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Maverick singer, Seun Kuti has revealed the role he played in the ongoing saga between controversial cross-dresser, Idris Okuneye, aka Bobrisky, and popular influencer, Martins Vincent Otse, also known as VeryDarkMan.
Recall that VDM, on Tuesday night, released a voice recording allegedly by Bobrisky claiming he bribed officials of the Economic and Financial Crimes Commission, EFCC, with N15m to drop the money laundering charge against him.
In the recording, Bobrisky also claimed that he never spent a day in prison after he was convicted and sentenced to a six-month imprisonment, stressing that his godfather arranged for him to serve his term in a lodge instead of a jail.
However, Bobrisky debunked the claims on Wednesday morning, saying that the viral recording was fake because he served his term in prison.
Reacting, Seun Kuti revealed that he was the one who urged VeryDarkMan to expose Bobrisky after he informed him about the existence of the recording.
Speaking during an Instagram live session, Kuti said, “You people are late to the party, I was the first person VeryDarkMan informed about the story. I gave him the go-ahead to expose Bobrisky.”
Meanwhile, the EFCC has summoned Bobrisky and VeryDarkMan over the N15 million bribery allegation against its personnel.
The duo were invited to the EFCC’s Lagos State office to provide information and assist with the ongoing investigation.
[DailyPost]
Renowned comedian Atunyota Akpobome, aka Ali Baba, has opened up about welcoming triplets at 59.
In a recent conversation on the Leadership Podcast, Ali Baba said he and his wife, Mary, initially planned to have one more son, driven by Mary’s desire for another child after their kids left for abroad to study.
The couple considered adoption but opted for In Vitro Fertilization (IVF) instead, intending to fertilise two eggs.
However, fate had other plans as one egg split into two, resulting in triplets.
Recounting Mary’s persuasive argument that influenced his decision, Ali Baba said: “Madam had always wanted to have a son. She had two daughters and we talked about it.
“So, I told her I didn’t want to be having school runs, joining Wizkid and attending PTA meetings. One truth is the nest becomes empty when all the children have to go abroad to study and the discussion comes up again.
“By the way, she had wanted to adopt two or three children to take care of them. One day, she then said instead of adopting, let’s just have our own. I was like, OK, but the way the economy is and she replied, ‘you said the economy is bad,’ I said yes and she said, have you stopped paying house rent for people? I said no. She asked again, “Have you stopped paying school fees?” and I said no.
“We have a foundation, the Purple Girl Foundation, taking care of over 120 people in schools from primary to university. Beyond that foundation, we have people we are paying school fees for and people we are sending to law school. So, she said all those people you are helping, do you remember the economy?
“She said if you think about it, the reason why God put you in this position might be more than taking care of yourself. So I said okay, let’s do one and she now said if we do one you know that IVFD fails so let’s do two.
“So, I said, let’s do two and then one of the eggs split into two and that was how it became three. When it became three she and the doctor knew that it had become three but they didn’t want to tell me. So they they were like sometimes when we ask God for one million, he gives you two million. When God want to bless you you don’t know how he wants to bless you, he will just do.
“So, I was like where is this going? She said the eggs split into two and I said it was two we were looking for and she said it is now three. Then we have three boys.”
[TheNation]
A former female soldier, Private Ruth Ogunleye, has asked the Nigerian Army to publish the outcome of its investigation on alleged sexual harassment.
Ruth Ogunleye had accused a senior officer, Colonel I.B. Abdulkareem, of sexual harassment.
In January 2024, Ruth Ogunleye via her TikTok page, @Ogunleyeruthsavage1, Ogunleye alleged that Colonel I.B. Abdulkareem, Colonel G.S. Ogor, and Brigadier General I.B. Solebo had made her life unbearable.
She specifically accused Abdulkareem of making repeated attempts to assault her, administering injections against her will, forcibly removing her from her residence, and confining her to a psychiatric hospital for several months after she rejected his sexual advances.
Reacting to her claims on Tuesday, the Director of Army Public Relations, Major General Onyema Nwachukwu, in a press conference, noted that the outcome of the investigation has invalidated Ruth Ogunleye’s claims.
Nwachukwu said that after an exhaustive review of the facts, testimonies, and evidence presented, it was determined that Abdulkareem did not commit the offences alleged by Ogunleye, noting that medical reports following an evaluation at the National Hospital in Abuja indicated that Ogunleye was suffering from a condition that rendered her medically vulnerable.
But reacting to the above claims Ogunleye via her TikTok account urged the Nigerian army to publish the outcome of the investigation.
In her words: “I want to say a big thank you to the Nigerian Army and its spokesperson, Maj. Gen. Onyema Nwachukwu. It is no longer news that I was discharged from the service on June 15, 2024. I humbly request that the Nigerian Army publish the outcome of the investigation that led to my discharge.
“On January 9, 2024, I came on social media to complain about how I was harassed by Colonel I.B. Abdulkareem, Colonel G.S. Ogor, and Brigadier General I.B. Solebo. I beg the Nigerian Army to post the outcome of the investigation on its social media platforms so that the whole world will know what truly transpired and what led to my discharge. I will be very grateful if my request is considered.
Urges Minister of Women Affairs, Uju Kennedy to intervene
“I’m calling out the Minister of Women Affairs, Uju Kennedy. You’re not just a mother, you’re a woman everybody respects so much. Please come out and say things as they are. Ma, you requested me to leave the job, and I submitted my handwritten voluntary resignation letter to you, which you gave to the Army, and requested that they release me to your office. The psychiatric doctors were there when you intervened.
“Come out and tell the truth, ma. Thereafter, the Chief of Army Staff called me on July 1, where he told me he converted my voluntary discharge to a medical discharge because you wanted me to benefit from pension and other entitlements. How was I boarded out, and where is this mental illness coming from?”
[Vanguard]
President Bola Tinubu has called for inclusivity, multilateralism and permanent seats for Nigeria and Africa on the United Nations security council.
Africa has long clamoured for equal representation on the council.
Each year, the UNGA elects five new members from different geographical zones for two-year terms on the council. The continent has three rotational seats on the 15-member UN body.
Speaking at the 79th session of the United Nations General Assembly (UNGA) on Tuesday, Tinubu, who was represented by Vice-President Kashim Shettima, said a reform of the council has become imperative.
“Some permanent members of the United Nations security council have offered encouraging, if tentative indications of support on the issue of reform of the council. We welcome the change in tone and urge an acceleration in momentum to the process,” he said.
“The security council should be expanded, in the permanent and non-permanent member categories, to reflect the diversity and plurality of the world. We fully support the efforts of secretary-general Guterres in this regard.
“Africa must be accorded the respect that it deserves in the security council. Our continent deserves a place in the permanent members category of the security council, with the same rights and responsibilities as other permanent members.”
Tinubu also sought for debt forgiveness for Nigeria and a reform of the global financial architecture.
“We reiterate the call by countries, especially of the global South, for reform of the international financial architecture and promotion of a rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system,” the president said.
“Similarly, we must ensure that any reform of the international financial system includes comprehensive debt relief measures, to enable sustainable financing for development.
“Countries of the global South cannot make meaningful economic progress without special concessions and a review of their current debt burden.”
ILLICIT FINANCIAL FLOWS
Tinubu also harped on the dangers of climate change, proliferation of weapons, coups on the African continent and human rights abuses.
“From last year’s summit, and indeed from previous years, we have carried over the numerous challenges of terrorism, armed conflict, inequality, poverty, racial discrimination, human rights abuses, food crises, hunger, irregular migration, piracy, global pandemics, hyper-inflation, nuclear proliferation, grinding debt burden, climate change, and a host of other vexations,” he added.
“The continued manifestation of these challenges testifies to our failings rather than to any lofty achievements on our part. Billions of dollars are being committed to the prosecution of wars and the fanning of the embers of conflict.
“Our people need employment. They need decent livelihoods. They desire good and affordable education and healthcare for their children and families. They need to live in healthy, safe and secure environments. They need hope and they need opportunity.”
The president also spoke about recovery of the proceeds of corruption and illicit financial flows, maintaining that the return of such funds to countries of origin “is a fundamental principle of the United Nations Convention against Corruption”.
“Therefore, the international community must promote practical measures to strengthen international cooperation to recover and return stolen assets and to eradicate safe havens that facilitate illicit flows of funds from developing countries to the developed economies,” he added.
On the sidelines of the UNGA, Shettima also solicited the support of Finland in Nigeria’s pursuit of a permanent seat on the UN security council.
During a meeting with President of the Republic of Finland, Alexander Stubb, Shettima said: “Nigeria has 25 years of uninterrupted democracy. And in Bola Tinubu a president with huge democratic credentials and commitment. With him in the saddle, Africa and the larger world would be safe, futuristic, acceptable and more peaceful.”
[TheCable]
Professor of Medical Law and Ethics, University of Abuja Professor Uwakwe Abugu has promised to work with the management of the institution in ensuring that her Law Faculty becomes the best in Nigeria
Speaking shortly after he emerged the new Dean of the Faculty of Law in a keenly contested election, Professor Abugu said he was prepared to build on the existing infrastructures in the institution and make the faculty the “first choice”.
Abugu, the Head of the Department of Private and Property Law, Professor Uwakwe Abugu, succeeded Prof. Abdurasheed Musa Yusuf, a Prof. of Islamic Law.
He commended Prof. Yusuf, immediate past Dean for his remarkable achievements and contributions to the Faculty. He also praised Prof. Muktar, for his significant impact on various aspects of the faculty while serving as Dean.
The new Dean was the Vice Chancellor of Ave Maria University, Piyanko, Nasarawa State while Muktar, was a former Dean of the Faculty and one time Deputy-Vice Chancellor, (Academics) of UNIABUJA.
“While I’m commending my predecessors in office for their outstanding contributions to the development and positioning of the faculty, I promise to build on their achievements and take it further. One of my cardinal plans is to work with the management of the University to improve on infrastructural development as well as making sure that UNIABUJA Law Faculty becomes the Faculty of first choice,” he stated.
Abugu, a Director of Sultan Maccido Institute for Peace Leadership and Development Studies, University of Abuja, obtained his first degree in Law from University of Calabar in 1994.
He came out in Second Class (Honours) Upper Division and won several prizes and awards for brilliant academic performance and the best graduating student in seven courses, including Land Law. On graduation at the Nigerian Law School, where he won two awards for the Best Graduating Student in Civil Procedure and Criminal Procedure, Abugu was invited alongside five other best graduating students in the Bar Final Examination to compete for the Danley Alexander Scholarship.
After obtaining his Master of Laws (L.LM) Degree from the Obafemin Awolowo University, Ile-Ife, Abugu joined the academic staff of the University of Ilorin as an Assistant Lecturer.
Prof. Abugu once served as Special Assistant to Honourable Attorney General of the Federation and Minister of Justice.
Among other professional offices and recognitions, the new Dean is; Director General, Institute of Medical and Health Law(IMHL), President, Medical Law Professionals Association of Nigeria (MELPAN) and President, Lifeline Centre for Medical and Health Rights Advocacy. He is also a Fellow, Institute of Corporate Administration; and Associate, Chartered Institute of Stockbrokers.
Prof. Abugu, who is the author of Land Use and Reform in Nigeria: Law and Practice(2012), has published widely in both local and international journals.
He is happily married to his Learned Friend, Barr. Nkechi Uwakwe-Abugu and they are blessed with two children, Nmachinemelum and Jidechukwu.
[DailyIndependent]
The Federal High Court in Abuja has scheduled October 31 to give its verdict regarding a lawsuit aimed at removing Chiedu Ebie from his position as Chairman of the Board of the Niger Delta Development Commission (NDDC) due to allegations of improper appointment.
Naija News reports that Justice Joyce Abdulmalik fixed the judgement day today during the court session following the submission of written addresses by the parties involved, which served as their arguments for and against the originating summons.
It is worth noting that certain communities from the Niger Delta have initiated legal action against President Bola Tinubu, claiming that he breached the NDDC Act by appointing Ebie to the position.
The plaintiffs, representing communities from Bayelsa and Delta States, contended in court that Ebie is unqualified for the role of Board Chairman, as he does not hail from “the oil-producing area with the highest quantum of oil production.”
The individuals who filed the lawsuit include Chief Goodnews Gereghewei, Chief Eddy Brayei, and Mr. Jonah Engineyouwei, acting on behalf of themselves and the communities of Bisangbene, Agge, and Amatu1 in the Ekeremor Local Government Area of Bayelsa State.
The respondents in the case include President Tinubu, the Senate President, the Attorney-General of the Federation, the NDDC, and Ebie, listed as the 1st to 5th respondents, respectively.
Additionally, Jerry Mulade-Aroh, representing Gbaramatu Kingdom, Mr. Jolomi Itsekure, representing Itsekiri oil and gas-producing communities, and Friday Ugedi, representing Egbema Kingdom, all from Delta, have sought to be included as plaintiffs in the case.
During the proceedings on Tuesday, the plaintiffs, through their attorney Mr. Egberipou Sotonye Barakemi, requested the court to reject the preliminary objection raised by President Tinubu and the Attorney-General of the Federation, asserting that the entire case against all respondents should be dismissed for lack of merit.
Maimuna Lami Ashiru, representing President Tinubu, along with Umaru Jibril, who stands for the Attorney General of the Federation, and Emmanuel Akumaye, representing the Niger Delta Development Commission (NDDC) and Ebie, collectively urged the court to dismiss the case on the grounds of lack of jurisdiction.
Following the presentations from all parties involved, Justice Abdulmalik announced that the ruling on the preliminary objection, as well as the judgment regarding the main suit, would be delivered on October 31 of this year.
The case, designated as FHC/ABJ/CS/28/2024 and filed on January 11, 2024, involves plaintiffs who allege that both President Tinubu and the National Assembly violated the NDDC Act by screening and appointing Ebie Chiedu as the Chairman of the NDDC Board.
The plaintiffs contended that while Ebie hails from an oil-producing state, he is not eligible for the position of board chairman as he does not originate from the highest oil-producing region.
In the affidavit deposed in support of the suit, the plaintiffs averred that Ebie’s appointment “Was done in error and is against the clear provisions of the law.
“That the screening and confirmation of the 5th defendant by the Nigerian Senate was also done in error and was against the clear provisions of the law.
“That as a result of the facts above and in particular the facts in paragraphs 2 – 11, the appointment of the 5th defendant is null, void and of no effect”.
The plaintiffs, represented by their attorney B. B. Abalaba, requested the court to ascertain if Ebie, hailing from a community with limited oil production, is eligible to serve as the chairman of the 4th defendant, the Niger Delta Development Commission.
Additional matters for consideration include whether the 1st defendant’s appointment of the 5th defendant as chairman of the 4th defendant contravenes the provisions of the NDDC Act.
“Whether the appointment of the 5th defendant by the 1st defendant as the chairman of the 4th defendant is not Illegal null and void?
“They therefore prayed the court for an order setting aside the appointment of the 5th defendant as the chairman of the 4th defendant by the 1st defendant.
“An order of injunction restraining the 5th defendant from assuming office or in any way acting as the chairman of the 4th defendant.
“An order of injunction restraining the 4th defendant from recognizing the 5th defendant as its chairman or allowing him access into its premises for the purpose of beginning or continuing work as its chairman.
“An order of injunction restraining the 5th defendant from holding himself out as the chairman of the 4th defendant,” the requests reads.
{naijaNews]
Lusail University in Qatar has announced a fully funded scholarship opportunity for Nigerian and international undergraduate students for the 2025 academic year.
A statement on the University’s website disclosed that the institution will offer twelve study programmes for the Qatar scholarship programme.
The institutions also disclosed that the programme will cover all essential costs, including tuition, accommodation, round-trip flights, visa fees, and monthly stipends for living and research expenses.
According to the report, the move is to support aspiring students from developing countries in their pursuit of higher education.
The Scholarship will be open to students who have graduated from high (secondary) school, as the programme is designed for international candidates looking to study at one of Qatar’s leading educational institutions.
Further details provided that to qualify for the Lusail University Qatar Scholarship, candidates must have earned a high school diploma with a score of 90% or higher, must be between the ages of 18 and 22 years, must have passed the personal interview, and passed the language test at Lusail University
The applicant must not have previously obtained any higher education certificate, and cannot be a resident of Qatar.
Prospective candidates must have several documents for their scholarship application including a medical fitness certificate, which will be verified upon arrival in Qatar.
The candidate must also have a certificate of good conduct from their home country, a written permission from a legal guardian, a certified birth certificate, a valid passport, and a high school certificate must also be submitted.
The high school certificate must be validated by relevant authorities to ensure equivalency with the standards set by Lusail University.
Interested candidates are directed to visit the scholarship website to review the eligibility criteria for their desired programme, as applicants must meet both academic and language requirements before proceeding.
Candidates were also directed to apply to Lusail University or another partner university within the Qatar Scholarships Programme.
After applying for admission, candidates will automatically be considered for the scholarship.
The deadline for scholarship applications is October 20th, 2024.
[Leadership]
The Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, has raised the interest rate by 50 basis points to 27.25 percent, the fifth hike since February 2024.
CBN Governor Olayemi Cardoso disclosed this during a press briefing at the end of 297th MPC in Abuja on Tuesday.
The development comes as the country’s inflation rate eased for the second consecutive month in August to 32.15 percent, according to the National Bureau of Statistics, NBS.
Recall that at its last MPC meeting in July 2024, the apex bank raised the interest rate to 26.75 percent.
This is coming five days after the United States Federal Reserve announced a significant 0.5 percent cut to its interest rate, the first time since July 2023.
Economist and Executive Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf had urged the CBN to pause interest rate hikes.
DAILY POST recalls that since February 2024, CBN has raised interest the rate four times – from 22.75 percent to 26.75 percent. Before the appointment of Cardoso in September last year, the country’s interest rate stood at 18.75 percent.
[DailyPost]
Airtel Nigeria, one of the country’s largest telecommunications companies, is turning to solar energy as a cost-effective solution to power its telecom infrastructure, as rising diesel prices have pushed the company’s fuel costs to a staggering ₦28 billion.
The telecom giant’s move towards renewable energy is part of a broader strategy to reduce operational expenses and enhance sustainability amidst Nigeria’s persistent energy challenges.
The Director of Corporate Communications and Corporate Social Responsibility revealed this during a media roundtable in Lagos on Tuesday, citing the company’s records as of May.
Airtel Nigeria’s Chief Technical Officer, Harmanpreet Dhillon, said the company was exploring alternative energy options such as solar power.
This shift is aimed at addressing the challenges posed by Nigeria’s unreliable power supply, which currently forces telecom operators to rely heavily on diesel generators.
More details to follow…
[Punch]
’40 years of service’ – Tinubu rejects bill seeking to raise retirement age of National Assembly Staff
Admin
PRESIDENT Bola Tinubu has rejected a bill seeking to raise the retirement age of civil servants working in the national assembly.
In a letter on Tuesday to the President of the Senate, Tinubu stated why he did not sign the bill.
Recall that in February, the Senate threw out the bill after a protracted debate, but the same Senate however made a U-turn and concurred to a similar bill passed by the House of Representatives.
The bill is seeking to increase the retirement age to 65 years or 40 years of service, whichever comes first.
The existing law prescribes 60 years of age or 35 years of service for retirement.
Tinubu while rejecting it, commended the Senate for the “diligent work” it put in drafting and passing the bill.
Tinubu’s letter read, “I write in respect of the harmonised retirement age for legislative officers of the national assembly of the Federal Republic of Nigeria bill passed by the national assembly and forwarded to me for assent,” he said.
“Upon thorough examination and careful consultation, I have decided to withhold my assent to the bill.
“This decision is made by the powers vested in me by the constitution of the Federal Republic of Nigeria.
“However, I trust that this decision would be received with understanding and acceptance.”
[TheCable]
More...
Mike Bamiloye, the founder of Mount Zion Faith Ministries International, has revealed that he and Gloria, his wife, obtained their court marriage certificate six years ago.
The couple tied the knot on October 8, 1988, and have three children and grandchildren.
In a Facebook post on Monday, Bamiloye, 64, recalled how he and his wife could not afford a honeymoon, wedding attire, or a court marriage.
He said it was not until an embassy required it that they finally secured their government-issued marriage certificate six years ago.
Bamiloye said, “we went to the wedding without the registry”. He said the money received on their wedding day was used to pay off debts.
He also expressed gratitude for his wife’s understanding and God’s grace which has sustained their marriage.
“When I got married, I didn’t have any money to take my wife to honeymoon. It was my Sister-in-Law that graciously bought the shoes and socks that I wore on my Wedding Day,” he wrote.
“I took my wife to the Registry to ask about Court Marriage and they told us the money to pay for the event, it was a very small amount of money. It was around N170.00 (One Hundred and Seventy NAIRA). But we could not get the Money so we collected their forms and never returned with it because I could not get the money required.
“So we went to the Wedding without the Registry. So we never had Government Marriage Certificate until about Six years ago when and Embassy demanded for it, because we didn’t have the money for Court Marraige.
“All the Money we got on our Wedding day was used to settle the debts. But here we are sponsored by GRACE, I thank God I didn’t marry a lady who would put me on unwarranted pressures and unnecessary constraints. Glory be to God for GLORIA!”
In 2022, the cleric acknowledged her support in building their drama ministry.
[TheCable]
Loan apps: Approved digital lenders in Nigeria swell to 320 in September as demands for credits surge
Admin
The number of companies approved to provide loans to Nigerians through digital platforms popularly known as loan apps has jumped to 320 this September from 284 in May.
This came as the lenders continued to see surge in demands for loans as the economic hardship in the country bites harder.
According to the lenders, applications for loans by Nigerians have quadrupled this year.
The 320 companies now serving the digital loan market are those that have secured approval from either the Federal Competition and Consumer Protection Commission (FCCPC) or the Central Bank of Nigeria to provide the service.
A look at the database of the FCCPC shows that 264 of the digital lenders have been granted full approval by the Commission, while 42 others are operating with conditional approval. The database also includes 14 companies licensed by the CBN.
Why more firms are going into digital lending
Although the FCCPC said it is bringing digital lenders to get registered under its Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, as a way of sanitizing the space, the ease of the registration has become the catch for many to go into the business.
“Right now, the first thing that you would want to do if you’re in the financial sector, is to go into digital lending.
“If you think of microfinance, the regulation is tighter and the licence is costly. This is why many companies are coming into the space,” the Chairman of the Money Lenders Association, the umbrella body of the registered loan app companies in Nigeria, Mr. Gbemi Adelekan told Nairametrics.
“More people are coming because the entry barrier is not as high as CBN-regulated financial institutions,” he added.
Demands for credit surge
Beyond the ease of entry, people coming into the digital lending space are also seeing huge opportunities with the rise in demand for quick loans by Nigerians, though fraught with high risks of non-payment.
- According to Adelekan, many Nigerians are now relying on credit to survive and the loan apps come in handy as they offer instant loans.
- He noted that demands for loans have now quadrupled what was being recorded during the COVID-19 pandemic when there was a surge.
“Let me use our own company, KwikPay Credit as an example. During the COVID period, when everybody was sitting at home, give and take, weekly, we would get applications of like 1,000.
“But now, we are receiving between 5,000 and 6,000 applications weekly. A lot of people want loans,” he said.
- He, however, noted that most of the loan applicants are not qualified for the loans because they lack a good credit history.
- According to him, 90% of the applicants, after passing BVN verification usually in the credit history aspect.
“One of the first things we do is to check whether an applicant has a financial footprint. Unfortunately, out of 5,000 applications, the system will reject 4,500 of them instantly.
“Once you have an outstanding loan that you haven’t paid, the system filters you out. People don’t realize that their credit history matters,” Adelekan said.
He added that some lenders lower their risk analysis because they want to acquire customers by doing only BVN verification.
This set of lenders, he said, give out nano loans of N3,000 to N5,000 and comes with high interest rates to cover for the risks.
Tackling the menace of unregistered loan apps continue
Despite the rise in the number of digital leaders that have registered with the FCCPC and secured approval to operate, hundreds of other unregistered lenders are still playing in the market and getting patronage from desperate borrowers.
- As a result of their continuous atrocities which include defaming and harassing their customers through their contacts, the FCCPC said it has now placed 88 loan apps under its watchlist as it continues to work out modalities to sanitize the digital lending space, while 47 have been delisted from the Google Play Store.
- According to the Executive Commissioner of Operations, at the FCCPC, Dr. Adamu Abdulahi, the main aim of the registration and approval of digital lenders in the country is to identify the companies behind the apps through its Interim Regulation to be able to hold them responsible for any infraction.
- He noted that before the regulation, there was no way to trace any of the companies operating the loan apps.
- Abdullahi said the Commission is also trying to strike a balance between the continuous operations of the loan apps and the customers’ defaulting in repaying their loans, adding that despite the challenges, loan apps are playing important roles in the economy.
What you should know
The FCCPC under the leadership of its former boss, Babatunde Irukera had come up with the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in collaboration with the Joint Task Force (JTF) to promote fair, transparent, and beneficial alternative lending opportunities for Nigerians.
The registration was also necessitated by the disturbing activities of loan apps in the country, especially the illegal ones, over allegations of rights violations, and unfair practices, among others.
As of May this year, Nairametrics reported that the number of registered loan apps in the country had increased to 284. Between then and now, 36 more companies have been approved, bringing the number to 320.
[Nairametrics]
The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has reacted to the ruling by the Federal High Court in Abuja on a suit seeking his removal from office.
Recall that in a ruling on Monday, Justice Inyang Ekwo struck out the suit seeking to remove Ganduje as the national chairman of the ruling party.
The suit, marked FHC/ABJ/CS/599/2024, was filed by the North Central APC Forum led by Saleh Zazzaga.
Listed as defendants were Ganduje, the APC and the Independent National Electoral Commission (INEC).
The plaintiff challenged the propriety of Ganduje’s appointment as the APC National Chairman when he is not from the North Central geo-political zone.
Addressing newsmen at the party secretariat in Abuja on Monday, Ganduje described the suit as baseless and lacking in merit.
The APC National Chairman made the statement when he received a delegation of the North Central APC Elders Forum that came to congratulate him on the legal victory.
He said, “We thank you for congratulating us on the judgment on the litigation against my office and myself. There is no doubt the allegation was baseless and as such, it has been treated by the court of law.
“I appreciate the North Central elders who have been coming to see me even amidst the controversies, they still came. So those who are insecure can go to court. But we will continue to respond until we completely succeed.”
In his ruling, Justice Ekwo agreed with the contention in the APC’s preliminary objection that the plaintiff lacked the locus standi to file the suit.
He also agreed with INEC’s preliminary objection that the name the plaintiff had sued in ‘Northern Central APC forum’ was not a registered body.
[NaijaNews]
Eight listed commercial banks’ fees and commission income rose by 70 percent to N1.13 billion in the first six months (H1) of 2024 from N544.4 million in the same period of 2023.
Fees and commission income represent revenue from digital banking charges on cash or card maintenance and customer payment transactions.
BusinessDay findings show that the adoption of electronic banking and technology, coupled with an increased demand for digital banking services in H1 of 2024, resulted in higher fees and commission income for commercial banks.
The banks are: Ecobank Transnational Incorporated, Access Bank, Zenith Bank, FirstBank of Nigeria Holdings, Guarantee Trust Holding Company, Stanbic IBTC Holdings, FCMB Group, and Sterling Bank Holdings.
Further analysis shows that Ecobank Transnational Incorporated recorded the highest increase in fees and commission income by 96.3 percent to N384.1 million from N134.4 million in 2023.
Access Bank, FBN Holdings, GTCO, and Zenith Bank recorded a total fee and commission income of N604.3 million in H1 2024, a 63 percent increase from N314.4 million in H1 2023.
Stanbic IBTC Holdings reported N82.9 million, FCMB Group (N25.1 million) and Sterling Bank (N20.3 million).
Here is the breakdown of the listed banks’ fees and commission income.
Ecobank Transnational Incorporated
Ecobank recorded a 96.3 percent growth in fees and commission income to reach N384.1 million, from N134.4 million in 2023.
The source of the fee and commission income in the period were: credit-related fees and commissions, portfolio and other management fees, corporate finance fees, brokerage fees and commissions, and other fees, which contributed the sum of N100.6 million, N3.8 million, N8.2 million, N4.9 million and N14.7 million respectively.
Cash management and related fees contributed N188.2 million while card management fees recorded N63.7 million in H1 2023.
Access Holdings Plc
Access Holdings followed in second place with a 66.9 percent increase in fees and commission income to N250.9 million from N125 million.
The sources of Access’ fee and commission income include credit-related fees and commissions of N91.7 million, account maintenance charge and handling commission (N29.6 million), commission on bills and letters of credit (N7.7 million), and commissions on collections (N5.2 million).
Commission on other financial services and foreign currency-denominated transactions contributed N41.6 million, channels and other e-business income (N73.8 million), and Retail account charges (N1.4 million).
FBN Holdings Plc
FBN Holdings recorded a 39.4 percent increase in fees and commission income to N129.9 million from N87.1 million.
The sources of FBN’s fee and commission income include credit-related fees of N17.9 million, letters of credit commissions and fees (N20.6 million), income from electronic banking fees issued (N35.1 million), and Commissions on bonds and guarantees (N2.4 million).
Fund transfer and intermediation fees contributed N13 million, Account maintenance fees (N17.2 million), Brokerage and intermediation (N3 million), Custodian, fund management, and other fees (N20.6 million).
GTCO
GTCO’s fees and commission income grew by 64.4 percent to N113.9 million from N58.4 million in 2023.
The bank fee and commission income was obtained from credit-related fees and commissions, account maintenance charges, corporate finance fees, e-business income, and asset management fees with N11.2 million, N15.6 million, N2.7 million, N32.5 million, and N872,856.
Commission on foreign exchange deals contributed N16.4 million, commission on touch points (N3.5 million), income from financial guarantee contracts issued (N7.3 million), account services, maintenance, and ancillary banking charges (N16.2 million) and transfers related charges (N7.7 million).
Zenith Bank Plc
Zenith Bank recorded an 85.6 percent increase in fees and commission income to N109.6 million from N43.9 million.
The sources of Zenith Bank’s fee and commission income include account maintenance fee of N32.8 million, Income from financial guarantee contracts issued (N13.9 million), fees on electronic products issued (N41.2 million), and Foreign withdrawal charges (N30.8 million).
Commission on letters of credit contributed N14.5 million, Commission on agency and collection services (N7.07 million), Asset-based management fees, foreign currency transaction fees and commission (N13.2 million), Auction fees income and Corporate finance fees (N1.6 million).
Stanbic IBTC Holdings
Stanbic IBTC recorded a 47.3 percent increase in fees and commission income to N82.9 million from N51.2 million.
The sources of Stanbic’s fee and commission income include asset management fees of N47.2 million, Brokerage and financial advisory fees issued (N11.7 million), account transaction fees issued (N3.9 million), and card-based commission (N2.4 million).
Foreign currency service fees contributed N9.8 million, documentation and administration fees (N6.9 million), and Custody transaction fees, electronic banking, other fees, and commission revenue (N6.7 million).
FCMB Group
FCMB Group recorded a 23.8 percent increase in fees and commission income to N36.2 million from N28.5 million.
The sources of FCMB’s fee and commission income include account maintenance of N5.8 million, Asset Management Fees issued (N4.05 million), Electronics fees and commissions (N10.9 million), and Service fees and commissions (N12.6 million).
Commission on off-balance sheet transactions contributed N1.4 million, Credit-related fees (N474,761), Letters of credit commission (N814,281), and administration Fees (N141,886).
Sterling Holdings Plc
Sterling recorded a 24.3 percent increase in fees and commission income to N20.3 million from N15.9 million.
The sources of Sterling’s fee and commission income include commission on letters of credit and off-balance sheet transactions of N6.4 million, e-business commission and fees (N4.7 million), facility management fees (N2.4 million), and account maintenance fee (N2.9 million).
Commissions and similar income contributed N1.5 million while Other fees and commissions recorded N2.5 million.
[Businessday]