Basis
Nigerian government seizes bank’s assets over Shell’s N183 billion debt
File Photo Nigerian government have moved to sequester the assets of the country’s premier lender First Bank of Nigeria Limited in an effort to recover the damages oil major Royal Dutch Shell owed the Ejama Ebubu community of Rivers State in a legal contest spanning many decades, Bloomberg reported Thursday. Police operatives and court officials arrived the bank’s main branch in Port Harcourt on Tuesday to execute an order to seize the lender’s asset, FirstBank said in a statement. The bank said the incident leading to the confiscation of its properties was “unjustified, illegal and a reckless misuse of the machinery of justice.” Lagos-headquartered FirstBank resolved to guarantee the damages awarded against Shell by a Rivers State high court judge a decade ago. According to the estimation...
Ahmadu Bello University announces date for resumption
The management of the Ahmadu Bello University, Zaria, in Kaduna State, has fixed Monday, January 25th, 2021 as the date for the reopening of the institution for academic activities. However, the Director of Public Affairs of the ABU, Mallam Auwal Umar, said in a statement that the resumption date was subject to review by the Federal Government. The statement titled, ‘Ahmadu Bello University fixes January 25 for reopening,’ said the resumption date was approved by the Senate of the University at its 501st (Special) Meeting on Tuesday The statement read, “The 2019/2020 academic session would be completed based on the adjusted calendar as approved by the Senate. “The decision to reopen the University followed the suspension of ASUU strike, and the directive by National Universities Commission...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Coronavirus: Prof. Maurice Iwu restates efficacy of herbal medicine
Bioresources Development Group (BDG) chairman, Prof. Maurice Iwu has restated the efficacy of herbal medicine in the treatment of the COVID-19 cases as the virus enters variant stage globally. The former chairman of Independent National Electoral Commission (INEC) and eminent Professor of Pharmacognosy, Iwu, in a chat with Vanguard said that the effectiveness of special herbal drugs produced in the country, stands the chance of combating the disease at an early stage, but noted that the slow pace in acceptance and approval hinders its feasibility. Iwu also pointed that herbal extracts from a plant, “Andrographis Paniculata”, commonly known as green chiretta, already approved by the Food and Drug Administration (FDA) of Thailand is on its way to serve as an alternative treatment to the seve...
Coronavirus: Britain has vaccinated around two million people – health secretary
Britain has now given around 2 million people a COVID-19 vaccination, Health Secretary Matt Hancock said on Sunday ahead of a ramp-up in the roll-out of the shots on Monday. “Over the last week we’ve vaccinated more people than in the entirety of December, so we’re accelerating the roll-out,” he told BBC TV. Asked how many people had been vaccinated, Hancock said: “It’s around the 2 million mark, but we’re going to publish the exact figures tomorrow and then henceforth on a daily basis.” Get more stories like this on Twitter You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging an...
OPC slams President Buhari over increase in electricity tariff
File Photo The Oodua Peoples Congress has accused President Buhari of being insensitive to the plights of Nigerians, saying the sudden increase in the electricity tarrif is brutish and inhuman, describing it as an attempt to fuel national crisis. The group also restated its support and commitment to true federalism on the basis of regionalism, adding that Nigeria cannot make any meaningful progress with the 1999 Constitution, which it described as a democratic albatross. At a marathon meeting of the leadership and National Coordinating Council of the group in Lagos, the OPC, led by its National Coordinator and Aare Ona Kakanfo of Yorubaland, Iba Gani Abiodun Ige Adams, in a statement signed by the National General Secretary and Publicity Secretary, Babajide Tanimoowo and Yinka Oguntimehin,...
Olisa Metuh leaves Kuje prison
Former National Publicity Secretary of the Peoples Democratic Party, PDP, Chief Olisa Metuh, has been released from Kuje prisons following the court judgment that upturned his conviction. Newsmen gathered that Metuh left the prison about 4.46pm. on Thursday. Metuh was joyful, according to one his close aides who spoke with newsmen after he left the correctional faciility at Kuje where he had been held since February 25, 2020. “Yes, Oga has just left about two minutes ago,” one of Metuh’s aides told newsmen. He was seen off by the FCT Comptroller of Correctional Facilities and the head of Kuje Correctional Facility. Metuh was sentenced by Justice Okon Abang to seven-year imprisonment on the allegation of money laundering on February 25, 2020. However, the Court of Appeal penultimate Wednesd...
Nigerian government says 300,000 mass housing scheme strictly for low income earners
The Federal Government says its Social Housing Programme, one of the components of the National Economic Sustainability Plan (NESP), is targeted at low income earners. Imeh Okon, Senior Special Assistant to the President on Infrastructure, who made this clarification on Tuesday in Abuja, said the scheme was not meant for politicians or highly placed persons. The 300,000 social housing programme is a component of the NESP designed by the Vice President Yemi Osinbajo-led committee constituted by President Muhammadu Buhari to cushion the effects of COVID-19 on Nigerians. She explained that one of the objectives of the administration was to provide houses for citizens across the country. Okon said that the houses would be durable and of high quality not minding the low prices. “It is a social ...
AIBA approves new constitution in bid to regain IOC recognition
International Boxing Association (AIBA) has taken a step towards repairing a much-maligned governance structure that has been frequently criticised by the International Olympic Committee (IOC) after it approved an updated constitution at its virtual Congress. Under the new constitution, AIBA has installed term limits, rebranded the Executive Committee to the Board of Directors and reduced the number of members on the ruling body from 32 to 22. AIBA is hopeful the renewed document will appease the IOC, which last year suspended it as the Olympic governing body for the sport and stripped it of any involvement in the boxing tournament at the Tokyo 2020 Olympic Games because of concerns over its governance, finances and refereeing and judging. The Inquiry Committee, led by IOC Executive Board ...
Ole Gunnar Solskjaer must avoid Jose Mourinho’s mistakes to succeed
Manchester United boss Ole Gunnar Solskjaer has arguably fallen into the Jose Mourinho trap and needs to sort things out before they get out of hand. Sir Alex Ferguson often spoke about how, when setting his teams up, he would mostly focus on his own side and only a little attention was spent on the opponent. The legendary Scotsman made it a point to reiterate the balance was delicate and couldn’t sway too much in the other direction or it’d become dangerous. Mourinho often set United up on a match by match basis and it was why he was accused of not having any real tactics, philosophy or style at the club. When Solskjaer came in it was clear what he wanted the team to do and it was just a case of making the players do it better to show progression. It was partly why he won the job- for hav...
Air passengers decry upsurge in fares, seek urgent attention to roads, railway
Nigerians, who travel by air, have decried the “sudden” upsurge in air fares and urged the Federal Government to intervene to avoid poor patronage that could dwindle the fortunes of the aviation industry. Newsmen report that the air fares shot up by about 100 per cent in the last one week, with some airline operators even raising their fares by as much as 120 per cent or more. At Nnamdi Azikiwe International Airport, Abuja, the fare from Abuja to Lagos, which was N35,300 (Economy Class), rose to between N70,000 and N75,000. Newsmen found that Business Class travellers were charged between N100,000 and N120,000, depending on the airline. Our correspondents, who visited other airports across the country, found that the rise in airfares was the same, a situation that forced some passengers to...
NBS: N319.99 trillion e-payments recorded in Q3 2020
A total volume of 2,781,526,188 transactions valued at N319.99trn was recorded in the third quarter of this year based on data on electronic payment channels in the Nigeria banking sector, the Nigerian Bureau of Statistics has said. It disclosed this in its latest Selected Banking Sector Data which focused on sectorial breakdown of credit, e-payment channels and staff strength of Deposit Money Banks. The bureau said Real Time Gross Settlement transfers dominated the volume of transactions recorded. RTGS systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a real-time and on a gross basis. The NBS said 1,799,199 volume of online transfer transactions valued at N116.06trn were recorded in Q3 2020. In terms of c...
