New Owner Of Union Bank Sacks Chairman, MD/CEO, Top Management, Directors

June 3, 2022

The new owner of the Union Bank PLC, Titan Trust Bank, has sacked the board and management of the Bank, including Chair/Non/Executive Director, Beatrice Bassey; Managing Director/Chief Executive Officer (CEO), Emeka Okonkwo.

In a statement today, June 3, the bank notified the Nigerian Exchange Group of the resignation and subsequent retirement of directors from the board of the Union Bank.

Others directors sacked are Independent Non-Executive Director, Obafunke Alade-Adeyefa; Non-Executive Director, Richard Burrett; Non-Executive Director, Ian Clyne; Non-Executive Director, Kenroy Dowers; Non-Executive Director, Paul Kokoricha; Non-Executive Director, Taimoor Labib; Non-Executive Director, Mark Patterson; Non-Executive Director, and Emeka Ogbechie.Union Bank Plc has announced the completion of core investors’ sale of a majority shareholding to Titan Trust Bank (TTB).

The statement said: “Following the bank’s notification in December 2021 of the execution of a share sale and purchase agreement between Union Bank of Nigeria majority shareholders – Union Global Partners Limited, Atlas Mara Limited, et al. – and Titan Trust Bank Limited, and the subsequent receipt of all necessary regulatory approvals, Union Bank hereby notifies the Nigerian Exchange Limited, Securities & Exchange Commission and members of the public of the completion of the transaction under the SSPA, which effectively transfers 93.41 per cent of Union Bank’s issued share capital to TTB.

“Consequently, in compliance with the NGX rule book and the amendments to the listing rules, Union Bank notified the NGX, its stakeholders, and the investing public of the new developments. Union Bank notified the NGX that with the completion of the transaction, TGI Group, parent of TTB, had become the majority shareholder and core investor in Union Bank. Union Bank hereby notifies the NGX of the completion of the divestment of the bank’s entire shareholding interest, direct and indirect, in its subsidiary, Union Bank (UK) Plc, to all the shareholders on the company’s records as of 4th March 2022, pro rata to their existing shareholding interests in the company. Consequently, UBUK is not included in the transaction with Titan Trust Bank.”

Source: Business News Report.

INEC Concludes Planning Processes For 2023 General Elections, Prof. Yakubu Announces

Editorial staff

June 3, 2022

Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu has said that the Commission has virtually concluded the planning processes for the 2023 general elections nine months ahead of the elections.

The Chairman, who presided over the official release of the regulations and guidelines for next year’s general elections at a security meeting today, June 3, with the Inter-Agency Consultative Committee on Election Security (ICCES), said that everything has been put in place to ensure a hitch-free election.

“With the release of the Regulations and Guidelines today, and the publication of the Strategic Plan (SP) 2022-2026 and Election Project Plan 2023 earlier, the Commission has virtually concluded the planning processes for the 2023 general elections nine months ahead of the elections.

“In the next couple of weeks, the training manual will also be presented to Nigerians. Going forward, the Commission will focus on election administration: logistics, training, voter education, technology, sensitisation against vote buying, inclusivity measures and, above all, security. ICCES will continue to play a critical role and the Commission appreciates the support of all security agencies.

“With the coming into force of the Electoral Act 2022, it has become necessary to review the Commission’s regulations and guidelines to govern the conduct of elections.

“The Constitution of the Federal Republic of Nigeria 1999 (as amended), the Electoral Act 2022 and the regulations and guidelines constitute the electoral legal framework.”

“On several occasions, the Commission has assured Nigerians that we are finalising the regulations and guidelines for the elections. I am glad to announce that the document is ready and will be presented to Nigerians shortly. The soft copy will be uploaded to our website with the link shared on our social media platforms.”

He said that the training manual would also be presented to Nigerians in the next couple of weeks, while INEC would focus on election administration going forward.

2023: Final Integrity Test For Buhari Presidency, By Deen Adavize

Deen adavize

June 3, 2022

As Nigeria prepares for another general election next year, the country’s President, Muhammadu Buhari, who is due to transfer power to another person, is currently facing his final integrity test.

As President and leader of the country’s rulings All Progressive Congress, he is undoubtedly expected to take a firmed position in the emergence of the presidential candidate of his party.

Having been praised around the world as Africa’s foremost anti-corruption crusader, his legacy is expected to linger on after his exit next year. But his successor will either make or mar this projection.

As a matter of fact, it is generally agreed that a good leader is not someone who serves his people credibly alone but also rises against any primordial sentiment to ensure he bequeaths an outstanding successor who will work even more credibly that will outweigh his success story while ensuring his predecessor’s good legacy endured.

As expected, in his recent statement to the APC Governors, President Buhari made it clear that he is very interested in the choice of the person that will emerge as the party’s flag-bearer in the forthcoming Presidential election.

In his words: “as I begin the final year of my second term as president of the Federal Republic of Nigeria and leader of the party, I recognized the compelling need for me to provide stronger leadership to the party under this transition process and to ensure that it happens in an orderly manner.”

The President further advised the party to adhere to the changing dynamics of the nation’s environment, and the expectations of the citizens and the global community.

Having learned from his past mistakes as leader of his ruling party, (APC) the Nigerian leader seems to have realized that continuing playing his usual role of non-interference in the party affairs will not only spell doom for his party and his legacy but also threaten the security of the entire nation.

However, despite his firm, yet vague statement about his preferred candidate in the coming party’s primary election, his role and decision a few hours from now will finally define his acclaimed integrity of being a detribalized leader, defender of the masses and real anti-corruption crusader.

While the President advised the party to adhere to the changing dynamics when choosing the party presidential candidate, he himself must stay around, and work closely with the party’s leaders to drive this process. This is not the time to just dish out directives that were barely enforced while he stays away.

Though the President has provided some useful qualities of someone the party should choose for the coming presidential election, he must as well resist any pressure from any angle that will prevent him from doing what is morally right and eternally beneficial for the entire country.

Furthermore, while President Buhari put into consideration, the capacity, experience, competence, pedigree, and exceptional track record of his preferred candidate, he must also not ignore the importance of equity and justice for every segment of the country as part of what he recently described as the current dynamics of contemporary Nigeria and the emerging global reality.

It is well known that despite his giant strides of about eight years of stewardship as Nigeria’s President, he has also received a barrage of criticisms on several fronts. While some accuse him of being despotic, others describe him as being ethnically cum religious inclined in his style of leadership, especially in the areas of appointments and others. Yet some others question his acclaimed integrity in the manner he handled various challenges facing the country. However, the outcome of this solemn challenge of choosing his successor will finally defend his integrity and, perhaps, ultimately define his legacy.

As the party is finally set to conduct its primary a few hours from now, having previously delayed it for about a week for the reason best known to them, it is the right time for the Nigerian leader to prove to Nigerians, both his supporters and his critics, and of course, to the global community that he, indeed, truly belongs to everybody, and belongs to nobody!

Adavize, a concerned Nigerian and Public affairs analyst, wrote from Okene, Kogi State. | deenadavize@gmail.com

Buhari Laments Looming Food Crisis, Calls For Global Cooperation

Editorial staff

June 2, 2022

President Muhammadu Buhari has expressed great concern over the looming food crisis around the world and called on the world leaders to come together and strategise on ways to avert it.

President Buhari, who spoke today, June 2 in Madrid, Spain at the Royal Palace, during an audience with his Royal Majesty, King Felipe VI in continuation of his State Visit to the country, joined his host to canvass for a global action to stem the food problem, especially in wheat production that is being caused by the ongoing war in Ukraine.

The King Felipe VI acknowledged that Nigeria is an important country to which he looked forward to have an opportunity to visit, especially against the background of stronger cooperation being forged by the two countries.

President Buhari thanked the Spanish Monarch for the invitation and hospitality extended to him since his arrival and updated him on happenings in Nigeria especially as the country gears up for general elections.

In a separate meeting with President Pedro Sanchez, President Buhari said his country looked forward to increasing bilateral relations between both nations.

The Nigerian leader commended his Spanish counterpart for his leadership qualities and contributions in the war against terror in Sub-Saharan Africa especially in Mali, looking forward to cooperation in the area.

The two leaders discussed areas of cooperation on which Agreements and Memoranda of Understanding (MoUs) were signed.

President Sanchez emphasized that, as a major partner of Spain in Africa, Nigeria was a country that his people really wanted to have a stronger partnership with going forward.

He commended President Buhari for his leadership roles in Africa especially in the area of strengthening of democratic ideals.Currently, Spain is the largest importer of Nigerian gas and the third largest importer of Nigerian crude, and with the visit, the two leaders hoped for bigger trade relations.

At the end of the visit, nine Agreements and Memoranda of Understanding were signed, namely: Treaty on Mutual Legal Assistance in criminal Matters; Transfer of Sentenced Persons; Extradition; Economic and Commercial Cooperation; Tourism. Others were on Sports; Health; the Fight Against COVID-19; and Science and Innovation.

FCT Minister Warns Owners Of Uncompleted Buildings In Abuja To Develop Them Or…

Editorial staff

June 2, 2022

The Minister of the Federal Capital Territory (FCT) has warned owners of uncompleted building and estates to move fast and development for immediate occupation or face forfeiture of such structures.

The Minister, who spoke to newsmen today, June 2 at the Presidential villa, Abuja, admitted that such uncompleted buildings have been a challenge for the maintenance and sustenance of a secured city, free of insecurity city.

He said that any open space like those uncompleted sructres are easily occupied by criminal elements.

“We have continued to work towards a number of ways to solve that. First and foremost, now we have identified the uncompleted buildings, starting from the epicenter, center of the city in cycles who are moving out.

“We have identified the owners of these buildings and we have communicated in the open media, open source, as well as directly with the owners of these buildings that they have to start removing them.

“And invariably, what usually happens is that a person would put up a building and he give the security man to take care of it. He doesn’t probably live in Abuja, or he doesn’t go there and before you know it, the security men also sublet and something like that. We know how it goes, but it’s something we are working on because we know that on a number of occasions, we’ve been able to identify criminals in some of these houses.

“But we do it with a human face in such a way that you know, you don’t create too much societal upheaval, but it’s something that is ongoing.”

I Have Nothing To Do With Court Ruling On FCT Area Council Tenure, Minister Swears

Editorial staff

June 2, 2022

Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello has washed his hands off the court judgment, extending the tenure of elected Council Chairmen and Counselors from three years to four.

Answering questions at the weekly ministerial media briefing on the achievements of the FCT Ministry today, June 2 at the Presidential villa, Abuja, Musa Bello said that the administration is guided by the rule of law and would not be seen to contravene court ruling on any matter.

“With regards to the Area council elections that took place and the court cases, I want to emphatically say that obviously, for those of you who know me, I follow the rule of law.

“And this government is a government of rule of law. So you can be rest assured that the FCTA had nothing to do with the court case at all.

“It doesn’t make sense for us to superintend over an electoral process that was adjudged very transparent and during that area council elections, we lost some, we won some. Tell me any area council or local government in Nigeria where the sitting government lost an election.

“Even if there are, we can count them on our fingers; that shows you that the FCT administration, and by extension, the government of President Muhammadu Buhari is law abiding.

“We allowed for free and fair election and that’s exactly what happened. And like any election, there are those who felt aggrieved. So they went to court, and the court gave a judgment and as a law abiding government, we honoured the court judgment and that’s a natural thing to do.

“I think it is unthinkable for me as a sitting minister in the federal government of Nigeria in 2022 to flout a court judgment. It doesn’t make sense.

“So now, what we are doing is we are awaiting for the outcome of the cases in the court. And at the end of the day, as a law-abiding administration, whatever the court says we move on, because the whole idea is that elections are overdone. What we are to concentrate on now is governance.”

2023: Cross River Gov, Ayade Insists It’s Turn Of South To Produce Nigerian President

Editorial staff

June 1, 2022

Cross Rivers State Governor, Professor Ben Ayade has insisted that it is the turn of the southern part of the country to produce the next president of Nigeria.

He stressed that the idea of zoning came about to ensure an egalitarian and equitable power sharing in the country.

Governor Ayade spoke today, June 1, when the All Progressives Congress (APC) National Leader and leading presidential aspirant, Asíwájú Bola Tinubu, paid a courtesy call on him at the Government House, Calabar.

“Zoning is a provision of our constitution to ensure balancing. It should not be about ethnic or regional domination, but balancing. It’s the turn of Southern Nigeria in 2023.”

Governor Ayade said the country is in dire need of change and a new way of doing things, arguing that with Nigeria’s potential “as around Number 7 in the world, in terms of oil and gas deposit, it is regrettable that the country is still importing petrol to meet its local demand.”

Describing Asiwaju as a trans-generational leader and political strategist, the governor said Asíwájú Tinubu has the capacity, experience and exposure to lead and is more than qualified to be Nigeria’s president.

Ayade said that history would be kind to Tinubu as the man who propelled the APC to power in 2015, adding that the APC leader is a cornerstone of the party’s success.

He said that he has a long standing excellent relationship with Asíwájú, pointing out that each time he sought his advice on issues, he always got it.

“Thank you for your insensitivity to party affiliation, to age difference, to religion and to ethnicity.”

The APC leader had told Governor Ayade who is also contesting for president that there is no collision in their desires.

“Mine is to respect you as you respect me.

“I appeal to you as your senior brother and the first to declare his intention, not to endorse me today but when you get to Abuja, you can endorse me fully.

“We must have that unity of purpose. We must work together not only for the unity and economic development of Cross Rivers, but also of the country. We owe that to the present and future generations.”

Asiwaju Tinubu promised to work with the state for the full development of Calabar Port if elected president.

Joining Asiwaju Tinubu on the visit were the Kano State Governor, Abdullahi Umar Ganduje; former governor of Nasarawa State, Senator Tanko Al-Makura; former governor of Borno State, Senator Kashim Shettima; former Senate Leader, Senator Victor Ndoma-Egba; Presidential Aide, Mallam Ya’u Darazo and Chairman of TETFUND, Alhaji Kashim Ibrahim-Imam, among others.

The APC leader had also earlier visited Obong of Calabar, His Royal Highness, Edidem Ekpo Okon Abasi Otu V, who described him as a “great former Lagos governor, a great power-broker and a great leader of APC.”

FIRS Goes After States, Local Govts Over Unremitted Tax Deductions

Editorial staff

June 1, 2022

The Federal Inland Revenue Service (FIRS) has indicated a resolve to enforce and recover unremitted tax deductions by some States and Local Governments in Nigeria.

This is contained in a Public Notice, signed by its Executive Chairman, Muhammad Nami.

Nami is worried that most States and Local Governments have failed to remit to the Service Withholding Tax (WHT) and Value Added Tax (VAT) deductions from payments made to contractors and service providers by them as required by law.

He highlighted relevant portions of the Companies Income Tax Act (CITA) and the Value Added Tax Act (VATA), saying that Ministries, Departments and Agencies of Government, as well as Parastatals and other establishments are expected by law to deduct certain taxes while making payments to third parties and remit those deductions to the FIRS.

“The provisions of Sections 78(3), 79(3), 81 of the Companies Income Tax Act (CITA), and Sections 9(I), 13(1) of the Value Added Tax Act (VATA), mandate Ministries, Departments and Agencies of Government (MDAs), Parastatals and other establishments to deduct WHT and VAT while making payments to third parties and remit same to the Service.

“By the provisions of the relevant laws, States and Local Governments are statutorily mandated, as agents of collection, to deduct at source and remit to the Service, all taxes deducted, within twenty-one days.”

The Notice by the FIRS boss said that most States and Local Governments have failed to comply with these provisions of the law, despite appeals from the FIRS.

“However, it is regrettable to note that most of the States and Local Governments have failed in their responsibilities of remitting WHT and VAT deducted from payments made to contractors and service providers as required by law.

“The implication is the huge tax debts owed by the States and Local Governments.

“All entreaties by the Service to ensure the remittance of the established unremitted tax deductions by the defaulting States and Local Governments have been unsuccessful as a result of lack of cooperation in adopting the e-payment platforms provided by the FIRS for a seamless deduction and remittance of these taxes.”

The notice said that as a result of the failure to remit by defaulting States and Local Governments, the Service will advise the Federal Government and the Minister of Finance, to henceforth decline approval of any request for the issuance of state bonds or other securities in the capital market; as well as requests for external borrowing and approval for domestic loans from commercial banks or other financial institutions.

The tax authority same said that it would also publicly name and shame the defaulting States and Local Governments while publishing the amounts owed in unremitted tax deductions.

It said that it would also invoke the provisions of Section 24 of its Establishment Act which empowers the Accountant General of the Federation to deduct at source, from the monthly FAAC allocations, un-remitted taxes due from any government agency and to thereafter transfer such deductions to the Federation Account and notify the Service.

The FIRS called on all defaulting States and Local Governments to promptly remit all unremitted tax deductions within 30 days of the publication of the Notice to avoid it taking these enforcement actions.

US Dollar’s Share Of Global Foreign-Exchange Reserves Falls—IMF

Editorial staff

June 1, 2022

International Monetary Fund (IMF) has said that the US dollar’s share of global foreign-exchange reserves fell below 59% in Q4 2021.

The Fund, in its Blog Chart of the Week, said that the US dollar “has long played an outsized role in global markets.

“It continues to do so even as the American economy has been producing a shrinking share of global output over the last two decades.

“But although the currency’s presence in global trade, international debt, and non-bank borrowing still outstrips the US share of trade, bond issuance, and international borrowing and lending, central banks aren’t holding the greenback in their reserves to the extent that they once did.

“As the Chart of the Week shows, the dollar’s share of global foreign-exchange reserves fell below 59 per cent in the final quarter of last year, extending a two-decade decline, according to the IMF’s Currency Composition of Official Foreign Exchange Reserves data.

“In an example of the broader shift in the composition of foreign exchange reserves, the Bank of Israel recently unveiled a new strategy for its more than $200billion of reserves.

“Beginning this year, it will reduce the share of US dollars and increase the portfolio’s allocations to the Australian dollar, Canadian dollar, Chinese renminbi and Japanese yen.

“As we document in a recent IMF working paper, the reduced role of the US dollar hasn’t been matched by increases in the shares of the other traditional reserve currencies: the euro, yen, and pound.

“Moreover, while there has been some increase in the share of reserves held in renminbi, this accounts for just one quarter of the shift away from dollars in recent years, partly due to China’s relatively closed capital account. Moreover, an update of data referenced in the working paper shows that, as of the end of last year, a single country—Russia—held nearly a third of the world’s renminbi reserves.

“By contrast, the currencies of smaller economies that haven’t traditionally figured prominently in reserve portfolios, such as the Australian and Canadian dollars, Swedish krona and South Korean won, account for three quarters of the shift from dollars.

“Two factors may help to explain the movement into this set of currencies: these currencies combine higher returns with relatively lower volatility. This appeals increasingly to central bank reserve managers as foreign exchange stockpiles grow, raising the stakes for portfolio allocation.

“New financial technologies—such as automatic market-making and automated liquidity management systems—make it cheaper and easier to trade the currencies of smaller economies.

“In some cases, the issuers of these currencies also have bilateral swap lines with the Federal Reserve. This, it can be argued, creates confidence that their currencies will hold their value against the dollar. At the same time, the importance of this factor can be questioned.

“The nontraditional currencies tend to float. In practice, they fluctuate widely against the dollar. And their issuers have rarely if ever drawn on their bilateral swap lines with the Fed.

“A regression analysis shows that having a Fed swap line is associated with a 9 percentage point increase in the dollar share of the recipient’s reserves. This may indicate that swap lines are an imperfect substitute for actual reserves.

“A more plausible explanation is that these nontraditional reserve currencies are issued by countries with open capital accounts and track records of sound and stable policies.

“Important attributes of reserve currency issuers include not just economic weight and financial depth, but also transparent and predictable policies. In other words, the stability of the economy and policy decisions matter for international acceptance.

“A regression analysis of global reserve currency shares confirms that a higher economic risk premium, measured by the cost of using credit derivatives to insure against default, reduces a currency’s share in global reserves. Evidently, holders favour the currencies of countries known for good governance, economic stability and sound finances.”

Source: Business News Report

Nigeria Suffers Low Capacity To Mobilise Youths For Economic Development – NEPC

Editorial staff

June 1, 2022

Nigeria Export Promotion Council (NEPC) has indicated that the country is still suffering from low capacity to mobilise the dynamic nation’s youths into productive ventures for economic development.

The Executive Director of the Council, Ezra Yakusak, who spoke today, June 1 at the official commissioning of Lelook Bags Academy in Abuja, said that one of the challenges bedeviling the nation is low capacity to galvanise the youths into productive ventures for economic development.

He acknowledged that the country is blessed with a large youthful population ready to contribute to building a strong and prosperous economy.

“You are all aware that Nigeria has a large portion of youthful population, who are energetic, ingenious, skilful and ready to contribute in building a strong and prosperous economy.

“However, the challenge has always been low capacity to mobilise the youths into productive ventures for economic development.”

He commended the Founder of Lelook Academy, Mrs. Chinwe Ezenwa, for the commissioning of Lelook Bags Academy, saying that the council will do more to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem.

“This project is important to Nigerian Export Promotion Council because it is a testimony to how NEPC interventions has tremendously built up and transformed a SMEs into export oriented firms. It is interesting to note that NEPC identified LeLook in its infancy.

“The Council invested immensely into it through participation in export readiness assessment sessions, product development and adaptation particularly in packaging and labelling under the NEPC -ITC -SheTrades programs.

“The lessons she learnt under these programs has enabled Le look brands and labels to successfully compete and break into niche export markets in abroad.

“You may also need to know that Le look has been one of the SME’s that participated in NEPC’s spearheaded and sponsored trade fairs such as the Magic fair, New York Gift Fair, Inter African Trade Fair in Egypt and South Africa and several other Match-making and business expos.

“Her labels were in high demand at the just concluded Expo 2020 Dubai. In recognition of the Le look progress and innovativeness NEPC provided further assistance to Le Look through the Export Expansion Facility Program (EFPP) for it to scale up production and the result is what we are all seeing today.

“A success story from a humble beginning to a great height. Without missing words , NEPC having prepared Le Look under its ITC/AFREXIMBANK training on “How to export under the AfCFTA and the NEPC/WATIH/USAID training on “Exporting under the AGOA” has provided veritable platform for Le Look brands to capture a major market share under the African Growth and Opportunity Act and the AfCFTA.

“The Nigerian Export Promotion Council will continue to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem in pursuit of our vision of making the world a market place for Nigerian non-oil products.”

In her remarks, Chief (Mrs.) Chinwe Ezenwa, said: “Our goal is to buy into the Federal Government’s target of diversifying the Nigerian economy and promoting the country’s non-oil exports and production. “Having spent over 35 years in the sector, I am convinced on how to make a difference.Everywhere else, people talk about vocational skills but here we are talking about bag-making skills specifically. We thought we needed to raise people, esp women, with skills, with Nigeria having signed the African Continental Free Trade Agreement. Recently, we had to set up Lelook Multipurpose Society to empower women who might not be able to get loans easily, because getting a loan for a woman in Nigeria isn’t easy.”

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