additional children. “Seven hundred and fifty facilitators (and 750 locations) have been identified throughout Yola and Jimeta to oversee the program. “It is expected that TELA will reach more than 22,000 beneficiaries in Adamawa State since radio is a common medium of mass communication in the north. Radio and tablet computers will be used as part of the instructional teaching content in the program.” The statement said that President Ensign later invited the Founder and the Governor to launch the “Lesson One” of the literacy program. “They were also handed the literacy workbook to share among the children. The Lesson One demo of the radio literacy workbook series went live for 15 minutes. “The lead facilitator of the radio literacy program, Dr. Jacob U. Jacob, the Interim Associate Dean of Arts & Science, said, “Each location will have between 5-10 people and a facilitator to assist the children’s work. We have also provided radio sets; the numeracy program will broadcast on Mondays at 4:10 pm and the literacy program on Thursdays at 4:10pm. Repeat broadcasts will air on Tuesdays and Fridays.” He added that AUN is partnering with Radio Gotel to air this program. “Another lead facilitator of the project, Dr. Grace Malgwi, explained the pedagogy of TELA. She stated that radio is only part of the literacy program; tablets loaded with apps written by AUN students will also provide learning material for 2000 of the children.” [myad]
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Chevron has reported a loss of $588 million in the fourth quarter of 2015, compared with earnings of $3.5 billion in the 2014 fourth quarter (Q4).
