The Minister of Power, Adebayo Adelabu, has stated that likely sabotage by some electricity workers caused a fire outbreak that destroyed three transformers worth $4 million at the sub-regional switchyard of the Transmission Company of Nigeria (TCN) in Birnin-Kebbi, Kebbi State.

This comes as he warned electricity staff against vandalizing the national grid while embarking on industrial action.

Adelabu, who inspected the TCN in Osogbo, Osun State, on Friday, also lamented that during the last warning strike organized by the Nigeria Labour Congress (NLC), the national grid was attacked.

He issued a stern warning to electricity staff against the destruction of the national grid, noting that perpetrators would face the full force of the law.

“No matter what the circumstances are, nothing must push us to deliberately destroy these assets of national grid. I’m not against industrial actions, it is part of labour relations but when we are doing it, we must be conscious of what is our collective asset. Industrial actions will be resolved whether we like it or not but in the course of the action, what have we destroyed? Vandalising assets in the control centre is an economic crime that must be so treated. We need to talk to ourselves,” he said.

Speaking about inferno at Birnin-Kebbi, he said, “The fire outbreak in Kebbi, people are saying it’s sabotage, I’m not going to conclude it’s sabotage but it looks like it. How can three transformers catch fire simultaneously?

“We have set up a high-level investigation panel to see what led to that fire outbreak and I can assure you that if any of our staff is found wanting, such staff will face the wrath of the law. The person(s) will be severely dealt with, not because we derive joy in dealing with someone but to serve as a deterrent to others. What I want to adopt during my time here is a carrot and stick. If you perform well, we will reward and motivate you to do more but if you abandon your duty place or perform an act of sabotage, you will also face the law.

“The entire sector requires a lot of investment. Nigeria’s budget cannot be enough for all that we need which is why we are thanking our various partners. We have partners who are also supporting us and we cannot afford to disappoint them because they are putting down money and they want to see what we are doing. It takes us to the protection of these assets. These are national assets and they are precious assets to all of us. Nothing must happen to them because if you destroy these assets, it is an act of economic sabotage. It is also a threat to national security and this has to be legislated.”

Adelabu further disclosed, “We have written to the National Security Adviser (NSA) to strengthen our security around our establishment across the country so that what happened in Kebbi will not repeat itself elsewhere. I want to assure you that going forward, we are not going to experience such breakdown in our national grid.”

Last modified on Saturday, 23 September 2023 06:57

A host of prominent Nigerians have been affected by the decision of the Minister of the Federal Capital Territory (FCT), Nyesom Wike to revoke the ownership of some lands in Abuja, the nation’s capital city.

Naija News understands a total of 165 lands were affected by the revocation order given by Wike.

The revocation was due to the violation and contravention of the terms of development of the Right of Occupancy according to a document signed by the FCT Permanent Secretary, Olushade Adeshola.

According to a report monitored on The Nation, some of the notable Nigerians affected by the revocation order include former Senate Chief Whip, Udoma Udo Udoma; former Cross River Governor, Senator Liyel Imoke; first Minister of Niger Delta Ufot Joseph Ekaette and late publisher of Leadership newspaper, Sam Nda-Isaiah.

The document reads: “The Federal Capital Territory Administration (FCTA) here by informs the general public that the Minister of the Federal Capital Territory, has in the exercise of the powers conferred on him under section 28 (5) (a) and (b) of the Land Use Act, 1978, revoked the underlisted plots with names and titles as reflected in our records for continued contravention of the terms of development of the Right of Occupancy to wit non development.”

The affected plots are situated within Central Business District, Maitama (A05); Maitama (A06); Wuse II (A08); Gudu (B01) and Wuye (B03).

Others are Jabi (B04); Utako (B05); Katampe Extension (B19); Idu Industrial Area (C16) and Asokoro (A04) Districts respectively.

It would be recalled that upon assumption of office as FCT Minister, Wike had vowed that any land contravening the Abuja Land Use Act would be revoked no matter those involved.

[NaijaNews]

  • Nigerian commercial banks have incurred an estimated $1 billion in loan losses during the first half of 2023, a significant increase compared to the same period last year, largely attributed to rising inflation and interest rate hikes by the Central Bank of Nigeria. 
  • Amidst these macroeconomic challenges, banks like UBA and GTCO have seen over 1,000% year-on-year growth in impairment charges, affecting their core business of lending and reducing their net interest income. 
  • Despite the adverse conditions, banks have managed to maintain non-performing loan ratios within regulatory limits, partly due to a substantial increase in non-interest income generated from forex revaluations. 

Nigeria’s leading commercial banks suffered loan losses estimated at a combined $1 billion in the first half of 2023. 

This is according to data collated from the 2023 half-year financial statements released by the banks in the last few weeks. 

In terms of local currency, the losses amount to over N730 billion for the first two quarters of the year, dwarfing the N163 billion incurred over the same period last year.  

It’s worth noting that Access Bank, Nigeria’s most substantial financial institution by total assets, has not yet released its audited accounts for the first half of the year. 

Rising Inflation and Interest Rates fuel losses 

The surge in impairments comes against a backdrop of growing inflationary pressures and subsequent hikes in interest rates.

To curb spiralling inflation, the Central Bank of Nigeria (CBN) has significantly raised its key interest rates, going from 11.5% in December 2021 to a 15-year peak of 18.75%.  

Market experts widely anticipate another interest rate hike at the upcoming Monetary Policy Committee (MPC) meeting, which has been rescheduled from its original dates of September 25 and 26, 2023. 

As the CBN continues its aggressive policy measures to combat inflation, the cost of borrowing has also risen. This inflationary environment makes loans more expensive to service, thereby increasing the likelihood of borrower default. 

The Domino Effect on Impairment Charges 

Faced with the growing risk of customer default, banks have had to escalate their impairment charges to buffer against potential future losses.  

In the first half of 2023, impairment charges on loans and advances across banks witnessed a significant year-on-year surge, with banks like UBA and GTCO recording over 1,000% year-on-year growth in impairment charges during the same period.  Both banks recorded loan impairments of N164.2 billion and N153.9 billion respectively.  

GTB attributed these ballooning losses to “weakening macroeconomic conditions” and losses incurred from investments in Ghana’s Eurobonds. 

  • “The Group booked loan impairment charges of ₦82.96bn in H1-2023 from ₦3.51bn in H1-2022 due to weakening macroeconomic variables.
  • “The Group also recognised ₦81.3bn in H1-2023 as an impairment charge on other Financial Assets (FA) also by way of management overlay as loss rate heightened on its investment in Ghanaian sovereign securities and other foreign currency financial instruments whose underlying values are sensitive to adverse exchange rate movement.”

The substantial surge in impairment charges on loans and advances underscores a significant concern; banks are bracing themselves for more substantial losses from their core revenue stream, which is lending to customers.    

These provisions have cast a shadow over the banks’ income generated from their core business line, which is lending to customers, consequently reducing their net interest income after impairment charges.   

Zenith Bank specifically outlined this dilemma, indicating that high impairment levels, coupled with elevated interest expenses due to inflation, have impacted its net interest margin (NIM), which fell from 7.1% to 5.9% year-on-year. 

Impairment levels increased significantly in recognition of the heightened risk environment resulting in the cost of risk growing from 1.4% to 8.8%. Cost of funding also grew YoY from 1.4% in H1 2022 to 2.6% in H1 2023 due to the spike in interest rates, with interest expense growing from NGN57 billion in H1 2022 to NGN153.6 billion in H1 2023. This affected our net interest margin (NIM) which reduced from 7.1% to 5.9% over the same period. 

Silver Linings and Analyst Perspectives 

Despite these grim figures, commercial banks have maintained non-performing loan ratios that are within regulatory limits. GTB, Zenith Bank, UBA, and FBN Holding reported NPL ratios of 4.6%, 3.9%, 3.3%, and 4.3%, respectively.

These more favourable ratios have been bolstered by a considerable increase in non-interest income, particularly from forex positions.  

For example, four banks within the FUGAZ group (excluding Access Bank) reported a combined N1.3 trillion from forex revaluation gains, primarily from swaps and non-deliverable forwards.

This is a significant leap from just N16 billion over the same period in 2022.  

Some financial analysts who spoke with Nairametrics suggested that the escalation in loan impairments might be a strategic move by banks.

This increase could be a way to fast-track loan provisioning, which can now be offset by the gains from forex revaluations. 

 [Nairametrics]

The Plateau State Governorship Election Petition Tribunal sitting in Jos, the state capital, has dismissed the petition of the All Progressives Congress (APC) against the election of Governor Caleb Mutfwang of the Peoples Democratic Party (PDP).

The Tribunal held that the PDP held a valid congress in Plateau State on 25th September, 2023.

The Tribunal also held that the issue of nomination and sponsorship of a candidate is a pre-election matter.

[DailyPost]

The Economic and Financial Crimes Commission has declared two siblings from Delta State wanted for alleged fraud of N330 million.

This was contained in a statement issued by the EFCC spokesperson, Wilson Uwujaren, copies of which were made available to journalists in Warri, Delta State on Friday.

The anti-graft agency named 55-year-old Faith Onoja and 44-year-old Emmanuel Onoja, both from Ughelli South Local Government Area of Delta State, as being declared wanted by the EFCC.

According to the commission, Faith’s last known address is “Close to Celestial Church, Ekrovie new layout, old Egini road, Orhuehorun, Delta State” while Emmanuel’s last known address is “No 6. Jasmison Street, NPDC/ND Western Estate, Warri, Delta State”.

The statement urged that “anybody with useful information as to their whereabouts should contact the commission” in its offices nationwide.

The Lagos state police command has said it dispersed sympathizers who gathered to mourn the death of late singer, Ilerioluwa Aloba also known as Mohbad at the Lekki Toll Gate to forestall the recurrence of the EndSARS saga.

This was contained in a statement signed by the Lagos Police Public Relations Officer, Benjamin Hundeyin, and made available on the verified page of the Lago State Police X (formerly Twitter) page on Friday.

According to the statement, there was agreement between the police and the organizers of the procession not to use the Lekki Toll Gate as a point of gathering which was adhered to during the procession but some persons later violated by gathering there.

Hundeyin noted that efforts made to persuade the sympathizers who gathered at the Lekki Toll Gate by the police and the organizers did not yield any result which forced the police to disperse them with teargas to protect lives and properties within the area.

The statement read in part, “It is instructive to note that the Lagos State Police Command had an agreement with the organizers of the candlelight procession that the procession was to end at 8 pm latest and should terminate at Muri Okunola, Victoria Island. It was clearly stated for the avoidance of doubt that in the interest of all Lagosians and considering the heavy use of the Lekki-Epe Expressway, the Lekki Toll Gate would be a no-go area.

“It, however, became disconcerting that after the procession duly ended at Muri Okunola park as agreed, with the police providing optimal security all through, some persons started gathering at the Lekki Toll Gate with intent to manifest objectives extraneous to the #justiceforMohbad initiative.

“Being a clear violation of the laid down agreement, the Lagos State Police Command invited the procession organisers who came back and joined the officers on the ground in persuading the people at the toll gate to disperse peacefully. The organizers equally sent out messages on social media asking everyone to go home, clarifying in clear terms that it was not a protest but a procession that had been successfully concluded. This persuasion and appeal went on for hours, to which the police and organizers met defiance, both in words and action. At this point, all lanes in and out of Lekki had been totally blocked. Vehicular movement on the ever-busy expressway had been brought to a total standstill, leading to traffic build-up.


“Having gone down this road before, having learnt from previous similar encounters, and having studied the pattern in the crowd, the red flags and early warning signs of total chaos and anarchy were discernible. Therefore, in fulfillment of our mandate to protect life and property, maintain law and order, and prevent crimes, we adopted the least harmful method of crowd dispersal, following the failure of verbal persuasion – the use of teargas. Not a single live ammunition was fired! The police adopted crowd management best practices in engaging the unruly crowd. No life was lost neither was there any injury.”

The police spokesperson also said that the command will not tolerate any person or group that may want to use the opportunity of Mohbad’s death to disturb the peace of the state while assuring regular updates will be made available on the investigation ongoing to unravel the circumstances behind the death of Mohbad.

“The Commissioner of Police, Lagos State Command, hereby warns mischief makers that any person or group of persons found disturbing the peace of the state, under whatever guise, would be promptly arrested and prosecuted to the fullest extent of the law.

“The Lagos State Police Command also appreciates the procession organizers for keeping faith with the Command and assures all supporters of #justiceforMohbad and Lagosians at large that it would continue to prioritize their safety and security at all times.

“Meanwhile, the ongoing investigation into the circumstances leading to the death of Mr Ilerioluwa Aloba is progressing well. The general public are, therefore, requested to avoid creating unnecessary distractions and give the Command the stable internal security space to undertake a conclusive and timeous investigation.

“In this process, it should be noted that the Lagos State Police Command has, as promised, been interfacing closely and regularly with all meaningful support groups of #justiceforMohbad. This synergy shall be sustained while the general public are assured that they will be continually updated on the progress of the investigation”, the statement concluded.

Punch reported that protesters and fans of the late Nigerian singer, Ilerioluwa Aloba known as Mohbad, were on Thursday night allegedly dispersed with teargas at the Lekki Tollgate, Lagos State.

The protesters held a candlelight procession in honour of the late singer on Thursday.

The Nursing and Midwifery Council in the United Kingdom said there is evidence of widespread fraud at Yunnik Technologies Test Centre in Ibadan, Nigeria.

This is following the alert raised by the NMC in May, that the registration of a total of 512 Nigerian nurses and midwives, who passed at a CBT centre in Ibadan could be fraudulent or incorrect.

Consequently, the NMC notified those who sat their CBT at the Yunnik centre that it needed to probe their data and the concerns it raised.

Yunnik Technologies Test Centre is one of the centres where Nigerian nurses and midwives who wish to practice in the UK take a computer-based test to assesses their clinical and numeracy competence.

The council in a press statement on Thursday, said the investigation showed that while the majority of the individuals who sat their CBT at the Yunnik centre are not considered to have joined the register fraudulently, there is evidence of widespread fraud at the centre.

“There is evidence of widespread fraudulent activity at the Yunnik centre, where we suspect some people fraudulently obtained their CBT, probably by the use of a proxy tester, where someone takes the test on behalf of someone else. Overall, this means we cannot have confidence in any CBT result from this test centre, and we’re treating all CBTs obtained at Yunnik as invalid.

“It’s essential for the NMC to maintain the safety and integrity of the register, and the public’s trust and confidence in the professions we regulate. This means we need to assure ourselves that anyone on our register, or applying to join it, meets our proficiency standards. A valid CBT result is one way in which an internationally educated professional can demonstrate they meet these standards,” the statement read in part.


It said of the 515 professionals on the register, 48 achieved their score in a time believed is more likely than not to indicate that they obtained their result fraudulently.

“We will refer each of these cases to an independent panel, called an Investigating Committee, to decide whether they gained fraudulent entry to the register. In line with our existing policy, those individuals will be offered three opportunities to take a new CBT and will be able to give the Investigating Committee information about the circumstances in which they took the CBT at Yunnik, including any mitigating circumstances or character references. They’ll have the chance to attend a hearing to provide the Investigating Committee with evidence in person.

“If the Investigating Committee decides that an individual’s entry to our register was fraudulently obtained, they’re likely to direct us to remove that individual from the register. An individual would have a right to appeal against this decision.

“Based on the evidence at this stage, we are not taking forward allegations of fraud for the remaining 467 professionals on the register who took their CBT at Yunnik.

“However, because we are treating all CBTs from the Yunnik site as invalid, they will need to resit the test successfully to remain on our register. They will be offered three opportunities to do this, in line with our existing policy. This will enable them to evidence to any employer that they hold a CBT result about which there can be no doubt,” it said.

NMC Chief Executive and Registrar, Andrea Sutcliffe said, this may be a distressing time for people facing uncertainty about their application or place on our register but the council is managing the concerns most safely and fairly.

“Internationally educated nurses and midwives make an incredibly important contribution to our health and social care system. Our paramount concern remains to protect the public by maintaining the integrity of the register for nursing and midwifery professionals practising in the UK. That’s why we’ve responded to this situation with such painstaking care and consideration.


“We’ve kept employers and key partners, including trade unions and other support groups, updated while we’ve worked through this, encouraging them to support individuals affected and proactively tackle any incidents of racism or discrimination that may have arisen. We’ll continue that dialogue while we move forward with this regulatory action, and I’m grateful for their collaboration and understanding,” Sutcliffe said.

The PUNCH reports that a total of 3,383 Nigerian-trained nurses and midwives were licensed to practice in the UK from April 1, 2022, to March 2023.

Data from the NMC also showed that so far, 10,639 Nigerian nurses and midwives practice in the UK.

Last modified on Friday, 22 September 2023 09:54

An unknown number of students at the Federal University of Gusau were kidnapped on Friday morning, 22nd September 2023.

A resident of Sabon-Gida, identified as Nazeer Sabon-Gida, told newsmen that the gunmen invaded the community around 3 a.m. and started shooting indiscriminately.


According to him, three students’ hostels were attacked, and the bandits took away all the students.

“They entered the town around 3 am and started shooting indiscriminately,” he said.

“We have yet to confirm the number of students kidnapped because the bandits entered three hostels and kidnapped all the students there. It is difficult to ascertain their numbers now.”


Another eyewitness disclosed that the bandits were engaged with troops of the Nigerian Army in a fierce gun battle, but that did not stop the bandits from escaping with the kidnapped victims.

“They were seriously engaged with the army troops but the way these bandits operate, they will divide themselves into two, one group will move with the kidnapped victims while the other will stay behind to protect the first group,” he said.

“The first group had left with the students while the second group engaged the army in a gun duel.”

Some university students protested the surge of kidnappings in Sabon-Gida and Damba three months ago.

The university authority and the state police command both declined to comment.


In a related development, no fewer than 21 suspected bandits have been reportedly killed by security agencies in collaboration with vigilante and locals in Danko Wasagu Local Government Area of Kebbi.

Council Chairman, Alhaji Hussani Aliyu-Bena confirmed this while speaking in a telephone interview with newsmen.

Bena disclosed that Danko Wasagu is sharing boarder with Mariga Local Government Area of Niger State where the bandits get access to Kebbi State.

According to him, “the incident started on Monday through Tuesday up to Wednesday, these bandits came through Mariga into Tudun Bichi under Wasagu. But a credible intelligence kept the security agencies, vigilante group and locals on alert which led to a successful ambush on them”.

He said the locals in collaboration with vigilante killed 17 suspected bandits recovered arms, ammunitions and motorcycles, while two locals were killed during the operation.

Bena added that the bandits also moved to Tangaran village and abducted nine farmers working on their farmlands but all of them were later rescued by combined efforts of security agencies, vigilante and locals at a village called Lugga under Ayu District.

The chairman said a careful watch on the movement of the bandits also resulted in another encounter at Bakin Gulbi village where the combined team killed four bandits, recovered weapons and rescued three kidnapped persons.

Bena who assured that the bandits’ movement was being monitored for further action expressed sadness that the bandits attack in Marafan Mai Inuwa village under Kanya District where they abducted some people.

He said that the abductees have been rescued by the army after killing some of the bandits.

He said that in line with the directives of the Governor: “We have visited Kanya District, where all the displaced persons from the surrounding villages converged and we commiserated with the people and presented a message (token) from His Excellency, Kauran Gwandu.”

While commending the gallant efforts of security agencies, vigilante and locals, Bena appealed to people for more support and cooperation towards providing credible intelligence to effectively flush out criminals out of their areas.

The Chairman pleaded for more deployment of military personnel at Malekachi village which remained a transit route for the bandits as well as Dankade village.

He assured that the council had communicated with the Commissioner for Humanitarian Affairs on how the ministry would assist the affected victims with palliatives to cushion the effects of the ugly development.

President Bola Tinubu says he is determined to follow through on his promise of reforming Nigeria, even if it earns him an infamous reputation.

Tinubu spoke while meeting with António Guterres, United Nations (UN) secretary-general, in his office at the UN headquarters in New York, United States, according to a statement issued on Thursday by Ajuri Ngelale, presidential spokesperson.

The president said his drive to ensure that democracy stands in the country was met with arrests in the past but added that it did not deter him.

“I fought for democracy. I was detained for democracy. I am now President and I am determined to prove that democracy can provide the development that our nation and our continent so urgently demands,” Ngelale quoted his principal as saying. 

Tinubu added that the country has focused too much on talks instead of actions to curtail the high levels of poverty.

The president said he is committed to taking decisions that would change the narrative.

“Trace those of us here to our foundations and you will find that we have ties and links with poverty,” he said. 

“We must not be ashamed of that history, but poverty is unacceptable. I am one of the lucky survivors of gripping poverty.

“Nigeria is truly a giant, 240 million people and counting with a massive youth population.

“We are done saying too much. We seek much action. We have arisen out of poverty as individuals, but until our people have arisen out of that, we will not rest, even if it requires decisions at home that make me temporarily unpopular.”

Since his assumption of office on May 29, some of his economic decisions, including the removal of the petrol subsidy and unifying foreign exchange rates, have attracted criticism. 

But many analysts have applauded the president’s policies, which they said were long overdue reforms despite the rising inflation and high cost of living in the country.

Tinubu has repeatedly assured that it is only a temporary phase that would birth a new Nigeria.

Guterres said the president’s reforms have raised “high expectations” from the UN, adding that the global organisation would continue to offer support.

“Nigeria is an indispensable voice in the sub-region. We will give you every support needed for your success to be achieved. Your success is Africa’s success and we wish you well,” the UN secretary-general added.

The Ondo State House of Assembly has affirmed it is following proper procedures in investigating allegations against Deputy Governor Lucky Aiyedatiwa. This follows accusations 22 of 26 legislators support impeaching him.

Assembly spokesperson Olatunji Oshati said serving the notice of allegations only initiated proceedings, and did not equate to removal. He stated the process remains in the realm of claims under examination.

Oshati reiterated the lawmakers’ commitment to due process, adding the deputy governor has full rights to defend himself against the charges. The allegations include financial misdeeds and gross misconduct.

While impeachment speculations swirl, the Assembly maintains it is simply executing its constitutional duty to probe accusations about Aiyedatiwa objectively.

Analysts however contend that issuing a notice of allegations is typically the first step in removing an executive office holder. The deputy governor’s fate hangs in the balance as he prepares his response.

With Governor Akeredolu’s own position threatened by defections, the impeachment crisis has plunged Ondo into uncertainty. But the lawmakers insist they will follow proper impeachment protocols as the investigation continues.

The Assembly seeks to underscore its integrity amidst pressure from all sides. But critics argue impartiality is doubtful if a majority have already decided on impeachment beforehand. The Ondo legislative probe highlights issues surrounding transparency in impeachment proceedings.

 

Last modified on Friday, 22 September 2023 09:29