Posts tagged as: mr-

Nigeria: Bankers Committee Establishes E-Fraud Database to Blacklist Fraudsters

By Babajide Komolafe

The Bankers Committee, yesterday, said it will establish a database of suspected electronic fraud in the banking industry with the aim of blacklisting suspected fraudsters.

The committee comprise the Central Bank of Nigeria, CBN, Nigeria Deposit Insurance Corporation, NDIC and chief executives of banks.

Addressing a press conference at the end of the committee’s meeting in Lagos, yesterday, Managing Director/Chief Executive, Access Bank Plc, Mr. Herbert Wigwe, said: “Part of the deliberation was that there is need to create a central depositary which is a database of suspected fraud through the system.”

The press conference was also addressed by Managing Director/Chief Executive, Ecobank Nigeria, Mr. Charles Kie; Managing Director/Chief Executive, Rand Merchant Bank, Mr. Michael Larbie, and Director, Banking Supervision Department, CBN, Mr Ahmed Abdullahi.

Continuing, Wigwe explained that: “Once that data base is set up and there is suspected case going through the system we can have ways of ensuring there is strong deterrent for people who are known as fraudsters within the system.

On his part, Managing Director of Ecobank Nigeria, Mr. Charles Kie, said the committee was committed to supporting the economy and help the country get out of recession.

He said: “Overall, what the Bankers Committee also reemphasized was the need for all the banks to continue supporting the economy and ensure that they can effectively help the country get out the recession.”


There’s No Boko Haram Resurgence, Nigerian Military Assures

Director, Defence Information, Maj.-Gen. John Enenche, briefing Newsmen during a Monthly News Conference on Defence and… Read more »

Nigeria: Meningitis – Unicef Pays Close Watch On Ekiti

By Josiah Oluwole

The United Nations Children’s Fund, UNICEF, has said it is paying a close watch on Ekiti State as a precautionary measure to forestalling the outbreak of meningitis in the state.

Over 800 deaths have so far been recorded nationwide, as the federal government and other agencies battle to stem the tide particularly in the northern part of the country.

The international organization said although there had been no reported case of the disease in Ekiti, it was working with experts in the health ministry to ensure watchfulness and avert any eventuality.

The UNICEF representative in Ekiti, Abiodun Olagunju, made this known in Ado Ekiti, on Thursday during a stakeholders’ meeting held to discuss the second phase of polio vaccination in the state.

“Though, Ekiti is not within the meningitis belt, but we are keeping watch because someone can bring it from the meningitis endemic state to Ekiti,” Mr. Olagunju said.

“UNICEF and World Health Organisation are not fond of folding their arms and allowing communicable diseases ravage the land before taking actions, this is not medically wise.”

On the polio vaccination exercise, he said the target for children below age 5 is 100 per cent in Ekiti, adding that 87 per cent was recorded during the first phase .

“Let me also enlighten our people that the vaccines for polio, measles, meningitis, hepatitis B are available in all the health centres in Ekiti, so we are on ground to fight communicable diseases to safeguard the health of our people,” said Mr. Olagunju.

Reviewing the first phase of the anti-polio campaign held in the state, the State Immunization Officer, Christianah Ajimati, said a total of 579,704 children were immunized with polio vaccine during the exercise held in March 2017 out of the projected 667, 145 . She said Emure Local Government had the highest turnout of children with 95 per cent for the exercise with Ekiti West coming last with 66 percent.

She said the second phase of the fight against polio would kick off between May 6 and 9, saying the fight against communicable disease was total for Nigeria to maintain the polio-free status conferred by United Nations.

Mrs. Ajimati expressed delight that Nigeria, particularly Ekiti, had overcome the barrier of religion that had been a great impediment stopping many parents from presenting their children for the oral vaccine.

“We want to commend our donor agencies and Ekiti State government for the release of funds. Timely release of funds and kits really helped this exercise,” she said.

Ghana: Stanbic Bank Boss Told to Shut Up

By Victor Owusu-Bediako

Financial Analyst and Member of Parliament (MP) for the Bolgatanga Central Constituency, has lashed out the Managing Director of Stanbic Bank and President of the Ghana Bankers Association, Alhassan Andani who had taken on people with concerns about the US$2.25 billion bond issued by government few week ago.

Isaac Adongo, revealed that Alhassan Andani sees nothing wrong with the US$2.25 billion dollar bond bought Franklin Templeton, because the investor is a client of his bank; Stanbic Bank, therefore, too compromised to profess an opinion on the matter.

He insisted Mr. Andani is an individual with an overwhelming interest in the transaction embroiled in heavy web of conflict of interest involving families, spouses, their friends, their companies and their managements which intrinsically connected.

Many economists including Dr. John Gatsi and Kenneth Thompson of the Dalex Finance had described the financial arrangement as shady, expensive, unlawful and heavily laden with conflict of interests.

The US$2.25 billion bond appears cooked by family and friends of Finance Minister Ken Ofori -Atta. His two companies Data Bank and Enterprise Insurance, his friends and business partners; Keli Gadzekpo and Trevor G. Trefgarne; Chairman of the Enterprise Group, his wife Dr. Angela Ofori-Atta have all been mentioned in connection to the money with the Minority calling for a full scale investigation into the controversy.

Speaking to The Herald via phone from Constituency, Mr. Adongo charged “I’m very surprised that Stanbic Bank who are the trustees or custodians of FT are hiding behind fear mongering to defend their high value client. Who will not defend a client with a portfolio of US$4 billion”,

The Minority group in parliament, led by a former Deputy Finance Minister, Mr. Cassiel Ato Forson insists the issuance of the bond was done in secrecy, denying other investors an opportunity to participate in the bond transaction.

The Minority further alleged that the transaction was “cooked” to favor a particular investor, Franklin Templeton, while the transaction did not receive parliamentary approval.

But responding to the issue in an interview with Citi Business News, Mr. Andani described the accusations as unhealthy and has the potential to hurt Ghana’s reputation on the international capital market.

“It’s absolutely unhealthy. My caution is that when a nation decides to play on the international capital market we have to know that the participants and the people we go to for resources on these international markets are very monstrous companies. They are huge companies and have wide international reputations and therefore we have to be extremely careful if we are making any comments that is going to impugn any wrongdoing, to especially the people we go to raise capital from,” he warned.

“It’s about country reputation, so those of us who report on those transactions let’s make sure we are well informed otherwise if we just touch these people, they will give anything up for their reputation. Whether Templeton or any other global investor. They will give anything up for their reputation, and therefore we should be very careful the kind of commentary that we are running around,” he added.

Pointing to several bonds issued on the international debt market, Mr. Andani maintained that the major players will always be there when Ghana hits the market to mobilize funds.

“This will not be the first time or the last time we are going into the international debt capital market. We are not just hurting Templeton but we are probably passing on a message to other serious players, which I don’t want to say, suffice to say let’s be careful,” he stressed.

He rebutted claims that Stanbic Bank is part of the Book runners hence the defense, pointing out that there are international best practices which guide the issuance of such bonds, which Templeton did not flout.

“It is in the interest of the country to treat our partners in the international debt capital market with a lot of respect and a lot of professionalism. They don’t play around with their reputation. They take years and years and great investment to build that reputation so if you want to say something about them be sure that you must. I can tell you confidently from where I sit that the must to criticize is not correct”, he warned.

In a rebuttal, Mr. Adongo insisted that “the role played by major financial institutions in doubling as both book runners and primary dealers for FT provides a serious route to dubious US$2.25billion bond issue.

According to the National Democratic Congress (NDC) MP, Franklin Templeton’s juicy relationship with book runners and the Finance Ministry is cancerous.

Barclay’s bank which acted as the book runner also engaged in bidding for FT. This makes it a referee and a player at the same time’ he pointed out.

He insisted “we must investigate whether this role and the deliberate strategy of the Minister of Finance and his team to shroud this bond issue in secrecy is not a broader scheme of collision to dupe the people of Ghana”.

The Bolgatanga Central MP, added that “it is quite clear that the lack of transparency and competitiveness conspired to deny the people of Ghana the benefits of an efficient pricing of this bond”.

He could not understand how “a country in which all the factors driving down interest rates such as inflation and stability of the cedi locked itself in a ridiculous interest rate of 19.75percent for 15 years”, adding “I’m very surprised that Stanbic Bank who are the trustees and custodians of FT are hiding behind fear mongering to defend their high value client. Who will not defend a client with a portfolio of US$4 billion?

He told this paper that “it is common knowledge that Africa bleeds from shoddy deals of major multinational companies running into billions of dollar.

“If by demanding transparent and a competitive process that delivers value for money to our people and halt the current create, loot and share schemes of this Government will scare them, they better leave in a hurry. We will deliberate those who are genuine partners in our long tedious journey to a prosperous Ghana”, he defiantly told The Herald.

The Ministry of Finance had issued a press statement saying that “the issuance was not shrouded in secrecy nor was it “cooked” for any particular investor”.

“The Bookrunners, (Barclays, Stanbic and SAS), on behalf of the Ministry of Finance have been mandated since 2015 to issue these domestic bonds on a regular basis as per the debt issuance calendar which Ministry of Finance (MoF) puts out every quarter”.

“Also the book runners announce and publish every impending bond issue to the market, the week of issue and provide price guidance to the market. This particular bond issue was no different and was done in conformity with the established process. It was announced by the Book Runners to the market on March 30, via email and same published on MoF and Bank of Ghana (BoG) websites with settlement on April 3,” the statement said.

It rebutted that FT was not the only participant, as there were over 25 other buyers including other foreign entities, who all brought in dollars to convert to cedis to buy the bonds.

“This bond issue, like all the others done prior could not have been designed to favour any single investor. The conventional processes for the issue of bonds using the book building approach were adhered to in this particular issuance. It is our understanding that the said investor engaged various market participants and other key institutions including the IMF before deciding to participate in the bonds. It is worth noting that local investors also participated”.

It clarified that the said investor participated in the issuance in the manner they have always done since 2006 through their local Primary Dealer, Barclays Bank and their local custodians, Standard Chartered Bank and Stanbic Bank.

“To have obtained preferential treatment, all the above mentioned institutions would have had to conspire to do so, a situation which is unfathomable. The investor in question, FT, has held Government of Ghana bonds of up to USD 2 Billion prior to this transaction. Indeed FT has been buying and investing in government bonds since 2006,” it argued.

On the issue of parliamentary approval, the statement maintained that this issuance, like all other domestic bonds issued under this bond program since 2015, did not require Parliamentary approval.

“Approval was given under the initial application to Parliament in the 2015 Budget Statement and Economic Policy document, to run such a bond issuance program. The Ministry of Finance has the mandate to fund the deficit as contained in the budget approved by Parliament through the issuance of debt instruments and to manage the countries debt stock”.

The statement claimed that the issuance brought in significant amount of foreign currency, which was converted into cedis to purchase the bond, helping to strengthen the value of the Cedi and providing much-needed respite for the citizens of Ghana.

It added that “the transaction will also lengthen the maturity periods of government debts thereby reducing the short term redemption and rollover pressures on government”.

According to the statement, the proceeds from the bond issue are to be used for liability management and for the re-profiling of our domestic debt stock by repaying more expensive short-term debt as it matures, as such it shall not add to the total debt stock of the nation.

“This deal is a positive move in the current debt management strategy being pursued by government and should be applauded”.

Eritrea: International Malaria Day Observed

Asmara — The International Malaria Day was observed yesterday under the theme “Preventing Malaria: Let’s Ensure Our Health”. The event was held in Embadorho at national level.

Mr. Meles Geresus, Head of malaria prevention in the Ministry of Health, said that persistent effort is being exerted to eradicate malaria through increased public awareness and conducting sustainable popular sanitation campaign.

Mr. Mehari Zaid, Head of administration and finance in the ministry, also indicated that Eritrea has reduced the prevalence of malaria by 75% and stands fourth in the worldwide chart.


Rwanda Genocide Commemorated

The 23rd commemoration of Rwanda genocide was observed in Asmara yesterday, April 25. Read more »

Nigeria: World Vaccination Week – Dangote, Bill Gates Speak On Efforts to End Polio

Photo: Premium Times

Dangote, Bill Gates.

By Ayodamola Owoseye

In a push to eliminate polio in Africa and rid the world of the disease, Aliko Dangote and Bill and Melinda Gates foundations have engaged more than 138,000 vaccinators to conduct vaccinations across five African countries in the Lake Chad area.

In a joint press statement on Tuesday to mark the World Immunization Week (April 24 to 30), the two foundations reiterated their commitment towards improving health in Africa by coordinating their efforts to making people everywhere understand the importance of getting immunised against vaccine-preventable diseases.

According to the statement, vaccines are one of the best tools to save lives in an epidemic, such as the Meningitis C outbreak happening now in Nigeria and other West African countries.

The foundations said they expect the vaccinators to go the extra mile in ensuring that every child across Nigeria, Niger, Chad, Cameroon and the Central African Republic is immunised.

On polio eradication, Nigeria has recorded 95 percent success in reducing the disease in the country, with Borno state the only place in Africa where polio is still circulating, the foundations said.

Mr. Dangote said while 95 per cent might seem like success, as long as a single child remains infected, children across Africa and round the world are at risk.

He said: “It will take ingenuity to end polio there, and it will take persistence to continue reaching children in the surrounding area with vaccines to protect them from the disease until it is eradicated.

“We are confident it can be done and when it happens, Africa will celebrate one of the biggest victories ever in public health”, he added.

Both NGOs began working together on various projects to help improve health in Nigeria and across Africa in 2010 and have also been working in collaboration with different state governments in Nigeria.

According to the statement, the groups are working in Kano State, in collaboration with the state government, to ensure that children get essential childhood immunizations against tetanus, pneumonia, liver cancer and measles.

“And when parents bring their children into a clinic for vaccinations, health workers can address other health issues, too, like nutrition, care for pregnant mothers and newborns and malaria prevention and treatment. We have since widened the program to several other states,” they said.

Mr. Dangote also said that because of the devastating impact malnutrition has on Nigeria’s children, leading to 300,000 deaths annually and causing stunted growth and development in millions more, Dangote and Gate foundations have expanded their partnership to include nutrition programmes across 12 states in Nigeria.

“Earlier this year, we also helped launch the End Malaria Council, a group of influential public and private sector leaders committed to ensuring that malaria eradication remains a top global priority”.

He added that underlying all these efforts is their belief that strengthening health systems is the key to breaking the cycle of extreme poverty and disease and kick-starting a virtuous cycle of health, productivity, and prosperity.

“In our work together, we have learned a few important lessons”, he said.

Mr. Gates said the NGO recognizes that improving the health of communities depends on a successful partnership between government, communities, religious and business leaders, volunteers, and NGOs. “This ensures that everyone is rowing in the same direction. And it is essential to building trust so parents have the confidence that vaccines are safe and will protect their children from life-threatening diseases.

“We must keep innovating to speed up progress. This month, for example, vaccinators will test a new vaccine carrier that keeps the temperature of vaccines stable for up to five days, even in blistering heat. This breakthrough will enable vaccinators to finally reach children in extremely remote areas with life-saving vaccines”, Mr. Gates stated.

He also added that accurate and reliable data is central to any effort to improve health. “Data can tell a health officer which communities are running low on vaccine supplies, where there are gaps in vaccination coverage, and which new mothers need reminders to take their babies to the health clinic to be immunized,” he said.

The NGOs however said they have hope that an African without polio is within reach. “So is the vision of getting life-saving vaccines to every child”, Mr. Gates said.

“Success will generate more enthusiasm and support from across different sectors of government, business, civil society, and the media to tackle other killer diseases and the underlying conditions that affect people’s health, including fixing broken health systems.

“We know that strengthening health systems takes time and diligence. We are optimistic that Africa can achieve the future it aspires to.

That future depends on people working together across national borders and across socioeconomic strata to build the better world we all want”, he stated.

Africa: Innovative Technologies That Offer Better Cooling At a Lower Cost and Reduced Risk of Climate Change

With rising concerns over carbon emissions and wasteful energy consumption, energy efficiency has become a critical area of focus for the construction and HVAC sector.

Underpinning this is the fact that the rising temperatures are making air conditioning installations a basic necessity in the residential and commercial buildings.

According to the International Energy Agency (IEA) report, the demand for energy for cooling is likely to increase by 7% annually in developing countries up until 2050. IEA also documents that by 2040, more than 95% of growth in primary energy demand will occur in emerging economies.

The advent of innovative technologies such as Inverter Technology, Wind-Free™ Cooling technology among others, indicates that green cooling is a top priority and manufacturers are redesigning their product offerings to decrease running costs, with a focus on sustainability.

“As a key industry player, Samsung is committed to helping consumers achieve greater energy conservation with its sustainability-centric, eco-friendly HVAC innovations,” said Jung Hyun Park, Samsung Electronics East Africa Vice President and Managing Director.

In this regard, Samsung has come up with an exclusive Wind-Free™ Cooling Technology. This is a two-step cooling system where temperatures are initially lowered rapidly in ‘Fast Cooling Mode’, before the system automatically switches to ‘Wind-Free™ Cooling Mode’, which creates ‘still air’ once the desired temperature is reached. This approach can also reduce energy consumption by up to 72%.

According to Mr. Park, Samsung has integrated the Wind-Free™ Cooling Technology into the design of the recently launched Wind-Free™ wall-mounted air conditioner, enabling customers to obtain both a cooler indoor climate and optimal energy efficiency, without having to experience uncomfortable direct airflow.

“The cool and efficient air conditioning capabilities of the Wind-Free™ air conditioner are ideal for tackling the African heat, while at the same time optimizing your electricity bills. Moreover, the appliance eliminates the usual discomfort associated with air-conditioners, that of having cold wind blowing directly out of the machine,” he added.

Inverter-type air conditioners are also becoming common as they are smaller in size and can achieve greater energy savings by use of a speed compressor that automatically switches off or on to maintain the desired temperature.

“Samsung’s range of System Air Conditioning incorporates Digital Inverter Technology. For instance, using Samsung’s new Digital Inverter 8-Pole with POWERboost technology™, the Wind-Free™ motor generates fewer torque fluctuations. This reduces the overall energy required and shortens the time needed for the compressor to reach its maximum speed (Hertz),” said Mr. Park.

Utilizing inventive designs is another way manufacturers are working towards enhancing energy efficiency in the HVAC sector.

Samsung’s 360 Cassette air conditioners, for example, incorporate a bladeless system that allows for 39 percent increase in coverage area by delivering 100 percent of air volume unlike the traditional Four Way Cassette units which can lose up to 25 percent of air volume.

Similarly, the Wind-Free™ has unique Triangle Architecture with a wider inlet, allowing more air to be drawn in at once. At the same time, the optimal width and angle of the outlet, extra v-blades and large fan – 22% larger than previous models – ensure that air is cooled and expelled faster, farther and wider, to reach every corner of the room.

All these innovations show how simple it can be to reduce the risk of climate change and enjoy better cooling while saving millions of shillings on electricity bills.

Nigeria: 78 Bank Directors Get N10.34 Billion Dividend in 2016

By Nkiruka Nnorom

AT the backdrop of the recession the nation’s economy slipped into last year alongside inflationary pressures, corporate results from the banking sector so far released indicate significant increases in fortune for the investors.

While the general shareholders of the first batch of seven banks announcing results so far received a total dividend income of N162 billion, indicating a rise by 13 per cent against N143.3billion in 2015, directors of the banks numbering 78 recorded 20.5 per cent rise in their dividend income at N10.34 billion as against N8.58 billion in 2015.

The banks are Zenith International Bank Plc, Fidelity Bank Plc, Access Bank Plc, United Bank for Africa, UBA Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc and Guaranty Trust Bank Plc.

Financial Vanguard analysis revealed that three of the banks, namely, Zenith Bank, Access Bank and UBA accounted for 64 per cent of the total dividend declared by the seven banks, while their directors smiled home with N9.42 billion.

Further analysis showed that the Chairman of Zenith Bank Plc, Jim Ovia, the Group Managing Director/Chief Executive Officer of Access Bank Plc, Herbert Wigwe, and the Chairman of UBA, Tony Elumelu, benefited the most, receiving N9.25 billion, representing 89.5 per cent of the total dividend received by the 78 directors during the year.

Growth in dividend income

The dividend collected by the trio of Ovia, Wigwe and Elumelu also represents 5.7 per cent of the N162 billion total dividend declared by the seven banks and 8.9 per cent of N103.99 billion total dividend declared by the three banks in 2016. Though the growth in dividend income is considered commendable by some capital market analysts who are looking at the recessionary economic environment, it however, indicated a decline in real returns to the general shareholders whose income lagged behind average inflation rate of over 16 per cent during the year. But this also indicated that the basket returns to directors towered above the inflation rate.

Speaking to select media personalities last weekend in Abuja, the Special Adviser to the President on Economic Matters, Office of the Vice President, Dr. Adeyemi Dipeolu, expressed surprise at the profits and returns being announced by most corporate organizations for the year ended 2016 against the perspective of adverse economic circumstance.

However, Managing Director of Guaranty Trust Bank Plc, Mr. Segun Agbaje, had told journalists earlier this month at the heels of the results rolled out by some banks that the increases in figures of the bottom-line and returns does not reflect a contradictory performance against the economic situation, explaining that when measured against real exchange rate developments where Naira, the reporting currency, had depreciated by almost 60 per cent, the returns were not as impressive. He argued that when the depreciation is discounted the corporate results would be in the negative.

Shareholding by banks

Furthermore, breakdown of the shareholding structure of the seven banks showed that the 78 directors held 10.15 billion shares comprising of 4.4 billion direct and 5.75 billion indirect shares, which represent 5.5 per cent of the banks’ total 184.8 billion shares. The 10 directors of Zenith Bank hold 2.99 billion or 9.5 per cent of the bank’s issued shares of 31.4 billion. This was followed by Access Bank where 13 directors hold 2.87 billion shares or 9.9 per cent of the 28.9 billion issued shares of the bank.

Stanbic IBTC came third with its six directors holding 1.259 billion shares, representing 12.6 per cent of the 10 billion issued shares of the bank. The 17 directors of UBA ranked fourth, holding 2.22 billion shares, representing 6.1 per cent of 36.3 billion of the bank’s issued shares. FCMB was the next with its seven directors accounting for 2.22 billion shares or 11.2 per cent of the bank’s 19.8 billion issued shares.

GTB, which has 12 directors ranked sixth with the directors accounting for 64.02 million shares or 0.2 per cent of 29.4 billion ordinary shares of the bank in 2016, while Fidelity Bank, came last with its 13 directors holding 515.32 million shares, representing 1.8 per cent of 28.96 billion the bank’s shares.

Zenith, Access, UBA account for 64.2% declared dividend

Zenith Bank, Access Bank and UBA accounted for 64 per cent and 60.2 per cent of the total dividend declared by the seven banks in 2016 and 2015 respectively. The total dividend declared by the three banks amounted to N103.99 billion in 2016 and N88.71 billion in 2015.

In 2016, the 40 directors of the three banks, UBA, Zenith and Access Bank, went home with N9.42 billion of the N103.99 billion dividend declared by the three banks. This represents 5.9 per cent of the N162.6 billion dividend declared in 2016 by the seven banks and 9.22 per cent of the N103.99 billion dividend declared by the three banks in 2016.

In 2015, the directors of the three banks received N6.83 billion or 7.96 per cent of the N88.71 billion total dividend declared by the three banks for the year. This also represents 4.64 per cent of the N143.3 billion dividend declared by the seven banks for the year.

Details of directors’ dividends

The 10 directors of Zenith Bank received N6.06 billion or 9.5 per cent of N63.42 billion dividend declared by the bank in 2016. Access Bank’s 13 directors followed with N1.70 billion, representing 9.0 per cent of N18.80 billion dividend declared by the bank in 2016. The 17 directors of UBA ranked third, receiving N1.66 billion or 7.6 per cent of N21.77 billion dividend declared by the bank.

For GT Bank, its 12 directors smiled home with N707.03 million dividend, representing 1.4 per cent of N52.09 billion dividend proposed by the bank in 2016, while the 13 directors of Fidelity Bank got N86.22 million or 2.1 per cent of N4.05 billion dividend declared by the bank in 2016. Stanbic IBTC Holdings Plc’s six directors got N62.96 million dividend, representing 12.6 per cent of N500 million dividend declared by the bank. FCMB Group’s seven directors got N22.99 million, representing 1.2 per cent of N1.98 billion dividend declared by the bank within the year.

Top 10 directors by dividend received

Analysis of the top 10 dividend earning directors in 2016 showed that Jim Ovia, the chairman of Zenith Bank earned the highest dividend of N5.95 billion followed by Herbert Wigwe, the Group Managing Director/Chief Executive Officer of Access Bank Plc who earned N1.75 billion.

Tony Elumelu, UBA chairman, was the third highest dividend earning director with N1.55 billion, followed by Olusegun Agbaje, Managing Director/CEO of GTB and Adaora Umeoji, the Deputy Managing Director of Zenith with N662.56 million and N63.87 million dividend respectively.

Others are Rahan Matani, a non-executive director in Stanbic IBTC Holdings Plc, who came sixth with dividend payout of N53.23 million. Dan Okeke, an executive director in UBA came seventh with N22.71 million; Mrs Rose Okwechime, another director in UBA got N22.59 million dividend, while Mr. Christopher Eze, the former chairman of Fidelity Bank Plc, and Ladi Balogun, a non-executive director in FCMB Group were the last on the list with N21.53 million and N20.02 million dividend payout respectively.

Highest dividend earning directors by banks

In GTB, Mr. Olusegun Agbaje, who is the Managing Director/Chief Executive, emerged the highest dividend earner, receiving N662.26 million dividend in 2016, followed by Mr. Ademola Odeyemi, Executive Director in charge of International Banking, who receivedN18.7 million dividend. Mrs Catherine Echeozo, the Deputy Group Managing Director came third with N17.1 million dividend payment.

In Stanbic IBTC, Mr Ratan Mahtani, a non-executive director, with indirect holding in the bank, got the highest dividend, earning N53.23 million. He was followed by Atedo Peterside, erstwhile chairman, who earned N6 million through an indirect holding and Ifeoma Esiri, a non-Executive director, who earned N2.3 million through direct and indirect equity interest.

In FCMB, Mr Ladi Balogun,a non-executive director got the highest dividend as he smiled home with N20.02 million, followed by Dr Jonathan Long, chairman, who got N1.11 million dividend, while Mr Olusegun Odubogun, non-executive independent director, ranked third in the bank, earning N800,000 (Eight hundred thousand naira only).

In UBA, Mr. Tony Elumelu, chairman, topped other directors as he received N1.55 billion dividend. Mr. Dan Okeke, an executive director, followed far behind Elumelu with N22.71 million dividend, while Mrs. Rose Okwechime, non-executive director, with only indirect shareholding in the bank, came third with N22.59 million dividend.

In Access Bank, Herbert Wigwe, Group Managing Director/Chief Executive, emerged the top dividend earner with N1.75 billion dividend through direct and indirect holdings. Next was Obinna Nwosu, the former Group Deputy Managing Director, who received N19.50 million dividend, while Titilayo Osuntoki, executive director in charge of Business Banking, received N18.67 million dividend.

In Zenith Bank, Jim Ovia, the chairman, towered above others, going home with N5.95 billion dividend in 2016. Ms. Adaora Umeoji, the Deputy Managing Director, followed with N63.87 million dividend, while Peter Amangbo, Group Managing Director/CEO ranked third, receiving N10.1 million dividend.

In Fidelity Bank, Chief Christopher Ezeh, former chairman of the bank, emerged the highest dividend earner with N21.53 million dividend. Nnamdi Okonkwo, Managing Director/CEO, came second with N14.14 million dividend, while Mr. Robert Nnana-Kalu, a non-executive director in the bank got N14 million dividend.

Nigeria: NCAA Moves to Strengthen Economic Regulation

By Chinedu Eze

The Nigerian Civil Aviation Authority (NCAA) said it has taken a bold step to strengthen its Economic Regulation through training and adequate exposure of the staff.

The first step in this direction was the training of staffers of the Directorate of Air Transport Regulation (DATR) from across the country by officials of International Civil Aviation Organisation (ICAO).

The ICAO Resource persons were Mr. Peter Lawani and Mr. Antonion Combes . The four days exercise ended recently at the Authority’s Headquarters Annex Training Hall.

In his remarks, the Director General of the NCAA, Capt. Muhtar Usman who closed the workshop, declared that it would foster economic development of the aviation sector.

The Authority said in addition, it is to reinforce NCAA resolve to reposition the Department and staff that would carry out these responsibilities in line with ICAO Standard and Recommended Practices (SARPs).

“This training is one of the Four-Point Agenda that the Director General enunciated earlier in the year in his world press conference. These Four -Point Agenda are sustenance of zero accident, reviewing and strengthening economic regulation, improved consumer protection and continuous prioritisation of staff training,” NCAA said in a statement.

Usman expressed optimism that Nigeria would continue to benefit from the constant support of ICAO where and when required.

In their response, the team leader said that ICAO was open to offer assistance to Nigeria and NCAA in particular whenever such was needed.

NCAA explained that the ICAO Air Transport Bureau is responsible for developing, promoting and disseminating policies and guidance materials on economic regulation and liberalisation of international air transport.

At the end, Certificates were presented to the 50 participants and souvenirs to the facilitators by the Director General, Usman.


How 30 Football Fans Died At Calabar Viewing Centre

At least 30 persons died of electrocution on Thursday night in Calabar while watching the Europa Football League match… Read more »

Nigeria: Buhari Constitutes Board of Solid Minerals Development Fund (Full List)

President Muhammadu Buhari on Thursday in Abuja approved the constitution of the Board of Solid Minerals Development Fund.

A statement by the Ministry of Mines and Steel Development said Mr. Buhari charged the seven-member board to carry out its duties diligently.

The statement signed by the Permanent Secretary in the ministry, Mohammed Abbas, said that the board had Uba Malami from Nasarawa State, a geologist and former Vice-President of the Abuja Chambers of Commerce, as Chairman.

Members of the board are Demola Gbadegesin, a mining investor and electrical engineer from Oyo State, and Theo Iseghohi, Managing Director of Nishan Industries Limited, who hails from Edo.

Other members are Samuel Eze, an accountant and former banker from Ebonyi State; Fatima Shinkafi, a chemist from Zamfara; Uwatt Bassey Uwatt from Akwa Ibom and Yinka Mubarak.



What Hope for Kaduna Airport After Abuja’s Upgrade?

On Wednesday, the Nnamdi Azikiwe International Airport resumed operation, six weeks after it was shut down for the… Read more »

Nigeria: Governor Orders Arrest of Contractor for Poor Construction of N200 Million Road

By James Eze

The Ebonyi State Governor, David Umahi, has ordered the arrest of a contractor for failing to execute a road project according to specifications after collecting N200 million mobilisation fee.

Mr. Umahi gave the order on Thursday at Okposi-Umuoghara while inspecting the Okposi-Umuoghara- Ebiaji road project in Ezza North Local Government Area of the state.

The governor also directed that an engineer with the state Ministry of Works, Solomon Eze, be suspended for two months for failing to carry out proper supervision of the project.

An angry Mr. Umahi told his ADC, Jonathan Bawada, to ensure that the two officials of the company who were on the ground be handed over to the police for prosecution.

He described the contracting firm,Tonando Nigeria Ltd., as deceitful and fraudulent, warning that he would not allow any contractor to play on the intelligence of the state government.

The state Commissioner for Works and Transport, Fidelis Nweze, said the company did less than two kilometres of earthwork with poor drainage.

He said the contractor was supposed to have achieved a minimum 40 per cent of the job, whereas “what we saw on ground was less than 10 per cent of the job.”

“We are not happy about it. And on that note, we have suspended the engineer supervising the job from the ministry for two months for not briefing the ministry and government accordingly.

“We will be approaching the court for justice,” Mr. Nweze said.


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