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UBA resuscitates the Professorial Chair of Finance at University of Lagos, endows it with N52.9m…

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Pan-African financial services group, United Bank for Africa (UBA) Plc has resuscitated the UBA Professorial Chair of Finance at the University of Lagos with an endowment sum of the N52.9 million.

A cheque to this effect was presented to the Vice Chancellor of the University of Lagos Professor Rahman Bello and members of the institution’s governing council on Friday last week in Lagos by Mr. Phillips Oduoza, the Group Managing Director and CEO of UBA Plc.

The UBA GMD who led other executive management members the school said UBA is committed to the promotion of a globally competitive educational system in the country.

“We have seen that there is a huge gap in the funding of educational system in the country and UBA as an institution, strongly believes in the future of Nigeria and that a well trained and educated manpower is germane to our growth and development as a nation, which is the reason why we have decided to resuscitate this endowment,” he said.

Mr. Oduoza assured that the bank will continue to promote research and innovation in the Nigerian educational system, to boost man-power development and called on other banks, companies, institutions and individuals to emulate the UBA gesture.

“As first line beneficiaries of quality manpower, to support the pursuit of research and education in all Nigerian universities, private sector endowments will result in the creation of centers of excellence in different Nigerian universities, improving the quality of graduates, decision making and leadership in the society. Government alone cannot make this happen,” Mr. Oduoza stated.

The Vice-Chancellor of Unilag was full of commendations for UBA Plc for resuscitating this chair despite the economic meltdown in the country, just as he recalled the pioneering efforts of the bank in 1972 as it established the foremost chair in the university, the UBA Chair of Finance with an endowment.

Speaking on the robust relationship that exists between UBA and Unilag, the VC said, “It is worthy to mention here today that the first financial institution to show its presence on campus and to support academic excellence in the university was UBA. From our records, this reputable bank awarded scholarships to our students in the faculty of business administration way back from 1969/1970 academic session.”

Explaining further, the VC said, “The establishment of the UBA Professorial Chair of Finance in 1972 was the first at the University of Lagos and indeed in any other University in the country. It served as the major catalyst for the establishment in 1973 of the Department of Finance in the faculty of Business Administration.”

He added that the endowment would be used to facilitate faculty excellence by providing the much needed funds to the recipients for research, teaching and for other educational activities that will end up strengthening the knowledge base of the country.

UBA’s many contributions to education in Nigeria spans several initiatives and cuts across all geographical zones of the country.

The Bank, through its corporate social responsibility arm, UBA Foundation has provided world-class ICT centres include; Adekunle Ajasin University, Akungba-Akoko, Akure, Ondo State, University of Benin, Edo State, Federal College of Education, Osiele, Abeokuta, Ogun State, and the University of Ilorin, Kwara State.

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More Troubles For Umo Eno As Court Rejects Stay-of-execution Request

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A Federal High Court in Abuja on Tuesday dismissed an application filed by Pastor Umo Eno seeking a stay-of-execution of the Order which had nullified his nomination as the PDP governorship candidate in Akwa Ibom State.

The court which nullified Eno’s nomination, ordered that he should be replaced with Rt. Hon. Michael Enyong as the authentic PDP candidate.

In throwing out the request for stay of execution, the Court ruled that Umo Eno was never a party to the case filed by Enyong, and so his request could not be entertained by the COurt. The court therefore described Umo Eno as ‘’meddlesome interloper’’ for seeking to file an application in a matter he was never a party of.

Recall that in a judgement delivered on January 20, Justice Fadima Aminu of the FHC, Abuja, had ordered the PDP to submit Enyong’s name to INEC as its candidate. In a suit marked FHC/ABJ/CS/1295/2022 filed in August, Enyong had submitted that he won the party’s primary held on May 25. The defendant in the case was PDP. Enyong did not join Eno as a party in his case. How clever!

This means that it is only the PDP that has the locus to file an appeal or stay of execution application against the judgement which sacked Eno. So far, the PDP’s National Legal Adviser (NLA) is not willing to participate in the matter especially since he was never carried along in all the Umo Eno legal matters. Rather, the Akwa Ibom State Chapter of the Party had always engaged Barr. Emmanuel Enoidem (the former NLA) as its legal counsel, totally sidelining the current National Legal Adviser. Recall also that the PDP National Legal Adviser had a few weeks ago issued a public statement announcing that it is only the NLA that has the authority to brief and engage lawyers holding briefs for the party. The public statement had also warned party members to desist from engaging lawyers without his knowledge.

Meantime, I understand that Enyong’s lawyers had served INEC with the Court order and his name would soon be published by the electoral umpire as PDP’s authentic governorship candidate.

My Take:

1. The chances of Umo Eno returning to his former status as the governorship candidate is very, very slim. It probably will not happen.

2. Gov. Udom Emmanuel and the PDP have yet to come to terms with the fact that Umo Eno’s name has been deleted as the candidate. They are inconsolable in anger, grief and pain. ‘’They are experiencing a great sense of separation, akin to the overwhelming feeling of loss which one experiences when he is bereaved’’, says a political analyst and business man, Elder Aniefiok Isatt.

3. This development is also the greatest setback and the most devastating blow the PDP has ever suffered in the state since 1999. This case might just be some kind of ‘’Nunc Dimittis’’ for the PDP in the State.

4. Privatively, PDP stalwarts are quick to blame the governor for the woes that has befallen the party this season. They believe that by imposing a very unpopular person as the candidate, the governor had bruised and hurt the majority of the members.

5. The question many are pondering is: Will Udom Emmanuel take to Enyong and accept him as the PDP candidate, thus conceding that Umo Eno was never God’s revelation, contrary to what he told the people; or will the governor leave Enyong to his own devices and embrace a different person?

 

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Our Client Wanted To Say ‘Pupsy’, Not Her Private Parts — Lawyer Defends Embattled Nigerian Polytechnic Female Graduate

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Barrister Ikechukwu Nwaopara, a legal practitioner representing the interest of Sharon Ogechi Okoroafor, the graduating student of the Federal Polytechnic Nekede, Owerri, Imo State, who went viral on social media for saying that she graduated with the help of God and her private parts, has said his client was misinterpreted.

The lawyer, who made the appeal to the institution’s management in a statement made available to newsmen, claimed that their client had no intention of disparaging the institution’s reputation, standards or integrity.

The statement reads: “We are solicitors to OKOROAFOR OGECHI SHARON (our client under our Pro Bono (Free Legal Services) on whose behalf we write this memo to you.

“We are aware that she will be facing the school disciplinary panel this morning, and we wish to use this medium to express our confidence that the panel will carry out their duties in compliance with the principles of Fair hearing, good conscience and natural justice, devoid of harassment, intimidation, and threats.

“We have met and discussed with our Client and evidence before us shows that she has no intention to defame the character, standard and integrity of the institution. In her words what happened in the said viral video was a slip of tongue as a result of her uncontrollable ecstasy over her graduation. Her intended words were “God and Pupsy” in appreciation of the Almighty God and her dad.

“It is clear, therefore, that she had no intention whatsoever to use such a “foul word” in the said viral video to cajole or blackmail the institution, as no lecturer or name of the institution was mentioned or referred to in the said viral video.

“Our lawyers are already on ground at the institution now to follow up the proceedings at the panel against any form of intimidation or harassment. The integrity and standard of the said institution is not in doubt especially since my senior brother, Rev Dr Arimanwa took over as the Rector. Indeed, justice is for all parties.”

We had reported that after Sharon’s video went viral on the internet, the management of the institution announced that it would investigate her action as it was capable of dragging the reputation of the school to the mud.

 

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Alleged N1.4bn Fraud: Witness Reveals How Kogi Assembly Candidate, Atumeyi Fraudulently Benefitted N681m from Union Bank Customers’ Accounts

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The first prosecution witness, PW1, Olusegun Falola, in the ongoing trial of Ismaila Yousouf Atumeyi, a Kogi State House of Assembly candidate of the New Nigeria Peoples Party, NNPP, and two others, on Monday, January 31, 2023, told Justice Tijani Ringim of the Federal High Court sitting in Ikoyi, Lagos how the sum of N681m (Six Hundred and Eighty-one Million Naira) was paid into Atumeyi’s business account.

Atumeyi is standing trial alongside Ngene Joshua Dominic and Abdulmalik Salau, a former employee of Union Bank Plc, on an 18-count charge bordering on alleged cybercrime and money laundering to the tune of N1.4bn.

Led in evidence by the prosecution counsel, Rotimi Oyedepo, SAN, Falola, an Internal Auditor and Team Lead, General Investigations, Union Bank Plc, told the court that “sometime in October 2022, during the periodic internal review of accounts of customers, we observed that some accounts that were placed on No-debit were debited.

“In the course of our review, it was observed that the methodology employed in debiting the said accounts was different from the way accounts are being debited in the normal banking activity.

“Based on this, the case was assigned to me for further internal investigation. During the review, I observed that beyond the few accounts that were referred to me for investigation, there were other numerous accounts that were being debited.

“Furthermore, the debits on these accounts were traced to two beneficiaries, Atus Homes Limited account and Fav Oil and Gas Limited.

“These two accounts received the sum of N681m and N1.38bn, respectively from the account of 429 customers.”

He also told the court that further investigations revealed that Atumeyi is the signatory to the Atus Homes Limited account, while the signatories to Fav Oil and Gas are Shuaibu Yusuf and Nurudeen.

According to him, all illicit debits on the customers’ accounts were done via internet banking on one of the bank’s platforms known as Union 360.

Giving further testimony, he said: “As at the time of investigation, over 600m had been withdrawn from the account of Atus Homes Limited and over N800m withdrawn from Fav Oil and Gas.

“We also realized that they were able to make those fraudulent transfers because the bank system was fraudulently manipulated.

“It was this realization that made us know that only a person with privileged information on the bank’s information technology could have carried out such illicit transactions.

“It was based on that knowledge that we reported the matter to the EFCC for further investigation.”

Oyedepo sought to tender the petition written to the EFCC, the correspondences between EFCC and the bank as well as the defendants’ statements of account that had been identified by the PW1.

However, counsel to the third defendant, Babatunde Ogunwo, objected to the admissibility of the attached statement of account on the grounds that the prosecution had not sufficiently complied with Section 84 (2) 2(4) of the Evidence Act.

“I strongly believe that the prosecution has not satisfied the provisions of Section 84 (2) 2(4) of the Evidence Act. All I heard the witness say is questions put to him by the prosecution.

“However Section 84(2) of the Evidence Act gives conditions more than what the witness has stated.

“There are four legs as stated by the Evidence Act and the witness has only answered one. These conditions have to be complied with.

“I humbly submit that the prosecution has not complied with the conditions stated for the admissibility of the statements of account”, Ogunwo argued.

Responding, Oyedepo said that the argument of the defence counsel was misconceived and also missed its target.

He, therefore, urged the court to discountenance the objection of the defence.

He also submitted that the certificate of identification as enshrined in the Section of the Evidence Act “is not a ritual that must be performed in achieving admissibility of computer-generated evidences.”

He further argued that “where the issue is as to the failure to comply with procedural steps towards admissibility, the order the court will make is not to reject the document, but to urge the tendering party to regularize.

“This document is relevant in the determination of this matter and I urge my Lord to so hold.”

In a short ruling, Justice Ringim overruled the objection of the defence and admitted the evidence in exhibit.

Justice Ringim also granted the second defendant, Dominic, bail on the same terms of the 3rd defendant, as granted on January 6, 2023.

The matter was adjourned to February 2, 2023 for continuation of trial.

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