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A prophetess, Folake Olasode, 35, and a schoolteacher, Damilola Aboloyinijo, 31, were on Monday arraigned before a Lagos State Magistrate Court sitting in Tinubu for allegedly preparing a fake charm of protection and obtaining N8m from their victim.
The duo are facing five counts of conspiracy, stealing, obtaining, unlawful assault, and breach of public peace, preferred against them by the police.
The Prosecutor, Assistant Superintendent of Police Francis Igbinosa, told the court that Olasode and Aboloyinijo, whose addresses were not given, allegedly committed the offences sometime in May 2024.
Igbinosa said the defendants conspired to commit the alleged offences.
He said the incident took place at 7A, Jide Agbalaya Street, Chevy-View, Lekki area of Lagos.
The prosecutor said that the defendants and others at large obtained the sum of N8m from one Sarah Umeh under the pretence that they prepared charms, and batter and put incisions on her and her three children for protection, a representative they knew to be false.
Igbinosa also told the court that the defendants unlawfully assaulted the complainant, Umeh and her three children by using a razor blade to put incisions on their bodies with a representation that they were protecting them from death.
The defendants were further accused of conducting themselves in a manner likely to cause a breach of the public peace by burning charms contained in a calabash in the compound of Umeh.
According to the prosecutor, the offences committed contravened Sections 411, 314, 287, 172, 287, and 168 (d) of the Criminal Laws of Lagos State 2015.
The defendants pleaded not guilty to the allegations against them.
However, the defendants’ counsel, Moses Enema, applied for their bail and urged the court to grant his clients bail in the most liberal terms, saying they were first-time offenders.
Consequently, Magistrate Aderemi Gbajumo granted them bail in the sum of N750,000 each with two sureties each in like sum.
Gbajumo said the sureties must have a valid means of livelihood and a valid means of identification.
She further ordered that they must provide evidence of Lagos State Residents’ Registration and verification of their addresses to be carried out by the prosecutor.
The matter was adjourned till October 14, 2024 for trial.
A Nigerian woman named Favour Igiebor, who tore up her husband’s passport at the Murtala Muhammed International Airport, could face a jail term as punishment for her actions if found guilty, according to the Nigeria Immigration Service Act of 2015 (as amended).
The NIS had on Monday revealed that it had launched an investigation into the circumstances surrounding the destruction of a man’s passport by his wife, identified as Favour Igiebor, stating that she had been summoned for questioning.
In a statement, the spokesperson for the NIS, Kenneth Udo, described Igiebor’s action as a violation of Nigerian law.
The investigation was prompted by a viral video showing Igiebor destroying a Nigerian Standard Passport, reportedly belonging to her husband, at the Murtala Mohammed International Airport in Lagos.
The NIS statement partly read, “The Nigeria Immigration Service has launched a formal investigation following the circulation of a video on social media showing a female traveller destroying a Nigerian Standard Passport at the Murtala Muhammed International Airport, Lagos.
“The Nigeria Immigration Service remains steadfast in its commitment to upholding the provisions of the Immigration Act in the interest of national security and to preserving the dignity and integrity of the nation’s legal instruments.”
Amid the widespread condemnation of her action, Igiebor, in another viral video seen by our correspondent, explained that her action was due to the stress her husband had put her through.
She said, “You have to ask what happened; don’t just look at the action alone. I am not a mad woman who would just come and act like that. I have my reasons; I have gone through many things.
“When it gets to your neck, you have to act. I didn’t want to make him go through a lot of stress; that’s why I waited till we got to Nigeria to do it rather than in Europe, where I could have done it. Don’t make comments without knowing what happened. I have gone through a lot of family issues here and there.”
In response to his wife’s recent video, the man who didn’t disclose his name, said he chose to remain silent because he believed the issue could be resolved “as a family.”
“My wife has posted something this morning. I don’t want to say anything, but I will leave you to watch the video. It is on various social media sites. I have the full clips.
“She didn’t know that I had someone with my phone because my friend and I came down here to do some things. I will post the full clip. I never expected that she would come out and say what she said. These are some things that we can resolve as a family,” he said.
However, findings by PUNCH Metro indicate that according to Section 49 of the NIS 2015 Act (as amended), a person found guilty of changing or altering a passport may face imprisonment or a fine. However, there is no section for punishment in case of destruction in the act.
The section reads, “A person who alters or assists another in altering a travel document, or who produces or reproduces or assists in the production or reproduction of any travel document without lawful authority commits an offence under Section 59 of the Act and is liable on-conviction to a- term of five years imprisonment or to a fine of one million naira or both.”
In an interview with our correspondent on Monday, a human rights lawyer, Collins Aigbogun, stated that there is no section of the Act that explicitly outlines sanctions for passport destruction, emphasising that Section 49 of the Act only specifies punishment for alteration.
He, however, noted that the wife had violated her husband’s constitutional right to freedom of movement.
“A passport is essential for cross-border travel. Possessing a Nigerian passport is not a privilege but a fundamental aspect of the right to freedom of movement.
“When someone destroys a passport, it infringes on the ancillary right to freedom of movement granted to her husband by the constitution. In essence, she has put that right on hold,” he said.
Harsh economy in Nigeria forces shutdown of over 50 firms, 100,000 employees lost their jobs
AFOLABI
…80% others in low-capacity utilization
…Labour begs FG to intervene
Over 50 firms in the chemical and non-metallic products sub-sector of the nation’s economy are in a dilemma as multinationals, medium and small-scale enterprises, SMEs, and member companies are either exiting, on the verge of shutting down or operating at low-capacity utilisation.
It will be recalled that the employers, under the umbrella of the Chemical and Non-Metallic Products Employers Federation, CANMPEF, had a membership strength of no fewer than 100 firms,, comprising multinationals, medium, and small businesses, which employ about 350,000 people across the country.
But presently, Vanguard checks revealed that while over 50 of such companies have closed down, four are on the verge of shutting down, while 80 per cent of the remaining companies are operating at low-capacity utilization.
Industry sources told Vanguard that over 100,000 workers have lost their jobs directly and indirectly in the last year.
The firms in this sector produce medicals, pharmaceuticals, perfumes, cosmetics, toiletries, soaps, detergents and vegetable oil, hydraulics, cement, asbestos cement and concrete.
Other products include glass, ceramic, earthenware, clay products, basic industrial organic and inorganic chemicals, fertilizers, explosives, fireworks, footwear, leather, and rubber.
According to Vanguard’s checks, among the companies that have shut down are Glaxo SmithKline Beecham, Procter & Gamble, Mega Plastic Nig limited, Twinstar Nig limited, and Femina Hygienical Products Nig. Limited and Linda Manufacturing Company.
Those on the verge of shutting down include Unilever, PZ Industries, Prime Pack, and Reckitt & Benckiser.
One of the companies about to shut operations in Nigeria is Kimberly-Clark because of high energy costs, expensive raw materials, and reduced customer demand.
The company, it was gathered, has reduced shifts and implemented other cost-cutting measures in a bid to remain afloat.
The company’s $100 million factory, located in Ikorodu, Lagos State, was commissioned two years ago by former Vice President Yemi Osinbajo to produce diapers and sanitary pads, among others.
Firms lament
Lamenting the plight of the sector, Executive Secretary of CANMPEF, Mr Olorunfemi Oke, said the exits were painful, saying more worrying is the fact that challenges faced in the sector were inflicted by government policies.
According to him, the challenges confronting the sector are floating of the naira, depreciating currency and volatile exchange rate, fuel subsidy removal, high exchange rate for computation of import duty, high interest rate, epileptic power supply with the recent increase in tariff that has tripled electricity bills and made it unsustainable for businesses; and inadequate gas supply for firms, and high cost of diesel.
He also named poor road conditions, multiple taxations, a high inflation rate of over 34 per cent, weak consumer purchasing power, and insecurity across the country.
The executive secretary said: “The effects of the socio-economic challenges on the manufacturing companies are enormous. Most of our member companies are just managing to survive. We cannot access forex for purchase of raw materials and machinery.
“High import duty cost is discouraging importation of raw materials and machinery. High energy costs have resulted in high production costs. Unreliable power and gas supply disrupts production schedules and increases operation costs.
“We are experiencing high reduction in capacity utilization and increased production slowdowns, huge foreign exchange losses suffered by many member companies, especially the multinationals, and reduction of profit. Majority are recording losses.
“There is also declining market share and growth potential and inability to compete with imported products. High interest rates discourages business expansion. There is growing weakness in consumer purchasing power. Companies are shutting down some of their operations. This has led to retrenchment of employees. The hyperinflation has led to an increase in the cost of living of employees and an adversarial industrial relations climate in the sector.
Shutdown
“While I don’t want to sound alarmist, tens of member companies from the multinationals, medium and small scale companies have shut down. Some of the companies that have closed down are Glaxo SmithKline Beecham, Procter & Gamble, Mega Plastic Nig Limited, Twinstar Nig Limited, Femina Hygienical Products Nig Limited, and Linda Manufacturing Company. Similarly, among those on the verge of shutting down include Unilever and PZ industries.
‘’We are very pained by these developments. Let us take for example the case of Linda Manufacturing Company and Kimberly-Clark.
Linda Manufacturing Company which was producing synthetic hair attachments and other accessories was employing and keeping our young girls off the streets and criminality. Only God knows what these young girls will turn to now that they are out of jobs. And for Kimberley Clark which produces Huggies diapers, and sanitary pads, with the imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Remember that the former Vice President, Yemi Osibanjo commissioned the factory two years ago.
The company has been producing below-installed capacity since late 2023 because of the harsh economic environment in the country. If this company is allowed to exit Nigeria, it will add to the sad story of the worsening crisis in our sector. The pathetic situation of this firm is that in 2022, the company commissioned a $100 million production factory in Ikorodu, Lagos State which was inaugurated by then vice president to resume operations after an earlier closure of operations in 2019 following a review of its business. Apart from these woes, 80 per cent of the remaining member companies are operating at low-capacity utilization.
Job losses
While Mr Oke was not forthcoming on the number of job losses, Vanguard, however, gathered that no fewer than 100,000 Nigerians have lost their jobs in the sector.
Speaking further, he said: “As a Nigerian, it is sad and frustrating for me to talk about my fellow countrymen and women losing their means of livelihood in this manner.
‘’A lot of people have been thrown into the job market. The figure is huge. We are talking about direct and indirect employment, comprising suppliers, distributors, drivers, contractors, and traders among others. I do not want to give a figure. But I can tell you without mincing words that it is huge.”
Way forward
The CANMPEF scribe called on government to address challenges facing the sector by “giving concessions on the allocation of forex to the manufacturing companies, reduction of import duties for raw materials for an essential sector like the pharmaceutical industry, reduction in import duty charges, improving supply of energy and gas to manufacturers, reduction of the rate of energy charges by power distribution companies, DISCOs, stopping multiple taxes by the local, states and federal government agencies, signing and implementing the new national minimum wage bill to improve consumers’ purchasing power, focusing on rehabilitating selected roads to reduce logistics costs and fixing the nation’s refineries to enable access to petroleum bi-products that serves as raw materials for the chemical industries.
“The industry is import- dependent because of the nature of its products and its raw materials are chemicals majorly from the petro- chemical industries. ‘’The Federal Government should take urgent action to stop manufacturing companies from shutting down.
Government should support the companies to thrive and increase employment and reduce insecurity challenges in the country.
“The only member companies that seem to be doing well today are the cement manufacturing firms because of road constructions and other related businesses.”
Voda Paint MD reacts
Also speaking, the Managing Director, Voda Paints Limited, Mr Rotimi Aluko, blamed unreliable power, unstable currency, difficulty doing business, steadily rising inflation, insecurity, multiple taxation, and poor infrastructure, among others.
Aluko, who is also the Vice President of CANMPEF, said: “Like most of the sectors making up the Nigerian industrial landscape, the chemical, leather, food sectors are all struggling to survive economic hardship that, looking back now, has actually been long coming.
‘’It is, indeed, very hard to find any one sector of the economy that is not impacted by the numerous issues which those doing business in Nigeria have really been enduring, starting with unreliable power, unstable currency, difficulty doing business, steadily rising inflation, insecurity, multiple taxation, poor infrastructure, etc.
“Currency tweaking and the associated policies in concert with the removal of petrol subsidy and the floating of the naira, have helped to compound the pressure on industrial operations generally.
“The consequence on the consumers is depletion of disposable income, such that most households are in tight adjustment as their income is hardly coping with necessities.
“Most industries rely on bountiful discretionary income to survive. That is the crux of the pain in the sector. Demand has significantly dropped and so goes production and ultimately income.
“It is, indeed, very tough, especially for sectors outside of households’ eessential or committed expenses.
‘’Even those in essential expenses column are grappling with the consequences of reduced demand, owing to downward adjustments by consumers of quantities and quality of their purchases as a result of inflation-driven loss of purchasing power.
Survival mode
“I think how the sectors have been coping can easily be deduced from all the aforesaid; we are in survival mode. Sacrifice, cost-cutting as much as feasible, mounting bills, income stagnation, abandonment of key projects, reduced hours of operation/attendance rotation, etc. Everyone is scratching the ground as well as their heads for whatever will aid to keep them afloat.
Way forward
On ways out of the challenges, Aluko said: “Government action. It is all down to what the government chooses to do and not do. The truth starts with how the government views and treats manufacturing. If manufacturing is taken as the most strategic value-adding local content economic weapon that it is, Nigeria will transform into the league of leading nations of the world!
“Not even crude oil can come close. Why? It is manufacturing that can harness our immense reservoir of human talents to serve as an engine for the conversion of the bountiful contents atop and beneath our God-given land and those beyond our shores into products capable of becoming the biggest foreign exchange earners as experienced by China and several other Asian economies.
“Government just has to step forward to help get the necessary building blocks in place and put right the business environment, such that Nigeria will rank high among nations having very attractive level of ease of doing business.
“For this to be, the government has to make these investments and protect local manufacturing. This is non-negotiable. All advanced nations and those who have climbed up to join the top league did it at one point or another and are still doing it.
“The most powerful economic and military power in the world is currently engaged with China openly as an example.
“We have done it before with huge success when in 2007, Nigeria clamped down on the importation of cement by companies without local cement manufacturing investment. The result is huge.
“Before the implementation of the smart act of protection, Nigeria in 48 years of cement manufacturing preceding the protective action, only grew to about seven million metric tonnes of cement production per annum and in the 15 years succeeding the policy, has grown to over 60 million metric tonnes production/per annum.
“Do that across several sectors integrating farm produce conversion, petrochemicals, basic chemicals, natural resources, basic tools, electronics, etc, Nigeria will be an unstoppable giant. It has potentials.
“The government should declare a clear form of emergency in the manufacturing sector. It should subsidise consumption via manufacturing subsidy by way of tax relief, duty/tariff removal on agricultural and manufacturing inputs. The gains will come in many folds.
“First of all, our youths will be gainfully employed and stop idling away their lives or hawking things they should be producing in the first instance. Savings on social and security costs cannot be estimated.
“Government should put in place necessary administrative and legal firewalls against those who might truncate gains of the strive towards the achievement of good level ease of doing business across the country and sectors.”
Labour begs FG to intervene
On his part, the National Secretary, National Union of Chemical Footwear Rubber Leather and Non-Metallic Products Employees, NUCFRLANMPE, Joseph Dada, pleaded with the government to intervene immediately to save the sector from imminent collapse. He said: “Our industrial sector has been finding it extremely difficult to operate smoothly and effectively for the past two years.
‘’Bad government policies have negatively affected the running of our sector. Many of the industries have relocated to other African countries where they can do their business with ease and maximise profit.
“Our government, through the Central Bank, has increased the lending rate to over 30 per cent, which is not good for manufacturing and chemical industries to break even as most raw materials are imported. We cannot do backward integration.
Economic distortions
“The industries are groaning under the outrageous tariffs imposed by DISCOs and others responsible for the supply and distribution of electricity to the industries in Nigeria.
The tariffs are doing nothing other than kill the industries. This is compounded by the removal of the petrol subsidy that has turned the country upside down since last year. The consequences are part of the socio-economic distortions plaguing the nation.
“Some of the companies that have relocated to other African countries are multinationals, such as Procter & Gamble and GSK Pharma, Femina Hygiene, and Twinstar. Many others are on the verge of closing down any moment from now because of the unfavourable economic policies of our government.
“Hundreds of workers have lost their jobs as a result of management’s inability to provide raw materials in their various companies. Those that are managing to produce are producing below 20 to 25 per cent of installed capacities.
‘’We are still compiling the list of job losses. I can tell you it is mind-boggling in a country with very high unemployment figure.
Enabling environment
“We are pleading with the Federal Government to urgently halt this alarming trend and create enabling environment for industries to have access to foreign exchange from Central Bank of Nigeria for manufacturers to get forex to import raw material for industries to produce.
“The issue of unsustainable tariffs as well high cost of fuel regime must be addressed immediately to save our industries from total collapse. We are not equally unaware of the issues of excessive and multiple taxation from all levels of government, insecurity, poor state of our roads and very low purchasing power of most Nigerians. The government should come to our aid as renewed hope is gradually turning to sustained despair.”
A 45-year-old Indonesian man has allegedly killed his 60-year-old neighbour after being repeatedly asked why he wasn’t married.
The incident occurred on July 29 in South Tapanuli regency, North Sumatra, as reported by the Straits Times.
Assistant Police Commissioner Maria Marpaung identified the victim as Asgim Irianto.
The alleged attacker, Parlindungan Siregar, reportedly grew increasingly frustrated with Irianto’s persistent questioning regarding his single status.
According to statements provided by Irianto’s wife, Siregar arrived at their home armed with a piece of wood and launched a sudden assault on Irianto.
The victim fled into the street, but Siregar pursued him and delivered a fatal blow to his head. Despite Irianto falling to the ground, Siregar continued the assault until other residents intervened.
Emergency responders rushed Irianto to the hospital, but he succumbed to his injuries en route.
Siregar was arrested shortly after the attack. Authorities suspect that the motive behind the violence was linked to Siregar’s irritation over Irianto’s repeated inquiries about his marital status.
The investigation into the incident is ongoing.
Nigerian artistes Tems and Rema have earned spots on Barack Obama’s highly anticipated 2024 summer playlist.
Curated by the former U.S. president, the playlist features a diverse mix of international and domestic artists.
Obama announced the playlist via his X handle, stating, “With summer winding down, I wanted to share some songs that I’ve been listening to lately – and it wouldn’t be my playlist if it didn’t include an eclectic mix. I hope you find something new to listen to!”
The playlist includes Tems’ track “Love Me Jeje” from her debut album, showcasing her soulful style and emotional depth.
Rema’s “Yayo” from his sophomore album “HEIS” also makes the cut, having topped the charts in Greece and amassed over 60 million streams on Spotify.
Obama’s playlist also features Charli XCX’s “365,” Beyoncé’s “Texas Hold ‘Em,” Tommy Richman’s “Million Dollar Baby,” “Wanna Be” by Glorilla & Megan Thee Stallion, Billie Eilish’s “CHIHIRO,” as well as classic tracks like 2Pac’s “How Do U Want It” featuring K-Ci & JoJo and Bob Dylan’s “Silvio.”
Recall during a recent interview with influencer Carter Gregory (thecarterb), Obama revealed that his daughters, Sasha and Malia, play a key role in keeping his musical tastes current and broadening his musical horizons.
“I get referrals from my daughters — which keeps me not stuck in the ’80s,” the former president told Mr Gregory.
It Was Massive Betrayal, Millions Of Naira Secretly Diverted – Peter Okoye Explains Fallout With Paul, Jude Okoye
AFOLABI
Nigerian singer, Peter Okoye, better known as Mr P, of the now defunct Psquare music group, has explained the fallout between him and his twin brother, Paul, better known as Rudeboy and their elder brother, Jude Okoye.
Naija News recalls that in June, Nigerian celebrity journalist, Stella Dimokokorkus, said the twin brothers are at war over joint funds being allegedly diverted by their elder brother cum music executive, Jude Okoye.
In a recent interview with City FM, Lagos, Rudeboy recounted how Peter used the Economic and Financial Crime Commission (EFCC) to arrest him and Jude.
In his response, Peter, in a statement on Monday, said he has never petitioned the EFCC against his twin brother.
The singer explained that he, Paul and Jude own a management company called Northside Entertainment, which they use to manage all P-Square affairs.
However, he came across a company with a similar name called Northside Music.
He investigated the company and was shocked to discover that the founder and director of the company were his elder brother, Jude, and Jude’s wife, Ifeoma Okoye.
Peter said the address used to register the company was Ifeoma’s family home, and he asked his twin brother, Paul, who denied knowing anything about the company.
This prompted his decision to involve his lawyers and instructed them to file a petition against the suspect, Jude, but told them to exclude his twin brother.
Peter said he filed the petition because he discovered that “millions of dollars and hundreds of millions of Naira were being secretly diverted into this secret company’s account, Northside Music from our own Northside Entertainment.”
He said the investigation by EFCC found that Jude’s secret company had been collecting Northside Entertainment’s royalties for years.
He said Jude also mentioned Paul’s name while being questioned, which is why the EFCC invited his twin.
See the full statement below.
Dangote refinery and other local refineries have raised their crude oil requirements from Nigeria’s oil producing companies to 597,000 for the next five months.
This is according to a statement from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and reported by Reuters on Monday.
Crude oil-producing companies in Nigeria are expected to supply the Dangote refinery and other local refineries with about 597,700 barrels per day (bpd) of crude in the next five months to meet local demands.
This is according to a statement from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and reported by Reuters on Monday.
According to the report, Nigeria’s refineries have increased their domestic crude requirements for the second half of 2024 to 597,700 barrels per day, up from 483,000 barrels per day in the first half.
NUPRC also confirmed that the oil companies were only able to provide 177,777 bpd to the refineries in the first six months of the year, way below the requirements of the refineries.
The increasing crude requirements of local refineries, coupled with the challenges oil producers face in meeting demand, have created tensions between the 650,000-bpd Dangote Refinery and the regulator.
NURPC’s failure to enforce PIA
Nairametrics earlier reported that the Dangote Refinery accused the NUPRC of failing to enforce the Petroleum Industry Act (PIA) in relation to the domestic supply of crude oil to local refineries.
In a statement released on Friday, the refinery’s spokesperson, Anthony Chiejina, stated that NUPRC has only facilitated the sale of a single cargo between the refinery and crude oil producers.
Chiejina further noted that the regulatory body cited the “sanctity of a contract” as the reason for its inability to enforce its own Act.
“Aside from the term supply we bilaterally negotiated with NNPCL, so far NUPRC has only facilitated the purchase of one crude cargo from a domestic producer. The rest of the cargoes we have processed were purchased from international traders.
“All we are asking for is for refineries in Nigeria to buy crude directly from the companies that produce it in Nigeria rather than from international middlemen.
“Unfortunately, the NUPRC has effectively admitted in their statement, that they will be unable to enforce the domestic crude supply obligation as specified in the PIA citing “sanctity of contracts” as an excuse,” the statement read.
President Bola Tinubu has commissioned the first set of Compressed Natural Gas (CNG) buses at the Presidential Villa, Abuja.
The buses numbering 20 were said to be the first batch produced locally by local manufacturer, Innoson Motors.
Some of the CNG buses were driven to the forecourt of the Presidential Villa, where the President took a break from the Federal Executive Council (FEC) meeting to commission them.
The provision of the CNG buses were part of the Federal government efforts to reduce the pains caused by the removal of the fuel subsidy by the Federal Government.
Recall that the Chairman and Chief Executive Officer of Innoson Motors, Chief Innocent Chukwuma, met with President Tinubu last week at the State House.
While speaking to journalists, the Innoson Motors boss promised that very soon, CNG vehicles will be on the road in many cities of the federation to ease the transport problem being experienced in the country.
International Breweries Plc, an alcoholic beverage maker in Nigeria, has appointed Chijioke Nkechinyere Ugochukwu as its new Independent non-executive director, effective July 25, 2024.
According to a recent statement, Ugochukwu is a Chartered Director and Fellow of the Institute of Directors (IoD), United Kingdom, and of the CIoD Nigeria as well as a Fellow of the Chartered Institute of Bankers Nigeria (CIBN).
“She has spent 34 years in the Board room and is presently an Independent Director with Access Pensions Limited and with Consolidated Hallmark Holdings Plc as well as a NonExecutive Director with Chams Holdings Plc and Card Centre Nigeria Limited,” the statement said.
In addition, she serves on several committees and councils of the CIoD Nigeria, the CIBN, and the Lagos Business School (LBS) and is a member of the Board of Governors of the Babington Macaulay Seminary.
Ugochukwu was the executive director of shared services & products and chief information officer at Fidelity Bank Plc. She holds a Bachelor of Laws (LL.B Hons.) degree from Obafemi Awolowo University, Ile-Ife, and a Barrister at Law (BL) from the Nigerian Law School.
“She also holds a Master of Business Administration degree from IESE/University de Navarre, Barcelona,” it added.
The new non-executive director has attended several Executive Education programs globally at the Institute of Directors UK, the Institute of Management Development (IMD), Massachusetts Institute of Technology (MIT), Harvard Business School, Stanford Graduate School of Business, Oxford Said Business School, The Wharton School and Columbia Business School amongst others. She also facilitates Business Ethics and Women in Leadership classes at the Lagos Business School.
[Businessday]
Key Points
- Owen Omogiafo, 44, is President and Group CEO of Transcorp Group, holding a $4 million stake in Transcorp Power Plc.
- Under Omogiafo’s leadership, Transcorp Group’s revenue surged 114% YoY in H1 2024, reaching $110 million.
- Omogiafo is recognized as one of Africa’s top 100 women in leadership, influencing various sectors beyond corporate success.
Nigerian business executive, Owen Omogiafo, exemplifies exceptional leadership. She has not only shattered glass ceilings and accumulated significant wealth but also reshaped the narrative of leadership and success for women in Africa.
At 44, Omogiafo is the President and Group CEO of Transcorp Group and holds a stake worth over $4 million in Transcorp Power Plc, a company she has played a crucial role in steering toward remarkable growth.
Career spanning over two decades
Omogiafo’s ascent to prominence reflects her extensive experience and expertise across diverse sectors, including financial services, hospitality, and energy.
With a solid educational foundation—earning a bachelor’s degree in Sociology and Anthropology from the University of Benin and a Master’s in Human Resource Management from the London School of Economics & Political Science—Omogiafo has shaped a distinguished career over the past two decades.
Her professional journey is highlighted by pivotal roles that paved the way for her current leadership position. She began her career at Accenture as an Organization and Human Performance Consultant, where she specialized in Change Management.
Omogiafo further refined her skills in human capital management while serving as the HR Advisor to the Group Managing Director at the United Bank for Africa Plc. She later assumed a leadership role as Director of Resources at Heirs Holdings, a Pan-African investment company, where she solidified her reputation as a strategic thinker and transformative leader.
Owen Omogiafo leads Transcorp Group to new heights
Owen Omogiafo’s rise to the helm of Transcorp Group—a diversified conglomerate with interests in hospitality, oil & gas, and power—has been truly groundbreaking. As both the first female and the youngest leader in the group’s history, her impact has been profound.
Under her leadership, Transcorp has not only grown but thrived, becoming the 18th most valuable listed company on the Nigerian Exchange (NGX) with a market capitalization of $283 million. The group’s total assets stand at $390 million, with retained earnings of $60 million as of June 30, 2024.
In H1 2024, the company’s revenue soared by 114 percent year-over-year, totaling $110 million and far exceeding investor expectations. This surge is largely driven by its energy unit’s exceptional performance, which has been a key factor in the group’s impressive financial results.
Owen Omogiafo’s $4 million stake in Transcorp Power revealed
One of Omogiafo’s standout achievements is her pivotal role in the spin-off and subsequent listing of Transcorp Power Plc, a key subsidiary of Transcorp Group. The decision to list Transcorp Power has proven exceptionally lucrative, with the company’s market capitalization soaring to $1.74 billion.
Since its debut on the NGX on Mar. 4, Transcorp Power’s share price has surged by more than 41 percent, underscoring robust investor confidence and the company’s impressive performance amidst a challenging economic landscape.
Demonstrating her confidence in the company’s future, Omogiafo holds a 0.23 percent stake in Transcorp Power, valued at over $4 million. This investment underscores her position as one of Nigeria’s wealthiest executives and one of the richest female leaders in the country.
Owen Omogiafo: Beyond corporate success
Beyond her corporate achievements, Owen Omogiafo’s influence extends to various boards and advisory roles. She serves on the boards of several notable companies, including Afriland Properties, Transcorp Power, TransAfam Power, and Abuja Electricity Distribution Company. Additionally, she plays a pivotal role on the Advisory Board of Heirs Academy and is the Vice President of the Lagos Business School Alumni Association.
Omogiafo’s leadership and achievements have not gone unnoticed. She has been recognized as one of Africa’s top 100 women in leadership and one of the 100 Most Influential African Women, highlighting her significant contributions to the business world and her role as a trailblazer for women across the continent.
[billionaires.africa]
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The Federal Competition and Consumer Pricing Commission (FCCPC) has stated that disproportionate pricing of imported goods mostly among retailers is mostly responsible for inflation in consumer goods in the country.
In a statement by the FCCPC’s Executive Vice Chairman/Chief Executive Officer, Tunji Bello where the commission stated its intention to engage with market leaders to check against exploitative pricing across the country.
According to the statement, the commission stated that by collaborating with market leaders, it is confident that a consensus can be reached on fair product pricing to avoid excessive profiteering at the expense of consumers during these economically challenging times.
It stated, “While it is recognized that the exchange rate has impacted the value of the Naira, it is however observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.”
“This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers.”
The Commission noted that efforts to protect Nigerian consumers align with President Bola Tinubu’s renewed hope agenda.
The Commission has already directed supermarket operators to clearly display product prices on their shelves, ensuring transparency and preventing situations where shoppers only discover prices after making payment and receiving a receipt.
Backstory
The FCCPC previously issued a strong warning to those involved in the food chain sector, cautioning against unjustified price hikes.
The FCCPC highlighted that its monitoring efforts uncovered evidence of conspiracies, price gouging, hoarding, and other unfair practices among participants at the distribution and retail levels.
Abdullahi expressed concern that certain actors in the food chain sector were taking advantage of consumer anxiety to inflate prices, describing these actions as reprehensible, unethical, exploitative, and illegal.
What you should know
- Nigeria is experiencing one of the worst costs of living crisis in a generation with inflation at 34.19% and food inflation at 40.87% in June 2024- the highest in 28 years.
- The increase in food costs has been largely attributed to the depreciation of the naira, conflicts in food-producing regions, and soaring transportation expenses.
- The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, highlighted that new inflationary pressures are emerging, extending beyond traditional monetary factors and the impact of exchange rates on inflation.
- His comments were revealed in a document issued by the CBN, summarizing the views of the MPC members. Cardoso also noted that seasonal factors, such as price increases during religious
- fasting and festive periods, are contributing to the cyclical nature of prices.
[Nairametrics]
The West African Examination Council (WAEC) has released the 2024 West African Secondary School Certificate Examination (WASSCE) for the May/June examination.
The examination body announced this on Monday, “The West African Examinations Council is pleased to inform candidates who sat for WASSCE school candidates 2024 that the result has officially been released today, Monday, 12th August 2024.”
Where Can The 2024/2025 WAEC Result Be Checked?
The 2024/2025 WAEC result can be checked via SMS or in the WAEC Result Checker platform, where the exam results are being uploaded.
The requirements to check the WAEC 2024/2025 result are:
1. A WAEC Registration Number that was issued to you before taking the exam. All the necessary details are contained in your WAEC ID.
2. You need an unused result checker PIN. If you have already used your initial PIN, you can purchase a new one through the Remita outlet by:
a. Going to https://www.remita.net/
b. Scroll and click on the “Buy WAEC PIN” icon.
c. Provide the necessary information and solve the Captcha to prove you’re not a robot.
d. Click “Submit”
e. Enter your payment details, the cost of the PIN and additional charges on Remita is ₦4,500.
f. Note that there is a limit to the number of times you can use the PIN on your card. After that, you would need to purchase a new one.
3. You need your WAEC Identity card serial number.
4. You would also need to know your examination number type.
5. You need a smartphone, tablet, or laptop that has an internet connection.
How To Check Your WAEC Results Via SMS
Note that only MTN, Glo & Airtel Subscribers can check their WAEC Results using this SMS method.
1. Using your mobile device, Type WAEC*ExamNo*PIN*ExamYear
2. Send to 32327
3. You will receive a message instantly containing your WAEC statement of result.
Note: If you did not receive your WAEC result via SMS, kindly repeat this step.
How to Check The WAEC 2024/2025 Examination Result On The Web
1. Type and click on www.waecdirect.org on your browser
2. Fill in your WAEC registration number, PIN, serial number, and examination type.
3. Double-check your details and click on the “Submit” button.
4. Your result will be displayed on the screen.
[Leaderhip]
There was no single death recorded in Kano State during the #EndBadGovernance protest, according to the police.
Commissioner of Police in Kano, Salman-Dogo Garba, said this during a press conference where suspects were paraded on Monday.
He said, “Going by the records, so far, we are not aware of any casualties recorded.”
Daily Trust reported how more that five persons were killed during the protests, which was hijacked by hoodlums in some instances.
Families of deceased persons are still mourning their loved ones who were said to be killed by bullets during the protest.
Garba added, “Aftermath of these events resulted in the arrest of 873 suspects and recovery of a large quantity of exhibits. The command arrest and prosecute 600 suspects for various offences, including criminal conspiracy, inciting disturbance, riot, theft, mischief, and arson.
“Arrest and prosecution of 150 suspects for violating the curfew enforced by the Kano State Government. Arrest of an additional six suspects linked with masterminding the destruction, setting ablaze and looting of the Kano Printing Press (KPP) are undergoing investigation. Arrest and transfer of 76 suspects flying Russian flags, including a foreigner to Force Headquarters, Abuja for discreet investigation on charges of sedition.
“Arrest of 41 suspects for other major crimes including armed robbery, kidnapping, car theft and recovery of two AK-47 Exhibit Rifles and other substantial properties looted by the hoodlums at Audu Baku Secretariat NCC Office, High Court Complexes, Kano Printing Press (KPP), Super Markets.”
He added that despite the challenges posed by the recent protest, the command has succeeded in the arrest of two suspected kidnappers, five suspected armed robbers, eight suspected car thieves, two human trafficking suspects, one notorious drug dealer and 23 suspected thugs.
The command also rescued 13 trafficking victims, recovered two AK-47 Rifles and one Beretta Pistol, 47 live ammunition eight motor vehicles and four sacks containing Exol Tablets.
Others are two Bajaj Boxer Motorcycles, 22 cows,15 sheep, and four donkeys.
He therefore reiterated that the Kano State Police Command remains committed to maintaining law and order, preventing crime, and protecting the rights of citizens to peaceful protest.
[DailyTrust]
Nigerian disk jokey Florence Otedola, popularly known as DJ Cuppy, has shared her experience of combining her faith with passion for ‘Djing’.
The music star, who recently got baptised, revealed that she was initially nervous about creating a list with only Christian music, but God guided her through the process.
Sharing photos of herself performing at an event via instagram, Cuppy expressed gratitude for the opportunity to serve God through her music.
She wrote: “I had the RARE opportunity to do the two things I love most: DJing AND Serving God. What a blessing! Thank you for having me @HTBfocus”.
Cuppy emphasized that Christian music is lively and energetic, dispelling any misconceptions.
She continued, “I was really nervous about curating a performance with ONLY Christian music, but God challenged and guided me through it. And please DO NOT get it twisted— Christian music is LIT! Genuinely grateful for this journey and for the chance to share my faith through music!”
[DailyPost]