Category Archives: News

Udom Emmanuel, Where Is Our Money? by Clement Ikpatt

For three years, Gov. Udom Emmanuel copiously insinuated and hid behind the excuse of having inherited huge debts from his predecessor and mentor, Chief Godswill Akpabio.

To any audience with listening ears, Mr. Udom Emmanuel lamented his lack of funds to pay outstanding gratuities and pensions. Many Akwa Ibomites believed him, sympathizing with his government for the lack of funds to maintain of old projects and to start new ones.

Unwilling to disclose details of inherited debts and despite being under intense pressure from the State House of Assembly members and other citizens to unmask the States debt profile,  Gov. Emmanuel and his aides spared neither effort nor opportunity to emphasize his frugal disposition, especially given his erstwhile career background as a banking executive.

It was politically convenient to directly accuse or insinuate that ex Governor Godswill Akpabio was at fault for having taken so many huge loans. Enraged Akwa Ibomites believed their governor, least suspecting that Mr. Udom Emmanuel and his aides were deliberately stretching a lie too far in order to discredit the former governor.

On June 13, 2018), the truth bubbled up to the surface as a media aide to Sen. Godswill Akpabio, Mr. Jackson Udom, unequivocally stated in a Press Statement what the Udom Emmanuel government never wanted Akwa Ibomites to know. He was reacting to a social media publication that ex Gov. Akpabio left behind a whopping five hundred billion Naira (N500 billion).

“The Akpabio government obtained loans totalling N80 billion only. Loans were duly approved of by the State House of Assembly, Jackson Udom stated.

He also stated that the Akpabio government, in 2015, handed over an unpaid debt burden of less than N60 billion to the Udom Emmanuel government in addition to revenue enablers such as hospitals, hotels, an International Airport, an International Stadium, the Ibom Power Plant, a Gas Processing Plant at Esit Eket and others.

In an inexplicable twist of fate rendering as a cold war between Gov. Emmanuel and his predecessor, the revenue enablers, meant to boost the State’s Internally Generated Revenue (IGR) profile, are either abandoned or not operating in full capacities.

Akpabio’s media aide further stated that the Gov. Emmanuel government inherited at least thirty seven highways, flyovers and bridges in addition to over one hundred and five million United States dollars ($103 million), which is due from the ongoing Paris Club refund.

Rolling out more details, Mr Jackson Udom disclosed that “the Akpabio government handed over verified refund due to the State in excess of N145 billion (one hundred and forty five billion naira) committed to federal infrastructure.”

“These are in addition to National Assembly approved refund through bonds of which Akwa Ibom gets seventy eight billion Naira (Ñ78 billion)”, he stated.

Capping these disclosures, Mr. Jackson maintained that the Akpabio government received less than N1.7 trillion in eight years and that Akwa Ibom State owed only the United Bank of Africa (UBA) while Godswill Akpabio was governor.

More than one week since these revelations, neither Gov. Udom Emmanuel nor any official of the Akwa Ibom State Government has reacted.

By Mr. Jackson Udom’s disclosures, the Akpabio debt fog was lifted to expose appears to be a ludicrous and malicious web of lies spun by the Udom government.

As expected, mixed reactions by Akwa Ibomites from various walks of life have registered a common concern, which is that there is the possibility of massive corruption and squandermania going on in the Udom Emmanuel government, such as has never been heard of or seen in the State.

In recent weeks, there have been series of damning reports exposing sectoral rot and policies failures especially in the education, health  and industrial sectors. Many Akwa Ibomites openly accuse embattled Gov. Emmanuel of fostering cultures of secrecy, unaccountability and misinformation. On many occasions, Government has been caught embellishing some projects status and outrightly lying about many others.

These have Akwa Ibomites so embarrassed and talking all over: never before have they seen this low level governance leading to squandermania of goodwill and blighting poverty in a State rated first in the nation with regards to monthly statutory allocations.

Udom Emmanuel’s government is not known for many developmental projects, but for many controversial and scam projects. Altogether, cost of projects embarked upon by government do not reflect the stream of statutory and other revenues accruing to Akwa Ibom State since 2015.

With regards to the Akwa Ibom debts and revenue, it is now clear that government has been lying about paying off so much of huge debts left behind by the Akpabio government. Instead, government has creatively restructured most debts into long term facilities thereby freeing up funds presumably for development projects. So, to the majority of Akwa Ibomites, the big question is: what has Gov. Udom Emmanuel been doing with Akwa Ibom State money?

Akwa Ibomites also believe that Gov. Udom Emmanuel has not been accountable with regards to the Paris Club refund ($105 million), Federal Government refunds and bonds (about N223 billion), undisclosed Internally Generated Revenue, monthly statutory allocations and derivation funds and other streams of revenue since June 2015.

Akwa Ibomites can no longer afford or tolerate a low performance and an unaccountable government that notoriously misinforms, scams and squanders both goodwill and resources.

TOMMY HILFIGER CELEBRATES SPRING ’18 IN NIGERIA WITH COCKTAIL PARTY

Tommy Hilfiger is pleased to announce an exclusive event at the TOMMY HILFIGER store in Lagos, Nigeria on June 21, 2018.

Press, influencers, and fans of the brand will attend the cocktail event that celebrates the arrival of the Spring 2018 menswear, womenswear, TOMMY JEANS, footwear and accessories collections in the store.

The Spring 2018 collection celebrates Tommy Hilfiger’s love of motor sports, where speed and immediacy fuse with a touch of vintage nostalgia and will be sold in-store during the event. The store also carries Summer Pre-Fall 2018 collections that are inspired by Tommy’s love of travel and adventure and celebrates freedom and exploration.

For the Spring 2018 season, British Formula One racing driver and four-time Formula One® World Champion Lewis Hamilton is the new global brand ambassador for TOMMY HILFIGER men’s. International supermodel Gigi Hadid is the global brand ambassador for TOMMY HILFIGER womenswear.

Tommy Hilfiger stores can also be located at The Ikeja City Mall, Lagos (ICM) and Port Harcourt shopping mall in Port Harcourt.

Friends and followers of the brand are invited to join the conversation on social media using #TommyHilfigerNigeria and

Oyo 2019; Is This Gov. Ajimobi’s Joker? Meet The Man Many Are Talking About, Joseph Tegbe

The game plan for those competing to take over the baton of leadership from Governor Abiola Ajimobi of Oyo State come 2019 seems to have changed, with the declaration of Joseph Tegbe, a KPMG topshot and a close ally of the Governor.

 

The decision to join the train of people interested in becoming the Governor of Oyo State by Tegbe has changed the formula, positioning and the political climate of the State.

 

The coming of Tegbe added to the list of the most qualified candidates swarming around Governor Ajimobi for his support in picking the ticket of the All Peoples Congress.

 

The likes of Soji Eniade, a former Chief of Staff, Bayo Adelabu, Soji Akanbi, Ayodeji Karim and many others were on the list of those seeking the Governor’s blessing with the coming of Tegbe disrupting the expectations and formula most of the candidates would have dispensed to their favour.

 

A source revealed to papermacheonline that ‘Joseph is a good friend of Governor Ajimobi, they have been friends for a long time. They are not just friends, they are very close’.

 

The late entry of Tegbe had stirred the waters, even the opposition sees him as a candidate they can not under estimate.

 

Tegbe has a sound profile that qualifies him for the top job, and just like the Governor, Abiola Ajimobi he has a robust corporate experience and connection.

 

Tegbe was born in Oyo Town and of Ibadan ancestral descent from Jegede compound in Labo area of Ibadan, he is a First Class graduate of Civil Engineering from the University of Ife, now Obafemi Awolowo University, Ile Ife in Osun State.

 

A Partner and Head of the Technology Advisory practice of KPMG in Nigeria with deep experience in servicing various clients across the public and private sectors of the economy, delivering value-added results with industry leading practices. Joseph has garnered over 27 years of extensive experience in providing various management and technology advisory services including sector reforms, governmental strategy implementation advisory, public sector management, institutional diagnostic review, business strategy and transformation advisory, accounting and financial management system design, change enablement, process design and enterprise-wide organizational transformation services, SAP/ERP Advisory, IT strategy and planning, information management, IT system selection, design and implementation support, systems deployment, MIS application/implementation support and data management strategy.

The Many Lies Of Udom Emmanuel by Clement Ikpatt

On Friday, June 01, 2018, Udom Emmanuel invited his predecessor, Sen. Godswill Akpabio (PDP, Akwa Ibom) to commission the Greenwell Technologies Fertilizer Blending Plant located in Abak Local Government Area.

The much publicized commissioning was for the following purposes:
1. to officially commence the production of fertilizer products by a Public Private Partnership between Greenwell Technologies and the Akwa Ibom State Government.
2. to register as a milestone in the implementation of Udom Emmanuel’s industrialization policy while standing as Nigeria’s best (400,000 metric tons per year) fertilizer producing facility.
3. to unfold as one of major events celebrating the third anniversary of Udom Emmanuel’s government.
A Big Scam
It is now irrefutable that Udom Emmanuel takes Akwa Ibom people as illiterate _(he actually said that some Akwa Ibomites are illiterate)_ fools who can be sold snake oil put in any deceptive package.
There is no fertilizer manufacturing or blending operations by Greenwell Technologies. Ralther than for the above stated purposes, the commissioning ceremony spun to expose the underbelly of a desperate and dysfunctional government scamming invited guests and other Akwa Ibomites into believing a phantom industrialization project.There are neither raw materials nor blending machines for the production of different types of fertilizer as claimed by the Udom Emmanuel government. There is a simple bagging machine (see picture below) for the repackaging of bulk fertilizer products supplied from elsewhere.
For the sake of emphasis, let me repeat that there is no fertilizer manufacturing or blending taking place at the Greenwell Technologies facility in Abak. Rather, what was commissioned is a dilapidating warehouse for the repackaging of bulk and finished fertilizer products.
Greenwell Technologies has no staff list because no one is yet been employed. It is also shocking to discover that the company has neither filed for approval from the National Security Adviser (NSA) to manufacture fertilizer products nor file for Standards Organization (SON) certification. Both certifications are required so that explosives and other illegal items are not mananufactured using raw materials for fertilizer production.

I challenge the management of Greenwell Technologies and the Akwa Ibom State Government to provide those certifications if available.
Whoever disagrees should go on a fact finding tour of the warehouse. I call on concerned Akwa Ibom citizens and independent investigators and Journalists to visit and tour the facility in order to verify my assertions.
A Sloppy, Disrespectful And Embarrassing Event
Not only was Sen. Godswill Akpabio deceived into commissioning a mere fertilizer repackging warehouse, he was denied due honour, respect and standard practice of citing his name on the official plaque. In hindsight, it is good that his name is not engraved on anything to do with Udom Emmanuel’s violation of the Akwa Ibom people.

Udom Emmanuel’s name was engraved on the marble plaque (see picture below) as the official who commissioned the warehouse facility. The dishonour may have been deliberately and spitefully done in anticipation that when capacity will have been added unto a full blown fertilizer producing plant., if ever, Udom Emmanuel should take the glory.Sen. Akpabio must have been thoroughly embarrassed, knowing how meticulous he is with details and his knack for excellence. When he commissioned roads constructed by Gov. Nyesom Wike in Rivers State (see picture below), his name was properly cited. But, in Udom Emmanuel’s Akwa Ibom State, Sen. Akpabio was set up to be deliberately embarrassed and disrespected.
A Dilapidating Warehouse
The Greenwell Technolgies fertilizer repackaging warehouse sits on where the abandoned PAMIL Nigeria Limited was.
PAMIL, a South Eastern State owned palm oil trading company established about fifty years was sold to the late Chief Ime Umanah, but the land and facilities bought over by Akwa Ibom State government during the Godswill Akpabio administration.
Neither Greenwell Technologies nor Akwa Ibom State has done any major site rehabilitation work since the little that was done by the late Chief Ime Umanah (see pictures below). Even the German flooring is as incomplete as it was left decades ago.
Yet, Udom Emmanuel continues to embarrass Akwa Ibomites with wanton lies about his phantom industrialization of Akwa Ibom State.
Udom’s Wanton Lies

There is nothing more industrial in repackaging bulk and already blended fertilizer products than the repacking of bulk rice supplies into different bag sizes.So, Udom Emmanuel lied all the way through, just as he has been lying about to the world about his industrialization of Akwa Ibom State.
Serially lying about the set up of industries has become a signpost of the Udom Emmanuel government. Industrialization begets a manufacturing economy. Yet, in Akwa Ibom State, Udom Emmanuel’s industrialization policy implementation plan begets mere products packaging operations:
1. the Pencil and Toothpick packaging warehouse in Ekom Oman, near Uyo, was presented as an industrial facility. In reality, pencil parts are imported from China and assembled in the operationally epileptic cottage facility. There are just a few low level employees packing pencils and toothpick in a warehouse that struggles to pay its rent.
2. the electric meter solutions facility in Onna was presented as an electric meters manufacturing facility. In reality, it is an assembly line for meter parts manufactured in China.
3. the controversial Jubilee Syringe factory in Onna was presented as manufacturing facility. In reality, all needle and plastic components are imported and assembled into syringes in the facility.
4. the Ibaka Deep Seaport project, the grandfather scam project of the Udom Emmanuel government, is 75% documents ready. In reality, what should have been the industrialization anchor has been craftily abandoned in Udom’s web of lies mixed with leadership incompetence.
Akwa Ibom people are in for a long drawn scam from a clueless administration. I am making a modest request to anyone who doubts what I am writing here. Anybody who says Akwa Ibom has a Fertilizer Blending Plant should immediately organize a facility tour of the plant by independent Journalists and they should come back here and post their findings. The conclusion will be that there is no such Blending Plant anywhere.

ALL SHADES OF GLAM AT THE ACCESS BANK’S CEO AWARDS

Access Bank held its prestigious annual Chief Executive Officer  Awards some days ago. to celebrate the achievement and commitment of its staff members.

The Afro-infused black tie event which held at the Landmark Event Center in Lagos  is designed to celebrate the achievement and commitment of staff members of the financial institution and it turned out setting the usual standard as it showcased great performances from the staff , fun set pieces with palm wine cocktails, Pan-African Cuisines and traditional performers with talking drums and men on stilts.

The Bank’s Group Managing Director, Herbert Wigwe  commended  his staff for their zealous work throughout the year while he congratulated recipients of the various awards in different categories.

Commending and inspiring all present at the event, Wigwe said, “We do it by all of us here today playing individual and collective roles towards the achievement of the Bank’s goal as well as ensuring our customers’ expectations are constantly surpassed. We must all continue to be relentless in our pursuit of excellence.”

The awards ceremony was witnessed by many of the country’s industry leaders, public servants and politicians including President of Dangote Industries, Aliko Dangote, Chairman of Forte Oil, Femi Otedola, Tunde Folawiyo among many others.

 

 

 

 

 

 

 

 

 

 

 

 

Zenith Insurance records N12.5bn gross premium written, pays N6.7bn claims

Zenith Insurance recorded a gross premium written of N12.5 billion during its financial year ended De. 31, 2017.
It represents a 12 per cent increase over the N11.116 billion recorded in 2016
The company’s financial statements, which were approved by the National Insurance Commission (NAICOM) on April 20, 2018, also Indicated that its net assets stood at N23 billion, one of the highest in the country’s insurance industry.
The company, one of the youngest in the industry, had a solvency ratio of 634 per cent in 2017, indicating that it could cover its minimum regulatory solvency requirement six times over.
It’s gross premium income was N12.806 billion, up from N11.187 billion in 2016, while its net premium income stood at N8.090 billion, up from the N7.446 billion in 2016.
Analysis of the company’s results in 2017 showed that the company’s fees and commission income jumped by 37 per cent from N907 million in 2016 to N1.245 billion in 2017.
The results showed that net underwriting income also rose from N8.354 billion in 2016 to N9.336 billion, while profit before tax dropped to N4.750 billion from N5.927 billion in 2016 owing to the high claims, increase in management expenses and high tax expenses.
The company’s return on equity was 15.5 per cent in spite of the strong economic headwinds in 2017.
It paid total claims amounting to N6.7 billion in 2017, an increase of 36 per cent over the N4.7 billion paid in 2016, representing a total claims ratio of 58 per cent.
Zenith Insurance is one of the most dynamic insurance companies in Nigeria, offering a wide range of corporate, commercial and individual insurance services at the right price and with the best service infrastructure to ensure clients’ satisfaction.
With total shareholders’ fund of N22.37B and a total asset base of N34.37b, Zenith Insurance is one of the most capitalized companies in the insurance industry and it has the second highest profit after tax in the insurance industry.
The Company is licensed to underwrite all classes of Insurance business delineated into the undernoted lines of business: Fire and Allied Perils Insurance; General Accident Insurance – Burglary Insurance; Money Insurance; Fidelity; Guarantee Insurance; Group Personal Accident Insurance; Employers Liability; General Third Party Liability Insurance; Product Liability Insurance, Industrial All Risks Insurance: All Risk Insurance, Business Interruption Insurance
Others are: Marine Insurance – Hull & Machinery Insurance and Marine Cargo Insurance; Motor Insurance – Commercial and Private; Oil and Energy Insurance; Aviation Insurance; Engineering Insurance – Construction All Risks, Plant All Risks, Electronic Equipment All Risks, Machinery Breakdown, Erection All Risk; Investment linked services; Special Risks and Other financial services such as Guaranties and bonds.

Love In The Air! Lawmaker, Femi Gbajabiamila Buys Wife N36M G-Wagon On 50th Birthday

Federal lawmaker, Femi Gbajabiamila knows the way to a woman’s heart.

The House of Reps member representing the good people of Surulere Federal constituency, Lagos recently surprised his wife, Salamatu with a brand new G-wagon on her 50th birthday.

The lawyer organised a surprised dinner for his wife and some of her friends in Lagos, the event had in attendance a handful of friends and associates of the couple.

Femi took his wife by surprise when he led her outside where he had stationed the G-Wagon painted in pink with a rose decoration and handed her the keys.

An insider claimed Femi had consulted some of his friends on the idea of a suitable gift for his wife for over two months and they directed him to an auto-mart where he made the purchase believed to have cost him about N36M.