GTBank Hints On Half Year Interim Dividend – Sun, Page 48
Strong indications emerged on Monday that shareholders of Guaranty trust Bank (GTBank) Plc may be rewarded with half year dividends as the Board of Directors are scheduled to meet this Wednesday to consider the bank’s audited financial statement for the year ended June 30, 2010. A notice to that effect sent to the Nigerian Stock Exchange (NSE) on Monday stated that part of the agenda to be considered during the meeting was issues relating to interim dividend for the period.
UBA Profit Half Year Hits N8.6 Billion – Guardian, Page 27
UBA Plc, in the aftermath of the recent banking reforms released its half year trade financials to the Nigerian Stock Exchange (NSE) over the weekend. According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion for the period ended June 30, 2010. A further analysis of the result showed the pre-tax profit increased to N8.6 billion (N135 million in the corresponding period of last year).
Court Orders Afribank To Pay Ex-Workers Benefits – Nation, Page 43
The National Industrial Court, Kano, has ordered Afribank Nigeria Plc and its Managing Director, Nebolisa Arah to pay three of its former staff, Maikurdi Aminu, Umar Isah and Nura Jaafaru, their redundancy benefits. The court asked the bank to compute all the claimants’ redundancy benefits in their presence or their accredited representatives, based on their last earned salary. “In doing so, whatever has already been paid to each claimant shall be deducted from the amount such a claimant is entitled to be paid. We hold that all the claims of the claimants in this suit succeed,” Justice M.B. Dadda held in the judgment.
Obstacles To IFRS, By Access Boss – Thisday, Page 56
Group Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede yesterday warned that the country’s quest to migrate from the local Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) by 2012 may be slowed down due to “lack of common understanding” by Nigerian stakeholders. He made this known at the opening of the ongoing Access Bank International Conference on International Financial Reporting standards (IFRS) in Abuja. IFRS-a new set of Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB) in the preparation of financial statements.
First Bank Rewards Customers In Golden Promo – Thisday, Page 56
First bank Plc has rewarded 200 of its customers with cash and gift prizes as part of its new promo tagged: “First Bank Golden Promo: Celebrating Nigeria at 50.” The bank had announced that it would be giving out N50,000 each to 100 winners; 50 generating sets to 50 winners and 50 refrigerating sets to another 50 lucky winners in the first phase of the promo which is the monthly draws. The bank, according to a statement, has held the first draw where 200 winners emerged for various prizes in cash and gifts.
New Law ‘To Ease Liquidity Crunch’ – Thisday, Page 1
President Goodluck Jonathan yesterday signed into law the Asset Management Corporation of Nigeria (AMCON) Bill in a move that is expected to stabilize the financial sector. With the passage of the law allowing AMCON to take effect immediately, the expectation is that market liquidity will receive a boost, though that will depend on the liquidity needs of the banks. At the signing of the bill at the State House Abuja, the President said the legal backing for the corporation was also in keeping with his administration’s determination to stimulate national economic recovery. “I sign this bill today (yesterday) in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” he said. A statement by the Presidential spokesperson Ima Niboro quoted the President as saying “as soon as it becomes fully operational, AMCON will help to stimulate the recovery of Nigeria’s financial system from recent crisis by boosting the liquidity of troubled banks through buying their non-performing loans.”
NDIC To Peg Depositors’ Refund – Thisday, Page 6
The Nigerian Deposit Insurance Corporation (NDIC) has disclosed its plans to peg depositors refund from failed banks at between N200,000 and N500,000. Managing Director of NDIC, Alhaji Umaru Ibrahim gave the indications at the opening ceremony of the conference in Calabar, Monday, to fine tune the proposed amendments to the NDIC Act. He said the depositors Insurance Scheme in Nigeria has been given added responsibility to handle the orderly winding-up of closed financial institutions, adding that it entails the realization of closed banks assets and using the proceeds to settle depositors’ liabilities and other creditors.
Regulators Review Margin Lending Guidelines – Next, Page 21
Review guidelines on margin lending in the stock market will be released by next month. Arunma Oteh, the Director General of the Securities and Exchange Commission (SEC) said the organization and the Central Bank of Nigeria (CBN) will jointly issue the guidelines in a bid to correct the negative impact of margin lending on the capital market. Speaking in Lagos at a press briefing at the weekend, Ms. Oteh said the Financial Services Regulation Coordination Committee (FSRCC), which comprises SEC, CBN, National Pension Commission, Nigerian Stock Exchange, National Insurance Commission, Corporate Affairs Commission, and the Ministry of Finance, have been deliberating on the margin guidelines.
Forex Shortfall Depresses Naira – Thisday, Page 56
Shortfalls in the supply of foreign exchange caused the value of the local currency, the naira to drop at the two dominant official markets yesterday. At the Central Bank of Nigeria (CBN) window, the wholesale Dutch auction system WDAS, the market regulator sold $250million at N148.70 a dollar, which traders said fell short of the $311.25million that was demanded by dealers. The naira/dollar exchange rate showed a loss of 8 kobo for the naira as it traded N148.62/$1 at the previous auction when the monetary authority sold $249.30 million.
Kidnapping: Police Redeploy 3,500 Officers In Anambra, Abia – Punch, Page 2
The Nigerian Police Force has commenced the mass transfer of some of its officers in the South-East over the spate of kidnapping and other forms of violent crimes in the zone. The first phase of the exercise, according to the News Agency of Nigeria (NAN), affected about 3,500 officers in Anambra and Abia states. The two states are believed to have the highest cases of kidnapping in the five South-East states. A police source in Awka, Anambra State made this known shortly before the Force Public Relations Officer, Mr. Emmanuel Ojukwu, disclosed that four persons suspected to have kidnapped four journalists and their driver had been arrested.
We Can’t Confront Criminals, South-East governors Tell Jonathan – Punch, Page 6
The Governors of the five South-East states on Monday told President Goodluck Jonathan that they lacked the capability to confront kidnappers and sundry criminals operating in the zone. They are Peter Obi (Anambra); Ikedi Ohakim (Imo); Sullivan Chime (Enugu); Martin Elechi (Ebonyi); and Theodore Orji (Chairman). The governors, who led a delegation of leaders of thought from the zone on a visit to the President, urged Jonathan to use federal might to deal with the high level of insecurity in the South-East. The delegation which also included former governors from the region, royal fathers, clerics, current and former members of the National Assembly, political leaders and top government officials, met with the President at the State House, Abuja.
FG Orders Security Alert Over Toxic Waste Shipment – Thisday, Page 7
The Federal Government has asked the relevant security agencies in Nigerian posts to be on the look out as Dutch vessel M.V Nashville with registration number UE/SU4635950 laden with toxic cargo has for the second time been intercepted and turned back while trying to berth at the Ivorian Port of Abidjan. A source at the National Environmental Standards Regulatory and Enforcement Agency (NESREA), who spoke to THISDAY, said the toxic bearing ship had earlier been turned back while attempting to berth at the Tin Can Island Port of Apapa, Lagos by a combined team of port officials, comprising of the Nigerian Navy, Nigerian Maritime Administration and Safety Agency, (NIMASA), Nigerian Ports Authority (NPA), Nigerian Police, Nigeria Customs Service, State Security Service (SSS), Port Health and NESREA.
Subscribe To
Posts
All Comments
Tuesday, July 20, 2010
Tuesday, July 13, 2010
Monday, July 12, 2010
Wednesday, July 7, 2010
Saturday, July 3, 2010
CHELSEA
Yossi Benayoun has signed for Chelsea on a three-year deal for a fee believed to be in the region of £5million. The Israeli captain ended speculation yesterday by confirming his transfer from Liverpool to the League champions.
Benayoun, who recently turned 30, has spent the last 5 years in England enjoying spells with West Ham and Liverpool. He was a main factor in Benitez's rotational policy, and his versatility was key to their attacking options. He will always be remembered in Liverpool for his goal in their 1-0 victory over Real Madrid at the Bernabéu in 2009.
On first hearing of Chelsea being interested in Benayoun, I must admit I was shocked as he has never proven himself to be a top-class player. He's the type who may look good against the smaller teams but once put up against a sturdy defence, he isn' seen in the match. However, since the departure of Joe Cole, Benayoun may prove to be adequate cover for the Chelsea wingers. I still feel Chelsea need another winger though if they are to challenge for the title again next year, but whether or not they have the money remains to be seen.
Benayoun, who recently turned 30, has spent the last 5 years in England enjoying spells with West Ham and Liverpool. He was a main factor in Benitez's rotational policy, and his versatility was key to their attacking options. He will always be remembered in Liverpool for his goal in their 1-0 victory over Real Madrid at the Bernabéu in 2009.
On first hearing of Chelsea being interested in Benayoun, I must admit I was shocked as he has never proven himself to be a top-class player. He's the type who may look good against the smaller teams but once put up against a sturdy defence, he isn' seen in the match. However, since the departure of Joe Cole, Benayoun may prove to be adequate cover for the Chelsea wingers. I still feel Chelsea need another winger though if they are to challenge for the title again next year, but whether or not they have the money remains to be seen.
Thursday, July 1, 2010
DAILY POST
Ecobank Assures Shareholders Of Better Years Ahead – Daily Independent, Page 21
The management of Ecobank Nigeria Plc, yesterday in Lagos, assured shareholders of a return to the days of robust dividend payout, going by the performance so far this year, in addition to recoveries. Fielding questions at its Annual General Meeting, Jibril Aku, Chief Executive of the bank, explained that a lot of grounds have so far been covered in the area of recovery of non-performing credits, in addition to measures already put in place to curtail cost. According to him, “2009 was a difficult year for the Nigerian banking industry, but all the processes have been put in place to ensure that we turn-around (Ecobank)”, to ensure that it reports profit at the end of the current year. In his review of the year ended December 31, 2009, Chairman of the bank, Dr. Sonny Kuku, noted that at the end of the CBN stress test, Ecobank “was certified as healthy”. The stress test, he said, led too difficulties in the industry, leading to a general lull with attendant aggressive focus on impaired assets.
Ecobank Shareholders Task CBN On Debt Recovery – Guardian, Page 18
Shareholders of Ecobank Nigeria Plc yesterday urged the Central Bank of Nigeria (CBN) to put in place credit bureau charged with the responsibility of assisting banks recover their bad loans. The shareholders, who spoke at Ecobank’s yearly general meeting yesterday in Lagos, said the bureau should correct the situation where debtors move from one bank to the other to borrow money. Speaking on behalf of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the CBN adopted the wrong approach in its reform programme. According to Okezie, the poor balance sheets being declared by banks across the country is largely occasioned by the pressure mounted on banks to make provisions for their toxic assets, “which ordinarily should have been allowed to be spread over a period of time”. Making reference to the bank’s result for the year ended December 2009, Okezie said “we need to address the injustice in the banking industry. It is painful that we will attend yearly general meetings without receiving dividends. The CBN caused this. They should know that we only lost value and not our investment in these banks.” National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, in his submission, said any reform that continue to devalue investments after almost a year of its operation, needs to be revisited as it has, rather than add value to the economy, further set the economy backward. Nwosu encouraged the bank to come lower in its charges so as to attract customers, noting that the bank must work on its financial position and leverage on its good products to create the necessary confidence among depositors. In his reaction, Chairman of the bank, Olorogun Sonny Kuku, said that the efforts made by the bank to recover its loans were already in top gear with the setting up of a special committee. He said the bank has enlisted the service of five credit bureau agencies to further enrich the credit system of the bank in both the short and long term period. “Our bank has made significant progress in recovery and we will continue to focus aggressively in this respect”, he said.
Ecobank Embarks On TRAC Initiative – Next, Page 21
Ecobank Nigeria Plc said that it has set up an initiative called Troubled Risk Asset Committee (TRAC) to focus on recovery of its impaired assets. Sonny Kuku, Chairman of Ecobank, disclosed this at the bank’s 22nd Annual General Meeting in Lagos on Wednesday. He said that the bank had made significant progress in the recovery of its losses and would continue to focus on the initiative. According to him, in spite of challenges that faced the bank, its gross earnings grew by 9 per cent from N55.16 billion recorded in 2008 to N59.86 billion in 2009. Its losses before tax and extraordinary items stood at N5.94 billion in 2009 in contrast to the N898 million recorded in the corresponding period in 2008.
Ecobank Shareholders Call For Debt Recovery Committee – Punch, Page 19
Shareholders of Ecobank Nigeria Plc have called on the board of the bank to set up a debt recovery committee, saddled with the responsibility of going after debtors of the bank. The shareholders made this call at the bank’s 22nd Annual General Meeting on Wednesday in Lagos. According to the shareholders, there is a need to start an aggressive campaign against debtors of the bank. They added that some debtors, if left alone, would consider the loans from banks as national cake. The Chairman, Ibadan Zone Shareholders Association, Chief Oyepeju Aderemi, said, “We need to establish a debt recovery committee to run after debtors, so as to recover our money. Otherwise, no debtor will deem it fit to repay a loan if he is not disturbed.” Speaking in the same vein, the National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, urged the Central Bank of Nigeria to put in place a mechanism that would make debtors to repay loans collected from banks. He said that if the banks could recover their debts, it would put them in a good position. Responding, the Chairman, Ecobank, Dr. Sonny Kuku, said the bank had made momentous effort towards debt recovery. He said, “Our bank has made significant progress in recovery and we will continue to face aggressively on this. To emphasise the importance, we have set up an initiative called troubled risk assets committee to solely focus on impaired assets. We are pleased with efforts made and believe that even much more will be done.”
ETI Raises Stake In Ecobank Nigeria – Thisday, Page 64
The parent company of Ecobank Nigeria Plc, Ecobank Transnational Incorporated (ETI), has increased its equity holding in the bank from 71 per cent to 85 per cent. Making the disclosure at the 22nd Annual General Meeting (AGM) held in Lagos yesterday, Chairman of Ecobank Nigeria, Dr. Sonny Kuku, said that increase arose from Special Placing of 6.662 billion ordinary shares to the parent company. According to him, ETI had deposited N46 billion for shares with the bank since December 2008 and following the approval of the shareholders at the last AGM authorizing the directors to raise capital by any or combination means, the special placing was made to ETI. “With the special placing, our new shareholders’ funds grew to N73.5 billion from N31.8 billion. This improved the bank’s capital adequacy ratio from 10 per cent to 24 per cent while also allowing the bank to do additional businesses to enhance performance.” However, Kuku explained that the holding of ETI would be reduced in the next two years in line with statutory provision that the general public must hold minimum of 25 per cent equity in a listed company.
Shareholders Lose Patience On Debtors - Next, Page 22
Shareholders of Ecobank have called on the bank to go after its debtors in order to reduce its non-performing loans. The Ecobank’s 22nd Annual General Meeting in Lagos yesterday, they called on the bank to also improve on its lending activities in order to increase its income. One of the shareholders, who identified herself simple as Tope, said the bank should use every means at its disposal to recover some of its debts, even if it means naming and shaming these debtors. Adeyemi Oyepeju, another shareholder and Chairman of the Ibadan Zone Shareholders Association, asked the bank to establish a debt recovery committee in order to hasten its debt recovery drive. According to him, the problem of the banking industry is due to the regulatory environment which has become harsh for business.
Ecobank in Pix:
Punch, Page 15
Managing Director Jibril Aku; Chairman Olorogun Sonny Kuku; Company Secretary Denike Laoye, at the Ecobank Nigeria 22nd Annual General Meeting held at the Muson Centre, Lagos yesterday.
Vanguard, Page 7
Compass, Page 45
Mr. Jibril Aku, Managing Director, Ecobank Nigeria Plc; Olorogun Sonny Kuku, Chairman; and Mrs. Adenike Laoye, Company Secretary, during the bank’s 22nd Annual General Meeting in Lagos yesterday held at the Muson Centre, Onikan.
Thisday, Page 3
Business Day, Page 5
Jibril Aku, Managing Director, Ecobank Nigeria Plc, with Olorogun Sonny Kuku, Chairman, Ecobank Nigeria Plc, at the bank’s 22nd Annual General Meeting in Lagos.
Negligence: Unity Bank To Refund N6.4m To LASG – Daily Independent, Page 6
A Lagos High Court on Wednesday ordered Unity Bank Plc to refund N6.4 million to the Lagos State government coffers being the amount siphoned from an illegal account opened with the bank. Delivering judgment in a suit filed by the government against the bank over an illegal account opened with it, Justice Olateru Olagbegi held that the two signatories to the account were impostors who are not staff of the government. Lagos state had in the suit accused the bank of negligence for not following due process before the account was opened, adding that N6.4 million was withdrawn from the account before it was brought to its notice. Justice Olagbegi held that the bank failed to comply with necessary guidelines before the account was opened by the two impostors who claimed to be staff of Lagos State Board of Internal Revenue.
Q3: Skye Bank Projects N10.4bn Profit – Thisday, Page 64
Skye Bank Plc, one of the banks that passed the 2009 stress test of the Central Bank of Nigeria (CBN), has projected a profit before tax of N10.36 billion for the third quarter ending September 30, 2010. The profit, according to the figures made available by the Nigeria Stock Exchange (NSE) yesterday, would be recorded from the forecast gross earnings of N61.94 billion in the same period. Despite the challenges of 2009, the bank had recorded gross earnings of N126.67 billion for the year ended December 31, 2009 as against N74.62 billion achieved in 2008. Its net interest income rose by 54.52 per cent, from N30.47 billion to N47.09 billion, which is indicative of a high degree of efficiency in the management of its interest expense, and quality earning potential.
Depositors Lose N107bn To Wonder Banks – Punch, Page 2
Some customers of unregistered savings institutions, otherwise known as wonder banks, lost a whopping N106.9 billion, according to a report released by the Central Bank of Nigeria (CBN) on Wednesday. The report which was prepared by the Inter-Agency Committee on Illegal Fund Managers on behalf of the CBN, also revealed that 440 wonder banks were involved in “fleecing” of about 560,882 depositors. The report said that the depositors lost N104 billion or 97.3 per cent of the total sum of 36 illegal fund managers. One of the illegal wonder banks – Nospetco Oil and Gas Limited – allegedly made away with about N47 billion of the N104 billion. The committee, however, did not state how the balance of N2.9 billion was lost by the depositors. The committee members were drawn from the CBN, the Nigerian Deposit Insurance Corporation, Securities and Exchange Commission, the Economic and Financial Crimes Commission, Corporate Affairs Commission and the Nigerian Police Force.
S&P: CBN Requires Guarantee To Sell Banks – Thisday, Page 1
Standard & Poor’s, one of the world’s most reputable rating agencies, has said the Central Bank of Nigeria (CBN) may need to guarantee the acquisition of the rescued banks to be able to win the confidence of investors. S&P, which some days ago rated Nigerian banks as high investment risk, in a report obtained by THISDAY, titled “Banking Industry Country Risk Assessment Nigeria”, identified a number of hurdles in the way of the recapitalization of the rescued banks, the execution of banking reforms and the return of the financial institutions to profitability. “Domestic and International banks appear to have an only moderate appetite for acquiring the rescued institutions at present, and any acquisition would likely require strong guarantees by the authorities, also after a period of protracted due diligence,” said S&P.
Senate Goes Tough On Money Laundering – Guardian, Page 1
As part of efforts to strengthen the war against financial crimes, the Senate yesterday began amendment of the law on money laundering with a new provision that transportation of cash or negotiable instruments in excess of $10,000 by individuals in or out of the country shall be declared to the Nigerian Customs Service. In the part of the bill passed by the chamber, the Senate also said no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payments of a sum “(a) N5 million or its equivalent in the case of an individual or N10 million or its equivalent in the case of a body corporate”. The bill in part 1(2) further provides that “a transfer to or from a foreign country of funds or securities by any person or body corporate of a sum exceeding $10,000 or its equivalent, or in the case of Money Service Business, a sum exceeding $10,000 shall be reported to the CBN, Securities and Exchange Commission or the commission in writing within seven days from the date of the transaction.” The bill added 6that the Nigerian Customs Service shall report any declaration made in accordance to the law failing which severe penalty will be applied.
Nigeria Quits FIFA Events – Vanguard, Page 1
The Federal Government yesterday directed the immediate withdrawal of Nigeria from all Federation of International Football (FIFA) related events to enable the country reorganize its football administration. President Goodluck Jonathan, who approved the decision following the country’s dwindling show in football in the recent past, has also ordered the immediate disbandment of the national teams. Presidential spokesman, Ima Niboro, who briefed State House correspondents after a meeting between President Goodluck Jonathan and members of the Presidential Task Force on the 2010 World Cup, said the President also approved the auditing of all monies spent by the country during the ongoing World Cup in South Africa. “President Goodluck Jonathan has directed that Nigeria withdraws from international competitions for two years to enable the country put its house in order.” Niboro added that the President also approved that an audit of the 2010 World Cup finances be looked into and to bring to book whoever is culpable. The Chairman of the Task Force and Governor of Rivers State, Chief Rotimi Amaechi, said “our recommendation is based on what is on ground. We went to the World Cup and found all sorts of problems and we felt we should sit back and look inward.”
Jonathan Swears In Jega, Nnaji Others – Punch, Page 2
President Goodluck Jonathan on Wednesday swore in the new Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, and six National Commissioners of the electoral body. The six National Commissioners are Mrs. Gladys Nwafor; Col. M.K Hammanga (rtd); Prof. Lai Olurode; Dr. Ishmael Igbani; Dr. Nuhu Yakubu, and Mrs. Thelma Iremiren. Also inaugurated by the President were two of his Special Advisers – Prof. Barth Nnaji (Power); and Mr. Emma Niboro (Media and Publicity) – as well as two Special Advisers to Vice-President Namadi Sambo – Senator Isaiah (Special Duties) and Alhaji Hussaini Rigachikun (Political Matters).
States To Get Approval Before Executing Federal Projects – Thisday, Page 4
The Federal Executive Committee (FEC) rose from its weekly meeting yesterday in Abuja with a resolution compelling state governments to henceforth obtain approval from the President before executing federal projects in their states. Besides, the council emphasized that such projects should meet standards and guidelines of the appropriate federal ministry supervising such projects which affected state government wants to execute. The decision was consequent upon a report on the guidelines for execution of Federal Government projects by state governments and high cost of procurement in Nigeria submitted by Vice-President Namadi Sambo. Briefing State House correspondents at the end of the meeting, Information and Communications Minister, Prof. Dora Akunyili, in company with the Minister of State in the Ministry, Mr. Labaran Maku, said the council also approved that re-imbursement of expenditure should be subjected to the relevant section of the Public Procurement Act that deals with quality and cost.
Sim Cards: Reps Reject NCC’s Budget – Punch, Page 9
Members of the House of Representatives on Wednesday kicked against a proposal by the Nigerian Communications Commission to spend about N6.4 billion to register SIN cards of GSM subscribers in the country. The lawmakers argued that they could not understand why the NCC would use tax payers’ money to register SIM cards purchased from service providers when it should have been the operators who ought to bear the cost of the registration. The commission had outlined modalities for the registration of SIM cards as part of efforts to curb the activities of criminals, who use mobile telephones to commit crime. But when the House debated the NCC’s 2010 budget proposals on Wednesday, lawmakers discovered that it was the commission that would bear the cost of the registration instead of service providers. The commission allocated N6.4 billion to the project.
Defence Ministry Denies Plan To Buy N3.4bn Yatch For Jonathan – Punch, Page 9
The Ministry of Defence has denied media reports that the Nigerian Navy plans to purchase a N3.3 billion yatch for the use of President Goodluck Jonathan. A national daily had reported that the request for the purchase of the multibillion naira yatch was forwarded to the office of the Minister of Defence, Mr. Adetokunbo Kayode (SAN), from the office of the Chief of Naval Staff. But the Media Adviser to the Minister of Defence, Group Captain Emeka Ozoemena, said in an email on Wednesday that the government had no plans to buy the reported yatch for the President. He, however, admitted while there was a provision in the 2010 “for such an item of expenditure,” it was cancelled because of the opposition of the President to the implementation of that aspect of the budget.
Nigerian Assumes Presidency Of UN Security Council Today – Thisday, Page 3
Nigeria will today assume the presidency of the United Nations (UN) Security Council. Nigeria’s Permanent Representative to the UN, Professor Joy Ogwu, who will occupy the Presidency for the month of July, is taking over from Mexico, which presided over the council in June. The Presidency rotates monthly according to the English alphabetical listing of its member states. The council is made up of five permanent members and 10 non-permanent members. China, France, Russian Federation, United Kingdom and United States are permanent members, while Nigerian, Austria, Bosnia Herzegovina, Brazil, Gabon, Turkey, Japan, Lebanon, Uganda and Mexico are non-permanent members, who were elected for a term of two years. Nigeria was elected to a non-permanent seat on the Council last October, along with Gabon, Brazil, Croatia and Lebanon. They placed Burkina Faso, Costa Rica, Croatia, Libya and Vietnam on the council on January 1, 2010.
Covenant Produces 95 First Class Graduates – Punch, Page 10
The Chancellor, Covenant University, Ota, Ogun State, Dr. David Oyedepo, has called for a re-definition of the purpose of education in Nigeria. He suggested a review of the nation’s higher institutions’ curriculum in order to make education a source of empowerment rather than a mere means of obtaining knowledge. He said this at a world press conference on the university campus on Wednesday as part of the activities to mark the institution’s fifth convocation ceremony scheduled for Friday. Ninety-five of the 1,140 graduating students of the institution will be awarded first class certificates in their different fields of study.
The management of Ecobank Nigeria Plc, yesterday in Lagos, assured shareholders of a return to the days of robust dividend payout, going by the performance so far this year, in addition to recoveries. Fielding questions at its Annual General Meeting, Jibril Aku, Chief Executive of the bank, explained that a lot of grounds have so far been covered in the area of recovery of non-performing credits, in addition to measures already put in place to curtail cost. According to him, “2009 was a difficult year for the Nigerian banking industry, but all the processes have been put in place to ensure that we turn-around (Ecobank)”, to ensure that it reports profit at the end of the current year. In his review of the year ended December 31, 2009, Chairman of the bank, Dr. Sonny Kuku, noted that at the end of the CBN stress test, Ecobank “was certified as healthy”. The stress test, he said, led too difficulties in the industry, leading to a general lull with attendant aggressive focus on impaired assets.
Ecobank Shareholders Task CBN On Debt Recovery – Guardian, Page 18
Shareholders of Ecobank Nigeria Plc yesterday urged the Central Bank of Nigeria (CBN) to put in place credit bureau charged with the responsibility of assisting banks recover their bad loans. The shareholders, who spoke at Ecobank’s yearly general meeting yesterday in Lagos, said the bureau should correct the situation where debtors move from one bank to the other to borrow money. Speaking on behalf of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the CBN adopted the wrong approach in its reform programme. According to Okezie, the poor balance sheets being declared by banks across the country is largely occasioned by the pressure mounted on banks to make provisions for their toxic assets, “which ordinarily should have been allowed to be spread over a period of time”. Making reference to the bank’s result for the year ended December 2009, Okezie said “we need to address the injustice in the banking industry. It is painful that we will attend yearly general meetings without receiving dividends. The CBN caused this. They should know that we only lost value and not our investment in these banks.” National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, in his submission, said any reform that continue to devalue investments after almost a year of its operation, needs to be revisited as it has, rather than add value to the economy, further set the economy backward. Nwosu encouraged the bank to come lower in its charges so as to attract customers, noting that the bank must work on its financial position and leverage on its good products to create the necessary confidence among depositors. In his reaction, Chairman of the bank, Olorogun Sonny Kuku, said that the efforts made by the bank to recover its loans were already in top gear with the setting up of a special committee. He said the bank has enlisted the service of five credit bureau agencies to further enrich the credit system of the bank in both the short and long term period. “Our bank has made significant progress in recovery and we will continue to focus aggressively in this respect”, he said.
Ecobank Embarks On TRAC Initiative – Next, Page 21
Ecobank Nigeria Plc said that it has set up an initiative called Troubled Risk Asset Committee (TRAC) to focus on recovery of its impaired assets. Sonny Kuku, Chairman of Ecobank, disclosed this at the bank’s 22nd Annual General Meeting in Lagos on Wednesday. He said that the bank had made significant progress in the recovery of its losses and would continue to focus on the initiative. According to him, in spite of challenges that faced the bank, its gross earnings grew by 9 per cent from N55.16 billion recorded in 2008 to N59.86 billion in 2009. Its losses before tax and extraordinary items stood at N5.94 billion in 2009 in contrast to the N898 million recorded in the corresponding period in 2008.
Ecobank Shareholders Call For Debt Recovery Committee – Punch, Page 19
Shareholders of Ecobank Nigeria Plc have called on the board of the bank to set up a debt recovery committee, saddled with the responsibility of going after debtors of the bank. The shareholders made this call at the bank’s 22nd Annual General Meeting on Wednesday in Lagos. According to the shareholders, there is a need to start an aggressive campaign against debtors of the bank. They added that some debtors, if left alone, would consider the loans from banks as national cake. The Chairman, Ibadan Zone Shareholders Association, Chief Oyepeju Aderemi, said, “We need to establish a debt recovery committee to run after debtors, so as to recover our money. Otherwise, no debtor will deem it fit to repay a loan if he is not disturbed.” Speaking in the same vein, the National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, urged the Central Bank of Nigeria to put in place a mechanism that would make debtors to repay loans collected from banks. He said that if the banks could recover their debts, it would put them in a good position. Responding, the Chairman, Ecobank, Dr. Sonny Kuku, said the bank had made momentous effort towards debt recovery. He said, “Our bank has made significant progress in recovery and we will continue to face aggressively on this. To emphasise the importance, we have set up an initiative called troubled risk assets committee to solely focus on impaired assets. We are pleased with efforts made and believe that even much more will be done.”
ETI Raises Stake In Ecobank Nigeria – Thisday, Page 64
The parent company of Ecobank Nigeria Plc, Ecobank Transnational Incorporated (ETI), has increased its equity holding in the bank from 71 per cent to 85 per cent. Making the disclosure at the 22nd Annual General Meeting (AGM) held in Lagos yesterday, Chairman of Ecobank Nigeria, Dr. Sonny Kuku, said that increase arose from Special Placing of 6.662 billion ordinary shares to the parent company. According to him, ETI had deposited N46 billion for shares with the bank since December 2008 and following the approval of the shareholders at the last AGM authorizing the directors to raise capital by any or combination means, the special placing was made to ETI. “With the special placing, our new shareholders’ funds grew to N73.5 billion from N31.8 billion. This improved the bank’s capital adequacy ratio from 10 per cent to 24 per cent while also allowing the bank to do additional businesses to enhance performance.” However, Kuku explained that the holding of ETI would be reduced in the next two years in line with statutory provision that the general public must hold minimum of 25 per cent equity in a listed company.
Shareholders Lose Patience On Debtors - Next, Page 22
Shareholders of Ecobank have called on the bank to go after its debtors in order to reduce its non-performing loans. The Ecobank’s 22nd Annual General Meeting in Lagos yesterday, they called on the bank to also improve on its lending activities in order to increase its income. One of the shareholders, who identified herself simple as Tope, said the bank should use every means at its disposal to recover some of its debts, even if it means naming and shaming these debtors. Adeyemi Oyepeju, another shareholder and Chairman of the Ibadan Zone Shareholders Association, asked the bank to establish a debt recovery committee in order to hasten its debt recovery drive. According to him, the problem of the banking industry is due to the regulatory environment which has become harsh for business.
Ecobank in Pix:
Punch, Page 15
Managing Director Jibril Aku; Chairman Olorogun Sonny Kuku; Company Secretary Denike Laoye, at the Ecobank Nigeria 22nd Annual General Meeting held at the Muson Centre, Lagos yesterday.
Vanguard, Page 7
Compass, Page 45
Mr. Jibril Aku, Managing Director, Ecobank Nigeria Plc; Olorogun Sonny Kuku, Chairman; and Mrs. Adenike Laoye, Company Secretary, during the bank’s 22nd Annual General Meeting in Lagos yesterday held at the Muson Centre, Onikan.
Thisday, Page 3
Business Day, Page 5
Jibril Aku, Managing Director, Ecobank Nigeria Plc, with Olorogun Sonny Kuku, Chairman, Ecobank Nigeria Plc, at the bank’s 22nd Annual General Meeting in Lagos.
Negligence: Unity Bank To Refund N6.4m To LASG – Daily Independent, Page 6
A Lagos High Court on Wednesday ordered Unity Bank Plc to refund N6.4 million to the Lagos State government coffers being the amount siphoned from an illegal account opened with the bank. Delivering judgment in a suit filed by the government against the bank over an illegal account opened with it, Justice Olateru Olagbegi held that the two signatories to the account were impostors who are not staff of the government. Lagos state had in the suit accused the bank of negligence for not following due process before the account was opened, adding that N6.4 million was withdrawn from the account before it was brought to its notice. Justice Olagbegi held that the bank failed to comply with necessary guidelines before the account was opened by the two impostors who claimed to be staff of Lagos State Board of Internal Revenue.
Q3: Skye Bank Projects N10.4bn Profit – Thisday, Page 64
Skye Bank Plc, one of the banks that passed the 2009 stress test of the Central Bank of Nigeria (CBN), has projected a profit before tax of N10.36 billion for the third quarter ending September 30, 2010. The profit, according to the figures made available by the Nigeria Stock Exchange (NSE) yesterday, would be recorded from the forecast gross earnings of N61.94 billion in the same period. Despite the challenges of 2009, the bank had recorded gross earnings of N126.67 billion for the year ended December 31, 2009 as against N74.62 billion achieved in 2008. Its net interest income rose by 54.52 per cent, from N30.47 billion to N47.09 billion, which is indicative of a high degree of efficiency in the management of its interest expense, and quality earning potential.
Depositors Lose N107bn To Wonder Banks – Punch, Page 2
Some customers of unregistered savings institutions, otherwise known as wonder banks, lost a whopping N106.9 billion, according to a report released by the Central Bank of Nigeria (CBN) on Wednesday. The report which was prepared by the Inter-Agency Committee on Illegal Fund Managers on behalf of the CBN, also revealed that 440 wonder banks were involved in “fleecing” of about 560,882 depositors. The report said that the depositors lost N104 billion or 97.3 per cent of the total sum of 36 illegal fund managers. One of the illegal wonder banks – Nospetco Oil and Gas Limited – allegedly made away with about N47 billion of the N104 billion. The committee, however, did not state how the balance of N2.9 billion was lost by the depositors. The committee members were drawn from the CBN, the Nigerian Deposit Insurance Corporation, Securities and Exchange Commission, the Economic and Financial Crimes Commission, Corporate Affairs Commission and the Nigerian Police Force.
S&P: CBN Requires Guarantee To Sell Banks – Thisday, Page 1
Standard & Poor’s, one of the world’s most reputable rating agencies, has said the Central Bank of Nigeria (CBN) may need to guarantee the acquisition of the rescued banks to be able to win the confidence of investors. S&P, which some days ago rated Nigerian banks as high investment risk, in a report obtained by THISDAY, titled “Banking Industry Country Risk Assessment Nigeria”, identified a number of hurdles in the way of the recapitalization of the rescued banks, the execution of banking reforms and the return of the financial institutions to profitability. “Domestic and International banks appear to have an only moderate appetite for acquiring the rescued institutions at present, and any acquisition would likely require strong guarantees by the authorities, also after a period of protracted due diligence,” said S&P.
Senate Goes Tough On Money Laundering – Guardian, Page 1
As part of efforts to strengthen the war against financial crimes, the Senate yesterday began amendment of the law on money laundering with a new provision that transportation of cash or negotiable instruments in excess of $10,000 by individuals in or out of the country shall be declared to the Nigerian Customs Service. In the part of the bill passed by the chamber, the Senate also said no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payments of a sum “(a) N5 million or its equivalent in the case of an individual or N10 million or its equivalent in the case of a body corporate”. The bill in part 1(2) further provides that “a transfer to or from a foreign country of funds or securities by any person or body corporate of a sum exceeding $10,000 or its equivalent, or in the case of Money Service Business, a sum exceeding $10,000 shall be reported to the CBN, Securities and Exchange Commission or the commission in writing within seven days from the date of the transaction.” The bill added 6that the Nigerian Customs Service shall report any declaration made in accordance to the law failing which severe penalty will be applied.
Nigeria Quits FIFA Events – Vanguard, Page 1
The Federal Government yesterday directed the immediate withdrawal of Nigeria from all Federation of International Football (FIFA) related events to enable the country reorganize its football administration. President Goodluck Jonathan, who approved the decision following the country’s dwindling show in football in the recent past, has also ordered the immediate disbandment of the national teams. Presidential spokesman, Ima Niboro, who briefed State House correspondents after a meeting between President Goodluck Jonathan and members of the Presidential Task Force on the 2010 World Cup, said the President also approved the auditing of all monies spent by the country during the ongoing World Cup in South Africa. “President Goodluck Jonathan has directed that Nigeria withdraws from international competitions for two years to enable the country put its house in order.” Niboro added that the President also approved that an audit of the 2010 World Cup finances be looked into and to bring to book whoever is culpable. The Chairman of the Task Force and Governor of Rivers State, Chief Rotimi Amaechi, said “our recommendation is based on what is on ground. We went to the World Cup and found all sorts of problems and we felt we should sit back and look inward.”
Jonathan Swears In Jega, Nnaji Others – Punch, Page 2
President Goodluck Jonathan on Wednesday swore in the new Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, and six National Commissioners of the electoral body. The six National Commissioners are Mrs. Gladys Nwafor; Col. M.K Hammanga (rtd); Prof. Lai Olurode; Dr. Ishmael Igbani; Dr. Nuhu Yakubu, and Mrs. Thelma Iremiren. Also inaugurated by the President were two of his Special Advisers – Prof. Barth Nnaji (Power); and Mr. Emma Niboro (Media and Publicity) – as well as two Special Advisers to Vice-President Namadi Sambo – Senator Isaiah (Special Duties) and Alhaji Hussaini Rigachikun (Political Matters).
States To Get Approval Before Executing Federal Projects – Thisday, Page 4
The Federal Executive Committee (FEC) rose from its weekly meeting yesterday in Abuja with a resolution compelling state governments to henceforth obtain approval from the President before executing federal projects in their states. Besides, the council emphasized that such projects should meet standards and guidelines of the appropriate federal ministry supervising such projects which affected state government wants to execute. The decision was consequent upon a report on the guidelines for execution of Federal Government projects by state governments and high cost of procurement in Nigeria submitted by Vice-President Namadi Sambo. Briefing State House correspondents at the end of the meeting, Information and Communications Minister, Prof. Dora Akunyili, in company with the Minister of State in the Ministry, Mr. Labaran Maku, said the council also approved that re-imbursement of expenditure should be subjected to the relevant section of the Public Procurement Act that deals with quality and cost.
Sim Cards: Reps Reject NCC’s Budget – Punch, Page 9
Members of the House of Representatives on Wednesday kicked against a proposal by the Nigerian Communications Commission to spend about N6.4 billion to register SIN cards of GSM subscribers in the country. The lawmakers argued that they could not understand why the NCC would use tax payers’ money to register SIM cards purchased from service providers when it should have been the operators who ought to bear the cost of the registration. The commission had outlined modalities for the registration of SIM cards as part of efforts to curb the activities of criminals, who use mobile telephones to commit crime. But when the House debated the NCC’s 2010 budget proposals on Wednesday, lawmakers discovered that it was the commission that would bear the cost of the registration instead of service providers. The commission allocated N6.4 billion to the project.
Defence Ministry Denies Plan To Buy N3.4bn Yatch For Jonathan – Punch, Page 9
The Ministry of Defence has denied media reports that the Nigerian Navy plans to purchase a N3.3 billion yatch for the use of President Goodluck Jonathan. A national daily had reported that the request for the purchase of the multibillion naira yatch was forwarded to the office of the Minister of Defence, Mr. Adetokunbo Kayode (SAN), from the office of the Chief of Naval Staff. But the Media Adviser to the Minister of Defence, Group Captain Emeka Ozoemena, said in an email on Wednesday that the government had no plans to buy the reported yatch for the President. He, however, admitted while there was a provision in the 2010 “for such an item of expenditure,” it was cancelled because of the opposition of the President to the implementation of that aspect of the budget.
Nigerian Assumes Presidency Of UN Security Council Today – Thisday, Page 3
Nigeria will today assume the presidency of the United Nations (UN) Security Council. Nigeria’s Permanent Representative to the UN, Professor Joy Ogwu, who will occupy the Presidency for the month of July, is taking over from Mexico, which presided over the council in June. The Presidency rotates monthly according to the English alphabetical listing of its member states. The council is made up of five permanent members and 10 non-permanent members. China, France, Russian Federation, United Kingdom and United States are permanent members, while Nigerian, Austria, Bosnia Herzegovina, Brazil, Gabon, Turkey, Japan, Lebanon, Uganda and Mexico are non-permanent members, who were elected for a term of two years. Nigeria was elected to a non-permanent seat on the Council last October, along with Gabon, Brazil, Croatia and Lebanon. They placed Burkina Faso, Costa Rica, Croatia, Libya and Vietnam on the council on January 1, 2010.
Covenant Produces 95 First Class Graduates – Punch, Page 10
The Chancellor, Covenant University, Ota, Ogun State, Dr. David Oyedepo, has called for a re-definition of the purpose of education in Nigeria. He suggested a review of the nation’s higher institutions’ curriculum in order to make education a source of empowerment rather than a mere means of obtaining knowledge. He said this at a world press conference on the university campus on Wednesday as part of the activities to mark the institution’s fifth convocation ceremony scheduled for Friday. Ninety-five of the 1,140 graduating students of the institution will be awarded first class certificates in their different fields of study.
Subscribe to:
Posts (Atom)