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Corporate Nigeria shuts down Lagos for Wigwe
Corporate Nigeria and some political titans turned up yesterday to celebrate the life and times of the late Chief Executive Officer of Access Corporation Plc, Herbert Wigwe who all of them described as a titan.
In an emotion laden ‘Night of Tributes’ with touching memories, dignitaries from the public and private sectors, led by Africa’s richest man, Aliko Dangote, Minister of Finance, Wale Edun, governors of Lagos and Ogun states, Central Bank of Nigeria, CBN governor and bank chief executives sang praises of the late bank chief.
Wigwe, 57 years old, who was also MD/CEO Access Bank Plc, died in a helicopter crash in United States on February 9, 2024, alongside his wife, Chizoba Wigwe, his Son, Chizi Wigwe amd former President, Nigeria Exchange, Mr. Abimbola Ogunbanjo.
Other dignitaries at the event include President, African Development Bank, AfDB, Adesina Akinwunmi, Chairman Zenith Bank Plc, Jim Ovia, Chairman Coronation Capital, Mr. Aigboje Aig-Imoukhuede, CEO, GTHoldings Plc, Segun Agbaje, CEO of FirstBank Nigeria Limited, Adesola Adedutan and the President, Chartered Institute of Bankers of Nigeria, CIBN, Mr. Ken Okpara.
Dangote
In his tribute, Dangote descibed the late Herbert Wigwe as a loyal friend and a pillar of support for him and his family.
Fighting to hold back tears, Dangote narrated how late Herbert encouraged him in his business pursuits.
Dangote described the late Herbert as a visionary role model with courage second to none.
“I am proud to name him my devoted friend, mentee and supporter. I will forever cherish the warmth of his friendship,” Dangote said.
Adesina
AfDB President, Adesina Akinwunmi, in his tribute said: ‘’Herbert Wigwe brought pride to Nigeria and to Africa.
“He was relentless, determined, bold, visionary, inspiring, with exceptional drive for excellence. Everything he touched became gold
“Herbert is a bankers banker, and investors asset holder. His drive for major achievements sparks courage. Herbert was bankable and Access Bank was bankable.”
Aig-Imoukhuede
The chairman, Coronation Capital, Aigboje Aig-Imoukhuede, described Herbert Wigwe as a brilliant banker who help to transform the banking industry in Nigeria.
Edun
Minister of Finance, Wale Edun, described late Herbert as a pillar of support who was full of knowledge, ideas and creative thinking.
“He gave me his time and thinking. He had solutions, never at a loss,” said Edun.
Sanwo-Olu
Governor, Lagos State, Mr. Babajide Sanwo Olu, paid glowing tributes to the leadership qualities of late Herbert Wigwe, especially in rallying support to combat the COVID-19 pandemic.
“Herbert led from the front during the difficult period of COVID 19.
Describing the late banker as a brother, friend adviser, who supported the infrastructure drive of his administration, Sanwo Olu said Lagos would not forget Herbert Wigwe.
Gov Abiodun
Herbert believed in Nigeria—Dapo Abiodun
Ogun State governor on his part, praised the late Herbert for his commitment to Nigeria
“Herbert believed in Nigeria. He did everything to support Nigeria. He was intelligent, bold and lived two lifetimes in one.”
Cardoso
CBN Governor, Olayemi Cardoso described late Herbert Wigwe as a trully exceptional individual who played a pivotal role in transforming Access Bank into one of Nigeria’s foremost financial institutions.
I spoke with Herbert 2 weeks before he died —Agbaje
Agbaje
The Group Chief Executive Officer of GT Holdings, Mr Segun Agbaje, in his tribute, said he spoke with the late Herbert two weeks before he died, just as he described him (Herbert) as a fierce competiton.
Agbaje said: “It is indeed a very difficult for me. Herbert was my colleague, friend, competitor and brother. Only Herbert could have been all those things to a human being.
‘’We started as colleagues. I met Herbert in November 1991, we were both in the corporate bank. And then, as we all matured, Herbert became my real brother.
‘’He would alweays make the phone call to get you out of the spot you were in. It is weird that my last conversation with him was two weeks before he died.
He came to my house to talk about his obsession which was his university.”
Banks now borrow more from CBN to shore up cash position
Amidst sustained liquidity
mop-up and monetary policy tightening by the Central Bank of Nigeria, CBN, there are indications that many deposit money banks are now resorting to heavy borrowing from the apex bank to meet up with their regulatory and other liquidity obligations.
CBN’s Financial Data for February 2024 obtained by Vanguard shows that the banks’ borrowing from the CBN Standing Lending Facility (SLF) increased month-on-month, MoM, by 65.5 percent to N5.96 trillion in February from N3.6 trillion in January 2024.
The data also shows that the banks deposited N330.71 billion in the CBN’s Standing Deposit Facility (SDF) in the same period, representing a 72.4 percent MoM, decline when compared with N1.2 trillion deposited in January 2024.
This development is coming at the backdrop of the various CBN policies to prepare banks against vulnerabilities from within and outside the country.
One of the latest policies is the increase in the benchmark interest rate, the Monetary Policy Rate, MPR, to 22.75 percent from 18.75 percent and Cash Reserve Ratio, CRR, to 45 percent from 32.5 percent last week.
Analysts are of the opinion that the increase in interest rate would raise asset yields of some banks by an average of 400 bases points (bps) in the financial year end of 2024.
In their Banking Sector update report for March, analysts at CardinalStone Research said: “Based on the first and second-order impacts of the rise in auction stop rates and 400 basis points increase in MPR to 22.75%, we now forecast asset yields to rise by an average of 400 bps across our coverage banks in FY’24 (vs c. 150 bps in our previous communication).
“This adjustment suggests a mean 83.4 percent increase in interest income for our banking coverage.
“Whilst the discontinuation of daily CRR debits is positive, the recent decision of the MPC to raise statutory CRR to 45 percent may appear a downside risk to interest income, with direct inference suggesting that banks can now only deploy 55 percent of new deposits to interest-earning opportunities assuming other rules (such as the loan to deposit ratio) are adhered to.
“We are of the view that the surging interest rate environment may increase pressure on banks to step up on the dividend front in the coming months. This may open avenues for decent dividend income (vs de-annualized return from fixed income options) in the near term.
“In our view, adverse macroeconomic conditions are likely to increase the risk of Non performing Loans , NPLs, in FY’24 (mean of 3.7 percent across our coverage), with sectors that are heavily reliant on imported raw materials and equipment maintenances such as manufacturing likely to be badly hit by the short-term cost implications of ongoing reforms.”
News
Finally, Trump returns to White House after unprecedented comeback, emboldened to reshape American institutions
Donald Trump was sworn in as the 47th president Monday, promising a “revolution of common sense” and taking charge as Republicans assume unified control of Washington and set out to reshape the country’s institutions.
Trump, who overcame impeachments, criminal indictments, and a pair of assassination attempts to win another term in the White House, will act swiftly after the ceremony. Dozens of executive orders have already been prepared for his signature to clamp down on border crossings, increase fossil fuel development, and end diversity and inclusion programs across the federal government.
Declaring that the government faces a “crisis of trust,” Trump said in his inaugural address that under his administration “our sovereignty will be reclaimed. Our safety will be restored. The scales of justice will be rebalanced.”
Trump claimed “a mandate to completely and totally reverse a horrible betrayal,” promising to “give the people back their faith, their wealth, their democracy and indeed their freedom.”
“From this moment on,” he added, “America’s decline is over.”
The executive orders are the first step in what Trump is calling “the complete restoration of America and the revolution of common sense.”
Other goals will prove more difficult, perhaps testing the patience of supporters who were promised quick success. Trump has talked about lowering prices after years of inflation, but his plans for tariffs on imports from foreign countries could have the opposite effect.
Frigid weather rewrote the pageantry of the day. Trump’s swearing-in was moved indoors to the Capitol Rotunda — the first time that has happened in 40 years — and the inaugural parade was replaced by an event at a downtown arena. Throngs of Trump supporters who descended on the city to watch the inaugural ceremony outside the Capitol from the National Mall were left to find other places to view the festivities.
At the Capitol, Vice President JD Vance was sworn in first, taking the oath read by Supreme Court Justice Brett Kavanaugh on a Bible given to him by his great-grandmother. Trump followed moments after noon, using both a family Bible and the one used by President Abraham Lincoln at his 1861 inauguration as Chief Justice John Roberts administered his oath.
A cadre of billionaires and tech titans — including Mark Zuckerberg, Jeff Bezos, Tim Cook and Sundar Pichai — were given prominent positions in the Capitol Rotunda, mingling with Trump’s incoming team before the ceremony began. Also there was Elon Musk, the world’s richest man, who is expected to lead an effort to slash spending and federal employees.
Trump and his wife, Melania, were greeted at the North Portico of the executive mansion by outgoing President Joe Biden and first lady Jill Biden for the customary tea and coffee reception. It was a stark departure from four years ago, when Trump refused to acknowledge Biden’s victory or attend his inauguration.
“Welcome home,” Biden said to Trump after the president-elect stepped out of the car. The two presidents, who have spent years bitterly criticizing each other, shared a limo on the way to the Capitol. After the ceremony, Trump walked with Biden to the building’s east side, where Biden departed via helicopter to begin his post-presidential life.
Trump’s inauguration realized a political comeback without precedent in American history. Four years ago, he was voted out of the White House during an economic collapse caused by the deadly COVID-19 pandemic. Trump denied his defeat and tried to cling to power. He directed his supporters to march on the Capitol while lawmakers were certifying the election results, sparking a riot that interrupted the country’s tradition of the peaceful transfer of power.
But Trump never lost his grip on the Republican Party and was undeterred by criminal cases and two assassination attempts as he steamrolled rivals and harnessed voters’ exasperation with inflation and illegal immigration.
Trump used his inaugural address to repeat his claims that he was targeted by political prosecutions, and he promised to begin “fair, equal and impartial justice.”
He also acknowledged that he was taking office on Martin Luther King Jr. Day, which honors the slain civil rights hero. Trump said, “We will strive together to make his dream a reality,” and he thanked Black and Latino voters for their support in November.
Now Trump is the first person convicted of a felony — for falsifying business records related to hush money payments — to serve as president. He pledged to “preserve, protect and defend” the Constitution from the same spot that was overrun by his supporters on Jan. 6, 2021. He’s said that one of his first acts in office will be to pardon many of those who participated in the riot.
Eight years after he first entered the White House as a political newcomer, Trump is far more familiar with the operations of federal government and emboldened to bend it to his vision. Trump wants to bring quick change by curtailing immigration, enacting tariffs on imports and rolling back Democrats’ climate and social initiatives.
He has also promised retribution against his political opponents and critics, and placed personal loyalty as a prime qualification for appointments to his administration.
With minutes to go before leaving office, Biden issued preemptive pardons to his siblings and their spouses to shield them from the possibility of prosecution. He said in a statement that his family “has been subjected to unrelenting attacks and threats” and that he has “no reason to believe these attacks will end.”
Earlier in the day, Biden took a similar step with current and former government officials who have been the target of Trump’s anger. Biden said “these are exceptional circumstances, and I cannot in good conscience do nothing.”
Trump has pledged to go further and move faster in enacting his agenda than during his first term, and already the country’s political, business and technology leaders have realigned themselves to accommodate Trump. Democrats who once formed a “resistance” are now divided over whether to work with Trump or defy him. Billionaires have lined up to meet with Trump as they acknowledge his unrivaled power in Washington and his ability to wield the levers of government to help or hurt their interests.
Long skeptical of American alliances, Trump’s “America First” foreign policy is being watched warily at home and abroad as Russia’s invasion of Ukraine will soon enter its third year, and a fragile ceasefire appears to be holding in Gaza after more than 15 months of war between Israel and Hamas.
Trump said he would lead a government that “expands our territory,” a reference to his goals of acquiring Greenland from Denmark and restoring U.S. control of the Panama Canal.
He also said he would “pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars.” Musk, the owner of a space rocket company with billions of dollars in federal contracts, cheered and pumped his arms above his head as Trump spoke.
Trump is planning to crackdown on the U.S. southern border with a playbook that’s similar to his first term — declaring a national emergency, limiting the number of refugees entering the U.S. and deploying the military. An app called CBP One, which has allowed nearly 1 million people to legally enter the U.S. with eligibility to work, has already stopped working.
He’s expected to take additional actions — including constitutionally questionable ones — such as attempting to end birthright citizenship automatically bestowed on people born in the U.S.
Trump will also sign an executive order aimed at ending diversity, equity and inclusion programs within the federal government. [AP]
News
Hajj 2025:NAHCON announces fare for Nigerians
By Kayode Sanni-Arewa
The National Hajj Commission of Nigeria (NAHCON) has fixed N8.7 million as the Hajj fare for intending pilgrims from Southern States and N8.3 million for those from Borno and Adamawa Zone.
The Executive Chairman of NAHCON, Abdullahi Usman, made this known in a statement by its Assistant Director, Information and Publication, Fatima Usara, on Monday in Abuja.
Mr Usman, a professor, also said that intending pilgrims from the Northern Zone would pay N8.4 million as Hajj fare for the 2025 pilgrimage in the Kingdom of Saudi Arabia.
The NAHCON boss described the hajj fare as a product of extensive collaboration with all stakeholders.
He appreciated the support of the presidency and the Forum of Executive Secretaries of State Pilgrims Welfare Boards, Agencies and Commissions
”The National Hajj Commission of Nigeria (NAHCON), under the leadership of its Chairman, Prof. Abdullahi Usman, is pleased to announce the hajj fare for the 2025 season.
”The fare was announced sequel to the approval from the Office of the Vice President of the Federal Republic of Nigeria.
”The 2025 Hajj fare for Borno and Adamawa zone’s intending pilgrims is N8.33 million.
”Similarly, the cost of the 2025 Hajj for intending pilgrims from the Southern states is N8. 78 million, while intending pilgrims from the Northern zone will pay N8. 46 million..”
He said the leadership of NAHCON, in collaboration with the representative of the presidency, Ameen Amshi (special assistant to the president on special duties), did their best to maintain the hajj fare within the same range as previously charged.
“This modest effort on the fare was reached after extensive consultations to ensure inclusivity in this important decision-making process.
“For further details and breakdown of the fare, please visit the NAHCON website on nahcon.gov.ng or through States’ Pilgrims’ Welfare Boards.”
The chairman urged prospective pilgrims to take note of the timelines and the Saudi guidelines, while emphasising the importance of early payment and timely registration to avoid last-minute inconveniences.
READ THE FULL STATEMENT BY NAHCON BELOW
NAHCON Announces 2025 Hajj Fare
The National Hajj Commission of Nigeria (NAHCON), under the leadership of its Chairman, Professor Abdullahi Saleh Usman is pleased to announce the Hajj fare for the 2025 season. The fare was announced sequel to approval from the Office of the Vice President of the Federal Republic of Nigeria.
Indeed NAHCON Chairman and his team in collaboration with representative of the Presidency, Malam Ameen Amshi, who is Special Assistant to the President, Special Duties did their best to maintain the Hajj fare within the same range as previously charged. Others who actively participated in stemming the cost are leadership of State Executive Secretaries, namely Malam Idris Ahmad Almakura, the Forum Chairman who doubles as the Executive Secretary (E.S) of Nasarawa State Pilgrims Welfare Board, his colleague from Kebbi State and Deputy Chairman of the Forum, Alhaji Faruku Aliyu Yaro, with their Secretary and E.S of Adamawa State, Alhaji Abubakar Salihu among others who worked tirelessly to ensure that the fares do not skyrocket.
This modest effort on the fare was reached after extensive consultations to ensure inclusivity in this important decision-making process.
News
Michelle Obama shuns Trump’s second inauguration
By Kayode Sanni-Arewa
Former American First Lady Michelle Obama would not attend President-elect Donald Trump’s inauguration, though former President Barack Obama will be there, the Obamas’ office said in a statement.
No reason was given for her absence. The former First Lady also skipped the funeral of former President Jimmy Carter earlier this month.
It is tradition for former presidents and their spouses to attend inaugurations, no matter how awkward the election got. (Former Secretary of State Hillary Clinton and former President Bill Clinton attended Trump’s first inauguration despite a nasty campaign.)
However, Trump and incoming first lady Melania Trump didn’t attend President Biden’s big day.
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