Sunday, June 23, 2024

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.

Saturday, June 22, 2024

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.

Friday, June 21, 2024

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”.

Thursday, June 20, 2024

Coastal Highway: Protesters urge Tinubu to halt proposed coastal highway diversion

Residents of the Okun Ajah community in Lagos State have oppossed what they described as the proposed diversion of the Lagos-Calabar Coastal Highway.

They registered their displeasure with a protest at the Federal Ministry of Works headquarters in Lagos State on Thursday.

The residents, despite heavy rainfall, gathered to decry what they perceive as preferential treatment by the Minister of Works, David Umahi.

Brandishing placards with messages such as “Illegal construction on the right of way should not be encouraged” and “You promised us renewed hope; don’t punish us,” the protesters called on President Bola Tinubu and the National Assembly to investigate the diversion plans.


The protesters demanded adherence to the original road alignment established in 2006.

Some other placards read, “Lagos State has a master plan”; “Honourable Minister, no ethnic sentiment”; and “Keep to your words; You promised us renewed hope”; among several others.

According to the protesters, the minister promised the residents on national television that the old gazetted alignment of 2006 would be taken into consideration.


Speaking during the protest, the Akogun of Okun Ajah, Saeed Olukosi, described the planned diversion of the road in only Okun Ajah as a miscarriage of justice.

The community leader said, “Already, the houses that were built on the coastal road alignment had been identified and marked for demolition.

“But surprisingly, some days ago, the construction workers diverted to an entirely new area and started marking houses.

“We are shocked that the moneybags who violated the law by building illegally had gone to bribe some workers, and they left illegal buildings and diverted to our buildings, which we legally built.”

Olukosi maintained that the protest was necessary because Tinubu and the presidency may not have been aware of this latest development, hence, the protest at the ministry.


“We understand that the presidency may not be aware of the illegality. That’s why we have come to notify them of these peaceful protests at the Federal Ministry of Work office in Lagos.

“The minister promised us to do the needful and administer justice. Let him investigate what we are saying and give us justice. This administration promised us renewed hope, so he should give us hope and not punish us,” he added.


Counsel for the residents of the town, Bolanle Olugbani, said, “We are here to protest the planned diversion in the right way.

“He (Umahi) assured us that the Federal Government would adhere to the old gazetted alignment.



“For over 30 years now, everyone buying land at Okun Ajah Community knows that a coastal road will pass through the community at some point in the future.”

He added that they had conformed to the law, but some moneybags bought the property from the designated coastal road alignment.

“Lagos State had gazetted not to build on a coastal road; the minister is not above the law.

“The law today says the old alignment is where the coastal road should pass. The minister also said it at the stakeholder meeting.


“No amount of money and tribal sentiment should sway in. The minister knows what to do. The minister must not change from the old alignment,” he maintained.

Comptroller reacts
However, the Federal Comptroller of Works, Lagos, Mrs Olukorede Kesha, who received the protesters, assured them that the minister was ready to look into their complaints.


She stated, “The minister has demonstrated several times that he is a listening person, and the government is also listening. The minister is not afraid to come to Lagos to see you again.”

“In fact, I have told him about you. He was in Lagos last Saturday, and he wanted me to call you on Sunday, but because of the Sallah festival, I told him you people would not come out and that we have to respect that day, and he said, ‘Okay.'”


She added, “I told him you are complaining and he promised to come back in a week, and I will invite you to bear your mind to him. He doesn’t look down on people; it’s impossible to please everyone.”

Kesha added that “nobody is saying justice should not be done. Whenever he comes, tell him what you want, and he will go back to the drawing board.”


Also speaking, a landlady in the town, Mrs Maimuna Usman-Ologunro, said, “We all heard him at the stakeholder meeting, where he said that the road would pass


“Why did his men come back to our community to mark our buildings, which are not built on the coastal road alignment?”

“The minister should be a man of his word. He cannot continue to take us from one post to another; we have an alignment. We have the 2006 alignment during the regime of President Bola Tinubu when he was governor of the state.”


We bought our land and have our documents intact. I cannot lose my property for another person’s offences. We knew already that something was ongoing; that was why we are all here.”

Recall on June 15, the FG said it was withholding payment of compensation to affected property owners from Kilometer Seven on the Lagos-Calabar Coastal Highway project, due to alteration to the plan.

Umahi said this when he inspected ongoing works on Lagos-Calabar Coastal Highway and other road projects on the Lekki Free Trade Zone, Dangote Tax Credit Route and Eleko, among other axis, on Saturday in Lagos.

Former First Lady of Akwa Ibom State Empowers 150 Individuals and Encourages Youths to Pursue Financial Independence.

Former First Lady of Akwa Ibom State Empowers 150 Individuals and Encourages Youths to Pursue Financial Independence.

News
by Anietie Edet
Published June 20, 2024
1min Read

THE SOUTHERN POST-True to her style and character of love for humanity and the downtrodden at all times, the  immediate-past Akwa Ibom First Lady Dr (Mrs) Martha Udom Emmanuel has presented starter packs to another round of beneficiaries who have graduated from her empowerment programme, urging students to embrace entrepreneurship and develop valuable skills to enhance financial independence and academic perseverance.


The event, held on 19th of June at the Feyrep hall Ewet Housing Estate, Uyo brought together individuals from diverse backgrounds, united by a shared goal of overcoming adversity and achieving success through the Family Empowerment & Youth Reorientation Path-Initiative (FEYReP), Dr (Mrs) Emmanuel.

Mrs Emmanuel expressed her heartfelt gratitude to God for the grace that has sustained Feyrep's laudable efforts, acknowledging the unwavering support of donors, attendees, and her husband, whose contributions have been instrumental in the NGO's success.


She thanked her husband, Mr Udom Emmanuel, whom she said is her strongest support; the coordinator of FEYReP, Dr Idorenyin Ekanem, and other staff for the great job and congratulated the graduands for their willingness to learn the various skills and coming out successful.

Dr Martha Emmanuel who intimated that FEYReP is no more a pet project rather a registered non-governmental organization (NGO), said she was happy that her dream of taking the initiative beyond her husband's regime as governor of the state has been fulfilled, adding that the NGO exists in other states such as Lagos.

She charged the beneficiaries to be focused and serious with their trades and studies so that they in turn may train and empower those coming after them, saying that FEYReP has a monitoring team that will always go round to monitor how they are progressing in the business.

"If they do not stand well, if they are not stabilized, how will the future be? We need to train the people that will take over the baton when we step aside".

Earlier, the coordinator, Dr (Mrs) Idorenyin Ekanem,  welcomed all to the occasion and disclosed that the NGO is committed to transforming the lives of the downtrodden.

She urged the beneficiaries to take the empowerment programme serious as their benefactor, Dr Emmanuel, has kept her promise.

In a keynote address, Mr Aniekeme Finbarr, who spoke on the theme: "Exploring the Importance of Skills Acquisition in Personal and Professional Development, highlighted the critical role of skill acquisition in personal and professional growth, emphasising its potential to drive innovation, resilience and competitiveness in the labour market. 

He further encouraged the beneficiaries to leverage their new skills as a spring board to success and to make meaningful impact in their communities.

Beneficiaries of the programme, representing various sectors, including Catering, Cosmetology, Shoemaking, and students from esteemed institutions like University of Uyo, Akwa Ibom State University, College of Education and University of Calabar were encouraged to harness their newfound skills and knowledge to effect positive change.

In separate testimonies, the beneficiaries expressed their appreciation for the opportunity and pledged to utilize their skills effectively.