News

Corporate Nigeria shuts down Lagos for Wigwe

Published

5 months ago

March 5, 2024

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, IGP approves hunger protests across Nigeria

Published

7 hours ago

July 26, 2024

Austin Ojomah

The Nigerian police has finally approved the planned nationwide protests and outlined conditions for participants.

The Inspector General of Police, Kayode Egbetokun, revealed this on Friday while addressing journalists in Abuja.

He urged all groups planning to participate in the proposed nationwide protest to submit their details to the Commissioners of Police in their respective states.

The police boss said this was to ensure the protest was peaceful.

Egbetokun said, “We acknowledge the constitutional right of Nigerian citizens to peaceful assembly and protest.

“However, in the interest of public safety and order, we urge all groups planning to protest to provide necessary details to the Commissioner of Police in the state where the protest is intended to take place.

“To facilitate a successful and incident-free protest, they should please provide the following information: state the proposed protest routes and assembly points; expected duration of the protest; and names and contact details of protest leaders and organisers.”

The police boss said the information expected from the organisers also include measures to prevent hijacking by criminal elements, as well as key identifiers for possible isolation of potential troublemakers.

By providing the information, he said, the police will be able to deploy adequate personnel and resources to ensure public safety.

He said the police needed to know the specific routes and areas for the protest to avoid conflicts with other events or activities.

Mr Egbetokun said the police will “establish clear communication channels with protest leaders to address any concerns or issues that may arise; minimise the risk of violence, property damage, or other criminal activity.

“We encourage all protesters to cooperate with the police, obey the law, and adhere to global best practices for peaceful assembly to guarantee a safe and successful exercise of their rights.

News

Reps North-West Caucus Beg Youths, Citizens In The Region Not To Join Planned Protest

Published

9 hours ago

July 26, 2024

Gloria Ikibah

…commend President Tinubu’s development initiative

By Gloria Ikibah

The North-West caucus of the House of Representatives have appealed to youths, citizens in the region not to take part in the planned nationwide protest scheduled for August 1.

The caucus also appealed to the region’s citizens to give governments at federal and state levels more time to address their concerns, rather than joining the planned protest.

Chairman of the Caucus, Rep. Sada Soli, lawmaker representing Jibia/Kaita constituency, Katsina state, who stated this on Friday at a press conference in Abuja, emphasized that the region had suffered enough disruption and needed peace to restore its economy and social order

Rep. Soli explained that their stance to the recent signing of the North West Development Commission Bill into law by President Bola Ahmed Tinubu, which they believe will address the region’s development challenges.

He highlighted that the commission would guarantee the rebuilding of ruined infrastructure, from roads, schools, health facilities and markets, to homes and places of worship, business premises and other social amenities.

The lawmakers noted that the commission would tackle the multidimensional crisis caused by violence and terrorism in the region, which has affected agricultural activities, trade, and social amenities.

While acknowledging the region’s overwhelming support for President Tinubu in the last election, they expressed trust in his commitment to develop the region and further urged the President to intensify efforts in addressing the security challenges still prevalent in the region and called for a broader security sector reform.

The forum said: “The sporadic attacks have since escalated into a multidimensional crisis that has hampered agricultural activities and trade, and turned some of the most industrious and thriving communities in the North West geopolitical zone into ghost towns as people flee their homes and become refugees.

“This has manifestly impacted on the famous cross-border trade and flourishing agrobusiness between the geopolitical zone and neighboring countries. Most of our border constituencies, which were historically vibrant commercial centres, with massive large-scale farmers exporting produce to various parts of Africa, including Niger Republic, Mali, and Benin Republic, have since been abandoned by farmers, importers and exporters, due to this wanton violence. As a result, Internally Generated Revenues in these states have been negatively affected.

“Politically, in voting so overwhelmingly for President Tinubu in the last election, the North West geopolitical zone had hoped that the famous Asiwaju, who had shown himself to be a patriot of the first order and a man who believed in fairness and equity, would make policy decisions that will bring development to our states by rescuing them from the evils of banditry and cross border terrorism.

“This Commission is, therefore, a tremendous boost to the valiant efforts of the governors of the North West geopolitical zone and it has further justified our trust in President Tinubu’s commitment to help revamp this geopolitical zone and place it on a sound pedestal.

We must, however, appeal to the President to intensify efforts in addressing the security challenges still prevalent in the geopolitical zone particularly, and other parts of the country at large. A broader security sector reform will enable our people to return to their normal lives, leading to positive changes in economic development and social order.

“That is why members of the National Assembly, particularly members of the North West Caucus – and indeed other political, traditional and religious leaders in the North West geopolitical zone, do not support the scheduled nationwide protest planned by some elements to further disrupt the very delicate balance of the country right now.

“We appeal to the peaceful and law-abiding people of the North West geopolitical zone, who have suffered enough disruption of their peace, not to join in this potentially destructive exercise, but rather to give governments at both the Federal and State levels more chance to look at the issues concerned”, he added.

News

Reps Applaud FCT Minister, Wike On AICL Improved Revenue, Infrastructure

Published

9 hours ago

July 26, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives’ Committee on Federal Capital Territory, Chaired by Rep. Aliyu Muktar Betara has commended the Minister of FCT, Nyesom Wike on the ongoing infrastructural development projects across the nation’s capital, Abuja.

The lawmakers during an interactive session with the Group Managing Director of Abuja Investment Company Limited (AICL), Dr. Moreen Tamuno praised her ingenuity towards improved revenue generation since assumption of office.

The GMD who presented her scorecard and strategy adopted to the committee, in the turnaround of AICL said that the company only manage the District markets not the entire markets across the territory.

According to her, Wuse markets is owned 90 percent by the individuals who bought the shops while AICL owns 10 percent.

She stated: “For example, Wuse market is owned 90 percent by the owners, we own 10 percent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”

Tamuno also disclosed that AICL cannot increase prices like other privately owned markets across the territory, noting that the prices adopted by AICL are controlled by the government.

She added that the Company is also managing part of the leakages envisaged such as monitoring these system of fares collection which was initially collected manually.

This, according to her, will help to tackle the menace of revenue leakages and help to pay dividends to FCTA coffers.

Responding to question on Abuja Properties, she noted that AICL is saddled with the responsibility of owning properties on behalf of the government.

“Before I got here, apart from two regimes of el-Rufai and Moddibo, the rest regimes, Abuja Property was dealing directly with the Minister. So, we did not have a control over what Abuja Property does suffice me to say. But with the incoming of the new Minister he has streamline the system that all of these people will have direct reporting line.

“So, what they do or what they are meant to do is to manage estates, different cadres of estates for the Middle Class, for the High Class and and different kind of people and also declare profits and pay dividends also which has never been done. But in the last discussion last month, because of the new process that has been set up, they are committed to making sure that they will do this year, to declare dividend to AICL.”

On Abuja Transport scheme, she noted that “the Abuja AMMCO has been a little epileptic really. Because as we speak I think they have only about 84 buses and then most of the buses are not working. Before I came, I heard they are meant to sell but on our finding, we found out that the calibre of buses we have ASHOK were very strong bus and there was no need to sell, we would see how we could use some of them to repair others and have them running.

“So, they’ve not been able to break even, there are some epileptic problems that we are looking at to see how we can help them.”

On the Abuja Films Village, she said: “we heard the story of Abuja Film Village, even before I became the Group Managing Director, but suffice me to say that for 24 years nobody went to see where is this place. But when I assumed office all I was hearing is don’t go there they kidnap and all of that. But we were able to weather the storm to get to the point in Guzaki. We have about 3,000 hectares of land there, which is being encumbered already, we have mining is taking place there. We are working with FCT fortunately I did a memo to the Minister which he has approved graciously and set up an Inter-Ministerial Committee to know where our boundaries are. I saw miners on the plot he was really a tough place to go to.”

She explained that the Committee is expected to come up with the report to secure the parameters around the land and see what AICL could achieve there.

While noting that the entertainment industry is a thriving Sector, she explained that AICL has met some Stakeholders including Actors Guild who are already partnering with the company, with a view to stimulate the economy and create employment.

She noted that the company which was established over 30 years ago has metamorphosed to become an Holding Company is an investment arm of FCT and a Limited Liability Company, hence not in the Federal Government budget.

According to her, the two administrations ago set up other subsidiaries that suppose to work under AICL namely Power Launch which is a Leasing Company and Abuja Urban Mass Transit Company, Abuja Property Development and Abuna Market.

She added that AICL also has other subsidiaries namely Aso Savings, Abuja Tech Village where AICL owns 20 percent equity, and 6 percent with Abuja Intercontinental Hotel formerly known as Sheraton Hotel. She however noted that during the meeting held with the Hotel’s management, that the Hotel has recapitalized and gone PLC, thereby AICL share has reduced to 3 percent.

While noting that AICL is still in talk with Abuja Intercontinental Hotel since 3 percent is not sufficient to be on the board of the Hotel because it’s a nominal shareholder and could only go to General Meeting, efforts are ongoing to improve the system with a view to regularize the percentages of investment.

She noted that efforts are also being made to ensure that the company’s staff are well motivated by embarking on a lot of capacity building and to drive them to ensuring that we return dividends to owners which is FCT.

Dr. Tamuno who assured that the present AICL under her watch cannot afford to “leave FCT the way it was,” disclosed that her team has developed a “revolution in AICL. If you’ve ever been to the office before my resumption and you come now, from the gate you would know that there’s a change.

“We definitely are building bridges, we definitely are looking at how to reposition AICL and making progress. We’ve not had it good, thank God for the responsive Minister who listens and who’s ready to work to recapitalize. We have the muscle to weather what we are faced with.”

While thanking the lawmakers for the support and trust reposed in her team, Dr. Tamuno said: “Thank you Mr. Chairman for this opportunity to be able to tell you what Abuja Investment is all about but I want to reassure you that as your Junior Colleague, you can be sure that coupled with the fact that women want to do what we have to do, so we can sleep well. I will be able to do the needful and make cintei to FCT and of course to the renewed hope agenda of Mr. President, that I will do.”

Speaking after the AICL Group Managing Director’s presentation, Hon. Betara said: “As discussed with the Committee, you see a lot of members not you, before coming into Abuja Investment, but for us with the discussion we did to your previous team I told you, I was disappointed. Now I realize why the Minister of FCT is bringing in new hands into FCT.

“We know you, with the little time you came in, revenue has come up and we hope you’re not coming down.

“And I will advise you anybody that you’re not ready to work with, remove the person so that you can work well. The Committee is ready to support you and support FCT in general.”

On his part, Hon. Timilehin Adelegbe (APC-Ondo) who showered encomium on the new AICL management team led by Mrs. Tamuno said: “I met her when she was an Ambassador to Jamaica. I think in the whole Pacific she transformed Jamaica she’s very aggressive.

“So, when she was reeling out her achievements I think we have just seen little. What we need as a House is to encourage her and also urge her to do a holistic audit of staff who may be dragging you back which is very very important.”

On his part, Hon. Kanice More (APC-Imo), who applauded President Bola Tinubu for being gender sensitive in the appointment of women into critical sector of the economy, underscored the need to encourage the AICL Group Managing Director to achieve more fears.

He said: “I thank His Excellency Bola Ahmed Tinubu for demonstration of gender sensitivity, inclusivity and friendliness in appointing a Lady, a Woman ans she has demonstrated capacity. I took time to study her, and I’ve listened to her, she started newly we should equally encourage her and I strongly believe that with more encouragement she will do more; and of course, to whom more is given, more is expected.”

Also speaking, Hon. Regina Akume (APC-Benue) said: “Madam, I want to thank you, before I’m seeing a spirit of its not my problem and it’s not my business, it’s government’s business, it’s not my business, that’s the spirit I’m seeing in here.

“And I want advise you all, that as long as you do not take property seriously, you cannot even make your own business because what a man sows he reaps.

“So, please government is for all of us. If you’re put there to do something, I know women are good managers, yes we women are good managers. So put all the broken pieces out them together and make us proud. That’s what I’m asking of you because there’s so much there that you can do. There’s so much laxity and it’s not right. The Chairman has said it, he net with you all, he will support them. But you must make him proud.”

While applauding the achievements recorded so far under the leadership of the FCT Minister, Hon. Betara said: “You have a Minister that’s a Lawyer, maybe that’s why you guys have improved.

“You guys need to improve. He doesn’t tolerate and if it is with law, he knows everything. So, for the Committee, if there’s anything we will require from you before we start the oversight, we are going to write you.”