The Central Bank of Nigeria (CBN) has approved a new chairman and board of directors for Keystone Bank.

This was confirmed in a statement on Wednesday by Keystone bank, in which it noted that the move was part of the apex bank’s strategy to ensure sustained growth for the financial institution.

The CBN appointed a new board chairman, five non-executive directors and two new directors.

Recalls the CBN had confirmed in January that it had dissolved the board and management of Union Bank, Keystone Bank, and Polaris Bank.

The apex bank, in a statement signed by its acting director of Corporate Communications, Sidi Ali Hakama, said the move became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.

According to the fresh statement on Wednesday, Lady Ada Chukwudozie has been appointed as the new board chairman.

The five other non-executive directors are Abdul-Rahman Esene, Mrs. Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.

In addition, the CBN also named two new executive directors, Ladi Oluwole and Abubakar Usman Bello.

Lady Ada Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.

Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.

Abdul-Rahman Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions such as Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.

Mrs Fola Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.

Akintola Ayodeji Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.

Obijiaku Samuel, with more than 35 years of experience in banking and treasury operations, has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.

Senator Farouk Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.

Meanwhile, the two new executive directors bring their vast expertise to the table. Ladi Oluwole, the new Executive Director of Risk Management, comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America. Abubakar Usman Bello, Executive Director for the Northern Directorate, has extensive experience managing corporate, retail, and public sector clients.

Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam, expressed confidence in the new board members, stating that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.

“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank. We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied suggestions that the Nigerian National Petroleum Company Limited (NNPCL) has been allowed to usurp its powers by determining the price of petrol coming from Dangote Refinery.

The NMDPRA maintained that the deal between Dangote Refinery and NNPCL was based on a willing seller and willing buyer relationship.

The Chief Executive Officer of NMDPRA, Engr. Farouk Ahmed, who made the submission, said in line with the provisions of the Petroleum Industry Act (PIA), 2021, the interaction of market forces is what determines the price of petrol in the country since the government has deregulated the sector.

He added that the role of the NMDPRA is not to allow anyone to go overboard by exploiting the market or the final consumers.

Naija News recalls after lifting petrol from Dangote Refinery as the sole buyer of products from the facility, the NNPCL released a price template which indicates ₦950.22 as the average price of a litre in Lagos State, and ₦1, 019.22 per litre for Borno State, the longest and extreme end of the supply route.

This development raised concerns among stakeholders and industry watchers, with insinuations that the NNPCL had taken over one of the key functions of the NMDPRA.

But speaking in a chat with Daily Trust on Tuesday, Engr. Ahmed said the controversy generated by the action is needless.

He submitted that the pump price announced by the NNPCL was meant for its outlets across the country, and other marketers are not bound by the prices.

“We try to restrain ourselves from needless controversy,” he said.

“But to put the record straight, the recent transaction between NNPCL and Dangote Refinery is strictly based on a willing buyer and a willing seller.

“But I know you will ask me that the supply is not sufficient in Nigeria, hence the high price. Of course, things would work fine when we have more players in the sector.

“But in a situation whereby some Nigerians expect us to regulate the price, it then means that the sector has not been deregulated; and it means we would continue to have problems,” he added.

The immediate past Governor of Kogi State, Yahaya Bello, has revealed why he surrendered to the Economic and Financial Crimes Commission, EFCC, after a prolonged snub of the anti-graft agency’s invitation to answer for financial impropriety allegations levelled against him.

A statement on Wednesday by Yahaya Bello’s Media office Director, Ohiare Michael, made available to newsmen, stated that Bello “willingly surrendered to the anti-graft agency because the former Kogi governor has great respect for the rule of law and supports President Tinubu’s fight against corruption in the country.”

He said: “This decision was made after due consultations with his family, legal team and political allies.

“The former Governor, who has great respect for the rule of law and constituted authority, had, all the while, only sought the enforcement of his fundamental rights to ensure due process.

“The case has been before a competent court of jurisdiction, and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing.

“It is important for the former Governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.

“The former Governor believes firmly in the efforts of the administration of President Bola Ahmed Tinubu to place Nigeria on the path of sustainable economic development and supports the fight against corruption in the country.

“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the State work for the people of the State,” the statement read.

More controversy has emerged in the execution of a sale-purchase deal on premium motor spirit, otherwise known as petrol, between the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery. 

Findings by Vanguard yesterday indicated that while the NNPCL believes Dangote cannot supply an adequate quantity of the product, Dangote told Vanguard it had already delivered 111 million litres of the product within three days (last Sunday to yesterday), adding that loading was still ongoing steadily.
NNPCL last weekend said Dangote could only deliver 16.8 million litres out of the 25 million litres it initially agreed with NNPC.

A source at the NNPCL also told Vanguard, yesterday that the refinery is struggling to deliver the 16.8 million litres it promised.

But with the latest delivery figure it disclosed, Dangote must have significantly surpassed its promised delivery as well as the national demand put at over 40 million litres per day.

This also means that Dangote can make further petrol importation unnecessary.
But against the backdrop of this latest development, Vanguard learned that importation by NNPCL may have intensified with several consignments, totalling over 135 million litres, within three weeks from September 27, 2024, with the latest import arriving Friday.

This also implies a sudden excess supply of petrol barely a few days after the country was suffocated by acute shortage of the product, resulting in a sharp rise in the price.

Speaking to Vanguard on the development, the Group Chief Branding and Communications Officer of Dangote Refinery, Anthony Chiejina, stated: “We have already loaded 111 million litres of petrol and the exercise is ongoing.

“We are refining and have no reason not to load. So, loading is ongoing and we would continue to provide the product to the market.”

More imports by NNPC

However, Motor Tanker Vessels Report, sighted by Vanguard, yesterday, indicated as of September 13, 2024, vessels such as Mia Grace, Valle Azzurra, Hafina Lioness and Clean Justice brought in 37,000 metric tonnes, 37,234 metric tonnes, 24,352 metric tonnes and 36, 934 metric tonnes of imported petrol into Nigeria for the government. 

Also, another vessel, known as Savanna, brought in 20,000 metric tonnes of import petrol through Mainland for distribution in Calabar while Mycroft brought in another 20,000 metric tonnes of diesel for Total Oil for distribution in Port Harcourt, Rivers State.

Two vessels – Ostria and Moriarity – brought in 15,000 metric tonnes each through Taurus and Awariste for distribution in the Warri, while Bedford brought in 12,000 metric tonnes of diesel.
Also Zonda and Capt. Gregory brought in 15,000 metric tonnes of petrol and diesel for Nepal and Awariste respectively, while Matrix Pride and Stellar also brought in 15,000 metric tonnes of petrol.

NNPCL did not respond

Efforts to get NNPCL to officially comment on the latest delivery figures from Dangote failed as the Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, did not respond to questions from our reporter.

But in its earlier statement, the company had stated that 16.8million were available for loading from the refinery to its filling stations.

Why marketers can’t import petrol, lift from Dangote — NNPCL

Meanwhile, the Executive Vice-President, Downstream at NNPC, Adedapo Segun, said oil marketers have not been able to import petrol, despite the import permits granted them.

He said: “When the marketers go to Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA to get the permit or licence to get the import, typically they will say they want to import amount of automotive gas oil (AGO), aviation turbine kerosene (ATK), and some of them actually include petroleum motor spirit (PMS).

“They then go to market, check the market indices and say to themselves: PMS is still being sold below cost; if I bring it in, I’ll make a loss.

“Now they have approval to bring in ATK, AGO, and PMS, but they end up bringing only AGO and ATK.

“They do not bring in that PMS because the market is still not right for them. So, it is not because NNPC wants to be the sole importer or provider of PMS, it is because the other marketers won’t do it if it’s not profitable.”

Segun, who said marketers could also not purchase petrol directly from Dangote refinery, stated: “That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price.

“Basically, the situation has not changed there. So, NNPC off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable. As soon as the price allows for it, you will see the marketers go to Dangote and buy.

“So, instead of saying NNPC is the only off-taker, let’s put it this way: NNPC is the only entity that is willing to off-take because NNPC has a role under law to be the energy provider of resort.”

FG should provide welfare packages — CPPE

Reacting to the development yesterday, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said the recent upward review of petrol price has worsened the plights of most Nigerians and, of course, businesses.

“I think we need to go back to the drawing board, the social safety net in Nigeria is exclusively very weak, the people are suffering seriously and there is a limit to what they can absorb in terms of the pains of all these policies

“The government should wade into this and see how they can restore normalcy as the citizens should not be exposed to commercial pricing of petroleum products.

“The citizens are not finding it easy at all. Most recent increases have even further fuelled inflation as many citizens are trekking to places where they would have taken buses and so on. So, we are praying for an urgent intervention from the presidency on this matter.”

FORMER President Olusegun Obasanjo, yesterday, revealed how the former military Head of State, Gen. Abdulsalami Abubakar (retd), almost denied Nigeria a $280 million telecommunications deal.

Obasanjo said when Nigeria was about to transit from landline telephones to mobile phones, some major telecommunication companies approached the country seeking to provide mobile lines for the citizenry, but Abubakar wanted to award the deal to his friends for $3 million.

The former President, however, said he suggested that the contract be auctioned and the highest bidder awarded the contract, leading to the $280 million sale.

He spoke at the launch of a book titled ‘The Catalyst: Nigerian ICT Evolution through a Journalist’s lens,’ authored by an immediate past Editor of The PUNCH Newspapers, Mr Dayo Oketola, in Lagos.

Speaking at the event, Obasanjo said: “The story of telecommunications, particularly mobile telecommunication, is a very interesting one. Before mobile telecommunication, we had spent a lot of money, we had all sorts of companies invited from America, France and even from Britain, but we did not get more than 500,000 lines. People had to queue at the telephone kiosk to call their loved ones abroad. And then, of course, the mobile telephone age came in.

“When it came in, my predecessor in office was trying to give it away, I think, to their friend for $3 million. Then we said, what we would do was to auction it. The three that came in first, I think, paid $280 million for the line. $280 million for something about to be given away for $3 million. That was the first thing we did. Not only that, we achieved competition. 

“The three of them were competing. And, of course, the one that had the upper hand in terms of spread, I think, was MTN, followed by Glo. And then, there was Econet. They are now Airtel. And then, of course, later on, we had the fourth one, Etisalat. When Etisalat came, I told them the last one we did was $280 million. We told Etisalat to pay $450 million. They did.

“When they paid $450 million, the ball went in the post and then we were playing. That was how we got money to do what we did at the time we did it. That opportunity can still be made available. The money to develop Nigeria is out there, but that money will not come in unless we create a conducive atmosphere for that money to come in.

“What we did or what Nigeria has done in the good days when things were going well, are still there and can still be done today only if we put ourselves and we are honest to ourselves. We have to show character and attitude.”

In his remarks, President of the Nigerian Guild of Editors, NGE, Mr Eze Anaba, said: “It is great to see that an editor, despite the huge task of meeting deadlines, writing stories that would sell his paper, can sit down and write a book. I am here to say I appreciate Oketola’s effort and also honour him. It is an honour and privilege to be here for the launch of a book written by a respected and seasoned editor who has contributed hugely to shaping opinions through his paper. As an editor, he ensured that his readers were well-informed and educated. He has always been at the forefront of truth-telling, balancing the line between facts and analysis to ensure that readers are well-informed, engaged and sometimes even challenged.

“This book is a testimonial to his years of dedication to journalism. It captures insights, stories and perhaps some untold experiences that have shaped his career. It is an exploration of complexities through the lens of someone who has been on the frontline of news delivery. As we gather to celebrate this significant achievement, let us take a moment to acknowledge the efforts that went into writing this book. For an editor whose schedule is very tight and works round-the-clock, I think this book is very commendable.”

Notable dignitaries present at the launch included Minister of Information and National Orientation, Alhaji Mohammed Idris, represented by Commissioner for Information and Strategy in Lagos State, Mr Gbenga Omotoso; former Governor of Rivers State, Mr Rotimi Amaechi; Provost of the Nigerian Institute of Journalism, NIJ, Mr Gbenga Adefaye; Chairperson of the Editorial Board of The Nation Newspapers, Mr Sam Omatseye.

President Bola Tinubu is reportedly preparing to reshuffle his cabinet in anticipation of Nigeria’s Independence Day celebrations on October 1.

Sources within the presidency revealed to BusinessDay that this decision is a direct response to growing criticisms regarding the administration’s handling of the economy.

Reliable insiders indicated that several key ministries are likely to be affected by the upcoming reshuffle, including the Ministry of Petroleum Resources, Ministry of Power, Ministry of Transport, Ministry of Water Resources, Ministry of Environment, and Ministry of Defense.

Discontent has been brewing within the ruling All Progressives Congress (APC) regarding the current administration’s performance, with party members expressing concerns that without significant changes in economic management, the party may struggle to retain power in the 2027 elections.

A chieftain of the APC, speaking on the condition of anonymity, voiced dissatisfaction with President Tinubu’s economic policies, highlighting the urgent need for improvement to regain public confidence.

The APC chieftain said, “We do not understand why he is finding it difficult to replace Simon Lalong, former labour and employment minister long after he officially announced his resignation from the cabinet.

“Look at the Humanitarian Affairs Ministry, one of the most strategic ministries designed to give welfare to Nigerians, especially members of our party. It has been vacant without a minister. The president cannot tell us that we do not have a competent person within the party to take over that ministry since the suspension of the former minister.

“Even if they want to recall her, she can be reassigned to any other ministry, but there is no justification for leaving that ministry vacant.”

The APC chieftain revealed that all is not well with the party, noting that 2027 political consideration is being elevated above current challenges facing the nation.

Recall that while Simon Lalong representing Plateau State in the Tinubu’s cabinet, resigned to take up his seat at the Senate, Betta Edu, representing Cross Rivers State, was suspended over alleged corruption in her ministry.

According to BusinessDay, the President will announce the cabinet reshuffle ahead of the October 1st celebration.

The source revealed, “The president has concluded plans to reshuffle the ministers, and it will be done before or on the 1st of October broadcast.

“I may not be able to tell you those that will be dropped or those that will go, but remember that the president has been monitoring the performance of the ministers. So, he knows those that are performing and those that are not.”

Former President Olusegun Obasanjo, has said that Africans do not appreciate past leaders who have contributed to the development of their country.

Obasanjo spoke at an event organised by the Angolan community in Lagos State to mark Angola’s 2024 National Founder and Hero’s Day.

The annual celebration takes place every September 17 to honour the birth of Angola’s first President, Dr. Agostinho Neto, a writer and politician born on September 17, 1922, who played a key role in securing Angola’s independence from Portugal.

Obasanjo, who spoke on the topic: “Pan-Africanism in the Political Course of Agostinho Neto,” emphasized that having achieved political independence, Africa must now focus on attaining economic freedom. He also bemoaned the tendency of Africans to forget their past leaders.

Speaking further, he noted that although pan-Africanism started as an ideology, it unfortunately became a political movement while neglecting the continent’s economic issues.

He said, “One of the things that we tend to do in Africa is to forget the past and our leaders who have made numerous contributions we are enjoying. We should thank you most sincerely.

“Pan-Africanism is a movement and ideology. Unfortunately, it emphasises solidarity in our coming together, and later on, it becomes political. It pays more attention to political movements than economic reasons. This is where I see a cavity in the form of Pan-Africanism ideology.”

The Federal Government says the 115 Federal Unity Colleges, FUCs, in the country will soon be unbundled into basic and secondary schools.

The Minister of State for Education, Dr Yusuf Sununu made this known during the opening of the Annual General Meeting of Principals of Unity Colleges in Abuja on Tuesday.

The event has the theme: ”Entrepreneurship Education: A Panacea for Self Reliance and National Development”.

Mr Sununu said that the plan to unbundle the unity colleges was in line with the National Policy on Education, NPE.

The Minister explained that the unbundling of Federal Unity Colleges would among other things attract more funding to improve infrastructure, address teachers’ welfare and create employment opportunities, among others.

He added that the Ministry, with the support from relevant agencies of government, would ensure it was achieved at the shortest possible time.

“I want to emphasise the significance of fostering an entrepreneurial spirit in our youths, a spirit that will propel them toward self- reliance and contribute meaningfully to our nation’s development.

“Unemployment remains a pressing concern, and it is our collective responsibility to equip our students with the skills and mindset necessary to succeed.

“Entrepreneurship education offers a solution to this challenge as it prepares students to think creatively, innovatively, and develop the confidence to take calculated risks,” he said.

Mr Sununu called for the collaboration of the Principals as critical stakeholders to improve the educational landscape of the schools.

He further urged them to curb social vices, instil the maintenance culture on the students and co-operate with their host communities for the overall security and growth of the Colleges.

Also, the Chairperson, Principals of Federal Unity Schools Colleges, Dr Idowu Akinbamijo said the meeting was to set the agenda for the coming year and build capacity for the task ahead.

NAN

Residents of Abuja living at Mpape in Bwari Area Council have been thrown into panic over continued suspected tremor and vibration in parts of the city.

Dr Ebenezer Adebisi, the Chairman, Mpape Hills Landlord Association, told the News Agency of Nigeria on Tuesday that the residents had been experiencing the vibration in the last five days.

Mr Adebisi, who is a retired Corps Commander of the Federal Road Safety Corps, FRSC, said that was not the first time the resident of the area were having such experience.

He said although it happened some years ago, it had become more consistent in the past five days.

According to him, residents of the area felt the tremor and vibration were more than the usual ones they experienced during the blasting of rocks in the area by quarry companies.

He said the vibration was more intense throughout Sunday and Monday night, adding that, “we don’t really know what would have caused the vibration”.

“I have also confirmed that those in Gwarinpa and Katampe areas are also experiencing the same thing, but the government has not said anything officially up till now.

“It is important we let Nigerians know the situation now; we are calling on the Nigerian government and the Nigeria Geological Agency to come to the rescue of the resident.”

He said urgent measures needed to be taken before things got out of hand, urging the government to advise the residents on the next line of action.

Florence Ilesanmi, a resident of Gwari Village, Mpape also told NAN that she had been experiencing the same thing.

Aisha Lawal, a resident at the Crushrock area of Mpape shared a similar experience with NAN, saying that the interval of the vibration was a source of worry.

An official of the Nigerian Geological Survey Agency who spoke on condition of anonymity because he was not authorised to speak, urged the residents to consider temporary relocation if the tremor continued.

The official told one of the residents who contacted him that the residents should continue to record the frequency of the vibration.

“I `googled` the Nigerian Geological Survey Agency (NGSA). They told me I should be recording anytime the vibration occurred again.

“I was able to speak with one of the officers of the agency, who confirmed that all their equipment are already on ground to forestall any emergency.

“They said if the vibration is heavy we should try and evacuate from the premises for now,” the resident said.

NAN

The Labour Party (LP) has said the Independent National Electoral Commission (INEC) lacks the power to deregister the party.

The party’s National Publicity Secretary, Obiora Ifoh, said this in a statement yesterday in Abuja.

The party described comments allegedly attributed to the caretaker committee chairman of the party, Nenadi Usman, that its intervention saved the party from being deregistered by INEC as “ludicrous, unattainable, unsubstantiated and a pack of lies”.

It reads: “The attention of the leadership of the Labour Party has been drawn to a statement issued by Senator Nenadi Usman, a card-carrying member of the Peoples Democratic Party (PDP), wherein she claimed that the quick intervention of some leaders of the party at the September 4, 2024 stakeholders’ meeting in Umuahia (Abia State) saved the party from being deregistered by the Independent National Electoral Commission (INEC).

“The Labour Party leadership wishes to refute that statement as ludicrous, unattainable, unsubstantiated, and a pack of lies. We wish to state emphatically that the Labour Party is in a good shape at the moment, having fully abided by the laws of the land and therefore cannot be deregistered by INEC.

“These leaders have also mischievously leveraged INEC’s misinformed and erroneous disposition that the tenure of the party’s current executives has expired. It is paradoxical that some of these leaders, who were victims of INEC’s mismanagement of the 2023 general election, are now the ones quoting INEC, in order to victimise the leadership of the Labour Party.

“As we have maintained earlier, the September 4 stakeholders’ meeting held in Umuahia is unconstitutional and illegal as the party’s constitution clearly states all the organs of the party, of which Stakeholder is not one of them. The stakeholder group which produced Senator Usman as its leader has no foundation whatsoever, and therefore, its existence is delusional and can never be recognised by INEC or any law of the land.

“Senator Nenadi’s claim that the Stakeholders saved the party from being deregistered by the INEC is equally preposterous.This us because the existence of the Labour Party is not under any threat.

“Perhaps, Nenadi Usman is not aware that Appeal Courts, both in Edo State and the Federal Capital Territory (FCT), have affirmed Julius Abure as the rightful National Chairman of the party. She is probably unaware that a Federal High Court in Abuja, presided over by Justice J. K. Omotosho, had also declared that the national convention of the party held in Nnewi on the March 26, 2024 is valid and was conducted in line with the requirement of both the 2022 Electoral Act and Labour Party constitution.

“We wish to remind Senator Usman that even the Supreme Court in several judgments had ruled that Issues regarding delegates at a national convention or how the convention is planned and executed by a political party are outside the jurisdiction of any court of the land being internal affairs of a party