डेली news

Tuesday June 8, 2010



Ecobank Group Partners Nedbank On ATMs – Guardian, Page 20

Ecobank Group and Nedbank of South Africa have entered into partnership that will allow Ecobank customers access Nedbank’s Automated Teller Machines (ATMs) in South Africa. This will also give Nedbank the opportunity to extend accessibility of regional cards issued by Ecobank to over 2,460 ATMs in Africa. The Managing Director of Ecobank, Jibril Aku, announced this partnership in Lagos last week. Aku explained that Ecobank and Nedbank, which is one of the four biggest banks in South Africa, have been involved in cooperative partnership on projects that seem to be of mutual benefits to both banks.



Ecobank Extends ATM Card Service To South Africa – Business Day, Page 19

Ecobank has extended its regional card services Automated Teller Machine (ATM Card); to enable holders of the card withdraw cash within South Africa from any Nedbank ATM. Jibril Aku, Managing Director, Ecobank Nigeria, announced the inclusion of South Africa in the usage of the bank’s regional card. He said the move was part of the Ecobank-Nedbank alliance initiative, which has brought the two banks into partnership. “I am pleased to announce that the Ecobank Regional Card will as of today enable holders to withdraw their money in South African Rands, from any of the 1,860 Ned bank ATM throughout the country”, he stated.



Ecobank Appoints New Chairman – Champion, Page 35

The Board of Director of Ecobank Nigeria Plc has appointed Olor’ogun (Dr.) Sonny Folorunsho Kuku as its new Chairman. The appointment which took effect from March, 2010 follows the voluntary stepping down of its former Chairman, Chief John Odeyemi. Dr. Kuku is a renowned Physician, Scholar and Administrator. He has been the Joint Chief Medical Director and Chairman of the EKO Hospital (Ekocorp Plc) which he co-founded in 1978. Dr. Kuku has also been a Trustee and a Distinguished Fellow of the National Postgraduate Medical College of Nigeria, President and Trustee, West African College of Physicians. A past Chairman of the Committee of Pro-Chancellors of State Universities and Committee of Chairmen of Federal Tertiary Hospitals, he was a recipient of the First Distinguished Alumnus Award of the University of Lagos and Ambassador of Goodwill Award, City of Freetown.



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Vanguard, Page 4

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Stanbic IBTC, Actis Kicks Off $100m City Mall – Thisday, Page 62

Stanbic IBTC Bank Plc and Actis yesterday in Lagos marked the start of construction work at the Ikeja City Mall. The ground breaking ceremony of the $100 million project was performed by officials of Stanbic IBTC Bank, Actis and the Lagos State Government. The City Mall was financed by a mixture of debt and equity with a debt facility of $48.6 million secured from Stanbic IBTC Bank and Standard Bank of South Africa Limited. Executive Director, Corporate and Investment Banking, Stanbic IBTC, Mr. Yinka Sanni, said Stanbic IBTC’s participation in the project was in line with its zeal to contribute to the development of the real estate sector, industries and infrastructure of Lagos State. He added that the zeal also agrees with the passion Standard bank has for the development of Nigeria and Africa.



Stanbic IBTC Shareholders Okay 30 Kobo Dividend – Guardian, Page 18

Shareholders of Stanbic IBTC bank, a member of Standard Bank Group, yesterday approved 30 kobo dividend, amounting to N5.63 billion for the year 2009. In his address to shareholders, Chairman of Stanbic IBTC Bank, Atedo Peterside, described 2009 as the year that witnessed the most turbulent developments in the Nigerian banking sector since the ongoing reforms commenced in mid 2004. However, a press statement issued yesterdays aid Stanbic IBTC emerged from the turbulence “relatively unscathed”.



Union Bank: Promo Savings To Support Productive Sector-MD – Daily Independent, Page 23

Managing Director of Union Bank, Funke Osibodu, has said that funds mobilized through its Savings Bonanza, would be used to support the productive sector of the economy, thereby facilitating rapid economic growth. Union Bank had on May 27, 2010 concluded its savings bonanza that was officially launched in March last year. In all, several attractive prizes were on offer including two houses (a three Bedroom bungalow in Abuja and a three bedroom luxury flat in Lagos); three Toyota Land Cruiser (Prado SUVs); 36 Toyota Corolla Cars and 180 Motorcycles, others are N25million cash gifts and over one million other instant prizes made up of handsets, T-shirts, calculators, mugs, rulers, biros and exercise books, among others.



ValuCard Promo Winners Receive Prizes – Punch, Page 20

ValuCard Nigeria Plc has redeemed prizes for the 2010 FIFA World Cup campaign in which five merchants emerged winners. The usage campaign is being organized by ValuCard Nigeria, courtesy of Visa International. Speaking during the prize presentation on Friday, the Managing Director/Chief Executive Officer of the company, Mr. Kyari Bukar, said the promo was in line with the partnership between Visa International and FIFA to project major events such as the World Cup in South Africa.



Citibank Nigeria Kicks Off Diversity Week – Vanguard, Page 33

Citibank has flagged off its Third Annual Diversity week in over 54 countries in the Europe, Middle East and Africa region. According to a statement signed by Ms. Ogochukwu Okezie, spokesperson for Citibank Nigeria, the Diversity week for the year 2010, which commenced Monday, was established to raise awareness on diversity issues and promote tolerance within Citi, which has over 200,000 employees in more than 140 countries.



N55b Fraud: Atuche Trying To Frustrate Trial, Says EFCC – Daily Independent, Page 5

Former Managing Director of Bank PHB, Francis Atuche, was on Monday accused of doing everything within his powers to frustrate the corruption charges preferred against him by the Economic and Financial Crimes Commission (EFCC). The EFCC is prosecuting Atuche alongside a former Managing Director of Spring Bank, Charles Ojo, on a 45-count charge ranging from criminal grant of loans abuse of office and economic fraud to the tune of N55billion. The former bank chiefs are standing trial before Justice Akinjide Ajakaiye of the Federal High Court sitting in Lagos.



Ex-Worker Battles Access Bank Over Sack, Wants N5m – Guardian, Page 63

A former employee of Access Bank Nigeria Plc, Rasak Ademola Olajire, has dragged his employer to a Lagos High Court sitting in Ikeja for allegedly unlawful termination of his appointment and infringement of his fundamental human rights as guaranteed by the 1999 constitution. The claimant in the suit number ID/3322/99 is claiming N5 million for special and general damages suffered on September 13 to 16 1999, when he was allegedly detained by the defendants without any report at the police station. The defendants in the suit are Access Bank Nigeria Plc, the Chief Security Officer, Femi Ogunwobi and its General Manager, Bolaji Sosanya.



64 Ex-Workers Sue Unilever Over Dismissal – Punch, Page 8

Sixty four sacked workers of Unilever Nigeria Plc have initiated a legal action against the firm before a Lagos High Court in Ikeja, challenging the legality of their dismissal. In a suit before Justice T. Ojikutu – Oshode, two ex-workers, Mr. Idono Omokenu and Mrs. Amuda Jimoh, had on behalf of the claimants, urged the court to hold that the action of Unilever to dismiss them without paying their entitlements was illegal and unconstitutional.



N100m Gone In Lagos Dawn Inferno – Compass, Page 1

Goods worth over N100million were lost in an early morning inferno yesterday at the electronics showroom of Fouani Nigeria Limited, distributors of LG Electronics, on Warehouse Road Apapa, Lagos. The fire, which stared about 7.30a.m, completely razed the whole building housing the showroom. It took firemen from both the Federal and Lagos State Fire and Safety Services, who arrived the scene about 8a.m, over five hours to put out the fire.





Banks May Include Biometric Specimen To Customer – Sun, Page 48

Worried by the rising stock of bad loans in the nation’s financial industry, the management of Nigerian banks and the Central Bank of Nigeria may have started considering the inclusion of customers’ biometric specimen to existing mode of identification for major transactions including granting of credit to customers. The measure which is part of the safety nets many believe could stem the tide of problem lending may further strengthen the Know Your Customer (KYC), rule which the apex bank says should be taken seriously by all operators. Though customers’ photographs are widely used as a form of identity by banks in most of their transactions with clients, the inclusion of fingerprints may be aimed at ensuring that the current phenomenal size of loan loss provisioning by banks is drastically reduced in the years ahead by making recovery processes less cumbersome.



Sanusi Seeks Removal Of Fuel Subsidy – Thisday, Page 3

CBN Governor Sanusi Lamido Sanusi yesterday urged the Federal Government to curb a major part of its wasteful expenditure pattern by removing the subsidy on petroleum products imported into the country. Sanusi argued that the policy of subsidizing fuel importation has not been beneficial to the masses but has mercilessly enriched a few privileged Nigerians. His call for fuel subsidy removal came as the Minister of Finance, Olusegun Aganga disclosed that Nigeria’s external debt profile has risen to $4.3 billion and warned against unnecessary borrowing by government at all levels. The duo made their positions known in separate presentations at the National Workshop on the Processes and Procedures for Obtaining Local and Foreign Loans by Federal and State Governments.



70% Nigerians Live In Poverty, Says NACCIMA – Vanguard, Page 6

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) yesterday stressed that over 70 per cent of the masses live below poverty line, which is basically caused by the mismanagement and misappropriation of funds that has seen to the rundown of the Nigerian economy. NACCIMA President, Dr. Simon Okolo, on a visit to VANGUARD yesterday, said Nigeria could pass for the proverbial “land flowing with milk and honey” considering its abundant crude oil, solid mineral resources, fertile land and other endowments, but unfortunately, this is not true of the Nigerian economy.





Jonathan To Name New INEC Boss, Others Today – Punch, Page 8

President Goodluck Jonathan is expected to present the new names of the new chairman and 10 commissioners of the Independent National Electoral Commission to the meeting of the National Council of State in Abuja on Tuesday (today). Jonathan had at a meeting with Nigerians resident in France last week said that their names would be presented to the Council of State for advice. The President had said that the nominees were credible Nigerians.



FG Okays N10bn For Second Niger Bridge – Punch, Page 15

The Federal Government has earmarked N10bn for the construction of the second Niger Bridge, just as it is set to begin an audit of road contracts awarded by the past administrations today(Tuesday). The Minister of Works, Senator Sanusi Daggash, confirmed this during a courtesy visit by the Deputy Senate President, Senator Ike Ekweremadu, in Abuja on Monday. Daggash noted that the audit had become imperative owing to the fact that the government had spent billions of naira on road projects over the years without getting commensurate returns in terms of good road work.



London Court Jails Ibori’s Associates Five Years Each – Punch, Page 2

A Southwark Crown Court in London on Monday sentenced two associates of a former governor of Delta State, Chief James Ibori – Ms. Christine Ibori-Ibie and Ms. Udoamaka Onuigbo – to five years in jail each. A 12-man jury headed by Judge Christopher Hardy had last week found Ibori-Ibie, the only surviving sister of the former governor guilty of nine counts of money laundering, mortgage and wire fraud. Onuigbo was convicted for only money laundering in a case number T20087009. Both convicts were remanded in prison at Hardy’s order immediately the guilty verdict was passed by the jury. A third accused person, Mrs. Bimpe Pogoson, who was Ibori’s personal assistant, was discharged and acquitted by the jury.



Jos: Two Policemen Killed, Monarch’s Palace Torched – Punch, Page 2

Jos metropolis in Plateau State was on Monday engulfed in another orgy of violence as motorcyclist popularly called ‘Okada’ tried to resist a government ban on their activities. By the time the violence was over, two policemen had been killed, many others wounded and a part of the palace of the Gbong Gwom Jos, Da Buba Gyang, was burnt by hoodlums who hijacked a protest by the motorcyclist. The policemen were said to have been killed along Bauchi Road while trying to enforce the law during the incident that occurred hours after one person died in a clash between herdsmen and farmers in Lapal Local Government Area of Niger State on Sunday.



NAFDAC Seizes N500m Fake Drugs, Arrests Suspected Importers – Guardian, Page 3

The National Agency for Food and Drug Administration and Control (NAFDAC) has confiscated N500 million worth of several consignments of fake anti-malarial drugs and antibiotics from China at the Nigerian Aviation Handling Company (NAHCO) shed of the Murtala Muhammed International Airport (MMIA) and arrested a Nigerian syndicate involved in importing these drugs. Director General of NAFDAC, Dr. Paul Orhii, said the fake drugs were imported form Hong Kong, China, aboard Qatar Cargo Airline between May 6 and 27, 2010 on five different flights of five separate consignments totaling 54 large packages consigned to Bubic Nigeria Limited and Dubic Nigeria Limited, all in Lagos.



Jonathan Unveils New Education Policy Today – Guardian, Page 5

President Goodluck Jonathan is expected to unveil a new national education policy today in Yola, the Adamawa State capital. While fielding questions from journalists in Yola, Governor Murtala Nyako said that Adamawa State was selected because of the attention given to the education sector by his government. He pointed out that the President would also commission the re-constructed Numam-Yola Road, which is a federal project rehabilitated by the Nyako government and several other projects.