The appellate court in its judgment on Friday, ordered a rerun in 10 polling units in the constituency following an appeal filed by Khalid Abdulmalik-Ningi of the All Progressive Congress.

It would be recalled that the Independent National Electoral Commission had declared the Speaker, the winner of the Ningi Central Constituency election held on March 18.

But not satisfied with INEC’s declaration of the results of the election, Abdulmalik-Ningi, approached the Governorship and State Assembly Election Petition Tribunal sitting in the State to seek redress.

However, the Tribunal dismissed his case and affirmed the victory of Suleiman for a second term in office.

Also not satisfied with the judgment, the APC candidate went to the Court of Appeal to challenge the tribunal’s ruling.

In its judgment, the appellate court’s three-man panel, set aside the judgment of the tribunal and ordered for a rerun.

Reaching to the development, Suleiman said he was undeterred by the judgment.

In a statement issued and made available to journalists, Suleiman boasted that the support and solidarity he has been enjoying in Ningi remains intact adding that no amount of effort to pull him down will succeed.

While describing the judgment as a minor political setback which is not new in his political career, the Speaker said that he is ever ready for the rerun election

He boasted of adding to the almost two thousand votes margin he gave his opponent.

The post Appeal Court sacks Bauchi speaker, orders rerun appeared first on New Mail Nigeria.

The post Betta Edu makes President Tinubu’s administration proud in Netherlands – Nigeria Envoy, Ajayi appeared first on New Mail Nigeria.

THISDAY reports that two CEOs, who spoke on the condition of anonymity, said they resigned from the board over a failure of corporate governance as the think tank issued a major statement without consulting its entire board.

The CEOs, Kennedy Uzoka of the United Bank for Africa (UBA); Abubakar Suleiman of Sterling Bank and Adesola Adeduntan of First Bank Plc, resigned on Thursday in protest of the NESG’s criticisms of the Central Bank of Nigeria’s interventions.

The newspaper quotes the CEOs as saying they consult with the CBN weekly on policies that concern the banking sector and the economy in general in addition to their institutions being participating financial institution (PFIs) in most of the central bank development finance interventions.

“Given that we have such full access, how can we turn around and issue a statement criticising policies that we are part of the consultative process? If we have concerns we have full access and platforms to share them with policymakers. How would the NESG issue such a statement without the input of board members?” the bank CEO asked.

The NESG was reportedly told that the concerns expressed about some provisions in the amendment of the banks and other financial institutions act (BOFIA) were misplaced as such provisions existed in other laws like the NDIC act and AMCON act.

“Despite that, they went ahead to issue the statement, which means that they have other motives, beyond their concern for public policy. And publishers who are members of the board of the NESG must not be allowed to abuse their position in getting board issues at the NESG published, without disclosing that they are participants and the co-authors of the NESG statement,” said one of the CEOs.

“In issuing that statement without consultations with the board, the NESG left my continuing participation untenable resulting in my resignation.”

In a statement on Monday, the NESG had expressed concerns about how the CBN “carried on the business of foreign exchange transactions, loan disbursements (intervention funds) and price fixings without appropriate policy clarity”.

The NESG had also urged the federal government to overhaul the management and support being given to the agricultural sector saying a huge gap exists between food production and requirement of Nigerians despite the huge sums disbursed by the CBN under its intervention programmes.

In response, the CBN had said its agricultural intervention programmes averted a major food crisis during the thick of the lockdown.

The apex bank also refuted claims that its lending process did not have a proper framework explaining that participating financial institutions carry out due diligence of applicants following which an additional assessment process is embarked upon by the CBN before disbursements are provided.

The post Why we resigned from NESG board – Bank CEOs appeared first on New Mail Nigeria.

The CEOs, Kennedy Uzoka of the United Bank for Africa (UBA); Abubakar Suleiman of Sterling Bank and Adesola Adeduntan of First Bank Plc, were reported to have resigned from the board in protest of the NESG’s criticisms of the Central Bank of Nigeria’s interventions.

Asue Ighodalo, the chairman of NESG, is also the chairman of Sterling Bank.

A source at the NESG said on Thursday that the issues have not been finalised and that there has been no discord in the board whatsoever.

In a statement on Monday, the NESG had expressed concerns about how the CBN “carried on the business of foreign exchange transactions, loan disbursements (intervention funds) and price fixings without appropriate policy clarity”.

It also said the distortions in the liquidity and interest rate management is causing a grave disadvantage to domestic investors and pensioners.

The NESG had also urged the federal government to overhaul the management and support being given to the agricultural sector saying a huge gap exists between food production and requirement of Nigerians despite the huge sums disbursed by the CBN under its intervention programmes.

In response, the CBN had said its agricultural intervention programmes averted a major food crisis during the thick of the lockdown.

According to the CBN, 103, 189 beneficiaries of its development finance activities had received N59.12 billion through the NIRSAL Microfinance Bank as of August 2020.

The apex bank also refuted claims that its lending process did not have a proper framework explaining that participating financial institutions carry out due diligence of applicants following which an additional assessment process is embarked upon by the CBN before disbursements are provided.

The post Three bank CEOs quit NESG board over criticism of CBN policies appeared first on New Mail Nigeria.

A further review of the financial performance indicates that net loans and advances increased by two percent to N609.8 billion, customer deposits rose by 4.9% to N718.5 billion, while total assets (excluding contingent liabilities) were relatively flat at N1.05 trillion.

Commenting on the financial performance, Abubakar Suleiman, the Chief Executive Officer of the bank said, “We are pleased to be starting 2018 on a good note, by sustaining the strong performance delivered in 2017 with growth across key financial indices. This demonstrates strength and is indicative of our outlook for the financial year.”

Remarkably, the bank’s gross earnings grew by 39.3% to N39.8 billion from N28.6 billion in the first quarter of 2017, with the Improvement in earnings directly linked to measured growth in retail lending as well as a 90% increase in transaction banking revenues.

“Our net operating income also grew by 34.2%, aided by a 50% reduction in impairment charges. We continued to experience a significant improvement in asset quality as cost of risk declined by 140 basis points to 0.8% from 2.2% in 2017. Overall, Profit after Tax (PAT) rose by 65.2% to N3.1billion resulting in a 410 basis point increase in Return on Average Equity to 12.8%,” Mr. Suleiman further stated.

He added that Sterling Bank is actively mobilising private sector capital to solve some of the most pressing social and economic needs of Nigerians. “We have aligned the bank’s business model to offer financial and non-financial solutions to key areas which are at the HEART of Sterling Bank – Health, Education, Agriculture, Renewable Energy, and Transportation.”

In the period under review, the bank successfully launched Farepay, a contactless payment system as part of its transport sector intervention in Lagos State.

Unveiled by Yemi Odubiyi, Executive Director, Operations & Services at a grand launch event in Lagos, the payment system which is ensuring efficient fare collections will plug pilferage and revenue leakage making it possible for the sector to attract the much-needed capital investment required to transform it.

Sterling Bank’s goal is to replicate this nationwide as it remains resolute in its conviction that the transport sector is an important catalyst for socio-economic growth and sustainable development.

The post Sterling Bank’s profit rises by 65.2% appeared first on New Mail Nigeria.

The Bank’s Executive Director, Finance & Strategy, Abubakar Suleiman said “The week is an opportunity for us to promote a sense of pride and confidence in Nigerian grown brands starting with our people. For the entire week, we intend to showcase and celebrate everything Nigerian as a brand that supports our indigenously manufactured products”.

Other initiatives already undertaken by the Bank to promote local entrepreneurs include its partnership with Innoson Motors Limited, the first indigenous manufacturer of vehicles, to finance the purchase of locally made vehicles produced by the company; the financing and even business patronage of Labana Rice mills, an indigenous rice mill amongst others.

The campaign also serves as an avenue to create employment especially for the Nigerian entrepreneurs involved in the production of these goods. The patronage of local manufacturers of local attires for instance, is expected to also boost the local economy especially those in the fashion and shoe making industry, adding that the initiative was one of the numerous initiatives the Bank was undertaking to enrich the lives of Nigerians.

Suleiman said “This campaign comes at a critical time in the country, a time when there is an increasing call to look inwards especially in the face of the current foreign exchange pressures; pressures that have resulted from the country’s overdependence on oil exports for foreign exchange and global oil sector downturn driven by the falling oil prices which in turn has dampened economic growth and negatively impacted other sectors with prices of imported products and inputs rising significantly.

“For the country to get out of this situation, there is an urgent need to diversify the economy and empower the manufacturing sector in the country. But the manufacturing sector will not strive if they are not patronized by Nigerians. This is why we want to start with our staff by setting aside a week when we will wear only fabrics and other locally made products to the office,” he said.

Follow Us

The post Sterling Bank flags off Made in Nigeria Week appeared first on New Mail Nigeria.

Addressing state House correspondents after the Federal Executive Council meeting Wednesday, the Minister of National Planning who is also a member of the Jonathan Transition Committee, Abubakar Suleiman said the Buhari transition team was making impossible demands from the government.

Although he did not name those demands, he however warned that the president’s magnanimity should not be construed as cowardice, insisting that Jonathan is still in charge till May 29.

He said the Jonathan administration is not comfortable with some terms of reference of the incoming government’s transition committee, which tend to create a parallel government.

To this end, he said that all Ministries, Departments and Agencies (MDA) have been directed to follow the terms of reference of the present government and not those of the incoming administration.

“I’m speaking as member and chairman of sub-committee of transition committee. Council discussed the state of the transition programme and as chairman of sub-committee of transition committee, we were asked to update council on the progress report.

“We did receive from the in-coming government transition committee some terms of reference which we looked at critically. And ‎council did agree that the Dr. Goodluck Ebele Jonathan remains the current President of this country.

“The incoming government should avoid creating a parallel government while the government is still on. We take exceptions to some utterances to some of the terms of reference that look as if the current government is being stampeded or intimidated.

“Council frowned at ‎most of the statements, most of the provisions and council members are advised to work in line with the terms of reference of the current government.

“Council members are also told that the terms of reference as formatted by our transition committee should be strictly complied with.

“When the incoming government take over government they can come out with their programmes, they can come out with their own ‎agenda, they can decide to come out with policies with the way they feel like.

“This government remains resolute to the various programmes and projects ‎it is pursuing and the government will continue to do that until the morning of May 29.”

He said the Council also enjoined members to be steadfast and come out with programmes, projects to be commissioned, and those that need to be inspected.

Recalled that the All Progressives Congress, had in a statement issued in Abuja by its National Publicity Secretary Lai Mohammed, said the terms of reference of the committee includes to develop a clear framework for liaison with the out-going Administration for the purposes of a smooth hand-over/take-over and to receive hand-over documents from Ministries, Departments and Agencies and itemise the most important or most urgent issues confronting the in-coming government.

It said the committee is also saddled with reviewing and making preliminary assessment of the balance sheet of government with particular emphasis on the status of assets and liabilities of government; cash flow position of the government; quantum of public domestic and external debt of government and their deployment; government’s out-standing contractual obligations and its ability to meet such obligations and the status of implementation of capital projects.

The committee is also expected to undertake a preliminary assessment of the security challenges facing the country and the counter-insurgency measures taken by the government thus far; the counter policy measures being implemented in the Niger Delta to deal with unrest and major economic crimes in the area.

The committee will assess in particular, the status of the Amnesty Programme, the readiness of the Police and other national security and intelligence agencies in addressing threats to law and order and provide a brief over-view of CBN, NNPC, NCC, Customs and FIRS.

Other terms of reference of the committee include to suggest “quick fixes” which will result in tangible, visible and practical measures so that “change” will be seen after 30 days, after 100 days, after 6 months of the Administration taking office.

The committee will also make any other observations which in its view would be helpful to the transition and take-off of the new Administration.

It is however, not clear, which of the terms set by the party for the committee is considered by President Jonathan as attempt to run a parallel government and stampede him out of office.

Follow Us

The post Jonathan, Buhari’s transition committees clash, as presidency accuses Buhari of running parallel govt appeared first on New Mail Nigeria.