President Muhammadu Buhari will stay in London for an extra week after attending King Charles III’s coronation ceremony to receive dental care.
Buhari “will remain in London, United Kingdom, for an additional week, based on the advice of his dentist, who has started attending to him,” according to a statement signed on Tuesday by the President’s Special Adviser on Media and Publicity, Femi Adesina.
Adesina revealed in a statement headed “President Buhari to stay an additional week in London,” that the Specialist needs to visit the President in another five days for a procedure that has already begun.
The President who went for the United Kingdom last Wednesday to attend King Charles III’s coronation ceremony, was due to return to the country early this week.
On Saturday, May 6, 2023, Nigeria’s President attend the coronation among other world leaders.
Prior to the new government’s anticipated May 29, 2023,inauguration, the Federal Airport Authority of Nigeria (FAAN) has ordered the immediate transfer of all aircraft stationed at the General Aviation Terminal of the Nnamdi Azikiwe International Airport, Abuja.
According to FAAN, removing the parked planes at the Abuja airport was necessary to improve airport security for the upcoming presidential inauguration.
Numerous private jets owned by affluent Nigerians, businesses, and airlines are parked at the GAT facility in Abuja.
The FAAN Regional Manager, Kabir Mohammed, issued a circular with the relocation instruction on May 8, 2023, addressed to aircraft operators.
Stating,”This is to alert you of the need to temporarily relocate your aircraft to alternative airports owing to the impending Presidential Inauguration scheduled for May 29, 2023, according to the circular with reference number: FAAN/ABJ/NAIA /RGM/NC/AM/1000/VOl-1.”
“Since the Presidential Inauguration is a high-security event, it has become necessary to temporarily move all aircraft parked at the GAT to other airports in order to assure the safety and security of all parties concerned. In order to accomplish this, kindly transfer your aircraft by May 22, 2023, at the latest.”
A former managing director of the Nigerian Airspace Management Agency and the CEO of Top Brass Aviation, Capt Roland Iyayi, reacted to the development by expressing concern that the majority of the aircraft parked at the GAT terminal at the Abuja airport are unusable.
He stated that it might be challenging to relocate them from the location as a result.
“The majority of the parked aircraft cannot fly, therefore if FAAN is requesting that planes be relocated, it would imply that they know something that we do not. I don’t think it’s conceivable because the most of the parked aircraft are not fully operational. How would you transfer them then?”
Ernest Omo-Ojo, a Nigerian born Canadian immigrant made history by winning the Herzing College Cup, an award for overall best student of the respected institution which specializes in high-demand skills.
According to the President of the Herzing College, Ottawa, Kevin Crupi, Ernest is the first winner in the 30 years of the award to emerge from the campus. Herzing college is over 55 years old with some 7 campuses in Canada and in the United States. The Herzing Cup is a competition for students across all campuses and it’s on its 30th edition.
In its 30 years existence, no student from Ottawa campus has ever won the award, a feat that was finally broken in its 2022 edition by Ernest.
The Herzing cup involves submissions from various campuses nominating their best students each year to a panel of nearly 50 judges.
After a career in ExxonMobil in his birth country Nigeria which ended with Ernest having to opt for voluntarily retirement, Ernest decided to relocate with his family to Canada, and re-skill at Herzing after authoring 2 books (The Potent Force of Sponsorship and his latest – The Audacious Faith) on self-improvement based on his experiences while at Exxon.
This is an amazing story for tenacity and self-development.
The inaugural Unity Schools Old Students Association (USOSA) Sports Carnival was conducted on Saturday in Lagos, and the overall men’s and women’s champions were Federal Government College, Idoani, Ondo State, and Federal Government College Ogbomoso, Oyo State.
In addition to winning the overall competition, both schools triumphed in the championship football game.
FGC Idoani won the five-a-side men’s crown, while FGC Ogbomoso went away with the women’s gold medal.
Chairman of the Local Organizing Committee (LOC) for the event, Chinedu Okoli, said that members exceeded their expectations with their massive turnout, competitive spirit, and sportsmanship which have been able to show others that Nigeria is truly one and united.
Nigeria Cricket Federation (NCF), President, Uyi Akpata, Francis Orbih, who is president of the Badminton Federation of Nigeria, former Secretary General of the Nigeria Football Federation, Musa Amadu, and president of Nigeria Basketball Federation (NBBF), Musa Kida, were conferred with special honors.
The awardees expressed appreciation for the kindness of their old classmates and complimented USOSA for organizing a wonderful event to advance Nigerian unity and peaceful coexistence.
Police Arrests Suspected Human Trafficker in Nasarawa State, Rescue Six Victims
Criminally-minded persons in their desperate bid to get rich quick are not relenting in their crook means and methods despite the concerted and tough measures being taken by the federal, state and local governments to rid Nigeria of illicit and criminal methods of material wealth acquisition.
Trafficking in persons especially criminal recruitment and sponsorship of unsuspecting young girls and even sometimes male and female adults to foreign countries for financial exploitation in disguise of education, work and better life, is one of such illicit trades that has continued to boom in Nigeria.
Luck, however, ran out on some human trafficking syndicates recently when officers of the Nigeria Immigration Service (NIS) attached to the recently-established Alimoso Passport Front Office in Lagos, apprehended scores of the human traffickers, who came to the office to obtain the Nigerian travel passports for some young girls they planned to traffic overseas for illicit activities.
For instance, the NIS officers, few weeks ago, successfully burst the plan by a suspected human trafficking ring to take two underage girls out of the country.The alleged trafficker – a woman- had taken the girls to the passport office claiming they were her daughters, who needed the international passports to travel out of Nigeria.
But the eagle-eyed immigration officers detected that the woman’s age gap and the ages of the two girls did not match her claim that she gave birth to the teenage girls.
On further investigation, the suspect admitted that the girls were recruited for trafficking abroad, for commercial exploitation. Sources at the NIS revealed that many suspected human traffickers had been apprehended at the Alimoso Passport Front Office since it commenced operation on January 30, this year.
According to the sources, the traffickers might have wrongly assumed that they could have their way easily because the front office was new.
“It seems traffickers think because this passport office is new , they will have it easy. It is not possible here as we scrutinise every form and ensure due diligence.
“We have had instances where people wanted to procure passports for adopted children for the purpose of taking them overseas. Those who have legal documents of adoption were directed to Abuja because only the CGI (Comptroller General of Immigration) has the final say on such issues,” a senior officer, who begged not to be mentioned, said.
The officer added, “For those who did illegal adoptions, they came posing that the babies were their biological kids but were uncovered by our diligent officers. When certain documents were required from them, some of them didn’t come back.”
Confirming the arrest of the latest suspected trafficker, the Passport Control Officer (PCO), Mrs. Ayoola Malaolu, said several human traffickers, who came to the Alimoso NIS Passport Front Office, had been apprehended upon being detected that they came to obtain the Nigerian travel passports for unlawful purposes.
She commended the officers for their professionalism and dedication to duty, assuring that her team would continue to work professionally and stop traffickers and others with criminal intentions from getting travel documents with which they can perpetrate their evil work.
Mrs. Malaolu appealed to applicants for passports, whether fresh or reissue, to always go through the online application process and payment platform, as well as to exercise patience and follow the queue, assuring that they would be courteously attended to.
Godwin Emiefele, Governor of the Central Bank of Nigeria (CBN), has issued a riot act to shipping businesses exporting unauthorized commodities from the country’s coasts.
Emiefele issued this warning on Tuesday during the RT200 Non-Oil Export Summit 2023 in Abuja.
During his speech on the topic “Challenges and Prospects for Success,” he emphasized the significance of diversifying away from oil exports.
“We all know that a nation that continues to export more than it imports is destined to fail and there will be no meaningful development of any nation without harnessing its export sector for the good of the nation,” he said
“In the case of Nigeria, we know that developing the non-export oil sector is absolutely imperative given that it holds vast potential for generating a significant amount of foreign exchange earnings.”
The governor of the central bank warned exporters who ignored multiple warnings to follow due process in ensuring their documentation fulfilled the required export criteria.
Emefiele said “We keep hearing people trying to sidetrack the process and all I can do now is appeal to those of us who believe we can do business without proper documentation to try as much as possible to desist from this practice.
“We will continue to engage Customs, we will continue to engage Nigeria Ports Authority (NPA) and we will continue to engage the shipping line or shipping agents to nip in the bud the incidence of exporting with documentation .”
“What you do is that you hurt the export earning potentials of the country when you do this.”
In a list of the RT 200’s successes, Emiefele stated that earnings from non-oil exports climbed by 40% from $3 billion in 2021 to $5.6 billion at the end of 2022.
“In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the I&E window year-to-date,” Emefiele said, referring to repatriation proceeds as a veritable means of bolstering foreign reserves, maintaining a robust balance of payments position, and a stable source of foreign exchange inflows.
President Muhammadu Buhari has asked Osun State residents to work with Governor Ademola Adeleke to build the state.
In a statement on Tuesday, presidential spokesman Femi Adesina said the President recognized the Supreme Court’s ruling on the July 16, 2022 governorship election in Osun State, as well as the judiciary’s critical role in developing the rule of law and democracy.
“With the final decision by the Court, the President reminds the political class and their supporters that the main task at hand is to make the people feel the impact of good governance, where a prosperous, peaceful and stable Osun is guaranteed,” the statement partly read.
“He, therefore, urges all citizens and residents of the State, particularly her notable sons and daughters, to give the government of Senator Ademola Adeleke all the support it needs to ensure that programmes, policies, plans and aspirations fashioned to make individuals and businesses flourish succeed.”
“Elections should be seen as the path to an end, which is the progress of the people in a peaceful environment, rather than unending bickering. This is the time for inclusion and harmony in the State at the end of litigation,” the President was quoted to have said.
The Supreme Court had dismissed Adegboyega Oyetola’s (APC) appeal contesting Ademola Adeleke’s (PDP) election as Governor of Osun State.
In its decision, read by Justice Emmanuel Agim, the Supreme Court confirmed the Appeal Court’s decision, which upheld Adeleke’s election as governor.
The Supreme Court ruled that the appellant failed to present sufficient evidence to prove his claim of excessive voting in the July 16, 2022 governorship election.
The ruling was upheld and endorsed by all five members of the panel.
Google has announced a new tool to help in assessing geographic access to emergency obstetric (EmOC) care. This is a broader effort to help decision-makers, governments and public health organisations in Nigeria address the gaps in accessing health services where facilities are limited.
The tool uses Google’s internal directions Application Programming Interface (API) to estimate the travel time to the nearest, second nearest and third nearest EmOC facilities across specific regions in the country. It also builds on a dataset Google released in 2021 that revealed the average travel times to COVID-19 vaccination facilities. Boston Children’s Hospital and the Harvard School for Public Health in Massachusetts used that dataset to help identify “vaccine desserts” and inform vaccination efforts. Google also collaborated with the Organisation for Economic Co-operation and Development (OECD) to quantify geographic access to parks across nearly 500 metropolitan areas in six countries: Estonia, France, Greece, Mexico, Sweden, and the United States.
According to the WHO, approximately 830 women die from preventable causes related to pregnancy and childbirth every day; more than 70% of these deaths occur in Sub-Saharan Africa. Nigeria also contributes the most to global maternal health deaths, based on recent WHO estimates. With the OnTIME Consortium’s contribution of verified emergency obstetric care facilities, the tool by Google shows decision makers how quickly expectant mothers can access emergency obstetric care in Nigeria’s 15 largest cities: Aba, Abuja, Benin City, Ibadan, Ilorin, Jos, Kaduna, Kano, Lagos, Maiduguri, Onitsha, Owerri, Port Harcourt, Uyo, and Warri.
Using the information that will be gathered on the tool, decision makers can expand ambulatory services, make road improvements, add new facilities or upgrade existing ones, and more. “We are excited to collaborate with the OnTIME Consortium, a partnership of policymakers, doctors, and researchers focused on improving care for expecting mothers, to make this tool available to decision makers in Nigeria”, said Olumide Balogun, Google Nigeria, Interim Lead.
Evidence shows that long travel times from home to a health facility significantly impact pregnancy outcomes for mothers and newborns, and timely access to emergency obstetric care (EmOC) can reduce maternal deaths and intrapartum stillbirths by as much as 50% and 75%, respectively.But current approaches to estimating the time it takes expectant mothers to reach EmOC are limited.
“This digital dashboard will be a critical tool in the arsenal of service planners and policymakers looking at optimizing geographical accessibility to critical maternal health services as well as those keen to understand contributions of travel time to poor maternal and perinatal outcomes,” said OnTIME Principal Investigator Dr. Aduragbemi Banke-Thomas, a physician, public health practitioner, and Associate Professor of Maternal and Newborn Health at the London School of Hygiene and Tropical Medicine.
“We hope that governments and public health organizations will use this tool to better support the health of their communities, by helping mothers and infants access care more quickly. We’re looking forward to learning from our rollout in Nigeria, and expanding to other countries in Sub-Saharan Africa in the coming months”, Balogun says.
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has disclosed that the Race to $200 billion in foreign exchange (FX) repatriation programme (RT200) of the bank has boosted repatriation of funds into the country by 40 per cent in 2022.
Also, Emefiele disclosed that in the first quarter of 2023, the country recorded $1.7 billion inflows due to the non-oil export initiative.
The CBN governor said this during the third edition of the biannual RT200 non-oil export summit held in Lagos, where stakeholders converged to discuss, “RT200: Challenges and Prospects to Success.”
Emefiele also said the apex bank was monitoring some shipping companies aiding and abetting the smuggling of goods, warning that there were plans to sanction such companies by placing a post-no debit (PND) on the bank accounts.
Responding to comments by exporters on the transparency of the beneficiaries of the rebate scheme, Emefiele said the CBN would begin to publish the beneficiaries from next week, in its bid to foster transparency.
Emefiele said: “Today, I am happy to note that the RT200 programme has made good progress in export proceed repatriation since its establishment in February 2022.
“When we started between February and March, it was only $62 million, by the second quarter it had risen to about $600 million and by the third quarter it had risen to over $900 million.
“Available data shows that repatriation due to the programme increased by 40 per cent from $3 billion in 2021, to $5.6 billion at the end of 2022. The momentum for 2023 is equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of $1.7 billion was repatriated to the economy while about $790 million was sold at the investors and exporters’ (I&E) window year-to-date. The balance of the proceeds remained in the Export Domiciliary Accounts of exporters.
“Please note that proceeds that are not sold at the I&E window cannot and will not be eligible for rebate. So, we encourage those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling at the I&E window.”
Commenting on threat to sanction erring companies, he said shipping companies involved in smuggling goods out of the country would be penalised and urged them not to encourage criminality.
Emefiele said: “All we do is to monitor and appeal to exporters and for people to export and when they do export, that they should repatriate their proceeds for the good of their company and the country in general.
“We keep hearing cases of people trying as much as possible to sidestep the process and all I can do now is to appeal to those of us who want to export without documentation to please try as much as possible to desist from this practice.
“We will continue to engage customs, we will continue to engage the Nigeria Ports Authority and we will continue to engage the shipping lines and agents to ensure that we nip in the bud the incidences of exporting without documentation.
“What this does is to reduce the export earning potential of the country. About three years ago when we had a meeting at the CBN in Lagos, with the shipping lines, I had said that the CBN would be beaming the searchlight on undocumented exports and we had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export without documentation we will fine them by placing their accounts on PND.
“We have so far not done anything like that, because we feel that our shipping lines will be responsible to do what is right, but if we do not see the kind of cooperation that we expect, I will have to insist that we do what we need to do.”
Responding to questions by an audience on transparency of the beneficiary of the RT200 rebate, Emefiele said: “We would begin to advertise publicly the amount and the names of the companies that have benefited from the RT200.
“We will advertise all those that benefitted from January till March and we would advertise it by next week so Nigerians can see it.”
On his part, Lagos state Governor, Babajide Sanwo-Olu commended the CBN, even as he said he anticipated that the summit would birth more policies that would encourage more non-oil exports.
Sanwo-Olu, who was represented by the Commissioner in charge of Economic Planning and Budget, Mr. Samuel Egube said: “The Central Bank of Nigeria is demonstrating serious commitments to the success of these initiatives through a range of incentives, aimed at encouraging increased activities in the non -oil export sector as well as repatriation of foreign exchange into the Nigerian economy.
“It is also encouraging to note that this program, in addition to several other initiatives by the federal government is yielding the desired results as shown by the recent reports of the Nigerian Export Promotion Council indicating that our non-oil exports grew by about 40 per cent in 2022 to $4.2 billion.
“We must be courageous and think deeply in evaluating all ideas and figuring out how to combat even some of our challenges, including topical issues, like the human resource exports, also known as the ‘Japa’ phenomenon into sustainable advantages for national developments and a source of non-oil exports that could result in huge diaspora remittances.”
Also speaking at the summit, the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe, said her bank was able to achieve zero non-performing-loans (NPLs) on its transaction with exporters.
She said: “Our lending experience has been great. This is mainly because we took our time to understand the business and also made significant investments in the area of business management capacity development.
“Our flagship export management program has run for over six years and has graduated over 600 trainees who are now active exporters.
“Building on our understanding of the space, we then created lending programmes that de-risk the risks of lending to businesses in this space. This has translated into a strong performance of our loans in this area with zero NPL.”
Nigeria’s pioneer non-interest entity, Jaiz Bank Plc, has declared a double-digit growth across all performance indices in the first quarter of (Q1) 2023).
In a statement, the bank noted that its profit grew by 44.55 per cent in its pre- and post-tax performance, as gross income increased by 38.3 per cent as at March 31, 2023.
The implementation of several measures to pursue greater efficiency and to realign its business and strategic priorities resulted in a significant growth in the balance sheet size from N379.82 billion by December 2022 to N452.82 billion by March 2023.
The statement also said the gross income rose to N9.88 billion in the review period compared to N7.23 billion in Q1 2022.
The bank further posted a profit before Tax (PBT) of N1.59 billion, a year-on-year increase of 45.62 per cent over the N1.10 billion reported in Q1 2022.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N460.44 per $1 on Monday, May 8.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded ₦743 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, partnered the Lagos Polo Club to sponsor the 2023 President’s Cup.
The April tournaments, which launched with the Easter Cup, brought together the best players from all over Nigeria, competing for the grand trophy. Among the array of activities slated for the April tournaments were the Easter Cup, Ladies Invitational Cup, and the President’s Cup.
Eric Fajemisin, Executive Director, Corporate and Investment Banking, Stanbic IBTC Bank, stated that the sponsorship reiterates the organisation’s dedication to promoting community development and fostering sports entertainment.
In his words, “Ours is a brand that continues to look for exciting ways to reach out to its clients. Through our partnership with the Lagos Polo Club, we intend to create an avenue for our clients to relax and network”.
The Executive Director stated that the organisation is invested in promoting sporting activities for the benefit of all Nigerians. He said the sponsorship reflects Stanbic IBTC’s commitment to sports and community development.
“We are promoting healthy physical activity and creating a sense of community among the participants and spectators. We are more than just a financial entity; we are a corporate entity that cares and caters to the overall well-being of its clients and the communities in which we operate,” Eric said.
Asides from the obvious health benefits to physical health, polo is also great for overall cognitive and mental well-being. It is a team-based sport that engenders team spirit, coordination and wellness.
By sponsoring the Lagos Polo tournament, the financial institution is also supporting the development of the sport, demonstrating a holistic approach to community development beyond business and profits. This commitment to sports development reflects Stanbic IBTC’s desire to give back to society and create a positive impact beyond its financial services.
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings PLC, on the advice of the Central Bank of Nigeria, is one of the banks processing specialised mortgage loans for Pension contributors.
The Bank announced that its clients were amongst the first batch of approvals released by the National Pension Commission (PenCom), and it has successfully disbursed the mortgages.
Having commenced the validation process for RSA holders that had shown interest in home loans, Stanbic IBTC was excited to have made the first pay out to Mr. Kunle Oyetola and helped him achieve his life-long dream of becoming a property owner in a short time.
This achievement confirmed the Bank’s strategic emphasis on enhancing the quality of life for Nigerians and aiding contributors in receiving greater value from their contributions prior to retirement.
Recall that PenCom had recently released the guidelines that allows contributors use up to 25% of their contributions as equity to purchase a home in their preferred location.
Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Holdings said; “Our efforts to ease the housing problem for individuals and families in Nigeria has just begun with this initial step.
“Housing is an essential human necessity, and our prompt action in taking advantage of the opportunity created by PenCom to close the accessibility gap demonstrates our dedication to providing value to Nigerians.
“Recognising that purchasing a house is a substantial investment for our customers, this program is customised to address each client’s distinct financial requirements and assists them in promptly realising their aspirations of owning a home,” Sogunle added.
Sogunle stated that, “As one of the pioneer disbursers of this specialised mortgage solution, we are confident that we will provide the best possible value to our esteemed customers.
“The mortgage scheme is equipped with several characteristics, such as customisable terms, competitive interest rates, low financial entry barriers, and flexible repayment options. We also have a group of experienced mortgage specialists dedicated to guiding our clients through the process seamlessly and efficiently.”
Mr. Kunle Oyetola, the pioneer recipient of the equity contribution for a residential mortgage processed through Stanbic IBTC Bank, expressed his enthusiasm and gratitude to Stanbic IBTC Bank.
He stated, “I was very excited to learn about the release of the guidelines by PenCom for accessing a portion of my pension for property equity. I quickly got in touch with Stanbic IBTC, and their team was very helpful and put me through the processes required.
“I was very impressed by the professionalism and industry knowledge displayed by their Personal Wealth team and their Home Loans team. They put me at ease and were able to work with me to overcome all the obstacles encountered being the first time this method was utilised.
“I am very happy to have my equity via my Retirement Savings Account (RSA) disbursed and I am glad I chose to go with Stanbic IBTC Bank.”
Stanbic IBTC has proven to be a Trusted Partner and through this scheme it has reiterated its commitment to providing affordable loan solutions to cater to housing requirements.
For more enquiries on this offer, please click here or visit www.stanbicibtcbank.com to get started.
Registration for the 17th edition of the Annual International Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) has commenced.
The theme for this year’s edition is “The Nigerian Business Landscape: Priorities for Law, Policy and Regulation”. The 2023 edition of the annual conference is scheduled to hold over a three-day period from Wednesday, July 5th to Friday, July 7th at the Eko Hotels and Suites, Victoria Island, Lagos State.
Announcing the commencement of the early bird registration, Ayoyinka Olajide-Awosedo, Chairman of the 2023 NBA-SBL Conference Planning Committee, urged intending attendees to take advantage of the early bird period to register to attend the conference.
She said, “The Nigerian Bar Association – Section on Business Law is cordially inviting both lawyers and non-lawyers to register and attend this year’s edition of its annual conference. I urge every intending attendee to take advantage of the discounted early bird registration fees.
One cardinal principle of business is taking advantage of cost-saving opportunities. Registering as an Early Bird allows attendees to put this cardinal principle into practice.”
Olajide-Awosedo stated that this year’s Conference fees are as follows:
Category Fees (N)
Early Bird Rates
Young Lawyers (0-7yrs) (Members of SBL) 20,000
Young Lawyers (0 –7yrs) (Non-members of SBL) 30,000
Senior Lawyers (8yrs and above) (Members of SBL) 45,000
Non-members of SBL 60,000
Regular Rates
Young Lawyers (0-7yrs) (Members of SBL) 25,000
Young Lawyers (0 –7yrs) (Non-members of SBL) 35,000
Senior Lawyers (8yrs and above) (Members of SBL) 50,000
Non-members of SBL 65, 000
Virtual Attendance Rates
Young Lawyers (0-7yrs) (Members of SBL) 10,000
Young Lawyers (0 –7yrs) (Non-members of SBL) 15,000
Senior Lawyers (8yrs and above) (Members of SBL) 25,000
Non-members of SBL 35, 000
Opening Dinner (Members and Non-members of SBL/ Lawyers and non-Lawyers 20,000
The Conference Planning Committee Chair further emphasized that attendance at this year’s NBA-SBL conference is not exclusive to lawyers.
She stated that business practitioners will benefit from attending the conference – gaining knowledge of legal perspectives on issues that impact the Nigerian business terrain and also networking with several key players and decision-makers in Nigeria’s economic ecosystem.
The link to the registration portal for the NBA-SBL Annual International Business Law Conference is www.nbasbl.org and early bird registration ends on Wednesday, May 31st, 2023.
Since its commencement in 2004, the NBA-SBL conference has served as a platform for decision-makers, policy formulators, regulators and industry practitioners to deliberate on pertinent issues and seek solutions to the numerous challenges impacting the Nigerian business terrain.
For additional Information, Sponsorship and Exhibition opportunities, interested participants can contact the NBA-SBL secretariat through the phone lines and email listed below:
Sennaike David, a security architect, has revealed that United Bank for Africa, UBA, and other Nigerian banks had their customers’ data exposed to hackers, who sell it to fraudsters.
In a post shared on his LinkedIn profile, David recalled that in January 2023, he came across a post on the dark web stating they were selling the private data of a Nigerian fintech, access to servers, username and password and API keys, and private customer data.
”I saw the post and couldn’t buy the items because of how expensive they were, so I decided to check the validity of some of their sample data. To my surprise, they were valid, and the security situation of the fintech was lacking. From investigations, I could view any user’s profile (including BVNs, phone numbers, Names, and Emails), edit all users, and manipulate different details.
”The manipulation of some details would have led to a total compromise of the fintech. I stopped there and reported it to the organisation. After a back and forth for a while, they temporarily patched,” he revealed
”It is alarming that every bank has at least five critical vulnerabilities that could be exploited to gain complete access to its infrastructure. After all, they conduct penetration tests every quarter. This begs the question of who are the professionals conducting these penetration tests, and are they just running tools and scanners blindly and not doing the manual work? I say this because doing the manual work guaranteed the exploitation of every bank on that Wikipedia page. Is the Nigerian banking system a ransomware disaster waiting to happen?” David queried.
The cyber security expert, however, encouraged financial institutions in Nigeria to adopt Bug Bounty programmes, which he said exposes you to many talented hackers willing to test your platforms and reports crucial vulnerabilities
Full Implementation of PIB Will Boost Oil Production, Investment - Fitch
Nigeria’s crude oil output fell by 38,102 barrels per day in March, for a total loss of around 1,181,162 barrels in the month under review, and was the first dip in oil production in seven months. According to industry statistics gathered in Abuja on Monday, Nigeria’s oil output has been increasing since September 2022, as a result of coordinated efforts by the Federal Government and partners to reduce oil theft in the sector.
The increase in oil output, however, was not continued in March, as the Nigeria Upstream Petroleum Regulatory Commission reported that although the country produced 1,306,304 barrels of crude per day in February, the rate dipped to 1,268,202 barrels per day in March. This was a daily loss of 38,102 barrels, implying that Nigeria lost around 1,181,162 barrels of petroleum in March.
According to Country Economy, a global statistical agency, the average price of Brent, the international benchmark for oil, in March 2023 was $78.43/barrel. As a result of the 1,181,162 barrels lost in March, Nigeria failed to earn a total of $92,638,535.66 (N42.71 billion at the official currency rate of N461/$) during the review period.
In September 2022, Nigeria achieved its lowest oil production output of 0.937 million barrels per day. The Federal Government and oil industry participants blamed it on significant petroleum theft in Nigeria’s oil-rich Niger Delta. The situation also led to humongous revenue losses for the country, international oil companies operating in NIgeria, as well as indigenous operators in the industry.
But the country’s oil output started improving after September, following concerted efforts by security officials and oil operators, as industry figures showed that crude production rose to 1.014 million barrels per day in October.
This indicated an increase of 0.077mbpd when compared to the 0.937mbpd output in September. In November, the country pumped 1.185mbpd crude, representing an increase of 0.171mbpd when matched against what was produced in October. The rise in output continued in December last year, as Nigeria produced 1.253mbpd in that month, indicating an increase of 0.05mbpd when compared to its output in November.
The 1.258mbpd oil production in January 2023 was about 23,000bpd higher than the 1.235mbpd crude oil output in December 2022. The momentum was sustained in February, with an output of 1.31mbpd. But the volume dropped to 1.27mbpd in March, putting an end to the seven-month run in Nigeria’s oil output.
The country targets to meet the 1.8mbpd quota approved for it by the Organisation of Petroleum Exporting Countries. Nigeria generates bulk of its foreign exchange from crude oil and gas sales. The Federal Government, since last year, intensified efforts to shore-up Nigeria’s crude oil production and reduce its theft by vandals and thieves.
“Admittedly, one major area of value erosion in the industry is the menace of crude oil theft. Our records indicate that the menace of oil theft has negatively impacted the oil and gas sector for about two decades with attendant huge financial losses to our nation,” the Chief Executive, NUPRC, Gbenga Komolafe, stated recently.
He said the commission, in collaboration with the various arms of the security forces, the Nigerian National Petroleum Company Limited and the host communities, had been able to suppress the ugly trend of hydrocarbon value decimation.
“Now, our nation has continued to record good dividends of these collaborative efforts as production figures are progressively increasing. The January 2023 volume is approximately 1.5 million barrels per day of oil and condensates.
“It is expected that this number will continue to increase as further measures are introduced and sustained to remove all illegal connections that aid crude oil theft,” the NUPRC boss stated.
Renowned billionaire, Femi Otedola has accused Transnational Corporation of Nigeria (Transcorp) Chairman, Tony Elumelu, of backstabbing him multiple times.
BizWatch Nigeria understands that Otedola’s accusation follows his failure to become the largest shareholder of Transcorp.
The billionaire recently divested his newly acquired stake in Transcorp to Elumelu, pulling the plug on the scramble for the top ownership of the group.
Otedola sold his substantial shareholding of 6.3 per cent, a haul of 2.6 billion shares bought in separate transactions, to Mr Elumelu.
Earlier, within days of his acquisition of a substantial shareholding, Elumelu had racked up his interest from 2.07 to 25.9 per cent.
Sources with details of the matter said Otedola’s move to take the peak spot in the conglomerate’s ownership upset the Transcorp chair, prompting him to open talks. He eventually agreed to compensate the businessman with millions of dollars, sources revealed.
Breaking his silence on the situation, Otedola released a statement, in which he revealed that he offered to buy Transcorp for N250 billion.
While noting that this is not the first time Elumelu would backstab him, Otedola revealed that he did the same with UBA and Ughelli Power Plant.
The statement read; “In 2005, while Tony was the Managing Director of Standard Trust Bank he approached me to get funds to acquire UBA. I enthusiastically gave him $20million, which was N2 billion at that time to buy the necessary shares in UBA for the acquisition. After a short period of time the share price moved up and I decided it is was a good moment to sell and get out of the bank. However, Tony appealed to me to hold on to the shares as he was convinced that there were future prospects – so I kept the shares,” Otedelo said.
“I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly.
“By the following year in 2008 I went bankrupt in Nigeria. Tony proceeded to take my shares in UBA to service the interest on my loans and he also took over my shares in Africa Finance Corporation, where I was the largest shareholder.
“Shortly after, Albert Okumagba informed me that an American firm wanted to acquire my shares in Transcorp, which I then agreed to sell. However, this supposed American firm turned out to be Tony Elumelu. The revelation of this prompted me to resign as Chairman of the hotel.
“Years later in 2012 Tony said he wanted to see me so we met in my office where I had previously had a meeting with foreign investors who had not yet departed the premises. Curious to know, he asked what sort of meeting I had had and I disclosed that I wanted to go into the power business, specifically Ughelli Power Plant. Tony quietly went ahead to bid for Ughelli and he outbidded me by offering to buy the plant for $300million.
“And as a some would say: the rest is history.
“Fast forward to the present…
“I offered to buy Transcorp Plc for N250 billion, but unfortunately, my offer was rejected. My goal was to maximize the company’s potential as a Nigerian conglomerate with a market cap of at least N2 trillion instead of the current N40 billion, but it seems some shareholders have a different vision.
“As a businessman, I believe in healthy competition and market dynamics. Two captains cannot man a ship, and I respect the majority shareholder’s decision to buy me out. This is the nature of the game.
“But let me be clear: my offer was made with the best intentions for Transcorp Plc and its shareholders. I saw an opportunity to unlock the company’s full potential and create value for everyone involved.
“It’s important for investors to understand that free entry and free exit are crucial to healthy markets. The scramble for shares after my acquisition is a testament to the value that Transcorp Plc can offer, and I hope the company continues to thrive under new leadership.
“My message to Transcorp Plc and its shareholders is this: I remain committed to the growth and success of Nigerian businesses, and I will always be looking for ways to create value for all stakeholders. Stakeholders are unfortunately always shortchanged by getting stipends while the owners and managers of the business live a jet set lifestyle, which is detrimental to the stakeholders. Thank you for the opportunity to engage in this exciting chapter of Transcorp’s history.”
Musk-mandated reforms at Twitter, such as employee cuts and the elimination of free verification check marks viewed as signs of authenticity, have alienated users and advertisers.
Twitter’s blue ticks were reinstalled on select media, celebrity, and other high-profile accounts late in April, prompting outrage from many of the receivers.
