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Folarin Kehinde

Folarin Kehinde

Business

Access Bank Targets Top 20 Position in UK, $1bn Profit by 2027

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

Access Bank, sub-Saharan Africa’s largest bank by customer base, has shared insights about ambitious plans to position its UK subsidiary, Access Bank UK, among the top 20 banks in the United Kingdom, targeting an annual profit of $1 billion by 2027.

This was disclosed by Roosevelt Ogbonna, the Managing Director/Chief Executive Officer of Access Bank, during the “Facts Behind the Rights Issue” presentation held at the Nigerian Exchange (NGX) office in Lagos.

Ogbonna emphasised that this projection underscores Access Bank’s commitment to becoming a global banking leader, focusing on expansive growth and robust financial performance.

“We are positioning ourselves to be one of the most respected banks globally. Our focus is on superior service across all the continents and countries we are operational in, and by 2027, we aim to be one of the top five African banks, powering trade across the continent and providing superior services to our customers,” Ogbonna stated.

The CEO further highlighted that Access Bank’s customer base is expected to grow to 125 million by 2027, further cementing its market leadership. This ambitious growth plan is part of the broader strategy to drive organic growth through strategic acquisitions, partnerships with international banks, and substantial investments in infrastructure and technology.

The insights were shared as part of discussions around Access Holdings’ ongoing Rights Issue, which aims to raise up to US$1.5 billion to strengthen its financial position and support its growth ambitions. The rights issue offers 17,772,612,811 ordinary shares at N19.75 per share and will close on August 14, 2024.

The Fact Behind the Rights Issue was attended by the stockbrokers, shareholders, NGX management, Access Holdings’ executive and management, the media, amongst others. The shareholders gave their vote of confidence in Access Holdings and Access Bank, and particularly, the Rights Issue.

Bisi Bakare, National Coordinator, Pragmatic Shareholders Association of Nigeria, noted, “Since Access Bank first started trading on the stock exchange at N0.65, we shareholders have witnessed its incredible growth and accrued immense value, with the stock now trading at N19.35 as of June 9.”

“Access Holdings can be confident that as the consolidation phase of the Group’s expansion fully takes shape and the brand’s profitability continues to increase, those of us who have been on this journey from the beginning are not about to jump off now. We fully back the capitalisation plans, starting with the Rights Issue, and are excited for the future that lies ahead for Access Holdings,” Bakare added.

July 12, 2024 0 comments
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Africa & World

Tension as hundreds of Al Qaeda, Boko Haram terrorists escape from Niger Republic Prison

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

The escape has raised concerns about the ability of Niger’s military to contain jihadist threats in the region, particularly as they are already stretched thin protecting the junta that seized power in last year’s coup and responding to attacks in the west.

A curfew has been imposed in the restive Tillaberi region of Niger Republic after a mass prison break at the high-security Koutoukale prison, approximately 50 kilometres northwest of the capital, Niamey.

The incident occurred on Thursday, according to the interior ministry. This is not the first attempted jailbreak at the facility, with two previous attempts in 2016 and 2019 being thwarted.

The escape has raised concerns about the ability of Niger’s military to contain jihadist threats in the region, particularly as they are already stretched thin protecting the junta that seized power in last year’s coup and responding to attacks in the west.

Zagazola Makama, a counter-insurgency expert in the Lake Chad area, disclosed that the prison, located near the capital city of Niamey, was the scene of a violent mutiny that overwhelmed guards and allowed inmates to escape with weapons and vehicles.

Citing eyewitnesses, gunshots and explosions were heard inside the prison around midday, prompting a quick response from security forces. However, the inmates had already gained control of the prison, breaking through armoured gates, barbed wire, and trenches.

Meanwhile, the ministry did not specify in its statement how many prisoners managed to escape in the latest jailbreak.

Interior Minister has issued a radio message to all governors, confirming the escape and urging village chiefs and religious leaders to report any suspicious individuals.

A curfew has been declared in the Tillabéri region, and the entire River Niger region is on high alert. The curfew restricts all movement of pedestrians, bicycles, and motor vehicles.

According to Reuters, the prison’s inmates include detainees from the West African country’s conflict with armed groups linked to al Qaeda and Islamic State and suspected Boko Haram insurgents.

Niger and its neighbours – Mali and Burkina Faso, all under military rule, have been battling to contain increasing jihadist attacks.

On Monday, at least 14 soldiers were killed and 11 others wounded in an attack by suspected jihadist groups linked to al-Qaeda in the Tillaberi region.

The troops were ambushed between the villages of Ila Fari and Djangore with 24 soldiers still reported missing.

The three military-led countries have all expelled French soldiers who were there helping to fight jihadist groups and turned towards Russia for military assistance.

Thousands have been killed in the insurgencies and more than three million displaced, fuelling a deep humanitarian crisis.

July 12, 2024 0 comments
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Headlines

Court Grants Former Minister Of Power 10billion Naira Bail Over Fraud Allegation

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

The Federal High Court in Abuja has granted a former Minister of Power, Saleh Mamman bail, to the tune of 10billion Naira and two sureties in like sum.

Justice James Omotosho while ruling on a bail application by the defendant and noting that the offence is one that is bailable, held that the sureties must own properties in Abuja with minimum value rate of 750 million Naira.

The court held that sureties must submit certified land documents to the court with a three year tax levy.

The trial judge however held that in the alternative the defendant can produce bank guarantee of the said amount.

The court held that sureties must submit certified land documents to the court with a three year tax levy.

The trial judge however held that in the alternative the defendant can produce bank guarantee of the said amount.

The court held that sureties must submit certified land documents to the court with a three year tax levy.

The trial judge however held that in the alternative the defendant can produce bank guarantee of the said amount.

During proceedings on Friday, the EFCC lawyer did not oppose the bail application earlier made by the defendant.

While ruling on the bail application, the court also held that the defendants shall submit his bank statements and International passport to the court registrar.

Justice Omotosho therefore adjourned arraignment to September 25, 2024 for trial to commence.

The EFCC had filed a 12-count money laundering charge against Mamman. He was alleged to have committed the money laundering offences to the tune of N33 billion.

On May 10, 2021, he was arrested and detained at the headquarters of the anti-graft agency in Abuja, and have since been on administrative bail till his arraignment.

President Muhammadu Buhari had on September 1, 2021, sacked Mamman and the then Minister of Agriculture and Rural Development, Sabo Nanono, in what was called a cabinet restructuring.

July 12, 2024 0 comments
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Headlines

“We can no longer fund all ongoing road projects” – FG

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

The Minister of Works, Sen. David Umahi has stated that the federal government can no longer fund all on going projects in the country at the same time.

Speaking during a press conference on Friday, Umahi said he had been directed by President Bola Ahmed to review all projects in the country to decide those that would be given priority.

The minister, while stating the government was not considering dumping projects it inherited, clarified that projects that will be considered for funding would have reached 80 per cent completion.

“The Federal Executive Council has directed we should review the projects to availability of funds and make proposals to FEC. If such a project has attained about 80 per cent of completion, then we will make proposal to it for subsequent appropriation. When this money is made available, such project will be made a priority so that it will be completed. That is what we are going to do. The president has not stepped down any project.

“On the issue of new projects, if we have appropriation that has not completed, at least, one kilometer, we are not going to carry out such appropriation. That is what FEC is concerned about. We can’t have N500m on budget but procurement is supposed to be N50bn or N100bn and you go ahead to award such a project. We have been directed not to do so.”

He added that contractors that are not ready to accept the new terms should terminate the contract.

He also decried the politicisation of road projects where lawmakers were only concerned with citing projects in their communities even when the government did not have the funds to construct them.

“There is a political angle award of contract where we have politicians putting the ministry under pressure just to tell their constituency or community that project has been awarded.

“If we continue like this, we are just helping the contractor as the money we have is not enough and when you give it to them, they will pocket it and do nothing.”

July 12, 2024 0 comments
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Entertainment

VIDEO: Portable fight dirty on the street with okada man days after returning from US trip

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

Controversial Nigerian singer, Portable has engaged in a fierce street fight with a motorcyclist in Lagos.

In the trending footage on the internet, Portable obstructed the movement of cars as he aggressively fought the man in the middle of the street.

Despite attempts by onlookers to intervene, Portable raged towards his challenger and pushed him to the ground.

A voice was heard in the background, speaking in Yoruba, saying, “He has wounded that boy. Portable is in trouble. We won’t allow you to go. They have wounded that guy. Your life will be a mess. Look at your dirty celebrity.”

Watch video below:
https://x.com/dammiedammie35/status/1811698379761541212?t=v46NQuLeuhPjdA3EIscYxw&s=08

July 12, 2024 0 comments
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Headlines

Bumper Harvest Crashes Potato Price

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

The harvest of Irish potato has begun in some of the producing states and its price has dropped as more of the product hits the market.

One of the producing states is Plateau, which also leads in the production in Nigeria, with many farmers engaged in its cultivation alongside other crops. People from all parts of the country get much of their supplies from the state.

For many years, sellers/dealers of Irish potato have made considerable earnings in the Irish potato value chain. Several LGAs in Plateau are avid farmers of the crop because of the fertility of the land and climate to support the super germination of the crop.

Among the LGAs in the state producing good potato are Bokkos, Mangu, Jos South, Jos North, Bassa and Jos East. Over the years there was massive production of Irish potato from these areas for the country at large and even beyond.

However, in the last few months, the price of potato skyrocketed, thereby making many people to refrain from buying it. Factors responsible for the price hike include insecurity in parts of the state and the farmer-herder crisis which has culminated into attacks on communities and counter-attacks. This has led to a considerable number of farmers being unable to go to their farms, while many others are still in Internally Displaced Persons (IDPs) camps.

In effect, the potato price skyrocketed, and just barely one month ago, a 65kg of potato which was bought at between N30,000 and N35,000 about a year ago rose to N180,000. The price increment was consistent for several months until last month when it dropped to N45,000 per bag. At first it started to drop to N150,000 to N120,000 to N100,000 to N80,000 until the downward trend continued and got to the current N45,000.

Speaking on the current price, a dealer, Faruq Rabilu, said the drastic drop was due to bumper harvest, and that many farmers were now flooding the market with the produce from all the producing LGAs.

He advised that intended buyers should quickly do so as that in the next two months upwards the potato would become scarce again, with the price likely to go up.

Rabiu explained that another reason why the crop was earlier scarce and expensive was not only because of the inflation and the economic hardship in the land, but that because some persons also hoarded it and were banking on the price hike to sell them at exorbitant prices.

He said some of those who hoarded the potato could have been taken by surprise by the sudden drop in the price and could be making considerable losses at the moment, thereby calling on hoarders not to engage in that act as it was counterproductive.

On his part, a community mobiliser and Irish farmer in Mangu, Shohotden Mathias Ibrahim, said the price of Irish potato varied per bag; depending on quality. He said now it was sold per bag from N50,000 to N55,000.

He said the harvest would have been bumper last year because of the good nature of the rain, explaining that the rain was not too much, hence that leaching was not quite experienced, but that the major challenge was the high cost of fertilisers.

Mathias said if the government was proactive to subsidise fertilisers, there would be more bumper harvests in the coming phase, and that there would be availability of potato at much more affordable prices for consumers.

He said he hoped that fuel price would not go up again so that it did not trigger the hike of food prices, and potato by extension, thereby affecting the projection of the crop’s availability and affordability next year.

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Africa & World

Tiktoker sentenced to 6 years imprisonment for insulting President

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

A court in Uganda has sentenced Edward Awebwa, 24, a tiktoker to six years in prison for insulting President Yoweri Museveni, First Lady Janet Museveni, and their son Muhoozi Kainerugaba in a TikTok video.

The charges included hate speech and spreading “misleading and malicious” information against the first family, as reported by BBC.

Awebwa had shared content alleging a rise in taxes under President Museveni’s administration.

Despite pleading guilty and asking for forgiveness, the presiding magistrate, Stella Maris Amabilis, noted Awebwa’s lack of remorse and the vulgar nature of his language.

She emphasized the need for a punitive measure that would teach him to respect the president and his family.

“The accused deserves a punishment which will enable him to learn from his past so that next time he will respect the person of the president, the first lady, and the first son,” said Magistrate Amabilis.

Awebwa received a six-year sentence for each of the four charges, to be served concurrently.

This case has drawn attention from rights groups, who frequently criticize Ugandan authorities for human rights violations and curbing freedom of expression.

In a similar case, award-winning author Kakwenza Rukirabashaija was charged in 2022 with “offensive communication” after making unflattering remarks about the president and his son on Twitter.

Rukirabashaija fled to Germany after a month in jail, claiming he was tortured.

Activist and writer Stella Nyanzi, who is also in exile, faced imprisonment after publishing a critical poem about President Museveni.

President Museveni, who has been in power since 1986, signed a law against hate speech in 2022, which rights groups argue is designed to suppress online freedom of speech.

While the constitutional court later ruled a section of the law penalizing “offensive communication” unconstitutional, Awebwa was charged under the broader law still under challenge.

Ugandan human rights lawyer Michael Aboneka argued that the president and his family should expect criticism from the public.

“Unless they are saying that they are going to arrest every Ugandan for criticizing them at every point,” Aboneka told the BBC Newsday program.

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Headlines

Sanwo-Olu’s Policy On Housing Will Avert Building Collapse In Lagos – Aide

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

As part of measures aimed at curbing the reoccurring cases of building collapses in Lagos, Governor Babajide Sanwo-Olu has given a 3-month window assessment in the early part of the 1st Quarter of his Administration to the public in order to ensure integrity test for building as well as for approval in the state.

Senior Special Assistant to Lagos State Governor on Housing, Hon. Abdul-Akeem Ayodeji Amodu, while speaking on the sideline of the inaugural lecture ceremony of the 26th President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) held at the State House in Abuja stated that the 3-month window seek to find out whether the Properties already built are under pipeline, Sewage tanks and Tracks, or on the drainage area, or make the building are not even aligning with the building codes, or not aligning with the master plan of the state.

Amodu explained that Governor Sanwo-Olu has however given the opportunity to the public to apply for their building plans approval and documentation, to make sure that their properties are duly titled adding that many estates in Lagos have no building Plan approval.

“So what Mr. Governor has done, in essence, is for individual and property owners or Groups should come up with their documents, come up with your As-Built Plan.

“The Commissioner of Physical Planning in Lagos State in the recent past has come up with this idea through the policies of advice to the government . The Government & Ministries were shocked to discover that there are so many estates, so many homes in Lagos that don’t have
building Plan approval.

” Some don’t even have Architectural building plans, they don’t follow the building code, So what we’ve done as Government is to allow people to engage Professionals like Architects, Town Planners, Estate Surveyors & Valuers, Engineers to assist them to come up with a document, even if you have built your House, get an architect, let them design for you a proper as built building plan. Then you come up to the state to present it, because the truth is that Governor Sanwo-Olu’s government is a people’s government. We don’t want to come and start breaking homes or bringing buildings down without advocacy. The Government does not want to start making people homeless, because we need these
people.

“They’ll do the normal integrity
test on your building to ensure that the property is actually standing well on a solid
structure, so that you don’t, jave a defective building in future, after getting that approval, the building collapses”

Meanwhile, Amodu noted that in a bid to curb housing deficit in Nigeria, Lagos State has begun the development of housing projects in all the 20 local governments and 37 Local Council Development Areas (LCDAs) of the state both on Public-Private partnerships (PPP) Joint Venture (JV) and Government Allocated resources Model.

He explained that the governor recently commissioned about 360 housing units of one, two bedrooms, and three bedrooms in different clusters which was hitherto abandoned in the state adding that the governor also commissioned 144 units of one, two and three bedrooms as well as another 60 units of three-bedroom blocks of apartments in Amuwo Odofin local government area 3 weeks ago.

We also still have on-going Project embarked upon by the Ministry of Housing, LSDPC, LBIC and a host of other Government Real Estate Partnerships with the Government to be Commissioned soon by Mr Sellable. Governor Babajide Sanwo-Olu’s to realise his Administration’s theme Agenda for the State.

Amodu further assured that development will be even in the state as affordable housing scheme has also been made available for the masses to meet the demand of housing deficit in the state.

“We are still making sure that we develop homes for the masses, we have a scheme
called the LAGSHOMS SCHEME which is A Rent- To – Own which is like pay-as-you-earn scheme, which is been Supported through the Lagos Mortgage Board for the
Lagoshoms where you pay 5% of the total cost and value of that property.

“And every other amount of that property will be spread around for you to lpay within the space of about 10 years. So it’s a way of bringing development to the people and residents of Lagos, by giving comfort to the less privileged, to the working class, and to the Non-Structured Sector of the state.” He added.

Speaking on the inaugural lecture and Investiture Ceremony of the 26th President of The Nigerian Institution of Estate Surveyors and Valuers which was well attended by major stakeholders in Government, Legislature, and Captain of Industry in the built Sector and Environment, Amodu emphasized the symbiotic relationship between NIESV and Lagos State Government as cordial adding that governor Sanwo-olu is poised at ensuring professionals must take charge and full responsibility in a Professional manner of real estate activities & events in the built industry as well.

He also encourage and admonished other Professionals by saying it is a clarion call to all other professional Bodies to embrace Professionalism so as to deliver the good for the benefit of Lagos amd Nigeria’s development as whole.

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Headlines

BREAKING: NYSC hostel wall collapses, injures many corps members in Ekiti

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

There was apprehension at the National Youth Service Corps (NYSC) orientation camp in Ise-Emure, Ekiti State, following the collapse of a hostel wall.

Leading reporters cannot independently confirm if any death was recorded however, sources say many corps members were injured.

An eyewitness in the camp said the female section of the hostel collapsed on Friday morning.

“The wall of one of the female hostels collapsed this morning (Friday). It was the bathroom wall which caved in when they were planning to take their bath,” the source said on the condition of anonymity.

“But thank God, people rushed down there to retrieve them from the rubble. They have been stabilized at the clinic and they will get further medical treatments.”

The corps members are currently in the camp for the three weeks compulsory orientation camp.

An official of the NYSC who confirmed the incident said only two corps members were affected and had been stabilized at the camp’s clinic.

He called on parents, guardians and stakeholders not to panic over the incident, adding that it had no serious negative impact on the corps members.

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BREAKING: Tinubu Names National Theatre After Nobel Laureate, Wole Soyinka

by Folarin Kehinde July 12, 2024
written by Folarin Kehinde

President Bola Tinubu has named the National Arts Theatre in Iganmu, Lagos, after Nobel Laureate Professor Wole Soyinka, in celebration of his 90th birthday.

This announcement was made in a letter to the literary icon, acknowledging his immense contributions to literature, human rights, and justice.

Tinubu praised Soyinka’s remarkable achievements, including his Nobel Literature Prize in 1986, and his unwavering dedication to human dignity and justice.

He said, “I am pleased to join admirers around the world in celebrating the 90th birthday of Nigeria’s iconic son and the world-renowned Professor Akinwande Oluwole Babatunde, famously known as Wole Soyinka.

“Tomorrow the 13th July will be the climax of the series of local and international activities held in his honour. To underscore the global relevance of the literary giant, a symposium, along with poetry reading was held in Rabat Morocco on 9 July. The event was organized by the Academy of the Kingdom of Morocco and the Pan African Writers Association (PAWA).

“Professor Soyinka, the first African to win the Nobel Literature Prize in 1986, deserves all the accolades as he marks the milestone of 90 years on earth. Having beaten prostate cancer, this milestone is a fitting testament to his ruggedness as a person and the significance of his work.

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