The Managing Director of First City Monument Bank (FCMB), Adam Nuru has appeared before the Presidential Committee on Audit of Recovered Assets (PCARA), which is probing former Accting Chairman of the Economic and Financial Commission (EFCC), Ibrahim Magu for alleged embezzlement and mismanagement of recovered looted funds.
The FCMB chief during his testimony explained that the his bank made an error by transferring ₦573 million into the church account of one Pastor Emmanuel Omale.
The ex-EFCC huncho was accused of allegedly using Omale, founder of the Divine Hand of God Prophetic Ministry, to launder funds abroad.
The accusation against Magu read that he had purchased a property in Dubai using Omale’s name as a front— an allegation the pastor has denied.
Nuru was reported to have said in his testimony last Thursday, that FCMB only just discovered the mistake upon invitation by the committee, which is four years after the money was posted.
“On January 16, 2016, we made a return to NFIU which indicated that there was a transaction of an inflow of well over N573million. (N573,228,40),” the bank MD said.
“This return was said to be in favour of Divine Hand of God Prophetic Ministries Account No 1486743019.
“After that report, we conducted an investigation and discovered that the lodgement which we reported to NFIU was an error.
“The error was as a result of the fact that we were using a bank application called Pinnacle-7. However, we migrated from that application to a newer version called Pinnacle-10.
“Usually, when the bank intends to migrate from one application to another, we utilize weekends to carry out the exercise. The migration involves moving all the balances of customers from the previous application to the new application. The account of the Divine Hand Ministries was moved during that migration.
“It was that balance of N573million that was wrongly posted as an inflow into Divine Hand Ministries as reported to NFIU. This error was not peculiar to Divine Hand of God Prophetic Ministries alone but was also ascribed to 27 other accounts”, FCMB said.
File Photo of Nigeria's Vice President Yemi Osinbajo at his State House office, Abuja, during a virtual roundtable dialogue organised by the Justice Research Institute.
Vice President Yemi Osinbajo has described the the Economic Sustainability Plan (ESP) with a stimulus package of N2.3 trillion, which is just about 1.5 per cent of Nigeria’s Gross Domestic Product (GDP), as the best the Federal Government could do given existing realities in the economy.
Osinbajo made the call weekend at the virtual edition of the Presidential Policy Dialogue of Lagos Chamber of Commerce and Industry (LCCI).
According to him, “Government developed the Economic Sustainability Plan with a stimulus package of N2.3trillion to give fillip to the economy across various sectors. The size of this stimulus which is just about 1.5 per cent of national income is not as large as we would have liked it to be but it was the best we could do given existing fiscal and monetary constraints. Based on the assumption of the price of crude averaging out at $30 per barrel throughout the year, we anticipate an economic growth of about -0.59 per cent in 2020.
“You would already be familiar with details of the Economic Sustainability Plan. In essence, it is intended to boost production, prevent business collapse, and provide liquidity. It will also promote the use of labour-intensive methods and direct labour interventions in key areas like agriculture, light manufacturing, housing construction and facility maintenance while increasing infrastructural investment in roads, bridges, solar power, and communications technologies. It is intended to do all this while extending protection to the poor and other vulnerable groups in our society.”
On the plan of government to address the disruptions on the economy by the novel Coronavirus (COVID-19) pandemic and the role that the private sector could play, the Vice President said: “These opportunities are the building blocks that will enable our medium-term goals to be achieved and make our long-term goals achievable.
“This is a drive we hope to continue into the medium term as we build up the economy over the next few years. We do need foreign direct investment to complement our domestic efforts but it is the success of our own investments that will attract such inflows. Investors are already aware of Nigeria’s huge market and its great potential, but they will only ‘want in’ when government by its own positive interventions and the private sector by its success stories show them what is possible to do here.
“No doubt, the task ahead is challenging. Nevertheless, government is focused on doing its bit so I call on the private sector to play its part and join us in this noble venture. We know that this will be a difficult year but expect that with our combined effort growth will resume to the order of about three per cent by the end of next year. We can do this working together.”
On the Ease of Doing Business reforms of the Federal Government, Osinbajo maintained that the commitment of the President Muhammadu Buhari to providing an enabling environment for business to thrive remained strong.
“In this regard, we have made some strides in improving the ease of doing business in Nigeria. Through the Presidential Enabling Business Environment Council (PEBEC), a lot has been achieved to fast-track processes, reduce bottlenecks and improve transparency across Government MDAs.
“As a result, we have moved 35 places upward in the World Bank’s Ease of Doing Business rankings. We have continued to scale up our business reform initiatives across regulatory agencies.
“Of course, there is still a lot more to be done. Our aim is to continue to improve our national ranking in the World Bank Doing Business Index Ranking to below 100 in the coming years. It is also very important to reduce the harassment and extortion of businesses by various government agencies,” the vice president added.
Osinbajo explained that as the Federal Government consolidates efforts designed to ward off a deep recession and effect significant changes in the economy, opportunities abound across different sectors in ESP for the private sector to lead the charge for Nigeria’s economic growth and development.
The vice president said ESP which is now being implemented by the Buhari administration is driven by the desire “to adapt to the challenges and make required changes in order to come out stronger than before.”
“I take this opportunity to encourage the private sector to be proactive in leading the charge against recession and poverty in our country. The Federal Government is not under any illusion that it can do this on its own.
“The opportunities that now exist in the short term in agriculture, infrastructural development, housing construction, in renewable energy, digital technology development, mining, financial inclusion, healthcare and pharmaceutical manufacturing, call for the private sector to take the bull by the horns and make them a reality.
“The priority of the Federal Government in response to the economic challenges caused by COVID-19 is to ward off a deep recession by an admixture of stimulus measures to support local businesses, retain and create jobs and ameliorate the circumstances of the most vulnerable,” he said.
In his remarks, the Minister of Industry, Trade and Investment, Niyi Adebayo, said the current focus of the Federal Government in the manufacturing sector “is on prioritising local production especially in the importation of machinery that utilize local materials.”
Earlier, LCCI President, Toki Mabogunje, commended the Federal Government’s “spirited effort” regarding its managing of the Nigerian economy, adding that members of the chamber and private sector players are willing to collaborate with the Buhari administration.
LAGOS State Governor, Babajide Sanwo-Olu during an inspection tour of projects over the weekend, August 9, 2020.
Lagos State Governor, Babajide Sanwo-Olu, has explained that to restore life back to Apapa, there’s need to agree and formalise the matrix of the trucks’ movement in and out of the ports.
The governor expressed displeasure over disturbing gridlock created along Apapa corridor in Lagos State by heavy-duty trucks clogging the major highways.
Speaking on Sunday while touring projects and infrastructure being developed on Apapa corridor to ease traffic congestion in the area, Sanwo-Olu sought to know why container-laden trucks usually disregard Lagos State’s traffic laws and park on roads.
The poser generated heated arguments among terminal operators, including Nigerian Port Authority (NPA) and Maritime Transport Unions and Associations (COMTUA).
In the ensuing blame game, the governor expressed disapproval of the truck drivers’ action and the failure of NPA to enforce extant regulations preventing trucks not yet approved for loading to park indiscriminately on the highways.
He pointed out the need to overhaul the terminal system at the ports, saying there was no reason for the trucks to park on the highways if their dedicated terminals were operational.
Sanwo-Olu disclosed that his administration has made a request to the Federal Government to prevail on the concessionaire that would operate the 700-truck capacity Lilypond Terminal at Apapa to open the facility for use without further delay.
He revealed that Lagos State Government has donated additional 30 hectares of land in Ijora area as part of the solutions initiated to address the problem, noting that the land would expand the holding capacity of the Lilypond terminal.
“Today, I have taken time to personally inspect some projects being developed both by the federal and state governments to improve traffic around Costain, Iganmu, Apapa and Mile 2 areas.
“The projects are initiated specifically to address the chaos created mainly by indiscriminate parking of trailers along the routes. Already, there is an ongoing rehabilitation work on Marine Bridge, where a stretch has completely been scarified.
“There is also a Lilypond Terminal, a major holding bay for heavy-duty trucks, which has not been operated after it was transferred to a concessionaire. We are aware that the concessionaire is meant to complete an agreement with NPA on the transfer of the facility. But, while this is being done, Lagos Government has donated 30 hectares of land in Ijora to raise the capacity of the Lilypond Terminal.
“These steps will be part of the solution of taking the trucks off Apapa highways. When the rehabilitation work on Marine Bridge is completed in another four months, there will be improvement in journey time towards Apapa.
“We will also be having meeting with various stakeholders operating at the port, including the truck owners. The system needs a total overhaul. We need to agree and formalise the matrix of the trucks’ movement in and out of the port,” Sanwo-Olu said.
The governor also decried the failure of the truck drivers to make use of over 30 holding bays around the port area, including the 320-capacity Tin Can Transit Park.
He pointed out that the gridlock created by the indiscriminate parking of trailers had impacted negatively on the businesses environment on the axis, adding that the menace had endangered the lives of people living on the corridor.
Sanwo-Olu observed that the volume of maritime business being carried out in Apapa and Tin Can Island ports had outgrown their capacities. He said the state government has started building another port in Lekki in collaboration with NPA to serve as alternative and ease the pressure on the two ports in Apapa.
The governor admitted that Apapa needs a complete regeneration, saying government has responded to the challenge with the re-construction work currently going on in the area.
According to him, “We need to set out our activities in a methodical order and see how we redevelop Apapa. There is a massive road construction that is going on in Apapa and the work is extensive. We are using concrete for roads that are being rebuilt. Liverpool and Creek roads have already been completed. By October, all the road network leading in and out of the port area would be opened up for public use.
“My message to our citizens residing and working on this corridor is that, we have assessed the issues and we will be meeting with various operators and stakeholders. We will fashion out how we will all work collaboratively to bring about an efficient system that will deliver permanent solution and diffuse the gridlock. This, we hope, will bring life back to Apapa.”
The governor also inspected a failed section of Mile 2 Interchange along Lagos-Badagry Expressway, where the state government has cleared 70 trucks of waste materials from the road drainage.
Sanwo-Olu promised that repair work would commence on Monday, but appealed to residents to desist from clogging the drainage with waste.
At the Costain Bridge being constructed by the Federal Government, the governor said there would be a re-adjustment of the turning radius to alleviate the difficulty being experienced by motorists in negotiating the descending point of the bridge.
He also visited Iganmu intersection in Apapa-Iganmu area, where illegal settlements are springing up and encroaching the right-of-way of the Blue Line Rail project.
The governor gave the slum occupants one month to remove their shanties and vacate the space.
He said: “The mess created under Iganmu intersection has encroached the right-of-way of our rail project. In the next one month, we will be taking a decisive action to eject those creating illegal settlements under the bridge. We will give them notice of eviction and we will clean up the place. Once it is cleaned up, we will hand over the space to corporate organisations to restore the aesthetic of the environment.”
The governor also inspected the on-going repair work on the failed section of Eko Bridge. The repair is expected to complete by the end of September.
The Federal Government has announced that it is rolling out a “survival fund” that will make payroll support available in order to save jobs and sustain local production.
The support initiative, which was announced on Monday is a part of the National Economic Sustainability Plan (NESP) that was presented to President Muhammadu Buhari by the Vice President Yemi Osinbajo-led committee in June.
The NESP, a policy response of the Buhari-led Federal Government to saving the country from a COVID-19 induced recession, include support schemes for Micro Small and Medium Enterprises (MSMEs) nationwide, a Guaranteed Offtake Scheme (guaranteeing off-take of priority products) among others.
According to the Federal Government’s announcement, details on how to access these MSME Support initiatives will be unveiled soon, by the Implementation Committee.
The leadership of the implementation committee comprises, Chairman, Minister of State for Trade and Investment, Amb Mariam Katagum; and Vice Chairman, Mrs. Ibukun Awosika, Founder, Chair Centre LTD., also Chairman, First Bank of Nigeria.
Below: Federal Government’s document containing intervention plan for MSMEs.
Governor Babajide Sanwo-Olu accompanied by State Official on an inspection tour of Lagos Food Production Centre in Badagry, Lagos. August 9, 2020.
In order to boost local food production, the Lagos State Government says it is now set to revive a 279-hectare Lagos Food Production Centre, formerly known as the Songhai Food Production Centre in Avia, Badagry.
The State Governor, Babajide Sanwo-Olu, who made this known over the weekend in Badagry while on a site inspection tour of the Centre, explained that this was necessary in preparation for the take-off of the State Government’s two food centres designed to attain food sufficiency.
The Governor pointed out that reviving the 279-hectare Food Production Centre, originally acquired by the State Government in 2012 for a commercial agricultural project, would encourage organic farming using simple biological methods to enhance production outputs with a model, based on new approaches and farming systems that rely heavily on the combined inputs from local experiences, indigenous technology, business communities and research institutions.
According to him, focusing on local food production would increase agricultural production to meet the food needs of the State’s growing population, transform agriculture to commercial and export-oriented production while at the same time generating employment.
Governor Sanwo-Olu added that some of the agricultural projects to be developed for commercial production at the Centre include fishing, poultry, piggery and agro-forestry among others.
Sanwo-Olu reckon that apart from delivering wholesome food items, training and creating employment, the Lagos Food Production Centre would also provide raw materials for the Agro-Industry, new environmental products and services, and feedstock for renewable energy supply.
The Governor added that the project will give rise to similar agro-allied businesses to open up Badagry’s economy for more growth, while also boosting its tourism business.
A collage of Bola Tinubu, a national leader of Nigeria's ruling All Progressives Congress (APC) party and Late Buruji Kashamu, an ex-lawmaker, who represented Ogun East constituency at the Senate.
National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, has paid tribute to late Senator Buruji Kashamu.
Tinubu, in a statement he personally signed on Sunday, said he admired Kashamu’s political doggedness and sagacity, and his steadfastness in pursuing whatever he believes in, though not in the same political party.
AccordIng to him, “I’m deeply shocked and saddened by the news of the passing of Senator Buruji Kashamu. He was a notable leader in the country and a true grassroots politician. He fought for his convictions, for the people of Ogun State and for his country.
“Senator Kashamu was also a good party man. He was unwavering in his support for his party, PDP, through all the twists and turns of his political life. His passing is a big loss to the larger political family in Nigeria.
“He worked assiduously to advance the political and economic fortunes of his state. Kashamu represented, with merit, Ogun East in the 8th National Assembly and worked well for his constituents. He was a kind and generous man, a philanthropist in his own right and an astute businessman.
“I admire his political doggedness and sagacity, and his steadfastness in pursuing whatever he believes in, though we were never in the same political party.
“His passing has lengthened the grotesque list of important personalities that have been lost to the COVID-19 pandemic. It is also a sad reminder that the deadly virus remains very much with us. We must all continue to embrace all the protective protocols recommended by the government and health authorities, even as we gradually begin the re-opening of our economy and return to a new normal in our life styles.”
He added: “Again, Kashamu’s sudden death has demonstrated the transience of human life and rekindles the fact that death is inevitable for every mortal. As such, it behoves on us to be kind to the dead.
“I mourn with his family, particularly his wives, children and grandchildren. May Almighty Allah lay His hands of protection on them at this moment. I mourn with his friends and associates across the country.
“I also offer my condolences to Governor Dapo Abiodun, the government and people of Ogun State over the demise this important son of the soil. I pray that Almighty Allah forgive of his shortcomings, reward his good deeds and grant him Aljanna Fridaus.”
Less than four months to the All Progressives Congress (APC) National Convention, there has been a call for an amendment of the party’s constitution.
The Director-General of Progressives Governors’ Forum (PGF), Dr Salihu Lukman, made this call in a statement, suggesting that the amendment of the 2014 constitution of the party before the convention will check what he described as perceived excesses of some party officials at the state and federal levels.
Lukman also advocated for a credible membership register ahead of the party’s national convention billed to hold in November this year.
The PGF DG warned that only a credible membership register can hand over the party to the people and save its structures from being hijacked at the states and federal levels.
He further urged Yobe State Governor Mai Buni-led Caretaker and National Convention Planning Committee of the party to ensure that those who emerge as leaders of the party are not cronies of 2023 aspirants.
According to him, party supremacy will only be guaranteed if wards and states congresses are conducted based on credible register of members which will humble any 2023 aspirants.
A file photo of President Muhammadu Buhari shaking hands with Dr. Dapo Williams
President Muhammadu Buhari has condoled with Nigerians at home and in the Diaspora over the sad loss of Dr Dapo Williams, a prominent member of Nigerian UK Diaspora.
In a condolence message signed by the President’s Special Adviser on Media and Publicity, Femi Adesina, Buhari recalled his meeting with Dr Williams in January, 2020, during a town hall meeting with Nigerian professionals in the United Kingdom.
Dr. Dapo Williams being officially presented to Her Majesty, Queen Elizabeth II of England, for excellent management of resources recognition, by the Chair of Governors, St. Martin’s, in the Fields Church of England for Girls in London, during tercentenary (300 years) celebrations.
“He was passionate about our country, deeply committed to a Nigeria that attains her position in the comity of Nations. It’s sad to lose such a hopeful, ebullient soul so soon,” President Buhari said.
Late Dr Williams was a leader and pioneer of Nigerian Think Tank Group (NTTG), and a staunch member of the All Progressives Congress (APC) and Buhari Campaign Organization, in the UK.
Otunba Dapo Williams, a successful real estate professional and community leader, was a member, Institute of Directors, London and Kent.
Nigerian-UK based robotics engineer, Silas Adekunle, known for creating the world's first intelligent (augmented reality) gaming in the world. Image- Reach Robotics
Awarri – a pan African enabler of Robotics and advanced Artificial intelligence has launched in Africa with the aim of preparing African youths for the future of work and enabling them to take on some of Africa’s biggest challenges.
In a statement made available to Echotitbits Saturday, the founder, Nigerian-UK based Robotics Engineer, Silas Adekunle, stated that Awarri has a mission to revolutionize the tech ecosystem in Africa and indeed Nigeria.
Adekunle, a technology entrepreneur, known for creating the world’s first intelligent (augmented reality) gaming in the world, also announced that the organization is in partnership with Union Bank to introduce a first of its kind robotics training and mentoring programme for students ages 11-16 in Nigeria, starting in Lagos, through their edu360 platform.
“This will equip students with requisite knowledge of Robotics and Artificial intelligence as they continue with their mission of building the Africa of our dreams”, he stated.
According to information on its website, Awarri is derived from the Yoruba language word, “Awari”, which means seek and find.
Adekunle was born and raised in Nigeria. He earned a first class degree in robotics from the University of the West of England.
Echotitbits gathered that as a result of the success recorded when he released MekaMon, the world’s first gaming robot, in 2017, with sales of 500 bots that generated $7.5 million, according to The Guardian, Adekunle received support from various organisations such as London Venture Partners ($10 million) and in the same year, his company, Reach Robotics signed a deal with Apple securing exclusive sales in Apple stores.
“Impressed by the quality of his robots and their ability to show emotion with subtly-calibrated movements, Apple priced his four-legged “battle-bots” at $300 and has put them in nearly all of its stores in the United States and Britain.
“Early customers skew towards male techies but a growing number of parents are buying the robots for their children to get them interested in STEM, Adekunle told Forbes in an interview this year”, Allafrica.com reported.
Senator Buruju Kashamu’s corpse has been buried at his Ijebu-Igbo country home.
The late lawmaker and political leader was reported to have been interred at around 12:55 pm on Sunday.
Ogun State Governor, Prince Dapo Abiodun, who is a friend of the deceased, was among dignitaries who attended the islamic burial rites to bid farewell to his kinsman.
However, sympathisers shunned COVID-19 protocols while they struggled to catch a glimpse of the burial proceedings.
Kashamu died of coronavirus complications in a Lagos hospital on Saturday, at the age of 62.
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