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Elumelu lauds FG’s Economic Recovery Plan at UBA’s AGM

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The Chairman of the United Bank for Africa Plc, Mr. Tony Elumelu, has strongly commended the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stimulating the Nigerian economy, and bringing to bear a coordinated policy response that will positively jumpstart the Nigerian economy.

 

According to Mr Elumelu, recent actions by the Federal Government, including greater liquidity in the foreign exchange markets, have already had a positive impact on the economy, giving Nigerians and foreign investors alike hope that the nation’s economy is on the road to recovery.

 

Speaking during 55th Annual General Meeting of the United Bank for Africa Plc, Elumelu said, “I would like to commend the Federal Government of Nigeria and President Buhari on the launch of the economic recovery programme. The Economic Recovery and Growth Plan is a robust call to action and we look forward to its rapid implementation. We were honoured to be consulted before the launch, and I believe, as a significant investor in Nigeria, that if we all give our support to the programme, the country will quickly recover.”

l-r: Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka; Group Chairman, Mr. Tony O. Elumelu; and   Deputy Managing Director, Mr. Victor Osadolor, at the 55th Annual General Meeting of UBA Plc, held in Lagos on Friday

Mr Elumelu added that the CBN had also implemented decisions that have helped strengthen the nation’s economy.  “I also commend the CBN for the decisive way they have been managing the economy, especially the way the foreign exchange regime is responding to their targeted intervention.”

 

The UBA Group Chairman used the opportunity to highlight the Group’s commitment to customer service. Our Customer First programme is central to the Bank’s ambition to be the Bank of choice for all Africans. He also applauded staff and shareholders on the performance of the Bank and for their loyalty, adding that the results show that UBA had made a wise decision, by investing in other African countries outside of Nigeria. Addressing the shareholders at the AGM he said: “Many said we are too bold in ambitions in Africa. It is clear from these results that our strategy has been proved correct. I want you to know that by investing in UBA, you have diversified your portfolio, you have not just invested in a Nigerian bank, but have invested in a bank with earnings now coming from across Africa”.

 

Mr Elumelu also praised UBA’s new leadership team. “Last year we had a leadership change and a new CEO, Kennedy Uzoka was appointed, which we are formally introducing today. Let me say that Kennedy and his team have hit the ground running. At the board level, we are extremely impressed by the financial performance that they are already delivering. We all have great faith in their ability to deliver.”

Group Managing Director/Chief Executive Officer, UBA Plc, Mr. Kennedy Uzoka said: “As we deliver our Customer First Philosophy, we are approaching 2017 with stronger optimism, especially with the outlook remaining positive in most of our markets. We are aware of the macro economic challenges, competition and constantly changing customer preferences. However, we believe we are well equipped to win in the market. We will further develop our unique Pan- African platform to improve productivity, extract efficiency gains and grow our share of customers’ wallet across all business lines and markets. We will continue to build on our strong governance culture, zero-tolerance for infractions and transparency in furthering our frontiers of leadership in the African market.”

 

United Bank for Africa Plc is a leading pan-African financial services group, with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in1970. It was also the first Nigerian bank to issue Global Depository Receipts. The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

 

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Newly Sworn-In Edo Governor, Monday Okpebholo Appoints Adams Oshiomhole’s Son Into Cabinet……

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Newly sworn-in governor of Edo State, Senator Monday Okpebholo, has appointed Barrister Musa Ikhilor as the Secretary to the State Government (SGG).

 

The appointment, alongside others, was the first to be made by the governor hours after assumption of office on Tuesday.

 

 

Also, a former federal lawmaker, Dr Samson Osagie, has been nominated as the State’s Attorney-General and Commissioner for Justice, while Dr. Cyril Oshiomhole was nominated as Health Commissioner.

 

 

Dr. Cyril is the son of the former Governor Adams Oshiomhole, who is the incumbent Senator representing Edo North senatorial district of the State in the National Assembly.

 

The appointments were contained in a press statement endorsed by the Chief Press Secretary (CPS) to the governor, Fred Itua, which said the nomination of Osagie and Oshiomhole will be confirmed by the Edo State House of Assembly when their names are forwarded by Governor Okpebholo.

 

Dr. Samson Osagie, the nominee for the office of Attorney-General, is a private legal practitioner having been called to the Nigerian Bar on March 22, 1995

 

 

He is also the current vice president of the African Bar Association (West African Region).

 

Born on November 11, 1967, Dr. Osagie hails from Uhunmwode Local Government Area of Edo State.

 

He was a two-term member of the Edo State House of Assembly and also the House of Representatives where he rose to the position of the Minority Whip.

 

 

He has been involved in intensive legal practice across Nigeria and the African continent.

 

He holds a First degree in Law from the prestigious Obafemi Awolowo University, Ile- Ife, a qualifying Certificate for Law practice from the Nigerian Law School, a triple Master’s degrees in Law, Public Administration and International Relations. He also bagged a Doctorate Degree in Political Economy and Development Studies.

 

 

He has been Legal Adviser, Solicitor, and Consultant to many corporate Organisations and development partners.

 

For his part, Dr Cyril Adams Oshiomhole’s academic journey began at St. Anne’s Primary School, followed by Command Secondary School, where. He later pursued higher education at Ahmadu Bello University, Zaria, where he earned his Bachelor’s degree in Medicine and Surgery (MBBS).

 

 

Oshiomole enrolled at Tulane University School of Public Health and Tropical Medicine, New Orleans, LA. where he obtained a Master of Science in Public Health (MSPH, majoring in Environmental Health, Toxicology, and Disaster Management).

 

 

 

His academic pursuits continued at Harvard University, Boston ,where he underwent postgraduate training in Clinical Research and at Queen Mary University, London, where he studied Gastroenterology.

 

 

Barr. Ikhilor was born on August 6, 1980 at the University of Benin Teaching Hospital, Benin City, Edo State. Barr. Ikhilor attended Ahmadu Bello University, Zaria, where he obtained an LL.B in 2008 (Second class Upper Division). In 2009, he obtained a B.L. (Second class Upper Division) at the Nigerian Law School and was enrolled as a Barrister and Solicitor of the Supreme Court of the Federal Republic of Nigeria. In 2017, Barr. Ikhilor proceeded to acquire his Masters degree in Telecommunications Law (LL.M) from same Ahmadu Bello University, Zaria.

 

 

Barr. Ikhilor has over 11 years of experience in Legislative Drafting, Parliamentary Administration, Lawmaking procedure and processes, Constitutional drafting and amendment, and general Legislative Governance issues working in various capacities at the National Assembly.

 

 

 

In 2019, he was appointed as a Consultant to the Federal House of Representatives of the Federal Republic of Nigeria on the review of the 1999 Constitution of the Federal Republic of Nigeria, where he has been closely analysing and reviewing matters on Gender Equity, Human Rights, and strengthening Institutions of Government and creating efficient and transparent processes and systems to deliver Good Governance.

 

 

Also in 2019, he was appointed as Senior Special Assistant and later Special Adviser to the Deputy Speaker of the Federal House of Representatives of the Federal Republic of Nigeria who also doubled as the 1st Deputy Speaker of the ECOWAS Parliament.

 

 

 

In May 2022, he was assigned to act as Chief of Staff to the Deputy Speaker of the Federal House of Representatives of the Federal Republic of Nigeria when the substantive Chief of Staff resigned to contest in the 2023 parliamentary elections.

 

 

 

In June 2022, Barr. Ikhilor was appointed by the Supreme of the Federal Republic of Nigeria as a Notary Public.

 

 

Barr. Ikhilor is active in Business, Corporate Legal Practice and social works where he serves as the Managing Partner of Springfield Legal Consult and as the Executive Director & Board of Trustees member of Amana Legacy Foundation. In addition to these roles, he also provides consultancy services to several private and public sector entities. He is married with children.

 

 

 

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Lagos  State govt to concession Red and Blue Line rails for sustainability, loan repayment…. 

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The Lagos State Government has revealed plans to concession the operations of the Red and Blue Line rail systems to the private sector to ensure their sustainability and repay loans taken for the rail projects.

 

The disclosure came from the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, during a recent TVC News interview, where he discussed measures being put in place to sustain the rail systems in the state.

 

Osiyemi explained that concessioning would involve transferring the operations of the rail systems to private sector players for a specified period, a strategy designed to guarantee continuity and effective management of the rail projects.

 

 

The ultimate game is for all our rail systems we’ve done—that is, the Red Line and Blue Line—there is going to be some concessionairing with the private sector for a period of time to ensure sustainability and continuity,” he stated.

 

He added, “The concessioning would help pay back the loans taken for the rail projects.”

 

 

The commissioner highlighted that the concessioning strategy aims to ensure efficient operations and financial sustainability, aligning with the state’s vision for a world-class transportation network.

 

More insight

 

Osiyemi further emphasized the significant financial and technical demands involved in operating rail systems, describing them as capital-intensive projects that require substantial resources and specialized expertise.

 

 

To address these challenges and build local capacity, he explained that the Lagos State Government has engaged foreign partners to temporarily manage the operations of the trains.

 

These partners are expected to not only ensure efficient operations during their tenure but also transfer essential skills to Nigerian personnel. The plan includes a structured training program lasting one to two years, after which management of the rail systems will be fully handed over to local operators.

 

“What we have done is we have consulted foreign partners who, of course, would run these trains for a particular period of time and train our people—that is, transfer of skills.

 

They will train our people for one to two years, then hand over for our own management,” Osiyemi stated.

 

 

What you should know

 

The Lagos State Government, under its Lagos Strategic Transport Master Plan, has outlined an ambitious vision to develop multiple rail systems across the state.

 

Currently, only the first phases of the Red Line and Blue Line rail systems have been completed, with passenger operations already commenced.

 

The Blue Line is a 27km electric rail line designed for sustainable operations. Its first phase, covering 13km from Lagos Marina to Mile 2, was completed in 2023 and commenced commercial operations in September, transporting over 2 million passengers to date.

 

 

The Red Line, spanning 37km from Agbado in Ogun State to Oyingbo in Lagos, operates on diesel. Its first phase, a 27km stretch, includes eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

 

 

The construction of the second phases of both the Red Line and Blue Line rail systems is being handled by the China Civil Engineering Construction Corporation (CCECC), which also oversees the operation of the trains.

 

 

Beyond the Red and Blue Lines, the state has plans for additional rail systems, including the 68km Green Line (Lekki Free Trade Zone to Marina), the 85.7km Purple Line (Redemption Camp to Ojo), the 48km Orange Line (Ikeja CBD to Agbowa), and the Yellow Line, to further enhance the state’s transportation network.

 

 

 

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Finance Ministry Allegedly Spent N55million On Sendforth  Of Perm Sec, Udo Okonkwo Ekanem, Pays Money Into Personal Account…

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A  review of public payments portal, Govspend, has shown that a sum of over N55 million, was paid into the account of one Unoh Omolara, for the sendforth party of Udo Okonkwo Ekanem.

 

The payment was made by the Federal Ministry of Finance.

 

Okonkwo served as the permanent secretary, special duties of the ministry.

 

The payment for the party was made on September 13th, 2024.

According to the payment description, the event was scheduled to hold at Transcorp Hilton hotels on September 6th, 2024.

 

 

Further checks revealed that the event was confirmed by the ministry of finance on its website.

 

The ministry had noted that it celebrated the Ekanem in appreciation of his oustanding commitment.

 

 

This is despite the provision of Chapter Seven, Section 713 of Nigeria’s Financial Regulations 2009 states that “Personal money shall in no circumstances be paid into a government bank account, nor shall any public money be paid into a private account.”

 

The money spent on the sendforth was twice the amount spent to set up 28 boreholes in Jigawa State.

 

According to details on the Govspend website, N28.3 million was spent on drilling twenty-three solar powered borehole and five numbers hand pump boreholes in Jigawa State.

 

 

This would mean that this money spent on sendforth, half of it would have provided same number of solar powered boreholes and hand pumps in other locations of the country.

 

There have been concerns over prudence in management of government resources by different ministries’ department and agencies.

 

Although, the government has expressed its commitment to accountability, experts say there are loopholes exploited by different government parastatals.

 

 

 

Source: Sahara Reporters.

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