The Federal Constituency Representative in the National Assembly distributes relief items to constituents.

The member representing Ukanafun/Orukanam Federal Constituency

Earlier today, distributed palliative items to the vulnerable ones in his federal constituency. According to the Facebook post by Uniyme idem. "This is in my avowed resolve to ensure the well-being of my constituents". 

The items shared are 300 bags of rice, 300 bags of beans, 300 bags of garri, 300 cartons of vegetable oil, and 40 cartons of tin tomatoes. 

Others are 40 cartons of food seasoning, other food items, 200 pieces of mosquitoes nets, 200 pieces of blankets, and other materials. 

Represented at the distribution point by a former member of Akwa Ibom state House of Assembly, Hon. Saturday Akpan, I reiterated that the gesture was for the vulnerable ones in the federal constituency. 

This will also complement the Bulk Purchase programme of Governor Umo Eno, which is targeted at feeding the vulnerable ones amongst us."

Let me also restate my commitment to keep providing effective representation and care for the well-being of the constituents. Very soon, another batch will come as part of measures to mitigate food shortage in the federal constituency."

Customs officer dies at Reps investigative hearing

Customs officer dies at Reps investigative hearing 

The Deputy Comptroller, Finance Administration and Technical Service of the Nigerian Customs Service, Essien Etop Andrew, is dead.

Andrew died at the National Assembly Clinic in Abuja on Tuesday.

He was a guest of the Public Account Committee of the House of Representatives where he appeared for questioning on Tuesday in continuation of the ongoing probe of revenue-generating agencies and parastatals of government.

While addressing the committee on remittance of levies into designated government accounts, Andrew suddenly paused and said “Sir, I need to take water.”

The Chairman of the Committee, Bamidele Salam, responded, “You need to take water, sir? Yes, go ahead! Or if you need tea… Do you need tea?”

The customs boss repeated, “I may need to take water,” and then collapsed.

The House later announced his death in a statement signed later by the spokesman for the House, Akin Rotimi.

The statement read in part, “It is with deep sadness and regret that we confirm the passing of an esteemed official of the Nigeria Customs Service who was at the National Assembly for an engagement with a House Committee.

“During the engagement, which occurred around 1 pm on Tuesday, June 25, 2024, the official developed sudden health complications. Despite the immediate and diligent efforts of first responders and medical personnel at the National Assembly Clinic, he unfortunately passed away.

“Out of respect for the family, the official’s name will not be disclosed at this time.

“The House of Representatives extends its heartfelt condolences to the family, friends, and colleagues of the deceased during this difficult time. We recognise the significant contributions he made to the Nigeria Customs Service and our nation.

“The House of Representatives stands ready to support efforts to understand the circumstances surrounding the incident and is cooperating fully with all relevant authorities to ensure all necessary protocols are followed.

“The Speaker of the House, Tajudeen Abbas expressed his condolences, stating, “We are deeply saddened by the sudden loss of a dedicated public servant. Our hearts go out to his family during this difficult time.

“Further information will be provided as it becomes available. We ask for patience and respect for the privacy of the family during this period of mourning.”

©Punch

BREAKING: Shoprite To Close Abuja Mall By June 30, Blame Business Climate

By The Southern Post

It stated in a statement, “We regret to inform you that as of June 30, 2024, Retail Supermarkets Nigeria Limited will be closing its Wuse Store located in Novare Wuse Central Mall, Abuja. This decision has been made after a thorough evaluation of the store’s financial situation and the current business climate. We believe this is the best course of action for our organization’s long-term growth.” 

“Effective June 30, 2024, our company will no longer operate in Wuse, Abuja, and we will no longer require your services for the Novare Wuse Central Mall Store. Please note that all existing service contracts will also terminate for the store.” 

“If your services are specifically tied to the Novare Wuse Central Mall Store and if there is an outstanding balance between our companies, we will carefully review our accounting records over the next 60 days (about 2 months). We will then promptly contact you to confirm the amount owed and discuss a suitable payment schedule.”

Christ Embassy Church in Lagos Engulfed in Flames

By The Southern Post

Christ Embassy Church in Lagos Engulfed in Flames

The headquarters of the Christ Embassy Church in the Oregun area of Ikeja, Lagos State, was engulfed in flames on Sunday morning.

Firefighters Battling the Blaze

According to reports, the Lagos State Fire and Rescue Service officials are currently at the scene attempting to control and extinguish the fire. The cause of the fire remains unknown at this time.

Ongoing Efforts to Contain the Situation

The situation is still developing, and more details are expected to emerge as the firefighters continue their efforts to bring the fire under control. No casualties have been reported so far, but the extent of the damage to the church building is not yet clear.

This is a breaking news story, and we will provide additional updates as more information becomes available.

Banks' re capitalization and the issues at SEC

Banks' re capitalization and the issues at SEC

Rotimi Adesina

There is a palpable anxiety in the banking industry over delays by the Securities & Exchange Commission (SEC) to approve issuance of new securities by the banks. In the last three months, over 15 banks have filed applications with SEC to issue new shares by way of right issues and public offers in order to meet the new capital base announced by the CBN in March, but the capital market regulator has only managed to approve Fidelity Bank’s N127.1 billion capital raise. Fidelity is hoping to raise N97.5 billion in fresh funds from public offer and N29.6 billion from rights issue. SEC’s delay in approving new issues is creating apprehensions in the banking industry, with many speculating that the two-year deadline set by the CBN may not be met, after all. There are two major reasons for the delay. First, SEC has been flooded with loads of applications from the banks and other companies wishing to raise money; and second, the former management of the commission was a bit tardy in handling the approval processes and other responsibilities, thus leaving behind a huge backlog of applications that need to be cleared. It was only in April that President Tinubu swept off the top management of the commission and replaced it with a new team which is grappling with the challenge of long overdue proposals.  Said a retired SEC director, Mr. Okokon Akpan, ‘’The President did well in changing the former leadership. We now have a team of young and capable professionals who have been in the system and knows the workings of the commission. I am sure the backlog would be cleared soon. The previous people had a very poor attitude to the job’’.

Over N4 trillion will have to be raised by the nation’s 35 commercial, merchant and non-interest banks not later than March 2026 to meet a new benchmark set by the CBN. The broad objective is to create a strong and resilient banking system that would help propel the Nigerian economy to a trillion-dollar GDP by 2031. It is not clear to what extent these delays from SEC may affect the March 2026 target and if the CBN will shift the bar in event of massive defaults.  Already, tier one lenders like First Bank Holdings; UBA; GTCo; Zenith Bank and Access Holdings have already filed applications at SEC for approvals of their issues. Many others are in the pipeline. In addition to requests from the banks, SEC has also been swamped with transactions from other companies that require regulatory approval. Nigerian Breweries, the nation’s largest brewer, is planning to raise N600 billion from the capital market. The sale of Diageo’s 52.02% stake in Guinness Nigeria Plc to the Tolaram Group is also awaiting the attention of the regulatory authority. Tolaram will acquire Diageo’s shares at N81.6 per share, with total transaction amounting to N103.7 billion. There’s also the acquisition of a majority stake in the Uyo-based Champion Breweries Plc by little known EnjoyCorp Limited. A few other foreign firms divesting from the country are also seeking SEC’s approval for sale of their shareholdings. ‘’With all these transactions coming to the capital market, SEC will have to double up efforts to clear the backlogs of applications on time. We are also hoping that the CBN is aware of these unexpected delays’’, a chief executive of a bank told me.

To obtain SEC’s approvals for any issue, an issuer must file several documents at the Office of the Director General at SEC’s corporate headquarters in Abuja. Specific requirements vary from time to time, but the common ones include memorandum and articles of association; evidence of tax payments; advertising materials; purpose of offer and expected utilization of funds to be raised; proposed allotment of shares and prospectus of the offer which contains particulars of all the parties to the offer. Documents forwarded are reviewed, and where there are observed deficiencies, the applicants are duly informed. Where such lapses are communicated, the timeline for approval resets. But in the absence of any deficiency, approval will be communicated.  The commission may however require other documents or information, where necessary. An issuer pays exorbitant fees to SEC to secure these approvals. Each stage of application filed at SEC costs N100,000. A big issuer, for instance, may spend as high as N100 million to raise N300 billion. Such costs are expended on a wide array of items like legal fees and other professional payments; filing fees; media and publicity; printing; extra-ordinary AGMs, etc.

In March, CBN Governor, Yemi Cardoso announced an upward review of banks’ minimum share capital for banks varied according to their authorization.  International banks will have N500 billion minimum share capital; national banks, N200 billion and N50 billion for regional and merchant banks. It is likely that Cardoso did not envisage that his well-thought-out recapitalization plans would be disrupted by the actions of another regulator in the financial industry. The two institutions must therefore work together to achieve the national goal.

CAF Announces New Dates For 2025 AFCON In Morocco

The next Africa Cup of Nations will be played in Morocco from December 21, 2025, to January 18, 2026, Confederation of African Football (CAF) president Patrice Motsepe said on Friday.

By The Southern Post

1min reads

Published 21,2024

“I am confident that the CAF AFCON Morocco 2025 will be extremely successful and the best AFCON in the history of this competition,” he said.

CAF held a virtual executive committee at their headquarters in Cairo on Friday evening after which Motsepe made the announcement.

Originally scheduled for June and July 2025, the AFCON was moved to avoid a clash with the inaugural Club World Cup in the United States from June 15 to July 13 next year

An added challenge for CAF officials was the desire to avoid a clash of dates with the UEFA Champions League in Europe.

Matchday six of the elite European club competition ends on December 11 2025 and matchday seven begins on January 21 2026.

However, the new dates are sure to upset many Premier League clubs as the Christmas-New Year period is frenetic with teams playing many matches in a short period.

English media reports have suggested clubs might not release African stars as they are compelled to do so for only one international championship per year and the next World Cup is in 2026.

CAF could argue that it is the 2025 AFCON, although most of the tournament will be staged the following year.

Finding suitable dates for the AFCON, a 24-nation tournament won by hosts the Ivory Coast last February, has become increasingly difficult.

A switch to mid year worked for the 2019 edition in the searing heat of Egypt in so far as it avoided a clash with the European club seasons.

Dramatic profit increase

However, the two subsequent editions, in Cameroon and the Ivory Coast, had to be staged in January and February to avoid the rainy seasons in central and west Africa.

The qualifying draw for the 2025 AFCON is scheduled for Johannesburg on July 4 with 48 hopefuls to be divided into 12 groups.

Morocco will take part to gain competitive match practice, but are guaranteed a place at the 24-team finals as hosts.

Unlike the four-yearly European Championship, Copa America and Asian Cup, the AFCON is held every two years because it delivers most of the CAF revenue.

In a recent TV interview, Motsepe said CAF made an $80 million (€75 million) profit from the last AFCON, hosted by the Ivory Coast in January and February this year.

This was a dramatic increase from previous editions, which produced an average profit of about four million dollars, according to the South African billionaire.

The 2024 Women’s AFCON (WAFCON) has also been postponed and will now be played in Morocco from July 5-26 next year.

New dates will also have to be found for the African Nations Championship (CHAN), originally scheduled for Kenya, Tanzania and Uganda this year.

Not even the qualifying draw has been made for a competition restricted to home-based footballers and won by Senegal in Algeria last year, and CAF have not explained the delay.

There has also been no news from CAF on a second edition of the African Football League (AFL), initially called the African Super League.

Planned to be a 24-club mini-league and knockout competition featuring the highest ranked clubs in the continent, it debuted last year with just eight sides involved in a three-round affair.

Were the original format to be introduced, clubs would play between 14 and 21 matches in a continent where air travel presents challenges due to limited direct flights between countries.

“You can turn the lights off on domestic football if this (AFL) goes ahead,” warned John Comitis, the chairman of top-flight South African club Cape Town City.

AFP

The police in Ebonyi State have arrested four persons over the killing of a Nigerian university student

The police in Ebonyi State have arrested four persons over the killing of a Nigerian university student in the state.

The victim, Magnus Okeke, was an “extra year student” in the department of accountancy at the Alex Ekwueme Federal University, Ndufu-Alike.

Discovery of the body

PREMIUM TIMES earlier reported that the victim’s decomposing body was discovered weeks after he was declared missing.

He was said to have been abducted and then killed by suspected members of Ndufu-Alike, the university’s host community.

Elom Ubochi, the spokesperson of the university, said in a statement that the institution made unsuccessful efforts alongside security operatives to rescue the victim alive after he was abducted on 1 June.

Mr Ubochi said the victim was attacked outside the university premises allegedly by youths from Ohankwu village in the community.

Arrest

The police spokesperson in Ebonyi State, Joshua Ukandu, told PREMIUM TIMES on Friday that four persons have been arrested in connection with the death of the student.

“The (police) command is currently investigating to find out anything we can get regarding the killing,” Mr Ukandu, a deputy superintendent of police, said.

The spokesperson said the suspects were currently helping police operatives in their investigation.

“After our investigation, if they are culpable, of course, they will be charged to court,” he said.

AKSG COMMENDS MONARCH FOR APPREHENDING SCHOOLS VANDALS

AKSG COMMENDS MONARCH FOR APPREHENDING SCHOOLS VANDALS

… DISTRIBUTES FREE EXERCISE BOOKS IN IKOT EKPENE SEN DISTRICT

By The Southern Post

1min Reads

Published June 21,2024

The Akwa Ibom state government has commended the Village Head of Ikot Ekpene village, Etteidung  Edet Okon, for exhibiting vigilance and patriotism, resulting in the apprehension of culprits who attempted to vandalize facilities at the Government School, Anwa Udo Akai, in Ikot Ekpene local Government Area.

The government has charged stakeholders and leaders across the state to take extra measures to support Government’s investments in the sector, since the duty of safeguarding amenities in their respective communities.

At an event organized by the Akwa Ibom State Ministry of Education for the distribution of free ARISE branded exercise books for pupils in all public primary schools in Ikot Ekpene senatorial district at Methodist Central School, Anwa Udokai, the Commissioner for Education, Mrs Idongesit Etiebet, reiterated Governor Umo Eno’s intolerance to illegal charges by head teachers of public schools.

Addressing a gathering of head teachers and school administrators, the Commissioner for Education represented by the Permanent Secretary Ministry of Education, Mrs. Stella Etukakpan, pleaded with the various head teachers and administrators to comply with the instructions given and avoid placing levies on the notebooks or for any other purpose.

She stated ”Do not levy your pupils, If you are caught you will not only refund the money but you will be disciplined in line with the public service rules. The Government wants these books to reach the intended children for effective learning”.

“I also want to admonish all head teachers to report early for school. When you are the head teacher and you go to school late your teachers will be late which is not in line with the Governor’s plan for Education”.

The Permanent Secretary further commended the village head of Ikot Ekpene, Etteidung Okon for safeguarding the Methodist central school against hoodlums who came to destroy the school facilities.

Earlier the village head had stated” We previously apprehended thugs who came to vandalize the school and got them appropriately handed over to the police.  

Etteidung Okon expressed his confidence in the Governor to deliver more incredible projects to Ikot Ekpene, and added that the school needs a fence in order to stop hoodlums from accessing and vandalizing school properties.

Also Speaking, the Dean college of Ward Personal Aides to the Governor, Mr Aniefiok Udo James 

promised the support of all his colleagues to work with all head teachers and administrators to deliver on the assignment of getting the books to all pupils as intended by the Governor.

Speaking, the head teacher of St Anne’s catholic school Elder Sunday Timothy Inwang was full of praises to God for blessing the state with a Governor like Pastor Umo Eno.

He stated “what the Governor has done we have not seen before. I’m really grateful to be a teacher under this administration because we have experienced what we haven’t experienced before”.

“The distribution of these exercise books will attract so many pupils to come to school as this was a major hindrance to students before now”.