News
Tinubu Slashes Nigeria’s Delegation To UN General Assembly
President Bola Tinubu issued a directive to reduce the size of Nigeria’s official delegation to the 79th session of the United Nations General Assembly meetings held in New York, United States, this September.
This Nigeria news platform understands that President Tinubu’s Chief of Staff, Femi Gbajabiamila, revealed the directive on Saturday in Abuja during a one-day retreat organised by the State House management for heads of government agencies under its supervision.
The theme of the one-day retreat was ‘Strengthening Institutional Mechanism for Effective Delivery.’
This was contained in a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, titled ‘President Tinubu directs that only authorised officials with business at UNGA should attend.’
Addressing participants at the retreat, the Chief of Staff said, “During recent protests, there were talks about reduction in the cost of governance. Everyone is waiting to see if Nigeria, as in the past, will send the ‘largest delegation’ to UNGA.
”From experience, we know that some individuals use the opportunity of such international meetings to go about their personal businesses.
”I have received a directive from Mr. President that this time, we will be strict. If you have no business at the UN General Assembly, do not step foot in America, and this is a directive from Mr. President.”
He said the decision to streamline Nigeria’s delegation to the UNGA in September is part of the administration’s commitment to ensure prudent management of resources and reduce the cost of governance.
He also highlighted the need for the State House and agencies under its supervision to ensure that its functions are guided by statutes, regulations, policy decisions, and presidential directives,
Gbajabiamila hinted at upcoming policy announcements aimed at ensuring efficient service delivery in government operations.
“I just discussed with the President this afternoon. In the next few weeks, we are going to see a test of this policy during UNGA in New York,” he stated.
The Chief of Staff urged heads of agencies at the retreat to comply strictly, adding that the President is listening to the concerns of Nigerians and is committed to addressing them diligently.
On the retreat, Gbajabiamila noted that it will facilitate collaboration and coordination among government agencies, particularly those under the direct supervision of the State House.
“The idea is to ensure coherence as we jointly work together to achieve the objectives of President Bola Tinubu’s Renewed Hope Agenda.
“Coordination is not just a choice but a necessity for the government to succeed and for us to meet the expectations of the Nigerian people,” he said.
He said the retreat would be a continuous exercise, as governance is an evolving process that requires regular adjustments.
The Chief of Staff also urged the State House management and chief executives of agencies under its supervision to lead by example by ensuring compliance with statutes, laws, regulations, and various policies designed to enhance governance.
“We must demonstrate excellence in our compliance with the Public Procurement Act, Financial Reporting Council of Nigeria Act, the Finance Act, and various appropriation acts in operation.
“Compliance with the civil service rules and the scheme of service guidelines, especially regarding recruitment, promotion and presidential approvals is also non-negotiable,” Gbajabiamila said.
News
AFCONQ 2025: Nigeria’s Super Eagles fail to beat Benin Republic in Abidjan
Nigeria’s Super Eagles on Thursday failed to beat Benin Republic in their 2025 Africa Cup of Nations, AFCON, qualifier as two West African neighbours settled for a 1-1 draw in Abidjan
With the results, Nigeria officially qualified for the TotalEnergies CAF AFCON, securing a top-two finish in Group D,
Benin opened the scoring in the 16th minute when Mohamed Tijani capitalized on a corner delivery from Junior Olaïtan, heading the ball into the center of the net.
The Super Eagles found themselves trailing despite creating opportunities, with Victor Osimhen and Moses Simon both testing Benin’s defence.
In the second half, Nigeria intensified their attack and were rewarded in the 81st minute when Osimhen met Simon’s cross with a precise header to level the score.
Benin fought hard to reclaim the lead, but Nigeria’s defence held firm, preserving the draw.
Nigeria’s qualification for TotalEnergies CAF AFCON marks a relief for fans and sets the stage for their preparations for the tournament. Benin, meanwhile, remains in contention but will need positive results in their final game to have any chance of progressing.
News
Wike suspends FCDA secretary indefinitely
The Minister of the Federal Capital Territory, Nyesom Wike, has suspended, with immediate effect, the Executive Secretary of the Federal Capital Development Agency, Shehu Hadi Ahmad, indefinitely.
This was made known in a statement by the Senior Special Adviser to the Minister of Public Communication and Social Media, Olalere Olayinka, on Thursday.
Circumstances leading to or surrounding the suspension of the secretary were, however, undisclosed as of the time of filing this report.
According to the statement, the suspended Executive Secretary has been consequently directed to hand over to the Director of Engineering Services in the FCDA.
News
UBA to raise N239bn via rights issue
United Bank for Africa Plc has issued 6,839,884,274 ordinary shares of 50 kobo each at N35 per share in a rights issue to raise N239.4bn in a bid to meet the fresh capital requirements of the Central Bank of Nigeria.
The rights issue which opened on Friday (today) allows existing shareholders to purchase one new ordinary share for every five existing ordinary shares held by shareholders as of November 05, 2024.
In late March, the CBN announced an upward review of the minimum capital requirement for banks in the country.
In a letter to the shareholders informing them of the rights issue, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400bn Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.
“UBA’s Rights Issue aims to raise N239.4bn, through the issuance of new ordinary shares to our shareholders. The primary objective of this rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said in the letter.
On the use of proceeds, Elumelu noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, invest in digital infrastructure, support sustainable business practices, and expand the group’s African operations.
Elumelu also highlighted how UBA is driving economic growth across Africa, saying “Our historic partnership with the Africa Continental Free Trade Area Secretariat, where UBA pledged up to $6bn in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development.”
It was revealed that application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal, during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.
At the end of the third quarter, the gross earnings of UBA appreciated by 83.2 per cent year-on-year to N2.39tn from N1.31tn in the same period of 2023. Its profit before tax went up by 20.2 per cent to N603.48bn from N502.09bn in Q3 2023, while profit after tax also rose by 16.9 per cent to N525.31bn from N449.26bn recorded a year earlier.
The lender’s total assets rose to N31.80tn, representing a 54.0 per cent increase over the N20.65tn recorded at the end of December 2023.
In the 2023/2024 report year, UBA won ‘Bank of the Year’ awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.
UBA Plc offers banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries.
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