Authoritative, Analytical, Incisive VOL. 11 NO. 5. ISSN No 794-556 NOVEMBER 15, 2017 N200 ATM SCAM Q3: EKITI 2018 Diamond Bank, Zenith Bank Ojudu Soars Ecobank, FCMB Posts Despite Involved N531.3Billion All Odds —Pages 03 —Page 08 —Page 12 INCREDIBLE Union Bank Stinks At 100 Allegations Of Corrupt Practices Rocks The Bank llegation of corrupt practices bordering on award By Charles Philemon of contracts without due process rocks Union Bank APlc. contracts running into millions of Naira to themselves, their Findings by BusinessUpdate reveal that staff of Union cronies and family members. Bank’s Corporate Communications Department have It is alleged that the Head of Corporate Communication breached Corporate Governance Codes as required by Department, Mrs. Ogochukwu Ekezie-Ekaidem who is at Company and Allied Matter Acts (CAMA) and Banks and the centre of the mess in one instance awarded a N50 Other Financial Instituions Acts (BOFIA) in award of millon naira contract to Ellae Branding—Continued Agency on PageLimited, 11 a Can Hameed Ali Sanitise Nigeria Customs? n f o r m a t i o n a t t h e d i s p o s a l o f By Miracle Egbo BusinessUpdate reveals that since the Inexperience and military mentality are appointment of Hameed Ali as the mischievously lying between Hameed Ali, the I Comptroller General of Customs and his Comptroller General of Customs, the traducers who are fervently scheming for his operation of the agency has gone awry as ousting in no distant future. His opponent in billions of naira is being lost daily because of this regard have been pelting the National the management style of the Comptroller Assembly with series of petition against the General. —Continued on Page 03. Chelsea Queries Eagles Coach helsea Football Management Team have blamed the handlers of the Nigeria Senior National Team, Super Eagles for allowing their Cpriced player, Victor Moses to play for the full ninety minutes of the Over Victor Moses World Cup qualifying match against Zambia recently in Uyo, the capital —Continue—Continued on Page on Page 05 15 Visit www.businessupdatereports.com for timely business and news update. NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 02 VOL. 11. NO.4. SEPTEMBER 15, 2017 15 Fashola Implore Stakeholders On Apapa Gridlock he Minister of Power, Works and with his transport counterpart, Mr Honorary adviser to the Dangote construction raised at the forum and Ahead Of 2018 World Cup Housing, Mr. Babatunde Rotimi Amechi, to involve the rail Group, Mr. Joseph Makoju said that deliver the project within one year. TFashola, has called for the sector in finding solutions. He called Dangote was handling and co-funding ”We give our assurances that we will collaboration of all stakeholders to for sacrifice on the part of the the Apapa Wharf Road reconstruction d e l i v e r a n d w e n e e d y o u r tackle traffic gridlock, port congestion various stakeholders as the Yuletide project as part of its Corporate Social understanding,” he said. Mr Ashif Juma, and other problems in Apapa and its season is approaching to ensure Responsi-bility (CSR). Makoju said that Managing Director AG Dangote environs. speedy solution to all the it was painful that the project was Construction Company Ltd, contractors Russian Hoteliers Hike Price Fashola made the call at a problems.” During this period when being misunderstood by both the handling the project said that there was stakeholders meeting on the ongoing everybody is sacrificing something, public and a section of the media who massive deployment of men and Stories by Apapa Wharf Road reconstruction let us sacrifice, it is an exchange, make negative remarks against the equipment to the site. Obiora Arinze project in Surulere. everybody must sacrifice. D a n g o t e G r o u p i n s t e a d o f The stakeholders at the meeting ”This is not about us, it is about commending it for giving back to as the rainy season ended adding that nformation at the disposal of our included the three financiers of the everybody,” he told stakeholders. society. by November significant visible progress sports Desk reveals that Hotel project, AG Dangote Construction He explained that procurement He explained that the Dangote would be seen in the construction.Juma owners in Russia have decided to Company Ltd, Flour Mills of Nigeria Group also suffered from the I process for the Oshodi Tin Can explained that it was not easy to work on increase the prices of their services Ltd and Nigerian Ports Authority Island road was ongoing. Earlier, problems of gridlock and other old roads because some unexpected ahead of the forthcoming world soccer (NPA). Others were National Union of Fashola had inspected ongoing problems caused by port congestions problems usually came up in the midst of fiesta next year. Petroleum and Natural Gas Workers as it affected their businesses and rehabilitation works at Costain and the project.He added that the firm was Nigerian fans who are planning to (NUPENG), Association of Maritime operations as well. He added that the its environs, which he told working closely with the Federal Ministry attend next year’s world cup fiesta Truck Owners (AMATO) and National company was ready to tackle all journalists was to ensure smooth of Power, Works and Housing (FMPW$H) scheduled for Russia have been advised Association of Road Transport Owners problems that related to the Babatunde Fashola roads during the festive period. on the project and that work tempo to prepare to pay higher for hotel (NARTO), among others. accommodation as hotel owners in the The stakeholders, after extensive country have decided to increase the deliberations, agreed to resolve More Winners Emerge In Access Bank prices of their services. Reports have it issues of logistics and regulation of ore winners have competitive interest rates that most of the hotels in the country truckers and port operations. They emerged from Family Fortune Promo w h i l e t h e y e n j o y t h e have increased the price of their services called on shipping companies to t h e o n - g o i n g confidentiality of their M new cars. winners had emerged from thrice ahead of the soccer fiesta. return to the system of using their Access Bank Family Fortune Today, Take Tomorrow’ Speaking at the second banking transactions as Nigeria Super Eagles became the first loading bays and effective call up Promo as the Bank rewards u l t i m a t e l y a i m e d a t previous random selections in monthly random selection individuals.” African country to book a ticket to the systems to end port congestions. 118 customers in these stimulating a savings culture Lekki, Port Harcourt, Ibadan and of winners, Group Head, In line with the objectives of soccer fiesta following their piping of They also advised AP Molar Multi second monthly selec-tion between families does not Abuja. Inclusive Banking, Ope the Access Bank’s Family Zambia 1-0 in their last group qualifying Terminal (APMT), whose cargo of winners. leave the kids out, as According to Mrs Wemi- Wemi-Jones, said the Promo Fortune Promo, the chances of match played in Uyo, the capital of operations take hours to emulate the The event which held at scholarships are up for grabs. Jones, “The promo was had attracted a large a family winning are quite high Akwa Ibom State. Super Eagles still has operations of Port Terminal the Bank’s Alausa Branch in Other fantastic prizes designed to reward the number of participants from while all the winners from the one match against Algeria slated for Multipurpose Ltd (PTML) who have I k e j a p r o d u c e d 5 0 include family holidays, collective savings habit of across the country while, selection met the Promo November 10 2017 but has qualified perfected the act of evacuating cargo customers who won DSTV 16KVA generators and brand families with grand prizes and c r i t e r i a w h i c h i n c l u d e whether they beat Algeria or not. within minutes. They agreed that decoders while another 30 achieving a minimum balance The cities where the football fiesta emergency interventions should be got N50,000 worth of at the qualifying level of N150, will hold would be made known at the carried out on the roads around shopping vouchers. Also, 000.00. The fund is required as draw for the final stage of the 2018 FIFA Coconut bus stop area and some other 2 0 c u s t o m e r s w o n a cumulative balance across World Cup in Russia which will take bad portions. Samsung mobile phones, family members accounts with place on December 1, 2017, in Moscow. They resolved to have another 10 customers won Home each member having a According to reports, some of the inclusive meeting to carry Shippers, Theatres, 5 customers won minimum balance of N20, 000 hotels will be charging more than seven government regulatory agencies and 49 inch LED televisions and to qualify for the Family times their regular rates during the World Cup Qualification other stakeholders who were absent at 3 customers each won 7- Fortune Promo. period. Five Star Hotel, Helvetia which the gathering along to evolve seater home furniture T h e m e g a r a n d o m charges E770 a night as against its permanent solutions, Fashola advised (sofa). selection is scheduled to hold previous charges of E110, the the stakeholders to organise forums At the launch of the in December, 2017 where Ambassador Hotel will cost E394 a night where they could proffer solution to Promo in June, the Bank three families will each go as against E80. t h e p r o b l e m s a n d m a k e promised to reward its home as proud winners of a The soccer fiesta will be held next recommendations to government to consumers with over house. International Players summer in 12 different stadia across 11 International Players speed up solutions on various issues. 100,000 gifts, specifically to The minister stressed the need to family units through Russian cities. This will be the first time put other ports in the country to use weekly, monthly and the the country will be hosting World Cup to reduce pressure on the two major mega random selections. soccer fiesta. ports in Apapa and promised to work The Promo tagged ‘Save SEC Suspends Oando Over Insider Trading Battle For

reported ‘strong doubtful growing he Securities and Exchange company due to alleged gross consideration, the Commission concern’ over the Group’s annual Commission (SEC) recently mismanagement and abuse of believes that it is necessary to financial statement.” ordered full suspension of the corporate governance. T conduct a forensic audit into the According to the petition, “the trading of shares of OandoPlc for two They also claimed that they had Eagles’ Shirts affairs of Oando Plc. Group has negative working capital days. read several reports on the gross “This is pursuant to the statutory of over N263 billion consequence of The commission also directed that mismanagement of Oando by the duties of the Commission as current liabilities above, lighter than effective from Friday, October 2017, present management of the provided in section 13(k), (n), (r) and current assets, meaning that the the Nigerian Stock Exchange should company and called on Tinubu to (aa) of the ISA 2017.” management was unable to service implement a technical suspension of step down and allow a competent According to SEC, to ensure the its obligations financially.” the shares of the company. hand to manage the affairs of the independence and transparency of The petitioners also urged the SEC in a notice posted on its company. the audit exercise, the forensic audit leadership of the House to “as a website recently said it took the The protesters also called on the shall be conducted by a consortium matter of urgency save their decision after it received two S e c u r i t i e s a n d E x c h a n g e of experts made up of auditors, investment in Oando Plc, look into petitions from Dahiru Mangal and Commission, SEC and Nigerian Stock l a w y e r s , s t o c k b r o k e r s a n d these matters, cause an action to Ansbury Incorporated. Exchange, NSE, to commence the Registrars. intervene in Oando Plc by The Commission explained that it immediate investigation of the Moses’ 90mins Of Play “To further ensure that the ordering/remove the present carried out a comprehensive review company to determine the true state interest of all shareholders of lMounir Kwarzo, Director, SEC management, to vacate office, of the petitions and discovered issues of the financial position and OandoPlc are preserved during the allowing for proper investigation of of breach of the provisions of the that the NSE should implement a corporate practice. course of the exercise, the the corporate governance abuses, Investments & Securities Act 2007, technical suspension in the shares of In September, the House of Commission directed the Nigerian financial mismanagement as noticed Chelsea Queries Oando Plc. breach of the SEC Code of Corporate Stock Exchange to place the shares Representatives Committee on Oandoplc has in recent time been in the published full-year audited Governance for Public Companies, o f O a n d o P l c o n t e c h n i c a l Capital Market and other Institutions enmeshed in crisis which led to financially statement.” suspected insider dealing, related suspension,” it said. told the Securities and Exchange a t t e m p t s m a d e b y s o m e party transactions not conducted at The commission, however, noted Commission, SEC and OandoPlc to shareholders to disrupt its Annual arm’s length and discrepancies in the that in view of the fact that it is not resolve all issues regarding an Eagles Coach General Meeting held recently in shareholding structure of OandoPlc technologically feasible for the alleged N799 billion stakeholders’ Uyo, AkwaIbom State. among other discrepancies. Exchange to effect a technical liabilities with the oil firm. —Continued from Cover Page course of the game. According to The AGM was disrupted for more he will be out for four to six “The Commission’s primary role as suspension except after 48 hours, it The committee’s decision came investigation, Moses was supposed to than an hour as the protesters of Akwa Ibom State. weeks with the hamstring injury apex regulator of the Nigerian has directed the Nigerian Stock against the backdrop of a petition have been pulled out of the game chanted songs seeking the Chelsea bickering found . Capital Market is to regulate the Exchange to implement a full forwarded by some aggrieved against Zambia but the injury which resignation of the company’s Group expression in the hamstring An informed source revealed market and protect the investing suspension in the trading of the shareholders of the oil firm. led to two substitutions forced the Chief Executive, Wale Tinubu. injury picked up by Moses in that Chelsea are angry with public,” it said. shares of Oando Plc, effective for 48 The petitioners claimed that the coach to leave him on the pitch for the The protesters, who stormed the their 1-2 loss to Crystal Palace Nigeria for playing Moses for “The Commission notes that the hours from Wednesday to Friday 20, company has not been paying entire duration of the game which he venue under the aegis of “Oando recently. Moses was said to have the entire duration of the game above findings are weighty and 2017. dividends to the shareholders since played amidst pain barriers. Shareholders’ Solidarity Group,” said left the pitch five minutes against Zambia despite the therefore needs to be further Meanwhile, effective from Friday the 2013 financial year, adding that they were protesting in order to before the half time break and complaint that the player had a i n v e s t i g a t e d . A f t e r d u e and until further directive, SEC said the “external auditor’s report change the management of the the club confirmed reports that tight hamstring during the POLITICS VOL. 11. NO.5. NOVEMBER 15, 2017 10 POLITICS VOL. 11. NO.5. NOVEMBER 15, 2017 12

lGbenga Daniel lJimi Agbaje lBode George lRaymond Dokpesi PDP National Chairman lGovernor Ayo Fayose By Miracle Egbo how far the party can go in the forthcoming general election in the The same attitude he exhibited country. Those in the know politically presidency during the primaries of when he reigned as the governor of any candidates have believed that the conduct of the party his party for the governorship the state. Information has it that as indicated interest in members at the National Convention election in the state. For Grabs the governor of the state there was a Mbecoming the National For Grabs of the party may make or mar the Another sore point in the odds disconnect between him and the Chairman of Peoples Democratic reaping of the political fortunes left against Fayemi’s ambition to electorate. Another militating fact Party, PDP as the national convention untouched by the ruling party return to power in the state is the against his ambition is the fact that of the party is to take place in because of the anti-people policies of fact that the stench of corruption lSenator Ojudu immediately he failed the election in December this year but most of the President Mohammadu Buhari and he wrought while in the office is candidates are in the race just to his party. According to political still oozing, and all the legal tactics fulfill all righteousness. analysts, if PDP will be able to put to air fresh the stench has their acts together, “the forthcoming Ekiti 2018: rebounded. Fayemi, technically, is ince the Supreme Court general election will be a walk in the under the watch of the eagle eye judgment which gave the park for it because the ruling party of the anti-corruption agency in SIbrahim Makarafi led group the has failed woefully in the past years it the country, Economic and right of control as regards the affairs has been saddled with affairs of the Financially Crimes Commission, of the party as well as resuscitating country. Babafemi Ojudu Soars EFCC and it is just matter of time the ailing Peoples Democratic Party, An inside source from the Wadata before the goons of the agency PDP political activities have hot up as House, the National Headquarters of will swoop on him. He has to ore details have emerged many candidates have indicated PDP, told this medium the party is not convince the devil politically to get on the odds that are likely interest in becoming the next going to left any stone unturned in his party’s nomination in the to favour governorship national chairman of the party at the making sure that the National M Despite All Odds governorship race in 2018. hopeful, Senator Babafemi Ojodu in forthcoming national convention of Convention of the party scheduled Opeyemi Bamidele the 2018 governorship election in the party. Notable members of the for December this year is bicker free , peyemi Bamidele, a lawyer Ekiti State, and why most of the party have been campaigning in all and that whoever going to emerge as 2014, all his political machinery in contested the primaries of professionals in the state are rooting the nooks and crannies of the country the National Chairman of the party is the state were in disarray, and he OAPC in 2014 but was not for the journalist-turned politician to to solicit for the support of members going to be a consensus candidate, a made no effort even when he was given the mandate, and in succeed the incumbent governor of in their bid to becoming the next candidate that will reconcile all in the made a Minister to rebuild his annoyance left the party to join Alimadu Sherif Makarfi the State, Chief Ayodele Fayose National Chairman of the party. The party as well as working hard in political machinery. the Labour Party in order to realize For the uninitiated, the 2018 list of candidates in the race is making sure that the ruling party is Worst still, the commander of his his ambition of becoming the the party in Lagos and across the made his intention of occupying the Raymond Dokpesi governorship election in Ekiti State is intimidating because they are dislocated politically in the political structure in the state is said governor of the state. Some of nation due largely to his superlative position last week in Abuja is said to aymond Dokpesi, a media mogul, going to be a walk in the dark for any prominent in the party as well as forthcoming general election. to be interested in becoming the the APC stalwarts in the state have p e r f o r m a n c e i n t h e 2 0 1 5 have reached out to all the owner of AIT and RayPower radio, is a candidate that is not anointed by the having what it takes to become the According to inside source, the governor in 2018. Invariably the not forgiven him for causing the governorship race in Lagos when he stakeholders of the party in all six chieftain of the party who had thrown incumbent governor, Chief Ayodele National Chairman of the party. R Caretaker National Chairman of the last man standing in what is left of party loses during that election by was the standard-bearer of the party. geopolitical zones in the country. The his hart in the ring for the battle of who Fayose. But political pundits who Bode George party, Markarfi have been consulting his political structure, Mr. defecting to another party, and Jimi Agbaje reach out he embarked on yielded becomes the National Chairman of a reside in the state and predicted the nformed source hinted this with all the stakeholders across the Adaramodu has deserted him to vowed that they are not going to imi Agbaje was the governorship results before he publicly declared his political party that is recuperating from the victory of the incumbent at the polls medium that Chief Bode George nation on the best way to hold a chart a new political path for himself g i v e h i m t h e i r s u p p o r t . candidate for the party in the interest for the race as a strong bruises inflicted on it by the ruling APC that have empirical facts to prove that the Ifrom Lagos State is in the race of bicker free convention, and looking and the political structure, believed Information has it that whatever is 2015 general election. In the said stakeholder from the north, former does not cherish its existence. Dokpesi is odds that worked for the incumbent becoming national chairman of the J for a presentable Presidential to be still commanding the respects left of his political structure has election was believed to have won Military Head of State, Ibrahim said to have been reaching out to party governor is going to be its albatross party because according to some of candidate of the party in the 2019 lKosapo Olusola, Deputy Gov. Ekiti lKayode Fayemi of what is left of Fayemi’s political been disemboweled politically the election but was rigged out by Badamosi Babangida, IBB had members across the six geopolitical zones in the forthcoming election. As at the his supporters in the race, Chief presidential election. structure in the state, his hitherto because he has been seen as the All Progressives Congress, APC publicly endorsed his candidacy, to support his bid of becoming the next time of this report many candidates George has contributed immensely Whatever is the case, the political sidekick has wisened up somebody who is not consistent no thanks to the power of urging all the elders of the party to National Chairman of the party. He is said across all the political parties have in the sustenance of the party as well forthcoming National Convention of politically. For all intent and since he returned to APC. Some incumbency. Informed opinion said support him. In political quarters it is to have visited all the stakeholders from the indicated their intention to succeed as its growth in the south west zone PDP will change the political narrative purpose, Fayemi is seen by his members of APC who spoke to that all odds favours him because he believed by political pundits that the north. For instance, his visit to the former Fayose. of the party. But the big hurdle in the country, if only they did not constituency as an outsider and to this medium on the condition of is likely going to be compensate by endorsement of IBB is a big moral Military Head of State, Abdulsalami From All progressives Congress, standing between Chief George and allow intruders in the party to fan the some extent a political intruder anonymity are of the opinion that the party for making the party proud boost to the camp of Daniel as many Abubakar whose body language at the APC, Peoples Democratic Party, PDP the position is the fact that since the ember of discord during and after the coming to reap where he did not he never had the welfare and at the 2015 general election by his chieftains of the party are likely to meeting suggests that the days of the ruling to the fringe parties, the lists of those inception of democracy he has not convention. sow. Some of the politicians who progress of the party at heart. It is been able to deliver even his ward to impressive outing at the polls. It was honour the endorsement. APC are numbered as they have “failed” the who want to occupy the seat of worked with him when he was going to be a hard hurdle for the party in the past elections gathered that most of the party Daniel went a step further in his bid nation. governor in the 2018 is growing by governor, according to information, Opeyemi in the race of being the conducted in the country. Political members from southwest, especially to clinch the position when he held a However, hurdles are on the way of the day. Each of the candidates in the have sworn that never again would standard bearer of his party in the pundits are of the view that the from the Lagos axis are rooting for closed door meeting with the former Dokpesi in his bid of becoming the next governorship race has their strength he be allowed to rule the state forthcoming governorship inability of Chief George to deliver his him. Agbaje’s Achilles in the race is President Chief Olusegun Obasanjo National Chairman of the party. Information and weaknesses. APC is said to have because he lacks what it takes to election in the state. ward in election conducted in the the fact that he is barely known in the at the latter Ota Farm. Daniel who pieced together by this medium revealed many candidates who want to be the relate with people. Chief Segun Oni past has seriously eroded his party beyond the southwest zone of briefed journalists after the meeting that the party had zoned the position of successor of Fayose in 2018, this An informed source told this e was the governor of the capability and seriousness to lead the the party, situation that is adversely said that the meeting is part of National Chairman of the party to report assembled by this medium medium that despite the fact that state under the platform Southwest, and Dokpesi is from South south party to victory in the forthcoming going to impugn his chances at the consultation with the leaders of the revealed that the power of l l President Mohammadu Buhari of PDP before he was zone, therefore, the zoning arrangement Chief Segun Oni Opeyemi Bamidele H general election in the country. race. In addition to that he is yet to party to solicit support for his incumbency might not count as appointed him Minister he is said to ousted by Fayemi. He is currently does not favour him. Nay, the case of However, political analysts are of reach out to members of the party ambition. Political analysts are of the some of the political decisions taken Olusola is vote for the continuity of Kayode Fayemi have divided loyalty for the man the National Vice Chairman, South alleged corruption being leveled against his the view that Chief George is going to from other regions of the country opinion that his visit to Obasanjo by the incumbent is said to have modern day slavery as arguably r. Kayode Fayemi, the current that made him Minister. According West of APC since he defected person by the current government is going hugely rely on the retired Generals in that are going to form the bulk of the might not earn him any political gain taken the state backward for 5 years, represented by the government of Minister of Solid Mineral to the source, while Buhari was from PDP. Political analysts in the to rob off on his chances of clinching the the Nigerian Army to win the race. votes. because the former President who and the concerned professionals Fayose. political pundits are of the Resources was the governor away due to ill health, Fayemi was state described him as perfect position. One of the chieftains of the party D He is said to be relying on the fact However, Agbaje is said to be became president of the country on have vowed to put a stop to that. opinion that his political boss is his of the state who fell to the political among those who secretly probed gentleman who lacks what it takes who spoke to this medium on the condition that apart from his own constituency enjoying the sympathy of most of the the platform of the party had since he Kosapo Olusola achilles in the race. sagacity of Fayose in 2014. His the rather absence of the President. to confront the hurricane of the of anonymity observed that “zoning and in Lagos who are likely to support him governors elected on the platform of left office engaged in anti-party eelers at the disposal of this Worst still, the political zoning and shabbily performance during the He was said to be hobnobbing with incumbent governor, and may not credibility problem” are standing on the way in the race, some of the retired the party, these governors in most activities that had cost the party a medium revealed that Kosapo justice in who is to succeed Fayose governorship election in 2014 is big the Senate President who has been be given the ticket because of how of Dokpesi in the race, urging him to step Generals are likely going to endorse cases determine who takes the fortune. FOlusola, Fayose’s Deputy who is does not favour his Deputy who hails minus in his ambition to return to the touted to oppose the way and important the state is to the down for a candidate that is sure of getting his bid because he is one of them. An position of the National Chairman of Daniel, according to information at of the ruling PDP in the state is said to from Ikere which voting clout is seat of governorship in the state. It manner Buhari has been handling presidency and the ruling APC. the nod of the most of the members. informed source told this newspaper the party. the disposal of this medium, may be be walking in the shadows of his neither here nor there or simply put was gathered that after he suffered the affairs of the nation. It was The only political assets that Oni The race for the national chairmanship of that his ambition has been Gbenga Daniel enjoying the support of former boss. Political pundits argue that the does not determine who wins monumental defeat in the hands of gathered that Fayemi is already in gleefully bandied is his closeness PDP is going to be an interesting thing to perforated by the ambition of tunba Gbenga Daniel, the governors on the platform of the mere fact that he enjoys the support election in the state. The fact that he Fayose in 2014, he became a political the black book of his party and to the former President of the watch, according to political analysts who another Lagosian, Jimi Agbaje, who is former governor of Ogun party as a way of supporting one of of the incumbency in the race does is seen as imposition has made him to recluse, seeing himself as a political President Buhari, and because of c o u n t r y , C h i e f O l u s e g u n said that the conduct of the party members interested in the position, and enjoys OState is said to be interested their own to clinch the position of the not politically translate to the lose the support of his party victim and went solo, abandoning his the suspected divided loyalty he Obasanjo, an asset political in the race. Daniel who officially National Chairman of the party. during and after the election will determine s u p p o r t o f t h e e l e c t o r a t e . the sympathy of most members of members in the state. foot soldiers. may not get the backing of the —Continued on Page 14 Information has it that vote for NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 14 COVER STORY VOL. 11. NO.5. NOVEMBER 15, 2017 03 How Ambode’s Massive Road Ecobank, Diamond Bank, FCMB Defraud disruption of their business Constructions Turns Anti-People nformation made available by agreements and plans due to faulty Continued from Page 09 customers of these banks b r o t h e r w e a r e n o t ATMs. governed well by this mentioned above revealed that Customers Via ATM together by this medium, I A visit by this reporter to some of their staffers allegedly connive with most of the markets that fell administration”, argued the banks branches and ATMs points those at their computers rooms to to caterpillars in the state Joseph Nwadike who said corroborated customers’ allegations. defraud their customers who have are curiously being given that hitherto he had For instance at Ecobank’s Iyana- tales of woes to tell b a c k t o i n f l u e n t i a l electronic shop at Oshodi Ipaja branch of all the ATMs only two There are indications that politicians in the state who that was destroyed by the works. The situation is not also Ecobank, Diamond Bank and First are building plazas and state government. different at Ikeja under bridge City Monument Bank are sabotaging renting them out to the Handlers of Ambode are branch, along Awolowo Road, Ikeja. the financial inclusion initiative of former occupiers at an yet to explain to the The same applies to the FCMB points the Federal Government and the exorbitant price. residents why the same at Salolo bus stop along Abeokuta Central Bank of Nigeria, CBN, Some of the former markets destroyed for express way, Pen Cinema and Mushin through inefficient services, hidden occupiers who spoke to this “obstruction” get back to branches. charges and unsolicited alerts. Babafemi Ojudu Soars medium revealed that even some powerful individuals For Diamond bank the situation is Investigations by Business- before the demolition they in the state who erect plazas even worse and a visit to Fadeyi bus Update reveal that the financial have been up to date in and rent same to the stop branch, along Ikorodu Road, institutions operating in the country Despite All Odds paying their statutory tax to occupiers of the market. Ojuelegba round about branch and especially the three banks the state government who They have not been precise Opebi Road branch are few mentioned above have relegated swore that before the as to what will be the fate of examples. —Continued from Page 12 some of the apex banks rules to the the more reason he was chosen by the demolition they are going the shop owners whose Most worrisome to customers is pundits have described as an albatross to his background, even as some of the Adam Nuru, FCMB party to be on the board of those who to look for a good place for shops were affected by the Charles Kie, Ecobank Uzoma Dozie, Diamond Bank that these ATMs apart from not ambition. The Ekiti electorate does not want to conducted the governorship primaries of destruction. Alleged N30tn payments system channels such as them to ply their trades, By Charles Philemon efficiency of the ATMs, many being able to dispense and even those dispensing will immediately debit touch Obasanjo with a ten pole because of what the party in Anambra State for the the Automated Teller Machines, a n d n e v e r d i d u n t i l Import Fraud: Nigerians have continued to feel that dispense many are not reliable ( and also charge the N65 that is meant he did to the state when he was President. So, November governorship election in that A T M s a r e n o t a d e q u a t e l y bulldozer visited their industry, as it has become difficult to disappointed and frustrated over the with high down time). to charge customers who account are Oni’s political asset in Obasanjo is liability, state. If the presidency might is anything Continued from Page 03 maintained. shops in the night and rely on the ATMs as means of operation of these machines. Many bank customers, especially not domicile in the bank at the fourth enthused some political pundits who do not to go by in governorship race, Ojudu is payments so far made, none of the approved The inability of the lenders to reduced it to rumbles.” I payment. F i n d i n g s h a v e s h o w n a n those of Ecobank, Diamond and FCMB withdrawal. want their names in print. coasting home to victory in the collection banks or the selected companies has properly cater and regularly fund know most traders who In spite of the CBN’s clean bill of increasing number of ATMs across and others who have used their ATMs in According to a Balogun, Lagos Again the electorate in the state has not forthcoming election in the state because fully cleared the established liabilities against their ATMs has brought about either died out of shock or health to the banks concerning the the country , especially in Lagos not the past have told stories of trader, who pledges anonymity forgiven Oni in the way and manner he he is going to get the support of all the them.” integrity issues in the banking have fallen sick and have disappointment, untold, hardship and —Continued on Page 07. relocated the College of Education in the state security apparatus in the nation which is The committee however asked for to his home town, Ifaki thereby spiting the never recovered because under the beck and call of the presidency. their source of livelihood additional eight weeks to carry out its people where the school was originally cited in According to political pundits in the investigations, saying the banks and the first place. has been destroyed. state, the campaign promises of Ojudu is I have no choice but to companies currently under investigation Worst still, Oni lacks the financial muscle said to be infectious, more reason the represented less than one per cent of the entire Can Ali Sanitise Nigeria Customs? needed to embark on the campaign of such be an Okada rider in order —Continued from Page 1 electorate from the lettered to the to feed my family but even import and export value chain. does not anywhere give kudos magnitude. He is a chieftain of APC but that Custom boss’s inexperience has agency does not know what it takes to illiterate are fervently rooting for his The committee listed 32 channels through to the Agency because there the operational does not translate to becoming one of the Man the Okada business in the generate revenue, and some of the emergence as the successor of the which revenue is being lost in importation caused the nation to lose revenue are many containers carrying requirement of Fridays of Buhari politically in the southwest. State is seriously being senior officials of the agency who incumbent governor in 2018. A glance at transactions. worth billions of naira on daily basis. such load that have escaped t h e a g e n c y ” , He is not counted in the southwest as one of the threatened. Some routes in suppose to direct him on what to do are his campaign materials shows that he is The petitioners want National the eagle eyes of the agency r e a s o n e d t h e Buhari men, revealed political analysts. the state, Okada is not isolated by his chief staff that wants going to focus mainly in agriculture Assembly to cause his removal because those involved played senior officer. Senator Babafemi Ojudu allowed to ply, and we have militarise the agency before his boss is bearing in mind that hitherto the nation according to the rules of the Information at enator Babafemi Ojudu is one politician in government who said that because of his inexperience and ousted. has been operating monolithic economy. Customs officials. How do you the disposal of this the Ekiti governorship who is favoured by they have the interest of the highhanded-ness which is militating Most of the senior officers of the Ojudu said that his state being an explain the fact that goods medium revealed all odds. Ojudu who is the political Adviser electorate in mind. My against the revenue of the agency. command are constantly being S agrarian state, he is going to enhance the have been released by the that some of the to President Buhari is a journalist of repute who Some of Ali’s sidekicks in the threatened with sack if they prove to agricultural development of the state so Custom officials only for the Custom officers in has the single profile of defeating the system have asserted that the know much or advise the Comptroller that the state will be self sufficient in food same officials to go to the t h e r e v e n u e incumbent governor at the senatorial level to petitioners are merely being General on the best way to run the production in the first two years of his stay warehouse where the goods department of the become a senator. It will be recalled that he has Zion Health Limited fraudulent in their desperate bid to agency. Ali is said to have told whoever in the office. In other sectors of the a g e n c y h a v e oust the Comptroller General of are stored to seize them, I think care to listen that he was sent to the the notoriety of removing or installing economy, his policies are second to none, devised means of ...Empowering you to live healthy Custom. They declared that there is it is an aberration”, revealed a agency by President Muhammadu governors in the state since 1999 to date. He is for instance in the educational sector, his frustrating what nothing underhand in the way and maritime stakeholder who Buhari to sanitise the agency, and he is said to be the only candidate in the race that has vision will make an average professor policy that Ali had, manner Ali is running the agency. does not want his name in not answerable to the rules and grassroots followership in all the nooks and green with envy. since the policies They are of the view that corruption print. regulations guiding the agency but to crannies of the state. Information has it that as The core professionals in the state are h a v e r e d u c e d has been minimized since Ali took Andrew Kapkor, not his real the man who appointed him to the a Muslim, he is going to break the jinx of Muslim of the opinion that the main reason they e v e n s e n i o r over the running of the agency, name enlisted in the services of position. An inside source told this not ruling the state since 1999 to date. As a are campaigning for him is the mere fact officers to mere adding that officers are now doing the Nigerian Customs Service medium that since his appointment as devouted Muslim, all the Muslim faithful in the that he is going to bring his national and beggars. The Health is Wealth the work according to the dictates of in the year 1990, and has been Comptroller General of the agency, his state are itching for his candidacy in the international connection as an astute complaint against the law guiding the agency. steadily promoted due largely financial profile has been buoyed by his governorship election. Beyond being the journalist and activist to bear on the Ali is not only from Ali’s opponent responded that no to diligence and ability to rake sidekicks who are fronting for him. political hope of the Muslim in the state as it development and governance of the state lHameed Ali the officers of the All Round Perfect Health is Possible lie can be more pathological, as in billion of naira to the coffers According to the source, despite the affects becoming governor lies the fact that by the time he is sworn as the governor of a g e n c y , various commands of the Customs of Customs. Kakpor told zero tolerance mantra of Ali, his apart from the short stint of Adeniyi Adebayo as the state. From all indications all odds arms would not have been released stakeholders are are ill prepared to fight the Businessupdate in a chat that his zeal to appointment is aimed at rehabilitating the governor of the state from Ado Ekiti, Ojudu appears to have favoured Senator Ojudu by the Custom before turning crying foul, adding that obnoxious corruption menace in the agency maximize his expertise on the job was him financially, the main reason is the another Ado Ekiti man to contest in the 2018 governorship race in the state. around to say they have seized it, it is administration of Ali is affecting besides smugglers are fervently caused by the enabling environment to President Buhari is not keen on governorship election since 1999. double standard, if you ask me. import and export businesses in the militating against the revenue of the exhibit his skills in doing the job. removing him even when his An informed political analyst told this The mere fact that Ali has to wait nation as some of the policies agency via the connivance of Since Hameed Ali took over the helm appointment violates the acts medium that Ado Ekiti people have resolved to Our Services includes for the seizure of the cache of arms introduce by him is meant to kill the frustrated senior Custom officials. of affairs at the Customs headquarters establishing Customs. support one of their own in the race, and the three times before hold a bilateral importation business. lCardiovascular/Cerebrovascular Problem There is a complaint by the officers of Abuja, the likes of Kakpor have recoiled When will Ali be ousted? This is a block votes from Ado Ekiti is what is going to talks with the envoy of Turkey has One sore point in the operational l C u s t o m s t h a t t h e e n a b l i n g to their various shells. Kapkor told this huge task for the National Assembly as determine who wins the governorship election Infertility (Men and Women) betrayed him as a novice, mind of Ali’s administration is the environment is not there for them to medium that the squads in his the war between the Comptroller in the state. Ojudu is said to be the only lHypertension inexperienced and somebody who is issue of rice. Investigation by this discharge their duty the way it should c o m m a n d s a d d l e d w i t h t h e General of Customs, his traducers and candidate in the race that appeals to the l deficient in diplomatic relationship”, medium revealed that despite Diabetes (Care and Management be done. An inventory carried out by responsibility of fighting smugglers do some isolated senior officers of the professionals in the state, not only that the reasoned a very senior Custom tough stand on the importation of lCancer this medium revealed that most of not have operational tools, even when agency generally goes ugly. downtrodden in the state have seen in him as officials who pleaded for anonymity. rice by the agency, on monthly basis l the command lack the necessary vehicle is provided, it is obsolete, and in the only hope for the liberation of the state from Fibroid Ali’s sidekicks are furious about ship load of rice is being imported tools to operate as the unnecessary most cases there will be no money to the crutches of what the professionals in the l the allegation that the agency is into the country illegally and “ Arthritis OTHER SERVICES: bureaucratic policies introduced by fuel the vehicle. “Even when we do a state refer to as modern slavery. Information underperforming under his Custom are busy shouting itself lStroke Ali is seriously affecting the operation good job by way of seizure, there is no has it that Ojudu is going to pick his running leadership. They said that the hoarse that they are going to deal l lComprehensive Health Check of the agency. commen-dation from the high mate from Ikare Ekiti, which has the second Asthma Comptroller General is making with the importers of rice to the lWeight Reduction/Management It was gathered that despite zero authority of the agency. We are not largest votes in the state after Ado Ekiti. The lMenstrual dysfunctions everything humanly possible to country”. A trip to Idiroko, a border tolerance for corruption in the being appreciated and our welfare is political decision of Ojudu campaign to choose l lNutritional/Diet Plan reinvent the agency and make it a village between Ogun State in Menopausal Syndrome agency, according to the sermon of not been taken care of, how do you his deputy from the zone where the anointed l reference point as far as fighting Nigeria and Benin Republic is an eye lLow Back Pain due to Kidney Problem Blood Sugar Test Ali, the agency has been neck deep in expect us to be above board in doing candidate of Fayose comes from is a corruption is concerned. But a opener. It was gathered that most l lBlood Pressure Test corruption. An informed source told the work. masterstroke that will dislocate the political Kidney Problem senior custom official who does not of the smuggling businesses in the l this medium that Customs would We must survive because we have base of the anointed candidate of the lMalaria/Typhoid Messaging Body want his name in print told area have the backing of some only make known seizure of items bills to pick and we buy from the same incumbent governor. l lHome Care Services Businessupdate that in the history of senior Customs officers and Erectile dysfunction (Weak erection or whose owners refused to play ball, market that the people in the high Senator Ojudu is said to be enjoying the l the agency that there is no influential politicians which makes no erection Quick Ejaculation) Detoxification of Entire Body adding that those who play ball have authority buy from”, he argued. For the support of the presidency in the race as he has Comptroller General of the agency mincemeat of the tough stand of Ali their goods released “no matter how officers to discharge their duty, they proved himself worthy of trust by the way and lViruses/Infections (Staphylococcus etc.) that is a military man who does not in rice importation in the country. dangerous the goods are to the might compromise in the course of manner he has handled the office of the l take advice and his chief of staff is a Prostate Enlargement society”. Some of the caches of arms discharging their duty. For instance, in Ali’s opponent cited the zero political Adviser to President Buhari. An military man who does not know his reportedly imported from Turkey, all the border areas where Custom welfare of the officers of Customs as informed Aso Rock source told this medium left from his right in the operation of according to people in the know, operate, there is no working scanner to one of the main reason the fight that Buhari holds him in the high esteem Zion Health Limited the agency. ‘The argument would be ...Changing the face of healthcare in Nigeria have always passed the eagle eyes of scan most of the goods imported, what against corruption in the system will because of the way he has discharged his duty that in the past a non Custom official the Custom officials; it is seized if the the officers do is to do manual scanning not stop. According to them, the as the political Adviser to President Buhari. 1st Floor, 41, Obafemi Awolowo Way, had headed the agency, but his chief importers fail to do the needful. “The which have aided and abetted junior officers of the agency are The ruling party, APC has not lost the fact By Afariogun Street, Junction, Near Under Bridge, Ikeja. of staff is always a Custom official fact that Customs seized container smugglers in their trade. ‘If there is most affected thereby making them that the presidency holds him in high esteem, who will teach and direct his boss on Tel: 09098281026, 08028445406 load of arms for three times running proper scanner in place, the cache of vulnerable to corruptive tendencies. The man at the helm of affairs of the VOL. 11. NO.5. NOVEMBER 15, 2017 NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 09 13

Authoritative, Analytical, Incisive ADVERT RATE

were alternatives are made; the Columns Black & White Color 1" X 1 COL occupiers of the market are schemed out of the process by exorbitant fees (SIZE) (PRODUCT) imposed by the state for them to N N secure a space in a new place N4,500 allocated to the occupiers of the Full page 315,000 420,000 markets so destroyed. Investigation by this magazine Half page 220,000 260,000 revealed that such market that fall to 10" x6 cols 218,000 300,000 the hammer of the destruction curiously are given back to rich and 10" x5 cols 210,000 260,000 influential politicians in the market who end up erecting plazas to be 10" x4 cols 200,000 250,000 rented out to the same occupiers of the market at unbearable price. 10" x3 cols 155,000 200,000 ALL ADVERTS It was gathered that most of the 9" x6 cols 250,000 270,000 occupiers of the destroyed market who could not afford the high price of 9" x5 cols 225,000 250,000 MUST BE the alternatives as provided by the state government have become 9" x4 cols 200,000 220,000 destitute economically while many 9" x3 cols 150,000 180,000 Lagos Metamorphosed who could not bear the loss have PREPAID taken their lives. Most of them have 8" x5 cols 140,000 160,000 been affected mentally the reason esidents who spoke on the the increasing number of lunatics in 8" x4 cols 125,000 160,000 WITH massive road construction, the the metropolis in the recent times. d e m o l i t i o n o f m a r k e t s 8" x3 cols 90,000 100,000 R Handlers of Ambode, however, scattered in Lagos and recently the How Ambode’s Massive declared that there is nothing restriction of transporters in the 7" x4 cols 70,000 80,000 5% VAT underhand in the governing style of course of doing their businesses in the governor. They averred that the Quarter page 120,000 150,000 Ikorodu road are emphatic that the state government has made available administration is anti-people as well Road Constructions loans at a zero rate interest to 6" x3 cols 60,000 70,000 a s b e i n g u n f r i e n d l y w i t h businessmen and youths as way of businessmen and investors in the 6" x2 cols 45,000 60,000 empowering them. But his critics state Turns Anti-People lampooned the policy saying that many who have applied for the loan wo years after Governor are yet to get and those who have Akinwunmi Ambode of Ambode’s critics want the anti- By Obiora Arinze quality of road construction gotten the loan advance are not Lagos State took over the sleaze body in the country, Economic SPECIAL PROJECTS/ SUPPLEMENTS RATE T embarked by the administration of given enabling environment to make mantle of leadership, mixed reactions destroyed in the process. and Financial Crimes Commission, Ambode is of zero quality. use of the loan. “For instance, a food have continued to trail the way and For instance, his acute critics have EFCC to beam its searchlight on how Apart from executing poor road vendor who accessed the loan and manner he has been governing the persistently asked for the worth of he has been deducting from the construction in the state, critics are was given but his main clients are Sizes Black & White Colour\ state. Some say that he has been the road construction contracts he statutory allocations sent through by LOOSER INSERTS emphatic that the money meant for transporters plying Ikorodu road who embarking on anti-people project has awarded since the inception of the Federal Ministry of Finance to the N` N the local government administration have been banned from plying the Rate per 1,000 copies N30,000 and policies while other praise his his administration. According to the original 20 local council areas in the in the state is what he is allegedly route and even the small portion massive development projects in the critics, he has not been able to tell state. The grouse has been that the Full page 250,000.00 350,000.00 Handling Charges N50,000 using to carry out the roads where she plying her trade has been state. the residents the amount spent on governor, as the critics opined was constructions in the state, a policy closed no thanks to the ban, how is 10"x 5 cols 180,000.00 250,000.00 NOTE: Cancellations will only be accepted if However Ambode’s Man Friday most of the roads constructions been practically tampering with the said to be anathema to the she going to repay the loan because insists that the governor meant well awarded thereby making the whole funds allocated to the local councils done in writing at least five working days constitution of the Federal Republic his major clients patronizing her have Half page 150,000.00 200,000.00 for the residents what with the project a huge fraud. meant for the development of the of Nigeria. Observed a local been relocated to a far distance?”, before publication. people oriented projects and policies T h e I s o l o - I k o t u n r o a d councils and payment of their Quarter page 85,000.00 150,000.00 government worker who does not asked one of the critics who does not that he embarked upon. His critics constructed by the administra-tion workers. want his name in print, “what most of want his name in the print. averred that the lie cannot be more could not stand test of time as the The critics averred that deduction the chairmen are doing is to run to Whatever is the case, it is not in pathological; adding that the trauma road is back to its condition before from local government allocations by the governor at the end of every doubt the massive developmental caused the residents no thanks to the construction. Motorist plying the the Ambode administration has been SERIES DISCOUNT ON month to collect the salaries of the projects embarked upon by Ambode wanton destruction of markets in the route are going through hell to get a contentious issue between the local SPECIAL POSITIONS workers. They cannot embark on any administration but what is engaging ALL PUBLICATION state is legendary. Again, the massive to their various destination. By the council chairmen, but all the chairmen developmental projects because the curiosity of many a residents is roads constructions embarked by the time another rainy season comes the keep mum for the fear of being there is paucity of funds for such. We the disregard for due process in Position Sizes Black & White Colour 5-10 insertions 5% administration have left a sour taste road will be completely a no go area b l a c k l i s t e d o r r e m o v e d f o r cannot talk because we are civil executing the projects, and the failure in the mouth of the residents who are for motorists thereby risking the challenging the governor. The critics servants but what is happening in the of the administration to cushion the 10-15 insertions 7% 16-20 counting their losses no thanks to lives of residents of the area. reasoned that in all the roads state is against the constitution of the effect of the ongoing destruction of their building and property Residents are of the opinion that the construction embarked by the Front page solus 6"X2cols 200,000 280,000 insertions 10% country, I can tell you that”. markets scattered across the state on administration of Ambode, the award the occupiers of the markets. Nay, the of the contracts never undergo Back page solus 6"X2cols 185,000 265,000 Above 21 insertions 15% poor quality jobs done by the proper bidding before work start, in contractors who handled most of the Special position attracts 50% other words there is no due process in Front page strip 2"X6cols 160,000 240,000 projects is a source of worry to the award of contracts for roads residents who worried that their hard Back page strip 2"X6cols 154,000 220,000 surcharge construction in the state. earned taxes they pay to the In spite the fact that residents are government is wasted in the name of Back page strip 4"X6cols 250,000 265,000 scrutinising the quality of the road poor quality projects that is scattered network constructed in the state by DEADLINE all over the state. Centre spread - 1,000,000.00 1,315,000 the administration, tongues are For instance, the street light Within Lagos wagging as it affects the destruction Double spread - 700,000 950,000 p r o j e c t e x e c u t e d b y t h e of the means of livelihood of the administration is gasping for breath 5 days to publication residents via demolition of markets Front page earplace Earpiece 185,000 250,000 because the street lights are not scattered all over the state. The Outside Lagos working and the generator market destruction spree that has Back page earplace Earplace 140,000 200,000 designated for empowering the 7 days to publication greeted the state since Ambode took lights have either packed up or Box Advert Box 3000.00 over had made majority of the working below capacity. residents’ economic refugees in the Investigation carried out by this state. BusinessUpdate ISSN 07940556 is published by BusinessUpdate Investment & Communications Limited. All medium revealed that most of the Ambode’s critics are furious about generators bought for the exercise Correspondence to the Advert Dept. Tel: 07089983848, 08037261761. the destruction of markets which is are second-hand, refurbished and the source of income to many families bought at the cost of new ones. E-mail: [email protected] without making alternative for the According to information pieced occupiers of the market. Instances —Continued on Page 14 FINANCE FEATURES VOL. 11. NO.5. NOVEMBER 15, 2017 06 INDUSTRY NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 11 contributed to the low performance of the diversification agenda of the SON Worried Over Cloning Of Made-In-Nigeria federal government aimed at supporting the non-oil sector has been high cost of funds and difficulty Electricity Cables Abroad in accessing such funding. Analysts say bank lending rates he Standards Organization of certification and you see people are relatively too high to support Nigeria (SON) has decried the cloning their brands and bringing it m e a n i n g f u l n o n - o i l s e c t o r Tinflux of fake made-in-Nigeria back into the country as if they are investments. The problem is further electricity cables cloned abroad into made in Nigeria and already compounded by short loan cycles, the country. certified by SON, it is not true which are not suitable for most small Speaking at a one-day sensitisation because imported goods cannot be scale producers, and the difficulty in program for traders on electrical branded as made in Nigeria. a c c e s s i n g f u n d i n g w i t h o u t products at Alaba International We are proud of cables substantial. Market in Lagos, the Director- manufactured in Nigeria and we However banks operating in the General of the organisation, Dr. Osita want to sell and export them as country and financial experts have Aboloma disclosed that the locally made in Nigeria” given varied reasons for high lending made cables were the best in the He said that the cloned ones have rates. These include, high rates, high world, even as he warned Nigerians to not been tested, they have not been cost of doing business, limited properly scrutinize what they buy. validated in terms of their quality alternative vehicles to support The DG importing products and and that is why SON will not allow companies at different points in their labeling it made in Nigeria won’t non compliance in Nigeria and life cycle, and high level of discourage the federal government anyone who wants to import must government domestic borrowing, campaign on patronising made in do that in line with our Conformity which crowds out the private sector, Nigeria products. Assessment Programme (SONCAP). among others. H e l a m e n t e d t h a t c a b l e The SON helmsman, then But the CBN in order to ensure the manufacturers travel abroad to clone charged the traders to deal only on successful implementation of their products and ship them to certified electrical products with the government policies in the critical Nigeria markets as made in Nigeria necessary SON certification noting Financial Sector Growth Yet To subsectors of the non-oil sector, has goods, adding that such products that if the traders insists on selling l The Managing Director of Nigerian Ports Authority (NPA), HadizaBala Usman (right) recently from time to time come up with some have not been tested and validated only quality products, then the sub- played host to the Director General of Standard Organization of financing intervention schemes for use. standard ones brought into the specially designed to support the The DG said SON is proud of made country by unscrupulous importers the importation of any fake or life-endangering. sector. In Nigeria cables and would want it to will not find their way into Nigerians s u b s t a n d a r d p r o d u c t s . Impact The Real Sector According to Director, Research be exported. homes and business premises. He He said the SON is particularly Department, CBN, Dr. Uwatt B. Uwatt He said, “Today, due to the effort of insisted that the SON will hesitate to interested in cables because they are has packaged some of these SON and Manufacturers Association prosecute anyone found culpable in By Udo Onyeka Meanwhile SEC in exercising its s Nigeria marks her 57th the SMEs, but what the banks are doing interventions such as the Agricultural of Nigeria (MAN), especially in the responsibility as enshrined in the ISA, independence anniver-sary is financing buying and selling and Credit Guarantee Scheme Fund, area of cable manufacturing, we have in tackling civil cases through its Athere are divergent views thorough investigation of over 6000 competing to finance things which they ACGSF, the Agricultural Credit identified that made in Nigeria cables A d m i n i s t r a t i v e P r o c e e d i n g s about how the country has fared. complaints relating to unauthorized should not be focusing on,” Ekpo said. Support are the best in the world and because Committee (APC) recently banned While many are quick to say that the bank charges brought to its notice, Chief Executive of Economic Scheme, ACSS, the N200 billion of that, people are cloning them BGL Managing Director and his country’s economy has not compelled banks to refund the sum of Associates, Ayo Teriba said there has Commercial Agricultural Credit abroad. deputy, Mr Albert Okumagba and Mr performed well, especially when over N6.2 billion to affected customers been whole lot of transformation in the Scheme CACS), and the Nigerian “Made in Nigeria cables have NIS Chibundu Edozie, Managing Director compared to some of its peers, yet in 2015 alone. Nigerian financial system as in deposits Incentive-Based Risk Sharing System and Deputy Managing Director of there are many others who think The CBN says it would continuously has improved financial intermediation. for Agricultural Lending, NIRSAL, to BGL respectively from participating Financial Sector Growth Yet To otherwise. enforce the provision of the Revised “He said in the 60s “the major support the real sector. in capital market activities for 20 Even though in some quarters the Guide to Bank Charges and urges financial instrument was cash. Cash was Other intervention measures years. The commission also ordered country’s economy is seen as one members of the public to report cases bigger than deposit and there was little includes Micro, Small and Medium Impact The Real Sector Okumugba’s companies to refund to stunted in growth, many analysts of infringement to enable it or no government bond. Today, bond Enterprises Development Fund, investors over N2 billion. These —Continued from Page 06 promoting agriculture, trade and believe that the financial sector and investigate and apply sanctions on any has overtaken cash and bond has M S M E s , A n c h o r B o r r o w e r s ’ punitive sanctions according to industry, finance infrastructure and especially the money and capital erring Deposit Money Bank. grown as well as the stock market. Programme ,ABP, National Collateral programmes established by the market watcher are needed to instill influence economic activities market sub sectors of the economy Banks have been made to face “Today cash is the smallest financial Registry ,NCR, Real Sector Support , Central Bank of Nigeria, CBN and discipline among industry operators. through the provision of affordable has not perform below average. monetary sanctions whenever they go assets followed by bonds and then the N200 other government agencies. For the Economist and Director- lending costs. For instance, the stock market contrary to banking rules and equity, deposit is the biggest financial Billion Small and Medium Scale He noted that the real sector’s General West African Institute for He said the apex bank will evaluate which started with less than 20 , regulations. assets now. Government used to Enterprises, Export Rediscounting contribution to the nation’s Gross Economic Management, WAIFEM, the effectiveness of its existing currently has about 200 companies As a way of sanitizing the financial dominate the financial sector but now and Refinancing Facility, Nigeria Domestic Products, GDP, been on Professor Akpan Ekpo, while development finance initiatives such quoted on the Nigeria Stock sector, the SEC, recently banned some there is private sector dominance and Electricity Market Stabilisation decline, adding that the Federal Nigerian financial sector will as those in agriculture, micro small Exchange, NSE, with market capital market operators. Managing t h i s i s g o o d f o r f i n a n c i a l Facility ,NEMSF, Power and Airline Government and the CBN have continue to benchmark its activities and medium enterprises and export- capitalization in the region of N12 Director of Partnership Investment intermediation,” Teriba said. I n t e r v e n t i o n F u n d , P A I F , geared up toward changing the ugly with developed markets, “we need to import Union Bank Stinks At 100 trillion. Company Plc and Partnership Teriba stressed the need to Development Centres ,EDCs and the trend. Continued from Page 1 Banks, the major intermediation Securities Limited, Mr. Victor look at the models used in developed formulate monetary and fiscal policies According to him, the real sector He emphasized the need for the Youth Development Programme company founded and run by her was through cash alone, but now we Ogiemwonyi, was banned for life from economies and adapt them to meet that will engender growth in the real contributed 83.67 per cent to the country to diversify its economy away YEDP. sister, Noella Ekezie. have the bond markets and other holding directorship positions in any the needs of our economy.” sector. Funding the real sector, he said, Gross Domestic Products, GDP, in f r o m o i l i n t o a g r i c u l t u r e , Senior Lecturer, Banking and BusinessUpdate also gathered that w i n d o w s t h r o u g h w h i c h public company in Nigeria for Ekpo noted that the financial will go a long way in addressing the 2000, decline to 76.21 per cent in manufacturing, services and other Finance Department, Covenant Mrs. Ekezie Ekaidem made Union Bank i n t e r m e d i a t i o n c o u l d b e unprofessional conduct in the capital sector has failed in its responsibility issue of the army of unemployed 2010 and further slide to 70.71 per non oil sectors and augment the University, Ota, Ogun state, Dr. (mrs) engage the services of a fitness guru, consummated. Since after the 2005 market. Mr Victor Ogiemwonyi SEC of bridging the funding gap of Small youths. cent in 2013. country’s revenue base. Grace OfureEvbuomwan, at a forum Mr. Ekaidem, who happens to be her consolidation and the 2009 banking also withdrew the operating licence of and Medium Enterprises, SMEs, ”The government should also come He said the GDP also recorded a recently,noted the level of funding husband for an internal programme, in reforms, financial institutions have his companies, even as chairman of the which many referred to as the engine up with fiscal policies that are on negative growth in 2016. “No that the agricultural sector had which the bank was alledged to have been strengthen through effective company, was also suspended for a of growth. developing this sector. I look forward to economy can grow and improve the received from the banks over years paid out a huge but undisclosed and efficient regulation. period of five years from engaging in ”Funding the SMEs should be the a financial sector that will continue to living standard of its population have not been adequate. amount. The increased regulation and capital market activities. focus of the financial industry focus on the real sector development, without a vibrant real sector”, he The former banker said both the Mrs. Ekezie Ekaidem is alledge to supervision have reflected on the Similarly SEC last week arraigned because they are the drivers of lower interest rates and attract funding said. government and the financial have also used her office and made performances of many financial BGL officials for alleged fraudulent growth and generate employment. from other parts of the world”, he said. Olaitan said apex bank’s up institutions have not given the Union Bank paid N1.5 million in institutions, leading to banks growth practices against the investing public. “No economy can grow without One often cited challenge that has scaling of the developmental finance agricultural sector adequate December 2016 for Arsenal and in many financial indices, raking in targeted on the economic growth attention, despite the importance of Country Club tournament because his huge profits over the years. Many would deepen credit to the real this sector. father was involved in the event. Nigeria banks have established s e c t o r u s i n g a v a r i e t y o f Emeka Emuwa, Union Bank MD “Government recurrent and Indications are rife that this practice subsidiaries in other countries interventions and schemes. capital expenditure allocated to the may be widespread within the entire and financial sector in general. Some including in Europe and America. “Astutely use resources cautious agricultural sector have been group. A development that may likely say this is one of the major reasons According to analysts, regulators at financing of government plans, consistently low, while the financial bring the bank which is currently run most bank in Nigeria are saddled with in the Nigerian financial system, efficiently manage exchange rates institutions have given preference to by Emeka Emuwa to its kneels if a lot of bad debts becaus due process especially the Central Bank of and support of economic sectors commerce to the detriment of the unchecked. is not followed before loans are Nigeria, CBN, and the Securities and u s i n g “ d i r e c t m e t h o d s ” o f agricultural sector. Market watchers believed that this granted, coupled with the fact that a Exchange Commission, SEC, have intervention would positively impact “The Bank of Agriculture has not practice cast aspersion on the internal sizeable chunk of this loans are over the years performed their roles on the economy”, he said, to move been very efficient and the traditional control measure of the bank which insider-related, often granted to in ensuring financial stability in the the sector forward, the CBN had p r o b l e m s c o n f r o n t i n g t h e appears to be laxed. either Directors of the Bank and their country. been involved in development agricultural sector in Nigeria have A few investors who spoke to cohorts. Many experts and market financing since 1962, noting that the not helped matters. Consequently, BusinessUpdate expressed the view The belief in several quarters is that watchers believe that while there Bank’s policies on real sector were the Nigerian agricultural sector have that the development is a sad one for a should this trend continue, Union have been improvements in the focused on improving access to not been able perform its assigned financial institution that is currently in Bank, which is barely struggling to financial sector, the country is yet to credit by the preferred sectors such roles in economic sustainably”, she the market to raise fund by way of stage a comeback after a period of achieve all that it ought to in terms of as agriculture, manufactu-ring, said. Rights Issue to existing Share holders. near collapse may be heading for the growth due to the inability of M i c r o S m a l l a n d M e d i u m According to Director, Deve- Meanwhile, efforts made by abyss. s u c c e s s i v e g o v e r n m e n t s t o Enterprises, MSMEs, infrastructure lopment Finance Department, CBN, BusinessUpdate to reach Mrs. Ekezie- effectively perform its role in and strengthening of development Dr. M. A. Olaitan the Federal Ekaidem for comment or reaction to developing the economy. finance institutions. Government has begun efforts to these allegation proved abortive as The financial sector regulators The Director said Nigerian reverse the country’s real sector she refuse to respond to either calls or had in many instances sanctioned financial institutions are expected to negative growth through adequate text messages. the financial institutions and promote capital formation, monitoring of the many intervention Analysts say her action is inimical to operators, for instance, the CBN after Godwin Emefiele, CBN Governor grow/develop the real sector by Kemi Adeosun, Finance Minister —Continued on Page 11 the growth and soundness of the Bank NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 08 MONEY & CAPITAL MARKET VOL. 11. NO.5. NOVEMBER 15, 2017 07 Local Food Processors Petition Buhari FX Proceeds: CBN To Blacklist Exporters Keystone Bank’s i g e r i a n l o c a l f o o d How Nigeria Will Training Academy m a n u f a c t u r e r s h a v e Over Forex Allocation By Charles Philemon he Central Bank of Nigeria, CBN, c o n t r i b u t e t o e m p l o y m e n t p e t i t i o n e d P r e s i d e n t Gets CIBN N has said that it would continue generation,” Emuwa added. Muhammadu Buhari over what they to support the efforts of the Committee to sanction defaul-ting described as discriminatory foreign T Accreditation Benefit From AGOA federal Government to encourage the exporters,” she stressed. currency allocation by Central Bank Somefu also revealed that export of Nigeria products aimed at he Chartered Institute of of Nigeria (CBN). disbursement for the N26 billion strengthening the country’s currency, Bankers of Nigeria (CIBN) has They lamented that rather than special fund that was set up by the igerian exporters in the non- Speaking at a press briefing after certified and granted full boosting the growth of the real Bankers’ Committee to provide T oil sector can actually take the Bankers Committee Meeting in accreditation status to the Keystone sector, it is strangulating it. equity contribution to SMEs NNigeria out of the wood and Lagos recently, acting Director, Bank Limited Training Academy in I n a p e t i t i o n e n t i t l e d : particularly in the agric sector, earn billions of dollars exporting Corporate Communi-cations, CBN, Lagos, in recognition of its “Continuous frustration of would commence this quarter. goods to America through the full Mr. Isaac Okoroafor, disclosed that compliance with regulatory indigenous manufacturers by CBN She said the framework for the utilisation of African Growth and henceforth, exporters who fail to standards and best practices. and Other MDA’s” they challenged fund would soon be developed Opportunity Act (AGOA). repatriate their foreign exchange The certification came at the end the apex bank to make public the before the end of the year. Though AGOA programme has earnings within the stipulated time of a recent evaluation exercise names of all the companies that “The Bankers committee can been on for the past 16 years, would be blacklisted from the carried out by the CIBN which is the have benefited from its forex confirmed that this is being finalised Nigeria has never taken full banking system. sole accreditation agency under the allocation in the last one year. and disbursement will commence advantage of the potentials due to He said “any exporter that fails to Competency Framework for the The publication of the names of by the end of this quarter 2017,” she it’s over reliance on oil while other abide by the rules would be country’s Banking and Finance the beneficiaries, they said, would explained. African countries are turning around sanctioned and would not have the Industry put in place by the Central reveal that more than 90 per cent of Okechukwu Enelamah On his part, the Managing their economy with this programme. opportunity to transact business with Bank of Nigeria. forex had been given to foreign Director of Union Bank, Mr. Emeka bring in banned goods into the on very few occasions when they The AGOA project initiated by the the AGOA programme after under any bank”. The Keystone Bank Training firms who simply take the money Emuwa, urged operators of small country without really investing in the allocated forex on spot basis,” he United States of America in 2000 utilising its opportunities in the past. Also commenting on the export Academy is a full-fledged learning offshore to engage in imports of businesses to take advantage of the manufacturing aspect of the business. said. was to help develop trade and Famuti said it was appalling that as scheme, the CBN Director, Banking a n d d e v e l o p m e n t c e n t r e finished goods rather than raw national collateral in order to access This is strangulating and even killing “How does the CBN want local facilitate exporting over 6000 goods at 2014, Nigeria only exported $6 Supervision, Ahmed Abdullahi noted responsible for the continuous materials or spares to grow the funding. the efforts of genuine indigenous firms to grow and diversify the into America with no tariff. million worth of goods to the USA that the CBN export scheme is building of skills and the expansion country’s manufacturing sector. “Even for the banks, it makes it manufacturers who cannot compete economy? Is it by giving importers The trade agreement primarily compared to $6billion accounted for different from the Export Expansion of knowledge base of new and “The Federal Government may easier to facilitate lending to under this kind of cruel investment more support than indigenous set up to galvanise the African by other Sub-Saharan African nations. Grant of the federal government. existing workers of the bank. not know that most indigenous customers. So, even as we are climate,” Eric Umeofia, President/CEO manufacturers?” he queried. economy covered 15 years and has Speaking recently at a public “This one is a CBN initiative to In the letter communicating the manufacturers are being frustrated coming out of recession, there are of Erisco who spoke on behalf of the The food manufacturers also since elapsed in 2015. presentation of five books based on boost exports, so that exporters can d e v e l o p m e n t , t h e i n s t i t u t e continually by the deceit of the CBN. processes in place to facilitate small local manufacturers, cited a recent described the intervention funds However, Nigeria and other the art of exporting goods by access the fund just like the commended the bank for its For instance, the present forex businesses, which in turn will Isaac Okoroafor, Director, Corporate Communications, CBN case where a paltry $30,000 was released by the CBN as death traps Africa countries on the programme Abiodun Oyefeso, the president of Commercial Agricultural scheme or consistent efforts towards meeting allocation mechanism has been too allocated to Erisco Foods out of the for local manufacturers. have been given a second chance Success Edge Exporters Limited and a the Anchor Borrowers Programme. high standards for the benefit of the expensive and costly to all genuine $400,000 it applied for, whereas that when the programme was extended member of the Lagos Chamber of “The exporters can access the fund banking industry and larger indigenous manufacturers and same week, a foreign import firm was by another 10 years. Commerce and Industry (LCCI), in order to boost their business. On economy. aside that, greater priority is given allocated $400,000 to import frozen The President, Nigeria American export promotion council, stated that the blacklisting of exporters, there is a $20m NPA Bribery Scam: Part of the accreditation is the to foreign investors in the allocation fish and other banned foods. “There Chamber of Commerce (NACC), Nigeria over reliance on oil was the provision in the foreign exchange exemption of trainees who are of forex and they are the ones has never been any preferential Chief Olabintam Famuti, spoke with reason for the present economic manual that requires all exporters to successful at the Keystone Bank engaging in round-tripping. They treatment on forex allocation to BusinessUpdate in Lagos, said that predicament. repatriate the proceeds of their CSNAC Insist EFCC Must Investigate Suspects Entry Level from nine courses from a collude with the CBN and NAFDAC He lamented that the AGOA gainst the backdrop of the indigenous manufacturers as the CBN the country is now set to fully utilise exports. The fact is that a number of corruption, leaving a case this bad and the company had already been total of nineteen in the Chartered to get forex and import permits to programme now renewed till 2025 by appointment of one of the would want people to believe except exporters don’t. The Bankers i n c o n c l u s i v e , a n d a l l o w i n g convicted in Switzerland since 2012. Institute of Bankers of Nigeria US Congress after its first term from key actors alleged to be Committee deliberated on that A investigations to drag on forever, goes Suraju added, “Nigeria sanctioned P r o f e s s i o n a l C e r t i f i c a t i o n 2000 to 2015, was abused in its first involved in the $20m Nigeria Port matter and felt that there is a need to against everything this administration Halliburton and Siemens in the past examination. term by Nigerian leaders who instead Authority bribery scam as chairman s a n c t i o n t h o s e e x p o r t e r s has been preaching since its inception. for their roles in bribery cases and Commenting on the award, the of maximising the opportunities by of a committee constituted to appropriately”, Abdullahi said. “The EFCC must ensure that prevented them from participating in Group Managing Director/CEO of leveraging on the 6500 items allowed intervene in the management of a Earlier, Abdullahi who explained investigations reach a logical end and contract implementation. It is curious Keystone Bank Limited, Mr. Q3: Zenith Bank Posts to be exported, relied only on crude that the committee also noted the federal maritime academy, the Civil those found guilty are made to face how the NPA is framing excuses for ObeahonOhiwerei said, “We believe oil. Society Network Against Corruption emergence of the country from the full wrath of the law. purported involvement of the indicted strongly in the need for continuous He said NACC is working hard to (CSNAC) has called on the Economic recession, said that more work ”The bribery scam involved company in the bidding process for learning and self-improvement. make sure that Nigeria is made the and Financial Crimes Commission needed to be done to achieve a Dredging International Services, a the new dredging contract. Providing top-notch training is one third economic hub after the contract not to allow the case to be swept robust GDP. Swiss company in Cyprus, but while “The action runs contrary to the way we groom and build our people N531.3b for the economic hub in Ghana “The Committee recognized that under the carpet. the company has been found guilty in to be more competent and vibrant, anti-corruption mantra of this expires this October, which will The anti corruption group urged the economic growth is fragile; there Switzerland and fined one million government and is capable of sending thereby launching the Bank to position the country to take full the EFCC to move quickly and take enith International Bank Plc, However, loans and advances fell is more work to be done in order to Swiss Francs since 2012, the EFCC the wrong signal of endorsing bribery ground breaking achievements and advantage of AGOA and focus on immediate action against those one of the leading financial marginally by 2.6 per cent to N2.2 make the growth more robust. “We investigation is still pending and the to the international community.” performance overtime.” Zinstitutions in the country has trillion, from N2.4 trillion. exportation of non-oil products. are happy to note the vibrancy in the involved, as a Swiss firm, Dredging culprits continue to walk free.” ”This of course will produce declared gross earnings of N531.3 Owing to the impressive “It is a shame that most Nigerians capital market; we are happy to note International Services, said to be at Business and Maritime West Africa leading professional bankers who billion for the third quarter ended performance, investors in the rushed to the crude oil business yet the moderation in inflation, but there the center of the dredging bribery reported that the management of the will lead not just the industry but the September 30, 2017. Nigerian Capital Market are already they have not seen crude oil nor is need for more work for the GDP scam is on the verge of receiving a NPA confirmed writing the Office of economy at large.” The report obtained by the News positioning to grab the Bank shares. known what it is, we are all deceiving growth to be deeper,” he said. fresh contract from the Nigerian the Attorney General for legal advice Keystone Bank is a technology Agency of Nigeria (NAN) showed Recall that the Bank’s shares has ourselves in this country”, he added. According to Chief Executive Ports Authority. on the legitimacy of continued and service-driven commercial bank that the gross earnings represented overtime been a toast of the A former director-general of the Officer of Unity Bank Plc, Mrs. CSNAC in a statement by its interaction with the firm in the new offering convenient and reliable a growth of 39.7 per cent above investors’ both locally and National Association of Chambers of OluwatomiSomefu the special export Chairman, Mr. Olanrewaju Suraju, dredging contract announced by the solutions to its customers N380.4 billion achieved in the internationally. Commerce, Industry, Mines and intervention scheme has been asked the anti-graft agency to speed NPA. corresponding period of 2016. With this impressive outing, it is Agriculture (NACCIMA), Dr. John created by the CBN to further support up efforts in its investigation of the The CSNAC chairman questioned The bank’s Profit before Tax (PBT) not unlikely that investors and Isemede said only detailed and the growth of the non-oil sector by $20m in bribes allegedly given to the rationale for the legal advice when inched up by 30.8 per cent to shareholders will be looking planned exportation strategy will take generating additional foreign former NPA officials by the firm. N152.5 billion from N116.6 billion in forward to a mouth-watering return the country out of recession. exchange to the country. According to Suraju, the slow the preceding period of 2016. on their investments at the end this He said there must be balance of “This will be closely monitored and action of the EFCC is capable of Also, profit after tax (PAT) grew financial year. trade between imports and exports as we expect a lot of our SMEs to benefit compromising the anti-corruption Lafarge Africa Set To Tap The the country is rushing to sign by 36 per cent to N129.2 billion from this scheme. The issue we have war which is the cornerstone of the n maintaining its support for the partnership agreements with other compared with N95.4 billion in in the past is the failure of some President MuhammaduBuhari development of the Nigerian debt countries without looking at the Commercial Paper Market 2016. exporters to repatriate the foreign administration. capital markets (DCM), FMDQ OTC critical details involved. He added, “For an administration I Its net interest income rose exchange generated, and the CBN Securities Exchange (FMDQ or the amongst others, to efficiently marginally by 6.2 per cent to N201.5 He said: “God has blessed Nigeria has agreed with the Bankers that prides itself in fighting FMDQ continues to exert OTC Exchange) uses its platform, enhance the registration, listing, billion from N189.8 billion in the with so many resources compared to commendable efforts in aligning the lMD, Zenith Bank Plc, Peter Amangbo quotation and trading of debt preceding period of 2016 and non- other nations but it’s disgraceful the Nigerian financial markets to securities in the Nigerian financial interest income surged by 123 per way we have gone about it to the Ecobank, Diamond Bank, FCMB international standards, and has, market space. cent to N169.5 billion, from N94.7 extent that the country is so poor through the promotion of product Nigeria Tourism Could Generate $90bn Annually In this regard, the FMDQ Board billion in 2016. among the comity of nations. innovation and the championing of “We must strive to succeed in Defraud Customers Via ATM Listings, Markets and Technology key market development initiatives, T h e r e c o r d i m p r e s s i v e xperts in tourism sector have said Nigeria could nation. exportation for us to be a great —Continued from Page 4 press, BusinessUpdate is yet to get Committee had yesterday, October ensured that opportunities abound performance is a reflection of sound generate well over $90 billion annually from tourism She noted that the uniqueness of tourism as an important Department, CBN, Dipo Fatokun said country and Nigerian ambassadors his response. 18, 2017, approved the registration for the markets under its purview. m a n a g e m e n t a n d e f f i c i e n t industry if it is well managed by the Federal sector is also evident in its ability to employ skilled, semi-skilled “FCMB has three ATMs near my banks have been instructed to operate E Similarly, FCMB Head of of the Lafarge Africa PLC ¦ 60.00 utilization of funds and other government. must also be made to work as This CP Programme registration and unskilled manpower, and despite wars, political conflicts, shop and most times only one of the the ATM at 99.5 per cent, adding that b i l l i o n C o m m e r c i a l P a p e r measures deployed in ensuring a They identified tourism as a veritable option for Nigerians in diaspora are not Corporate Communication, Louis comes shortly after the OTC natural disasters, medical scares, terrorist attacks, and machines works. We have made there is also a rendition of on and down Programme (the Lafarge CP balanced loan portfolio and balance sustainable development as Nigeria grapples with the remitting anything back home Ibeh, after several call kept Exchange hosted the 2017 Nigerian economic and energy crises in various parts of the world, several complain to the said time. Programme), to the platform of the sheet. challenges of the revenue depletion. compared to citizens of other nations promising to get back, which he Debt Capital Markets Conference on international trade in tourism revenue has grown in geometric manager who often tells us that According to him, if a bank ATM is OTC Exchange. This feat was achieved in spite of The Chief Executive Officer of OYASAF, Engineer Yemisi despite the fact that we are having never did. September 28, 2017, which availed progression since the 1980s. something will be done. obsolete it would not be able to With this CP Programme the challenges borrowers are Shyllon, disclosed this to journalists at the maiden edition of professionals abroad”. Also, Diamond Bank, Head, local and international market The Chief Executive Officer of Travelogue Communication “Up till this moment nothing has connect to the software. He said ATMs registration, Lafarge will be able to facing to repay loans. Destination Tourism Night in Lagos, organized by Corporate Communications, Mike participants a well-rounded platform Limited, Mr. Ayo Omotoso, said there is urgent need to build a been done and this affects our in the country are not obsolete but that easily raise short-term finance from Zenith Bank’s credit impairment Travelogue Communication Limited with the theme: Omife, did not pick several calls put to discuss and strategise on resilient and dynamic economy that is well placed to harness business because some customers are challenges such as power supply the DCM, within the Programme charges rose by 115 per cent from “Connecting Tourism values” across to him. actionable steps to effectively the country’s abundant resource endowment. will after pricing our market would issues. limit, to support its business N21.9 billion to N47.1 billion. He said the direct economic contribution of travel and position the Nigerian DCM for “Our experiences in the recent past also clearly demonstrate go to the ATM withdraw money and The director said systems failure operations as at when required in the The financial power-house tourism worldwide amounted to approximately 2.16 trillion growth within the global financial that oil and mineral resources are non-renewable and have very when they did not withdraw they could also result mechanic faults. future. This is well in line with FMDQ’s enjoyed high customer loyalty and U.S. dollars in 2013. markets space. limited potential for addressing the development challenges would go to another bank to Head of Media Unit, Ecobank, Austin aspiration to support institutional patronage as deposits grew from Shyllon stated that in the Manila Declaration on World that face the country today and over the medium and long term withdraw and most times never Osokpo, when contact on the issue, growth and stimulate continuous N2.6 trillion at the end of December Tourism in 1980, Tourism is an activity that is essential to the period,” he said. come back”, she said. requested for a questionnaire which development of the Nigerian 2016 to N3.1 trillion as at life of nations because of its direct and indirect effects on the Director, Payments System was sent but uptill the time of going to economy at large. September 2017. social, cultural, educational and economic sectors of a NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 05 NEWS VOL. 11. NO.5. NOVEMBER 15, 2017 04 NNPC Contract: I Only Approved Loans For JV Financing, ast few weeks were traumatic for the people of South East, n his intervention on the bewildering from the Python Dance championed by the Nigerian intrigue over the presidential Not Contracts, Says Osinbajo LMilitary to obliterate the voice(s) demanding for the Iapproval for oil contracts by the freedom of Biafrans from the Nigerian State to the alleged NNPC, Vice President Yemi Osinbajo has vaccination of children and adults by the same Military washed his hands off the exercise, authority against Monkey pox, an allegation that has been leaving Nigerians and economy denied by the authority concerned. watchers further confused. In At our monthly editorial meeting the situation in the South unequivocal terms, Osinbajo denied his East appealed to all the editorial staffers of this medium, and spokesman’s earlier assertion that as we are on the verge of sending a reporter to the East to acting president, he had given approval ascertain the situation of things because reports emanating to the N640 billion contract. from that region of the country were disturbing. According to him, what he approved Alas! One of our resourceful undercover reporters, Charles for NNPC as acting president “were Philemon stumbled on a scoop that was to change the cover presidential approvals, but they are story this edition. The alleged ingrained sleaze in the system of specifically for financing joint ventures the oldest Bank in the country, Union Bank Plc and they are loans not contracts.” This edition exposed the coordinated alleged sleaze in the Laolu Akande, Senior Special oldest Bank in Nigeria, Union Bank Plc. According to the tale as Assistant to the vice president, had in a investigated by our reporter, Philemon, the Head Cooperate tweet on Thursday claimed that his boss Communication in the Bank, one Mrs. Ogochukwu Ekezie approved two separate oil contracts on Ekaidem had allegedly awarded contracts worth millions of July 10 and July 31 worth $1 billion and naira without following the due process laid down by the Bank. $780 million, respectively as acting Worrisome in the whole narrative was the nepotism she president. displayed in the award of the contracts that breached all the But in a statement later recently, laid down rules in contract awarding in the Bank. She is alleged Akande retracted his earlier claim. The lKDr. Ibe Kachikwu, Minister of State l to be using depositors’ moneys to do Mother Theresa to her press release he issued clarifying the Vice President Yemi Osibajo for Petroleum Resources immediate family members. The findings of our reporter in the position of his boss was entitled: “NNPC: Resources, Dr. Ibe Kachikwu had recently in bed in London having already transfered course of investigating the story is mind boggling as well as Acting Presidential approval were for a leaked letter he addressed to President presidential powers to Osinbajo. As a result, revealing. financing arrangements not contracts, Muhammadu Buhari, accused the Group lawyers had raised doubts on the legality of How has Nigerian Customs fared since Hameed Ali, a retired says VP Osinbajo”. Managing Director of the Nigerian National the two approvals. Cornel in the Nigerian Army took over the affairs of the service? Akande stated: “Approached by Petroleum Corporation, Maikanti Baru, of “After transferring power to Vice The answer is provided in the report pieced together by our reporters after the ground-breaking gross insubordination and taking unilateral President Osinbajo who then became acting undercover reporter, Miracle Egbo. The story is expository and multi-billion Naira historic Bonny-Bodo decisions on award of contract without president, President Buhari could no longer engaging. Hear Miss Egbo: “in the course of investigating the road project, in Bonny, Rivers State, Vice recourse to the NNPC board. exercise his executive powers,” says Onyeisi story I discovered that most Customs officials had long faces President Yemi Osinbajo, SAN, explained The Minister accused the Baru of Chiemeke, a Lagos-based lawyer and human when they talked to me because their welfare package is at the specifically that the approvals he approving a contract of $25 billion without rights activist, had told Business and lowest ebb since the current helmsman took over the agency”. granted to the NNPC while he was following due process. But the NNPC boss in Maritime West Africa of the revelation. The Peoples Democratic Party, PDP appears to have regain Acting President were for financing his response denied the allegation, insisting “The contracts could be challenged and its groove in the political scene with its preparation to elect arrangements for the Joint Ventures that he had not contravened no known law, possibly rendered invalid by the courts their National Officials at its National Convention slated for between the corporation and IOCs, and describing the minister’s allegations as because he didn’t have presidential powers December this year. This edition unveils the top contenders for not approvals for contracts. baseless. at the time he was exercising same. The the positions. “These were financing loans. Of Giving details of the approvals he said acting president ought to have approved All the thrills and frills of the newspaper are not left out in course, you know what the Joint was given by President Buhari, Baru had those contracts because no one knew what this edition. Welcome to “ember” months. Ventures are, with the lOCs, like Chevron, indicated that two of them - the $1 billion state of mind the president was at the time,” that had to procure. In some cases, and $780 million contracts - were given on said LiborousOshoma, legal analyst. NNPC and their Joint Venture partners July 10 and July 31 respectively. have to secure loans and they need The earlier tweet from Akande claiming authorisation to secure those loans while that his boss approved the contracts as the President was away. The law actually acting president had seemed to settle the provides for those authorisations. So I issue. But Osinbajo’s denial has now again did grant two of them and those were given vent to Kachikwu’s allegations and presidential approvals, but they are raised the spectre of a divided presidency. specifically for financing joint ventures Reports indicated that based on the said and they are loans not contracts,” dates, President Buhari may have given Osibanjo said. approval for the two oil contracts sought by The Minister of State for Petroleum Dr. Maikanti Baru while he was still on sick TEAM Alleged N30tn Import Fraud: Editor-in-Chief Charles ONWUATOGWU Senate Claims Indicted Banks, Editor he Senate Joint Committee Isaiah EGBO probing the alleged loss of Firms Return N140bn TN30tn to import duty evasion Correspondents claimed that it had recovered over Charles PHILEMON N140bn from indicted banks and companies following its probe into Segun BEYIOKU import records of some of the Miracle EGBO companies. Obiora ARINZE The claim of the huge recovery was contained in an interim report Charles OLISEH by the panel, which the Senate Abuja: considered and adopted at its Johnson ATEGHIE plenary recently. The Joint Committee on Port-Harcourt Customs, Excise and Tariffs; Marine Austin ESEMENE Transport was constituted to carry out the probe following the adoption of a motion titled, ‘Urgent Graphics & Production Need to Examine the Operations of Bukola Saraki, Senate President Hameed Ali, Customs Boss G.O. Media Consult the Nigeria Customs Service reinvigorate the revenue of the Nigeria banks have made additional remittances to the Revenue Drive’ on November 15, 09067661158, 08101599837 Customs Service.” Central Bank of Nigeria to the tune of N128bn 2016. The Committee Chairman, Senator and evidence of payment and receipt has been The committee was mandated to Samuel Anyanwu, while presenting the received by the committee. BusinessUpdate ISSN 07940556 carry out a holistic investigation into report said some banks had remitted “From the selected 60 companies, over N12bn is published by BusinessUpdate Investment & the activities of the service “with a N128bn to the CBN, while some of the 60 payments have been made to the government view to identify the leakages and Communications Limited. companies investigated made voluntary voluntarily by the companies based on their irregularities as well as the causes of All Correspondence to the Ediitor: payments of N12bn into Federal internal self-audit after receiving documented the declining revenue profile of the Government’s coffers. evidence of their culpability from our committee. service and come up with The committee said, “As a result of this “It is instructive to note that despite all the recommendations that will exercise, some import duty collecting —Continued on Page 14