APC Writes Attorney-General On Attempts By PDP, INEC To Perpetrate Electoral Fraud In Akwa Ibom

The Attorney General of the Federation Federal Ministry of Justice FCT, Abuja. Sir, Attempt to Perpetuate Electoral Fraud in Akwa Ibom State We want to place on record and bring to your More »

Deal Sealed; Lagos Ex Finance Commissioner, Ismail Adewusi Acquires D’Rovans Hotel

There are strong indications that the family of late businessman and boxing promoter, Chief Francis Ayegbeni has sold their biggest asset, the D’Rovans hotel in Ibadan. The hospitality haven that once reigned More »

LCDA Creation: Akeredolu Must Guard against Politicization of Process – Kayode Ajulo

It was with applaudable interest in far away Europe that I read about the constitution of an 11-member Committee set up by His Excellency, Governor Rotimi Akeredolu of Ondo State whose sole More »

ZENITH BANK’S IMPROVED PBT OF N232 BILLIONEXCITES SHAREHOLDERS, WITH DIVIDENDOFFER OF N2.80 PER SHARE

In a clear show of its resilience and strong market share, Zenith Bank has announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT) rising to More »

Akpabio Heads For Tribunal To Reclaim Mandate

Following the withdrawal of his case filed at the Federal High Court in Abuja, which sought to challenge his Senate re-election loss, the candidate of the All Progressives Congress (APC) for the More »

 

APC Writes Attorney-General On Attempts By PDP, INEC To Perpetrate Electoral Fraud In Akwa Ibom

The Attorney General of the Federation
Federal Ministry of Justice
FCT, Abuja.

Sir,

Attempt to Perpetuate Electoral Fraud in Akwa Ibom State

We want to place on record and bring to your attention the very obvious and noticeable attempt by the INEC Resident Electoral Commissioner (REC), Akwa Ibom State, Mr. Mike Igini, in collusion with agents of the Peoples Democratic Party (PDP) and Akwa Ibom State Government to perpetuate electoral fraud by destroying electoral materials needed to substantiate the election petitions of candidates of the All Progressives Congress (APC) in Akwa Ibom State.

We observe with deep regrets that since Mr. Mike Igini superintended over the worst general elections ever conducted in Akwa Ibom State, that was fraught with manifest irregularities and wide spread electoral infractions, the REC is now unveiling a grand scheme to thwart and create a chaotic environment to pave way for the pervasion of justice.

We have been reliably informed that the REC is now intimidating electoral officers who participated in the just concluded general elections in the State, particularly, Collation Officers, Supervisory Presiding Officers (SPOs), Presiding Officers (POs) and Assistant Presiding Officers (APOs), handing over their phone numbers to hired assassins and PDP killer squad to forcefully coerce them to concoct and fabricate false reports of violence, ballot paper snatching, all in a bid to justify the clandestine activities of Mr. Mike Igini days after the purported declaration of results, seeing that unit results will expressly show that candidates of the All Progressives Congress clearly won the elections by the votes directly delivered at the polling units across the state.

This latest action by the leadership of INEC in Akwa Ibom State has vindicated our stand expressed in various foras before the general elections that Mr. Mike Igini is a biased umpire, heavily compromised by the Akwa Ibom State Government to truncate the smooth conduct of a free and fair elections. We therefore reiterate in unambiguous terms, that INEC under Mr. Mike Igini cannot guarantee credibility and the ethos of fair play as demonstrated with this plot hatched to frustrate the electoral process.

Consequent to these, we hereby demand as follows:

1. The immediate relocation of the elections tribunal to the Federal Capital Territory, Abuja to forestall breakdown of law and order that this show of impunity might incite if not forestalled.

2. That we reiterate our call for the immediate redeployment of Mr. Mike Igini to pave way for a level-playing field for all parties that partook in the elections.

3. that any report that originates from any electoral officer in Akwa Ibom State remains an afterthought and should be completely disregarded forthwith.

4. That we call on security agencies to provide adequate security to all ad-hoc staffs of INEC in the state and properly investigate and bring to book, thugs paid by the PDP to intimidate or coerce non-yielding election officials.

5. We urge international agencies to pay particular interest to the continuing efforts of Mr. Mike Igini to perpetuate electoral fraud in Akwa Ibom State.

We have taken time to chronicle the unfolding complicity of Mr. Mike Igini in collaboration with the State Government and PDP to rob our party of our impending victory at the tribunal.

Please accept the assurances of our highest regards.

Obong Ini Okopido
APC State Chairman

cc:

HE The President
Federal Republic of Nigeria

The National Security Adviser

National Chairman
All Progressives Congress

The Chairman
Independent National Electoral Commission

The Inspector General of Police

DG, Department of State Security Service

DG, National Intelligence Agency

Deal Sealed; Lagos Ex Finance Commissioner, Ismail Adewusi Acquires D’Rovans Hotel

There are strong indications that the family of late businessman and boxing promoter, Chief Francis Ayegbeni has sold their biggest asset, the D’Rovans hotel in Ibadan.

The hospitality haven that once reigned as Ibadan’s biggest entertainment spot in the 80s and 90s made the headlines about a year ago when it was sealed by AMCON over a 46 million naira debt incurred by the late owner.

The hotel situated along Ring Road, Ibadan was under locks for about a year before succour came and it was opened.

A source revealed to Papermacheonline that the family could not raise the money and after series of meetings decided to sell the place.

It is also gathered that the D’Rovans hotel was acquired for an undisclosed sum by a former Commissioner for Finance in Lagos State, Ismail Adebayo Adewusi.

The politician tactically did not want to be linked with the acquisition as the deal was sealed by one of his aides, Sikiru Akiniran who signed all the necessary documents.

A visit to the hotel by Papermacheonline witnessed some movements in and out of the property with hints from neighbours that carpenters, bricklayers and other technical workers come on a daily basis laid credence to a possible renovation of the building.

LCDA Creation: Akeredolu Must Guard against Politicization of Process – Kayode Ajulo

It was with applaudable interest in far away Europe that I read about the constitution of an 11-member Committee set up by His Excellency, Governor Rotimi Akeredolu of Ondo State whose sole responsibility was to recommend to the State government the procedure for the creation of Local Council Development Development Areas (LCDA) out of the existing 18 Local Government Areas in the State and would later submit reports within 3 months with effect from day of inauguration.

The decision of the government of Ondo State with regard to creating Local Council Development Areas,LCDA, as reported, is both noble and worthy. It smacks of profundity of priority on the path of Arakunrin Rotimi Akeredolu’s government.

It’s very commendable, and I congratulate the government and people of Ondo State on this welcome development. Before this decision, there have been signposts of several intentions from this government. This would only lend measures of credence to them.

The way I see it, the fruition of the plan would bring good consequences, both in sociopolitical and other terms. Apart from the fact that such creations will make government more accessible to the people, it also carries the potentiality of spreading social amenities to farther reaches and make citizens more involving in political affairs.

The prospects of the new council areas are many with their multiplier effects. But the government must ensure that make certain that it gives the plan as much credibility and objectivity as it deserves. The processes and procedures must be given utmost transparency and fairness so that it doesn’t along the way wear a coloration of political oestentations.

There’s denying that with the calibre of men who are on the board of the committee as chaired by Lanke Odogiyan, Esq, a former President of the Nigerian Bar Association and Mr. Deji Akinwalere, managing the Secretariat, the people can take fairness for granted in the handlings of the state assignments. The government on its own too should be above board and encourage the committee to do its bid without interference.

With the full support and cooperation of the people, these manner of men are those whose works will sure raise the bar and add great value to the people: Charles Titiloye, Esq, Mrs. Yinka Oladapo Alabi, Yinka Adeyosoye, Esq, Chief Bunmi Fasonu, A. A Akindele Esq, Mrs. G Mojisola Ajayi, Chief Ojo George Fajemilusi, Surveyor Gani Agunbiade, and the egg-head Ajose Kudehinbu, retired Head of Service in the State, who has incorruptibly worked with me and of tremendous support when I was Chairman of the State’s Board and whose dossier of distinctions is in public places.

As the government moves a step further to inaugurate the committee by Governor Akeredolu on Thursday, 21st March, 2019, with three months to submit its report thereafter, it is important to say the need for the people and government to give these illustrious citizens all the support they deserve to do a tidy job of the enormous task.

In the meantime, citizens, community and opinion leaders across across religious and political divides should blur whatever differences and encourage the government to midwife this vision successfully.

It is therefore imperative for the people of Ondo State acrossboard to support Governor Rotimi Akeredolu so that more development projects would be executed in the towns and villages in the state as orchestrated and engineered through this masses-friendly initiative.

-Kayode Ajulo, PhD
Castle of Law,
Ealing, UB6, London

ZENITH BANK’S IMPROVED PBT OF N232 BILLIONEXCITES SHAREHOLDERS, WITH DIVIDENDOFFER OF N2.80 PER SHARE

In a clear show of its resilience and strong market share, Zenith Bank has announced an impressive result for the year ended December 31, 2018 with profit before tax (PBT) rising to N232 billion for the 12 months ended December 31, 2018.

Also, in demonstration of its commitment to its shareholders, the bank has announced a proposed final dividend pay-out of N2.50 per share, bringing the total dividend to N2.80 per share, representing a yield of 11.2 per cent.

According to the bank’s audited financial results for the 2018 financial year released in Lagos on Tuesday, this represents an increase of 16.6 percent over the N199 billion recorded for the same period in 2017. It is the highest so far published by any bank in the Nigerian Banking Industry in the current reporting period. Also, the results showed that profit after tax (PAT) witnessed an impressive growth of 11 per cent year-on-year to N193 billion from N174 billion.

This record profit before tax (PBT) was achieved through the Group’s optimisation of its cost of funds, cost-to-income ratio and cost of risk, ensuring that earnings per share strengthened by 11% to ₦6.15.

Despite the challenging macro-environment, the Group mitigated the knock-on effects through growth of its net interest income and operating income by 15% and 8% respectively as it was able to ensure improved cost efficiencies across the business. This focus on cost efficiencies is yielding tangible benefits as the Group recorded its lowest ever cost-to-income ratio at 49.3% from 52.8% in 2017.

The bank’s balance sheet remains shockproof as loan to deposit ratio, liquidity ratio and capital adequacy ratio were 44.2%, 72.0% and 25.0% respectively and all above the regulatory threshold.

Our risk-centric approach also ensured that cost of risk reduced significantly by 79% from 4.3% in the prior year to 0.9% in 2018. This was reflected through the drop-off in impairment charges by 81% (₦80 billion) compared to 2017, re-affirming the Group’s enhanced asset quality. In the same breadth, coverage ratio increased by 34.2% from 143.4% to 192.4% over the same period, reflecting a prudent disposition to credit risk management. Cost of funds also moved in the positive direction, declining by 41% from 5.2% in 2017 to 3.1% for the year, supported by a 33% decrease in interest expense (₦72 billion) over the same period, demonstrating a robust treasury and liquidity management.

Customer deposits grew by 7% led by an increase of ₦109 billion in savings and an increase of N122bn in current accounts providing it with a platform to rebalance its deposits mix. In 2018, expensively purchased deposits were foregone in favour of cheaper and more stable deposits resulting in a reduction of expensive and shorter dated deposits by ₦110 billion. On the asset front, this increased by 6% to close the year at ₦6 trillion.

The Group’s efforts to deepen its roots in the retail segment have started yielding benefits. This has resulted in a remarkable increase in the volume of transactions across various electronic platforms as well as significant customer acquisitions. This growth in transactions on its digital channels continues to support its retail push as fees from e-products increased by 44% over 2017 with retail deposit balances also growing by 25%.

Management’s outlook is positive for 2019, supported by a fairly stable inflation rate, converging foreign exchange market and near target oil production. The Group will continue its investment in the retail segment of the market to consolidate its leadership position in both the retail and corporate segments while it maintains its shock proof balance sheet.

Consistent with this superlative performance and in recognition of its track record of excellent performance,the bank was recently ranked as the Most Valuable Banking Brand in Nigeria in 2018 by The Banker Magazine. In similar fashion, Zenith Bank was recognized as the Best Corporate Governance Bank in Nigeria by The World Finance for the sixth time just as Ethical Boardroom, a Europe based Boardroom watchdog reaffirmed this recognition by naming the bank as the Best Bank in Corporate Governance in 2018.Recognition has also come the way of the bank as it was recently named as the Best Institution in Sustainability Reporting in Africa 2018 (SERAS Awards) and the Bank of the Year 2018 (BusinessDay).

Akpabio Heads For Tribunal To Reclaim Mandate

Following the withdrawal of his case filed at the Federal High Court in Abuja, which sought to challenge his Senate re-election loss, the candidate of the All Progressives Congress (APC) for the Akwa Ibom North West Senatorial District in the February 23rd Senatorial election, Godswill

Akpabio, and his party, have approached the Election Tribunal, sitting in Uyo, the Akwa Ibom State capital, to kick-start the legal processes, that would lead to the validation of his victory at the poll.

Akpabio is seeking to upturn the victory of Mr Christopher Ekpenyong and the Peoples Democratic Party (PDP), based on perceived electoral irregularities which characterised the said election.

The former Senate Minority Leader, had while the election was ongoing, besieged the office of the Independent National Electoral Commission (INEC), alleging cases of infractions and deliberate violations of the electoral law and guidelines during the senatorial election.

In the said election, INEC had in collaboration with some PDP chieftains in the senatorial district, wrongfully declared Mr. Ekpeyong and his party, the PDP, winner of the poll, having scored 118,215 as against Akpabio’s 83,158.

However, incontrovertible result sheets from Akwa Ibom INEC office showed different figures that had Akpabio securing 138,256 votes as against Ekpeyong’s 123,843.

Dissatisfied with the conduct and outcome of the election, the former governor of Akwa Ibom and his party vowed to approach the election petition tribunal to ventilate their grievances as well as reclaim their stolen mandate.

Intense Lobbying As 32-year-old Lawmaker, Debo Ogundoyin Sets To Become Oyo Assembly Speaker

The race has began! The lobbying to fill key positions as a new government is being prepared to take over the State in May, 2019.

One of the key positions, the office of the Speaker which is regarded as the number three position in the State is said to be tilted towards the side of a 32-year-old lawmaker, Debo Ogundoyin.

Debo, one of the children of late business mogul, Chief Adeseun Ogundoyin was elected into the Oyo State parliament after he won a bye-election when the Speaker of the house died and he won the APC candidate to occupy the vacant seat.

Adebowale is representing the Ibarapa East constituency and he is said to be the only returned member of the 26-PDP members that form the majority in the 32-members Assembly.

Ogundoyin, an agronomist is a graduate of the Babcock University and is claimed to be the perfect man for the seat based on different calculations.

His dream to occupy the number three seat is not also enjoying a smooth sail as his marital status, experience and some other factors are part of the hurdles to be scaled.

Barely 62 Days To Handover, Ajimobi Fights Motorists Over ‘Lone Bridge’ Usage

Oyo State Governor, Senator Abiola Ajimobi is very angry. His anger this time around had nothing to do with the loss he suffered during the Senatorial elections, or the ridicule his candidate, Bayo Adelabu faced when he was defeated at both the Governor’s stronghold and polling unit on the Governorship election, far from it! The Governor is angry that some drivers passed through the bridge that is ‘officially’ meant for him, his deputy and the Speaker of the State’s House of Assembly.

The bridge which according to history was constructed by the government of General David Jemibewon to ease the traffic at the round-about directly in front of the Governor’s office was freely opened to anyone and everybody going to the secretariat through the Agodi axis, the bridge was constructed to minimise the traffic and allow people gain quick access to the secretariat complex.

A source revealed to papermacheonline that during Governor Ajimobi’s government, citing ‘security reasons’, the bridge was converted to the private use of the Governor, his Deputy and the Speaker of the House of Assembly. Even the various Heads of Service, Assembly members and other aides of the Governor were denied the usage of the ‘Jemibewon bridge’.

Some days after the election, the Governor was on his way to office when he sighted some vehicles ahead of him passing the 200 metres long bridge, an angry Ajimobi stopped his convoy, rolled down the glass of his official vehicle, beckoned to the ORTHMA officers on duty, demanding the reason the bridge was opened.

An eye witness painted a mocking picture, saying ‘the Governor was just shouting, who asked you to open this bridge? who is your boss? why did you open the bridge? he was just shouting on top of his voice that he even drew attention of many passers-by, they later drove off after one of his aides wrote down the names of the officers and asked them to report to their office’.