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Deputy Speaker to Chair EMPOWER NIGERIA Road Show

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The Deputy Speaker of the Federal House of Representatives His Excellency Hon Emeka Ihedioha will be Chairman of the Empower Nigeria Trade and Investment Opportunities Road Show which kicks off on the 21st of July in Enugu. The Deputy Speaker who has been in the fore front of advocacy for the Empowerment of Youths and Women in Nigeria is using this event to demonstrate his commitment and belief that the Nigerian Youth and Women represent the future of Nigeria’s development.
Empower Nigeria is a new initiative which is private sector led and it boosts of a number of partners and supporters including Chief Emeka Anyaoku the former Common Wealth Secretary General who serves as overall Chairman of the Initiative. Other strong supporters of the Initiative as demonstrated at the Lagos launch in December 2013 at the Intercontinental Hotel, include Dr. ABC Orjiako Chairman of SEPLAT, Chief Ernest Shoneko former Head of State, Tunde Folawiyo Group CEO of the Folawiyo Group, Dr Ernest Azudialu Obijesi Group CEO of NESTOIL Plc, Mr Alex Otti of Diamond Bank, Ifie Sekibo MD of Heritage Bank and a hots of others. The Initiative is designed to support and promote the development of more entrepreneurs in Nigeria in an effort to reduce unemployment across the board. The Road Show takes the message of Empowerment on the road meeting with the Nigerian people in the heartland of Nigeria. Delegates attending the Road Show can be assured of getting educated by some of Nigeria’s most respected and successful Entrepreneurs including Chief Innocent Chukwuma the Group CEO of Innoson Group, Nigeria’s first manufacturer of Cars, Trucks and Buses.
The Founder of EMPOWER NIGERIA and President/CEO of Anabel Group Nicholas Okoye had this to say about the Road Show …..
…..” We are excited that we are in a positon to fulfil our promise to the Nigerian PEOPLE that we will be taking our message of Empowerment, support for Micro, Small and Medium Businesses, Entrepreneurship and Leadership, to the heartland of Nigeria. We are grateful to the Hon Deputy Speaker His excellency Hon Emeka Ihedioha for his Leadership of the Empower Nigeria Road Show, and his vision for taking our message to message to the next level, we are very privileged to have a very powerful lineup of Entrepreneurs who will be sharing their experiences and setting the stage for a true Entrepreneurial revolution in Nigeria, these include Chairman of INNOSON Group Chief Innocent Chukwuma, Chairman CHIKASON Chief Okafor, and a host of others. We are especially delighted and grateful to His Excellency Governor Theodore Orji for serving as the Chief Host of the Empower Nigeria Road Show in Umuahia and for his leadership in designing a special scheme that will see thousands of young people and women empowered in Abia State.”
In addition to the Enugu event, the Road Show will be touching down in Nnewi on the 23rd of July, Umuahia on the 25th and Owerri on the 26th of July,

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Wema Bank Emerges Best Performing Bank in Half year 2022

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Nigeria’s most innovative bank, Wema Bank Plc, has emerged the best performing bank in the first half of year 2022 financial year with a weighted average score of of 2.83 points, beating 12 other bank’s.

 

According to a special report on the Nigerian banking performance in the first half of 2022 prepared by Nairametrics, Wema Bank ranked first in one category, second in three categories and third in one category. Stanbic IBTC and First Bank came second and third respectively..

 

The key metrics considered in the report are total asset growth, loan book growth, profit growth, cost-to-income ratio movement, and return on average equity.

 

The 13’reviewed banks which are listed on the Nigerian Exchange posted a net profit of N1 trillion in 2021 from N887.1 billion recorded in 2020.

 

The 13 reviewed banks are Wema Bank, First Bank of Nigeria, FCMB, GTB, Jaiz Bank, Access Bank, and Stanbic/IBTC. Others are UBA, Sterling Bank, Unity Bank, Union Bank, Zenith Bank, and Fidelity Bank.

 

During the first six months of 2022, the thirteen banks posted an aggregate of N501.1 billion as profit after tax, representing an increase of 13.1% compared to N443.17 billion recorded in the corresponding period of 2021

 

The banks grew their bottom line despite headwinds ravaging the global economy as the energy crisis triggered a significant surge in the operational costs of businesses operating in the country, while some banks were forced to ration their operating hours in a bid to manage the rise in the cost of operation.

 

Wema Bank came first in the category of

Leading bank’s by customer deposits growth . The bank recorded ±30.2 percent customer deposit growth during the review period, followed by Fidelity Bank and Access Bank with +13.1 percent and +12.8 percent respectively.

 

Wema Bank came second in three other categories – total assets growth rate (+13%), loan book growth rate (+19.9%) and profit after tax growth rate {+47.8%}.

 

Stanbic IBTC , the second place winner, ranked first in total asset growth rate and leading bank’s by cost to income ratio growth rate

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Again! FCMB Lands IN Serious Trouble Over False Claim…… As Court Orders Bank To Pay N540m Damages.

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First City Monument Bank (FCMB) is in hot soup as the Federal Capital Territory (FCT) High Court has ordered the bank to pay N540.5 million in damages to Pastor Emmanuel Omale of the Divine Hand of God Prophetic Ministry and his wife, Deborah over false claim that they laundered N573 million for former chairman of the EFCC, Ibrahim Magu.

Delivering judgement in the suit, Yusuf Halilu, the judge, held that the bank breached its “duty of care to the claimants,” the Omales and their church.

The judgment was on the suit marked: FCT/HC/CV2541/2020 filed by Mr. Omale, his wife and the church.

The judge held that the evidence before the court showed that the bank admitted error in its report to the NFIU of entries in the account of Divine Hand of God Prophetic Ministry which was accused of laundering money on Mr. Magu’s behalf.

Mr. Halilu also said the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded.

The judge held that FCMB admitted the error, which brought incalculable damage to the reputation of the claimants both within and outside the Nigeria – depleting their church’s membership.

Mr. Halilu said the claimants provided sufficient evidence to establish case of negligence against FCMB.

Consequently, the judge awarded N200 million as aggravated damages; N140.5 million as specific damages and N200 million as general damages.

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More Troubles For Dangote Cement As Kogi Govt Demands 10 Per Cent Share, Orders Immediate Seal Off

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However, Dangote Cement is facing allegations of sharp practice from Kogi State government, Kogi Assembly as well as Akwa Ibom State.Already, the Kogi State House of Assembly has ordered stoppage to the activities of the company in two Local Governments in the State while investigations continue.

To make the claim possible, Kogi State House of Assembly ordered the management of Dangote Cement company to provide all necessary documents that have to do with the transfer of Obajana Cement Company owned by Kogi state government to Dangote Cement Company.

The House also directed that the documents signed at the establishment of the Company and relevant receipts of dues it claimed to have paid to Kogi State Government available at the next adjourned sitting date.

The speaker of Kogi State House of Assembly, Matthew Kolawole, gave the order after interim reports of the ongoing investigative hearing on Internally Generated Revenue (IGR) which was submitted by the ad hoc committee led by Hon. Isah Tenimu Umar, Member Representing Lokoja I Constituency and deliberated upon at the plenary on Wednesday.

Kolawole said this has become important in view of the claims and counterclaims between the Chairman of Kogi State Internally Generated Revenue Service (KGIRS) and representatives of Dangote Cement as the acting chairman of KGIRS, Salisu Enehe had earlier accused Dangote Cement Plc Obajana of forging its tax receipt during the investigative hearing by the State House of Assembly.

According to the State Revenue Boss, most of the figures the company claimed to have paid are totally incorrect, urging the company to check its record.

He added that despite the billions of Naira that company is making from the state monthly, it has failed to pay taxes that are due to the state and Lokoja Local Government Area.

Nigerians Getting ₦1,593,247 Per Week From ₦99,000 Investment in Amazon
Nigerians Getting ₦1,593,247 Per Week From ₦99,000.

In another development, Following the unrestrained environmental degradation in Ankpa and Olamaboro local government areas, Kogi state House of Assembly on Wednesday, directed the Commissioner of Police and Commandant of the Nigeria Security and Civil Defence (NSCDC) to seal off operations of Dangote Plc in the affected areas of the State.

The House gave the order during a public hearing on activities of Dangote Group in the state, especially on the the massive exploitation , environmental degradation and non compensation to the affected owners of the land and without revenue accruing to the state government.

The Speaker, Kogi state House of Assembly, Mathew Kolawole, charged the NSCDC commandant to ensure immediate implementation pending when the ad hoc committee on revenue clarifies some grey areas. Kolawole, who lamented the environmental degradation caused by mining activities on Kogi by the Dangote group and its subsidiaries, accused the multi national business concern of making billions in the state but yet fails to give back to it.

Akwa Ibom is also finding it difficult to collect its entitlement from the Dangote Group. According to reports from the place, the Itu Local Government blocked Dangote premises with their trucks because the company has refused to pay tax for more than two years despite pleas and series of warnings.

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