You lied, we didn’t lose any baby’,

NEWS

 You lied, we didn’t lose any baby’, Red Cross replies Enugu APC, Agballa

*Says ‘we have 14 children, not 100 as claimed‘

The Enugu State Chapter of the Nigeria Red Cross Society has faulted the state chapter of the All Progressives Congress, APC, and its Chairman, Ugo Agballa, on the claim that it lost a baby in the process of demolitions at Holy Ghost, Enugu, where the state government is clearing the old motor park and some properties to build a modern transport terminal.

It also faulted the claim that it had over 100 children at the time of the demolition, saying they had only 14 children who had all been safely and temporarily relocated to another orphanage in the state capital, asking to be left out of Enugu politics.

These rebuttals and clarifications were made by the Secretary of the Nigerian Red Cross in Enugu, Tony Udegbu, in a telephone interview on Tuesday.

It is recalled that the Chairman of the Enugu State chapter of the APC, Chief Ugo Agballa, had on Monday addressed the press at Holy Ghost where he levelled several allegations on Governor Peter Mbah Administration over some of the development projects in the state.

But reacting to the development, the state scribe of the Red Cross, Udegbu, said, “It is not true that any child died. We are healthy. The governor relocated us and they are working on our new site. And we do not play background politics. The Red Cross is an impartial body all over the world. And the role we play is auxiliary to the government’s role. So, we want to be left out of politics because we are not a partisan organisation.

“We do no have anything near 100 children. They are 14. “What happened that time wash that they were renovating a place for us at the old UNTH road.

But that place was not ready when they came with a bulldozer. But when the governor got to know about the reality, he relocated the babies to Ken David’s Orphanage Home and they are working on that permanent place right now.

“So, by the grace of God, His Excellency, the Governor, has since relocated the babies to an orphanage they call Ken David’s Orphanage Home. And the children are there temporarily until they finish the new place.

“I thank the governor for taking a decisive action by making the babies comfortable when he got to know the truth.

“The governor is the Patron of the Nigerian Red Cross Society, Enugu Branch, by the Nigerian Red Cross Act 1960. So, those babies are his own too,” the Red Cross said

(VANGUARD NEWS)

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Meet 26 year old Olamide Olowe, youngest black woman to raise $10m in funding

By Efosa Taiwo

June 05 2024, 

2min reads

Founder and CEO of Topicals Skincare, Olamide Olowe currently holds the record as the youngest black woman ever to secure over $2 million in venture funding at the age of 26.

The milestone earned a spot in Forbes 30 Under 20 list in 2022 as she closed a significant $10 million financing round, with CAVU Consumer Partners taking the lead.

VANGUARD [ICYMI] Founder and CEO of Topicals Skincare, Olamide Olowe currently holds the record as the youngest black woman ever to secure over $2 million in venture funding at the age of 26...

Riding on its status as the fastest-growing skincare brand at Sephora, Topicals has captured the attention of Gen-Z consumers through savvy marketing campaigns on platforms like TikTok and Instagram, coupled with striking packaging and a commitment to mental health advocacy.

Founded in 2020, the company witnessed an impressive three-fold increase in revenue in 2021, achieving the remarkable feat of selling one product per minute in 2022.

Beneath the surface, Topicals is driven by a noble mission: to combat the stigma surrounding chronic skin conditions, affecting more than 85 million Americans, by developing products backed by rigorous scientific research.

Olowe, drawing from her personal experiences growing up with chronic skin conditions and her tenure at Shea Moisture during her undergraduate years at UCLA, has been instrumental in shaping Topicals’ ethos.

Olowe, drawing from her personal experiences growing up with chronic skin conditions and her tenure at Shea Moisture during her undergraduate years at UCLA, has been instrumental in shaping Topicals’ ethos.

She identified a glaring gap in the market for skincare products catering to darker skin tones and endeavored to rewrite the narrative surrounding chronic skin conditions for diverse communities.

Olamide Olowe shared her top three strategies for building a beloved brand, as quoted by Forbes:

Identify your purpose, your brand ethos, and stick to it.

Don’t shy away from culture. I am a data-driven founder, and I color that data with culture. Bring your own experiences into the way you build product and talk to your customers.

Find true partners that share your vision and support your mission. At this stage of growth, it is crucial for us to have an investment partner who can provide value outside of capital. CAVU Consumer Partners offers a team of experts ready to roll their sleeves up and do the hard work of taking this brand to the next level.

At the heart of Topicals’ philosophy lies the power of storytelling, serving as a catalyst for open conversations about mental health and challenging conventional beauty standards.

Despite industry pressures to churn out new products incessantly, Olowe emphasized the importance of meticulous research and development to ensure the efficacy of Topicals’ offerings.

A 39-year-old Nigerian lady is demanding a refund from her university and threatening legal action if her request is not met.

 “Nigeria Has Wǝstεd My Life; I Served This Country With All My Strength, Job I No See, Husband I No Get, Money I No Get” — 39-Year-Old Nigerian Lady Cries Out

She wrote: “I serve this country with all my strength 

Job I no see, husband I no get , money I no get, 

I will be 40 years soon what am I living for?

Thank you Nigeria 🇳🇬 for wasting my l!fe 

I need my university to refund me all my money if not I will sue them this is not joke.”

The Facebook community especially Nigerians provided a plethora of advice for the woman seeking help.

Amarachi Ezike commented on her post advising the lady by saying:

She made me wondered if she did NYSC for 39 years, anyways we all are victims of this country but some of us refused to be victimized..

I served too and stated phone gadgets business from a show glass after acquiring a UK cert but today I create jobs for others and the rest is history.

I pray that the GOD of 11th hour will visit you.

Marcus Balogun also advised the lady:

Nah all of us the country don failed... But man must find him own way. 

Depending on Nigeria is like waiting for airplane at the train station

Mr snow on his Facebook advised the lady...said "Life is like a sport, facing obstacles and learning from them". Every time we fall we get back up and try again until we finish what has been started! We try and try never to quit, because what's life without trying.

The Emmygirl  on her Facebook ..made a powerful comment:

Build your children to discover themselves early.

Lack of IDENTITY has kept a lot of grown adults stacked and thinking their challenges is the government or country they were born into.

Success is not in location but  in PURPOSE.

When you know who you are (IDENTITY), you start to influence your world and stand-out!

Akwa Ibom State Governor, Pastor Umo Eno moves to complete the Tropicana Project

Reads riot act to Trespassers on government- Land

By Anietie Edet

2min reads, 

Please kindly share

June 06 2024

THE SOUTHERN POST reports that the Akwa Ibom State Governor, Pastor Umo Eno, has ordered immediate reclamation of all trespassed portions of the 82- hectare landed property acquired for the Ibom Tropicana Entertainment Centre, as he moves to complete the moribund and uncompleted parts of the facility.

Governor Eno gave the indication while undertaking an inspection tour of the theme park, the 14 - storey Tropicana hotel building and the 5000 - capacity Conference facility at the Ibom Tropicana Entertainment Centre, Udo Udoma Avenue, Uyo.

The Governor who had earlier held a re-evaluation meeting with major contractors on the project, said the visit was informed by his resolve to attend to critical infrastructure that have potentials to grow the State's economy.

He explained that his drive to reclaim the facility was also in furtherance of his pledge to complete uncompleted projects initiated by previous administrations and make them functional.

"We have resolved to put the past behind us. We have structures on ground, what I'm doing now is to see all of the vision, what it was all about, how we can link them together and how we can revive it. This can give several thousands of jobs to Akwa Ibomites.

"We've been trying to create a theme park at the Udo Udoma Cenotaph but seeing what we have here, why do I need to duplicate? Why do I have to start something new when we have something here we can build on," he stated.

THE SOUTHERN POST Nigeria gathered that the Governor Eno therefore directed the Commissioner for Lands, Captain Iniobong Ekong, (rtd.) to avail him with the survey plan of the entire land area that was acquired by Government for the project, with intent to sack trespassers and bring down illegal structures.

He also directed the Ministry of Special Duties to ensure the cleaning of the entire area, and the Commissioner for Internal Security and Waterways, General Koko Essien, (rtd.), to immediately take over the security of the entire facility, sounding a warning to vandals and hoodlums to stay off the facility as Government will not hesitate to prosecute any violator on the facility henceforth.

"This is Akwa Ibom money and so my duty as Governor is to protect the assets of Government, life and property of the people. Government has sunk in so much money here and so I believe we can look at it.

After touring the hold facilities in Tropicana Project, the Governor made his position known, sayings,

"For me, what is important, going forward, is how we can reclaim this place and make it functional. Behind us is an International Conference Centre.  People come here for conferences and conventions. I understand we were named Tourists State of the Year 2023, and when people see your efforts and  recognize you for doing something, it means they expect more from you," Governor Eno added.

In the Governor's  team were the Secretary to the State Government, Prince Enobong Uwah, Commissioner for Special Duties, Engineer Bassey Okon, Commissioner for Lands, Captain Iniobong Ekong (rtd), as well as  contractors for the project, and consultant.

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Suspected gunmen killed councillor, youth leader in Ebonyi: Police

 Suspected gunmen killed councillor, youth leader in Ebonyi: Police

The councillor represents the Enuagu ward in the area, while Mr Ugochukwu was the local government coordinator of the National Youth Council Of Nigeria.

NEWS AGENCY OF NIGERIA • JUNE 4, 2024

The police command in Ebonyi has confirmed that suspected gunmen allegedly killed a councillor, Stanley Nwaeze and a youth leader, Arinze Ugochukwu, at Isu in Onicha Local Government Area of the state.

The police spokesperson in Ebonyi, DSP Joshua Ukandu, confirmed the incident in an interview with journalists on Tuesday in Abakaliki, the state capital.

The spokesperson, who condemned the gruesome murder, said the command received the report of the incident around 6:45 p.m. on Tuesday.

“I received the report from a divisional police officer of Onicha LGA that the incident happened on June 2.

“The incident is confirmed, and the police are investigating the matter,” Mr Ukandu said.

The councillor, Mr Nwaeze represents the Enuagu ward in the area, while Mr Ugochukwu was the local government coordinator of the National Youth Council Of Nigeria and a native of Amagu Mgbom village in the Isu community.

NAN

BREAKING: FG Gets ₦90,000 New Minimum Wage Recommendation

 BREAKING: FG Gets ₦90,000 New Minimum Wage Recommendation

“Let us send a Senate delegation to the Federal Government and the Labour Party with the proposal of 90,000 naira and all the parties should agree to that.

By Adebimpe Ogunsoyi

Senator Uzor Kalu has recommended ₦90,000 new minimum wage proposal for FG to Labour.

THE SOUTHERN POST reports that Abia North Senator, Orji Uzor Kalu, has recommended a new minimum wage of ₦90,000 for Nigerian workers.

This Southern Post news platform understands that the lawmaker made the suggestion during plenary on Tuesday while contributing to a debate on the ongoing dispute over the minimum wage between the federal government and organized labour.

He argued that stakeholders should be able to settle for anything between ₦75,000 to ₦90, 000 naira.

Speaking against the backdrop of the nationwide strike organized by the Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) to advocate for a significantly increased minimum wage, surpassing the current ₦30,000, Kalu said it would be good if the lawmakers can prevail on all parties to agree specifically on ₦90,000 as the n

BREAKING: FG Gets ₦90,000 New Minimum Wage Recommendation

“Let us send a Senate delegation to the Federal Government and the Labour Party with the proposal of 90,000 naira and all the parties should agree to that.

byAdebimpe Ogunṣuyi  June 4, 2024

New Minimum Wage

Senator Uzor Kalu has recommended ₦90,000 new minimum wage proposal for FG to Labour.

 

THE SOUTHERN POST Nigeria reports that Abia North Senator, Orji Uzor Kalu, has recommended a new minimum wage of ₦90,000 for Nigerian workers.

This Nigeria news platform understands that the lawmaker made the suggestion during plenary on Tuesday while contributing to a debate on the ongoing dispute over the minimum wage between the federal government and organized labour.

He argued that stakeholders should be able to settle for anything between ₦75,000 to ₦90, 000 naira.

Speaking against the backdrop of the nationwide strike organized by the Nigerian Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) to advocate for a significantly increased minimum wage, surpassing the current ₦30,000, Kalu said it would be good if the lawmakers can prevail on all parties to agree specifically on ₦90,000 as the new minimum wage.

The former Abia State Governor submitted that though it might be difficult for the private sector to pay the amount, they must find a way to do it.

“Sixty thousand might sound very good let the entire Senate see how we can persuade both Labour and the Federal government to agree between N75,000 to N90, 000 naira.

“If you go by 90,000 naira , it means in the last five years in which this law (30,000naira) was made , it means if you divide 200 percent of N90,000 by 5 it will give you 40 and the food inflation, the purchasing parity and other things you have in the market its also around 32 to 33% so Labour should be very happy with what We are doing.

“Let us send a Senate delegation to the Federal Government and the Labour Party with the proposal of 90,000 naira and all the parties should agree to that.

 

“Pulling down the National Grid Mr. President is not an easy job and it might take up to three to four days for it to come up , shutting down and starting a National grid is a problem.

“The Federal Government and the Labour should be cautioned to come to an agreement. Though it’s going to be difficult for the private sector to pay, they must manage,” he said.

DON'T EXPECT POWER SOON: Martin's Arogie, Partner Energy and Natural Resource Group Explain when the National Grid will be working

 The report reaching us now has been confirmed that Power may not be available soon.

National Grid Should Be Running Fully In 24 Hours - Martins Arogie, Partner Energy and Natural Resource Group explains why power restoration is taking time following the suspension of the nationwide strike by organised labour. 

First lady lead a campaign against GBV, said every Akwa Ibom person needs to be actively involved

By THE SOUTHERN POST 

1min read

June 04 2024

Gender-Based Violence (GBV) is a serious problem that affects many individuals, and it's essential that everyone works together to ensure that it is not overlooked.

Today, the First Lady of Akwa Ibom State, Pastor Patience Umo Eno, on her official Facebook page have showed a campaigned step taken, as young people come together to raise awareness about Gender-Based Violence (GBV). Social media platforms can be powerful tools for spreading messages and advocating for important causes like this. 

According to the post on her official page:

"It’s official 

Our GBV month in Akwa Ibom has started on a beautiful note.

I am proud of the efforts already made by the Akwa Ibom State Gender Based Violence Management Committee that I’m chairing, as well as the Coalition against GBV and our partners. 

Every Akwa Ibom person needs to be actively involved in this campaign which will hold throughout the month of June.. It is our collective responsibility to speak out, to support survivors and  challenge the norms that perpetuate violence".

The fight against GBV is not just a fight for women and girls, but a fight for justice and equality for all.  We will take the VAPP law to churches, markets, schools, motor parks, community Halls, every public space in urban and rural communities.

Together, we can create a safer and more inclusive society.

Thanks to the  Deputy Chairman of the AKSGBVMC and Deputy Governor of Akwa Ibom, Senator Akon Eyakenyi Phd for all your support.

Lagos-Calabar Coastal Road: Leave the talk, Let’s face the business.

(THE SOUTHERN POST) 

Lagos-Calabar Coastal Road: Leave the talk, Let’s face the business.

By Dada Olusegun

4min read,

Published June 04/2024

The Lagos-Calabar coastal road project is undoubtedly Nigeria's most ambitious transport infrastructure project since independence. In terms of scope, distance covered, and connectivity, not even the 3rd Mainland Bridge in Lagos, the 2nd Niger Bridge in Onitsha/Asaba, or the Abuja-Kano expressway comes close. It is simply a world-class iconic project.

Before I go further, I want us to take a brief trip back to history. The idea for a major coastal federal road in Nigeria was first conceptualized in 1955 by the then Federal Commissioner of Finance, Late Chief Festus Okotie-Eboh, who hails from present-day Delta State. Okotie-Eboh proposed the development of a network of rail and road routes from Lokoja-Benin City-Koko-Warri-Onitsha to aid the movement of goods. Specifically, he proposed the Koko-Ogheye-Epe dual carriageway project that was to traverse Delta and Ondo states and terminate at Epe in Lagos. This road is basically meant to hug the coastal areas of Delta and Ondo states and shorten travel distance between Lagos and the Niger Delta and the rest of the Eastern region. The project did not take off in the first Republic.

During the administration of Olusegun Obasanjo as civilian president, he elected to commence construction of a variant of the coastal road from Warri in Delta State to Calabar. This was what came to be known as the East-West road. In 2010, however, the government of President Goodluck Jonathan through NDDC also awarded the Koko-Ogheye-Epe road to Levant Construction Ltd. The Lagos State government on its part during the administration of then-Governor Bola Tinubu was also independently planning to build a coastal road that will span the entire Lekki-Epe axis, which it foresaw as the next major economic frontier in Lagos and the country. Thirteen years later, the chief visionary of that Lagos coastal road is now Nigeria's President. President Tinubu then decided to marry his Lagos coastal road vision with that of Okotie-Eboh's Koko-Ogheye-Epe coastal road vision in addition to the thinking behind the East-West road to come up with a variant of the Lagos-Calabar coastal road that we have now.

What is the Lagos-Calabar Coastal Road Project?

This is simply a 700km mega-highway that starts from Victoria Island in Lagos and ends in Calabar, Cross River State. It will pass through Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom states before terminating at Calabar. This coastal highway is the first of its kind in the world. First and foremost, it comprises a 10-lane boulevard with five lanes on each side of the dual carriageway and a standard gauge train track in the middle. Concrete pavement technology is to be adopted in the construction of the entire stretch of the road.

The Lagos-Calabar coastal road has two major spurs. First is the 1000km Badagry-Sokoto road, which will connect the South West to the North Central and the North West through the shortest route possible, terminating at Sokoto. The second spur is the Enugu-Abakaliki-Ogoja road going to Cameroon, which essentially connects the South East to the coastal road. This spur continues from Enugu to Oturkpo to Nasarawa to Apo in Abuja. Essentially, the Lagos-Calabar coastal road is an arterial road that connects the six geopolitical zones.

Synopsis of the Funding for the Coastal Road Project

The total estimated cost of the 700km Lagos-Calabar Coastal road project is put at N15.6 trillion. The funding model for the Lagos-Calabar coastal road project is EPC+ (Engineering, Procurement, Construction, and Financing) where the federal government would put up a counterpart financing of around 30% while the contractor funds the remainder. Last October, FEC approved the EPC+ model for this project in favor of Hitech Construction company. Going by the estimated N15.6 trillion cost for the entire coastal road stretch, the federal government's counterpart fund is around N4.68 trillion. The federal government, in a bid to hasten the commencement of the project, decided to finance construction of the first 47km in phase 1 of the road project, which runs from Ahmadu Bello Way, Victoria Island to the Lekki Deep Sea port. The contract sum of N1.06 trillion was awarded for this section by FEC to Hitech, and construction is ongoing with unprecedented speed. Whatever funding FG is providing for this section of the road will come under the FG's counterpart fund. I must emphasize that this funding model adopted by the Tinubu administration is the best model possible, considering the country's revenue size. This is a monumental infra project being majorly funded with private finance. This is possible because the coastal road is extremely viable.

Benefits of the Coastal Road

Most of the unnecessary controversies that have been amplified by some people over this coastal road project have centered on demolition of structures along the path of the road, as well as misconceptions about the funding model, with critics of the project having an erroneous impression that the federal government would fund the entire project. Little attention has been paid to the staggering benefits that the Lagos-Calabar coastal road would bring about. I want to briefly lay them out now.

- Job Creation: Critics talk about exaggerated job losses that may be witnessed as a result of demolition of structures on the coastal road's right of way, especially in Lagos, but few pause for a moment to look at the immense amount of new jobs that this massive project will create, both directly and indirectly. Already, the project has started creating thousands of direct and indirect jobs courtesy of the actual construction work currently ongoing at multiple sections of the 47km stretch. The workers that would be part of this project are not ghosts; they are Nigerians. The construction of the railway component of this coastal road is another source of massive job creation. Hundreds of permanent jobs will also be required after completion of construction, as people would be engaged to carry out toll management, road maintenance, etc. New industries, filling stations, CNG stations, auto-mechanic workshops, shopping malls, hotels, etc., will dot the iconic coastal road axis while creating many jobs in the process. This is one of the direct effects of having that road.

- GDP Growth: The Lagos-Calabar coastal project is a very important project with unparalleled economic value. This is a road that connects Nigeria's biggest economic zone, Lekki Free Trade Zone housing the Dangote refinery, Lekki Deep sea port, and many existing and potential industries to the rest of the south and the north via a 10-lane dual carriageway. The potential impact of this road on our GDP growth is huge, considering the fact that it will facilitate an increase in economic activity as well as improve ease of movement of goods and people and invariably ease of doing business. Like I mentioned earlier, the road will drastically cut down travel time between Lagos to the South-South and South-East to less than six hours through an alternative shorter route and open new corridors of development. With the 1000km spur from Badagry in the Atlantic coast to Sokoto on the edge of the Sahel, we would also have a North-South modern highway that smoothens land transport, connectivity, and trade between the north and south. As a growing nation that keeps expanding, it doesn't make sense to limit ourselves to existing roads (which are equally getting massive attention by the Renewed Hope administration). We need to plan for the future. When the 3rd Mainland bridge was being conceptualized, many back then argued that it was not necessary or not a priority since there were already two bridges connecting the Lagos island to the mainland, but look at the importance of the bridge today. In fact, the Lagos State government has approved the design for the 4th mainland bridge - a more ambitious undertaking. That's grand vision!

- Tourism: One of the most regurgitated lines by critics of the Lagos-Calabar coastal road project is that it would kill tourism (especially along the existing coastline in Lagos) and destroy our beaches (also especially in Lagos). How wrong they are! Contrary to this false insinuation, the most immediate impact of the new Lagos-Calabar coastal road is definitely going to be a massive boost in tourism. This is not even debatable. Every known major coastal road across the world is always a magnet for tourism. The Lagos-Calabar coastal road, which will be one of the best coastal roads in the world upon completion, cannot be an exception. The coastal road is not going to run exclusively on the coastline. For example, around the Eleko axis, the road alignment is not on the beach front. Even in the landmark and Oniru beach axis, after construction of the coastal road, the tourism value of these areas would skyrocket. It simply requires innovation by players in the tourism industry to make the most out of the coastal road. In fact, there are countless beaches along the path of the coastal road in Lagos, Ondo, Bayelsa, Rivers, and Akwa Ibom that can become Nigeria's top tourist destinations. The Ilashe Island beach off the Lagos coast along the Badagry Creek with its beautifully arranged coconut trees and crystal white sand is one of such that can benefit from the Badagry spur. The Ibeno beach in Akwa Ibom, which is the longest sand beach in West Africa and stretching for about 30 kilometers from Ibeno to James Town along the Atlantic coastline of Akwa Ibom State, is yet another tourism goldmine that the coastal road can trigger its extraction. It will only take innovative thinking and belief. Sadly, many of our compatriots are instead exuding pessimism and pedestrian thinking with their opposition to this grand project.

As I conclude, I want to state that the hallmark of extraordinary leadership is having the vision and conviction that a dream can be achieved. A leader inspires the power and energy to get things done. He has a poorly developed sense of fear and overlooks the concept of the odds against him. His focus is not usually on the present nor on the obstacles that may stand in the way of his vision but on how to attain that vision by surmounting the obstacles. While many critics of the colossal Lagos-Calabar coastal road are busy extrapolating how many decades it may take to complete the project using other existing roads of different models to judge or how the funding will come, President Bola Ahmed Tinubu is looking at the various pathways that will deliver the project. On the evidence of the pace of construction on the project sites, it is obvious that he has found many pathways. President Bola Tinubu is a visionary. He creates the vision of the future. He sees what others do not readily see, which is why people usually criticize his vision at the onset and later turn to embrace or even copy them. This is one of such times. 

The birth of a modern Nigeria has begun with President Tinubu in charge and I have only one admonition for our dear compatriots who are still skeptical about this journey; Leave the talk, let's face the business!

Heritage Bank: What you didn’t know

 Heritage Bank: What you didn’t know

By ETIM ETIM

Many Nigerians were caught unawares by yesterday’s revocation of the license of Heritage Bank by the CBN, but among many industry operators, it was widely known that the bank has been severely distressed in the last five years. Under Godwin Emefiele, the CBN did not have the appetite to close down a bank, and so Heritage was under life support for a long time, relying mostly on borrowing from the CBN and the interbank market to support its businesses. But Yemi Cardoso is taking the apex bank in a different direction.  He’s trimming the workforce, streamlining functions and divesting it from noncore regulatory duties. Heritage has therefore become the first bank since the 2005 consolidation to be allowed to crash. There have been a few sick ones since then – notably Intercontinental and Diamond – but they were not liquidated. They were purchased by a healthier one. So, why was Heritage not purchased by one of the stronger banks?

According to CBN’s Revocation Order signed by Cardoso, dated June 3 and seen by this writer, Heritage Bank contravened Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020 in five different ways: It has insufficient assets to meet its liabilities; conducted its business in an unsound manner; failed to comply with specific obligations imposed upon it under BOFIA, 2020 and the Central Bank of Nigeria Act as well as rules, regulation, guidelines and directives made under both Acts; is critically undercapitalized with a capital adequacy ratio below the prudential minimum applicable to its license category; and its financial performance and condition constitute a threat to financial stability.

 Based on Heritage Bank’s 2021 audited (but qualified) Statement of Accounts and Annual Report, its net interest income (that is interest income less interest expense) was in the negative. Net interest income measures the profitability of a bank and is a major source of income for a bank. It is the difference between what a bank earns as interest on loans and what the bank pays out to depositors as interest on their deposits. Heritage was paying out more to its depositors (mostly interbank lenders and CBN) than what it was earning on loans. This is largely because the bank’s non-performing loan (NPL) ratio was as high as 81.2 per cent. In other words, Heritage had too much bad loans in its books and so was not earning enough interest income. Out of every N100 it gave out as a loan, N81.2 was bad and unrecoverable. This is a recipe for disaster for any bank.

In addition, the bank’s operating expenses were also higher than its interest income, and so for the 2021 financial year, the bank recorded a loss of N82.928 billion and an accumulated loss of N459 billion. It is the largest loss recorded by any bank in this country in the last 30 years. Heritage Bank’s shareholders’ funds were -N230 billion (Negative N230 billion).  At 81.2 per cent NPL, accumulated losses of N459 billion and Negative Shareholders’ funds of N230 billion, Heritage was a dead bank in the world of the living. There was nothing to do to revive it. Just imagine putting a cadaver in a shop and claiming that it is the shopkeeper!

You can now understand why no other bank was willing to buy Heritage. A distressed bank is bought for the value it would add to the purchaser despite its ill health. It could be the large branch network; size of customer base or its retail franchise with considerable savings and current account balances. Diamond Bank was distressed when Access Bank bought it in 2014, but it was an attractive investment because it had a lot of retail customers which Access didn’t have then. Intercontinental was very distressed too (I wrote a lengthy article on this in February), but Access went into it because it had a wide branch network which Access didn’t have then. And so, because of these two acquisitions, Access automatically became the nation’s biggest bank by assets and customer base.

Heritage had nothing to offer any potential buyer apart from its long and complicated history which might have been its Achilles heel. It was founded in the 1970s as Société Générale Bank (SGBN), a subsidiary of a French Bank, by the late Kwara politician, Dr. Abubarkar Olusola Saraki. He was the leader of the Senate in the Second Republic under the NPN, and his son, Bukola Saraki, a medical doctor like the father, was Kwara State governor in 2003 and senate President in 2015. In 2006, the CBN closed down SGBN after the Soludo consolidation for failure to meet the N25 billion minimum capital requirement. But SGBN successfully challenged the closure in court.

 In December 2012, the CBN reissued SGBN promoters a regional banking license and with new new owners, the bank was rebranded as Heritage Banking Company Ltd. It opened for business under the new name in March 2013. Heritage was eager to grow inorganically, and so it acquired Enterprise Bank, a distressed bank formerly known as Afribank, from AMCON (Asset Management Corporation of Nigeria) in 2015 for N56.1 billion. A rebranded distressed bank buying another rebranded distressed bank! The Holy Book says ‘‘when the foundation is weak, what can the righteous do?’’ (Psalms 11:3).

Now, the NDIC has its job cut out for it. It should move quickly to take possession of whatever remains of Heritage, liquidate it and pay off the insured depositors. There are a few lessons to learn from this, and we shall explore it in the next article.

Stay connected:

THE SOUTHERN POST NIGERIA

RESOLUTIONS REACHED AT YESTERDAYS MEETING WITH FG

 RESOLUTIONS REACHED AT YESTERDAYS MEETING WITH FG

BY MAYOWA TIJANI

Can the Nigerian government pay the N494,000 the Labour unions are asking for as minimum wage? If we are being honest, the answer is no. Should the Labour Congress accept the N60,000 being offered? No, not at all. So, what then should be the middle ground? Come with me as we explore what history recommends.  

The history of wage reviews goes back as early as 1959 in Nigeria, but this report will start from 1972. After the oil boom of the early 1970s, General Yakubu Gowon called on Jerome Udoji, an experienced public servant and consultant, to lead a commission for the review of workers’ salaries in the public sector. His work led to what famously became the “Udoji Award,” which gave a bump to salaries across the country.

By 1979, when Shehu Shagari took over as a Democratic President, his government implemented a bump in the pay for politicians in public office. Unfortunately for the Shagari government, the National Labour Congress (NLC) was set up a year earlier — 1978. So the gusto was there for the union to request a global minimum wage. At the time, NLC asked for N300 per month as minimum wage. After the now-familiar battle with the federal government, the minimum wage bill of 1981 was signed into law at a compromise of N150 ($245) per month.

In this instance, NLC wanted N300 but the conversations ended at 50% less than what was demanded.

ABDULSALAMI ABUBAKAR’S MINIMUM WAGE

After Shagari, Nigeria went into a number of military coups, where such demands for wage review were a lot more difficult. For instance, the Vision 2010 committee asked General Sani Abacha to pay a minimum wage of N20,000 from about N250 as it had become in the early 1990s.

However, by the time Abdulsalami Abubakar became the transition head of state in 1998, the minimum wage for federal workers had become N450, and his government announced a review in the minimum wage from N450 ($5) to N5,280 ($60). This was a 12-fold increase in wages. At this time, there has now a disparity in payment for federal workers and state employees.

Sadly, the economic situation in the country became dire, and this government could not keep up with its new minimum wage announced, causing the government to backtrack and bring wages from N5,280 to N3,500 ($35).

In this instance, the 1,100% jump in salaries was not sustainable, hence the government settled for a 600% bump, which were also difficult to pay.

OBASANJO’S REFORMS & WAGE BUMP

So when Olusegun Obasanjo came into power in 1999, many civil servants, by law, were earning just a little above the minimum wage of 1981. NLC, under the leadership of Adams Oshiomhole, comrade-turned-governor and senator, emphasised the need for a review. So in 2000, the government reviewed pay and passed a new minimum wage bill to give workers N5,500 ($55) from the N250 ($2.5).

This was a democracy and the new wages had become a law that the government and employers must follow. Many states struggled, but this became the norm. This was a 2,100% bump in pay from the late 80s, but the times and the currency devaluation also meant a drastic drop from $245 in 1981 to $55 in 2000.

Obasanjo’s Wage Act also had provisions for steady salary increases within the following years. The consequence of Obasanjo’s decision was drastic inflation. The inflation rate within the following year after the salary bump was over 23% — from negative territory. His government spent the next couple of years battling inflation.

It took five years for Obasanjo to bring inflation back to single digits.

JONATHAN, BUHARI YEARS

By 2010, at about the time Goodluck Jonathan became president, the national minimum wage had become about N7,500 ($50). The labour unions were now asking for a little over N52,000 — nearly a 600% increase. Learning from the inability of the Abudulsalami government and the inflation battle of the Obasanjo era, the Jonathan government could not accommodate a 600% increase.

Instead, his government increased it to N18,000 in March 2011. This meant a 140% increase in salaries. This was fine for another five years till Muhammadu Buhari took office in 2015. The agitations began.

In 2016, the NLC made a formal request to review the minimum wage from N18,000 to N56,000 — representing a 211% increase. Former president Buhari was able to hold NLC off for another few years until his second term in 2019. Against what was requested, the Buhari government and the NLC settled for a review from N18,000 to N30,000 — 66.67% increase.

The Minimum Wage Act signed by Buhari stipulated that wages be reviewed after five years, which has brought us to where we are in 2024.

WHAT IS A FAIR COMPROMISE FOR FG AND LABOUR?

The NLC, after starting the conversations around N1,000,000 have come to request N494,000 as the new minimum wage in 2024, from the current N30,000. The government has said it is willing to pay above N60,000, without stating how much more. A jump from N30,000 to N494,000 is a 1,545% increase, which has never happened within a five-year period in the country.

Understandably, fuel prices, exchange rates and other economic indicators have entered record-breaking territories. Fuel prices have jumped by at least 250%, exchange rate by about 222%, and inflation is up 33%. All this makes it difficult to ask the labour unions to take just a 100% pay bump.

However, in the eleven years between 2000 to 2011, the minimum wage went up by 227%. Regardless of the drastic economic changes from 2011 to 2019 — an 8-year period — the country only managed a 67% increase. Going by these indices, minimum wage change over a five-year period could be anything between 20% per year (from Obasanjo to Jonathan) or 8.4% per year (from Jonathan to Buhari).

Under Shagari, NLC got half of what they wanted, under Jonathan, they got about a third of what was requested, under Buhari, they got a little over half of their request. History teaches no clear pattern exists, no two regimes have proven to be the same, and the biggest bump since the country had a unified minimum wage has been 140%.

A 140% bump will bring today’s minimum wage to N72,000. Is this a fair place for NLC to call it a day?

You can reach Mayowa on social media @OluwamayowaTJ

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𝐙𝐞𝐧𝐢𝐭𝐡 𝐁𝐚𝐧𝐤'𝐬 𝐅𝐢𝐫𝐬𝐭 𝐅𝐞𝐦𝐚𝐥𝐞 𝐆𝐌𝐃 𝐀𝐬𝐬𝐮𝐦𝐞𝐬 𝐎𝐟𝐟𝐢𝐜𝐞

 𝐙𝐞𝐧𝐢𝐭𝐡 𝐁𝐚𝐧𝐤'𝐬 𝐅𝐢𝐫𝐬𝐭 𝐅𝐞𝐦𝐚𝐥𝐞 𝐆𝐌𝐃 𝐀𝐬𝐬𝐮𝐦𝐞𝐬 𝐎𝐟𝐟𝐢𝐜𝐞 

The newly appointed Group Managing Director of Zenith Bank Plc, Dr. Adaora Umeoji, assumed duty at the bank's head office in Lagos on Monday.

The company revealed this in a video shared on its Facebook page on Monday.

The caption read, "Dame (Dr.) Adaora Umeoji OON, Group Managing Director / CEO, Zenith Bank Plc, arrives Zenith Bank Head Office in Lagos."

THE SOUTHERN POST Online reported that the company's secretary, Michael Otu, stated that Umeoji's appointment became effective on June 1.

Colorado man’s necklace helps him dodge a bullet

 

By TSP,

 1 minute read

Published 9am Tuesday June 4, 2024

(The Southern Post)

For one Colorado man in the United States, his accessory proved to be more than just a fashion statement - it was a lifesaver. 

During an argument, the man was shot at with a .22 caliber bullet. However, the 10-millimeter-wide chain he was wearing was able to blunt the force of the bullet and prevent it from causing further damage. Instead of hitting the man's neck, the bullet became lodged in the chain.

The person suspected of firing the shot has been arrested and is facing attempted homicide charges.

While the chain has been described as "silver," the police department is uncertain about the exact metal composition. "We don't know what kind of metal this is, but it's likely not pure silver," they stated. "We looked it up... and silver is soft. So maybe think twice before you knock a knockoff. Just incredible."

This incident serves as a powerful reminder that sometimes the most unassuming accessories can make all the difference in an emergency situation. This Colorado man's necklace chain proved to be more than just a fashion choice - it saved his life.

The Significance of Rededication of Akwa Ibom to God

 The Significance of Rededication of Akwa Ibom to God

By Anietie Edet

04/June 2024

2 mins read

Published, THE SOUTHERN POST

The commencement of the Akwa Ibom, Statewide Crusade, saw the General Overseer of the Redeemed Church of God, Pastor Enoch Adeboye, offering commendation to Governor Umo Eno for his commitment to seeking divine guidance and direction for the state. Pastor Adeboye expressed his appreciation for Governor Eno's dedication to leading the state in its second year under God's guidance, emphasizing the importance of faith in governance.

Taking the pulpit at the International Christian Worship Centre on June 3, 2024, Pastor Adeboye delivered a powerful message during the opening night of the three-day prayer summit themed "From Glory To Glory." This event, supported by the State Government and organized by the Akwa Ibom Branch of the Christian Association of Nigeria in collaboration with Fathers of Faith For Good Governance, aims to strengthen the spiritual fabric of the state and its leadership.

During his sermon, Pastor Adeboye noted the significance of seeking divine intervention, especially during seasons of prosperity and growth within the state. Acknowledging Akwa Ibom's upward trajectory in development and progress, he encouraged Governor Eno and all government officials to anchor their programs and projects in prayer to ensure the successful realization of the government's vision and mission.

In closing, Pastor Adeboye urged continuous prayerfulness among the state's leadership, emphasizing the vital role faith plays in governance. He stressed the importance of aligning government initiatives with God's will to propel Akwa Ibom State further along the path of prosperity and success.

The rededication of Akwa Ibom and the second year of Governor Umo Eno's administration to God is essential for all residents of Akwa Ibom State to contemplate. This act serves as a reminder of the values and beliefs that unite the state and hand over the key plans and initiative of government to ensure the fostering of a sense of unity and purpose among its people. By reaffirming their commitment to God, individuals in Akwa Ibom can draw strength and guidance from their faith, leading to a more harmonious and prosperous society.The significance of this rededication cannot be overstated, as it provides a spiritual foundation for the state's development and progress. It is commendable that such an initiative is being undertaken, as it highlights the importance of faith and spirituality in the lives of the people of Akwa Ibom.

Governor Umo Eno's support for the rededication of Akwa Ibom and the second year administration to God showcases his recognition of the significance of spirituality and faith within the state. 

This gesture also underscores the governor's commitment to governance with a moral and ethical compass, acknowledging the role of faith in shaping the social fabric of the state.

The State's Christian Association of Nigeria who birthed the initiative for the rededication of the second year of Governor Eno's administration to God signals a strong endorsement of the spiritual importance of the event. This initiative reflects a commitment to fostering religious unity and promoting moral values within the state.

Anietie Edet

Digital Journalist

Writes from Uyo

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University expels student for demanding ransom from parents of missing colleague

 The University of Ilorin in Kwara State recently expelled a 100-level student named Olanrewaju AbdulKadir for allegedly demanding ransom from the parents of his missing colleague.

 This decision was officially confirmed in the university's weekly bulletin by the director of Corporate Affairs, Kunle Akogun. AbdulKadir, whose matriculation number is 22/52HL004, belonged to the Department of Information Technology within the Faculty of Communication and Information Sciences at the university.

 In addition to AbdulKadir's expulsion, the university also rusticated a 400-level student named Segun Micheal Oyewole for physically assaulting a female student. Oyewole, from the Department of Counsellor Education in the Faculty of Education, received a one-academic session rustication as a consequence of his actions.

 On a different note, the University of Ilorin announced the promotion of 16 senior academics to the prestigious rank of Professor.